GR Silver Mining Intersects 44.5 m at 518 g/t AgEq Including 6.5 m at 2,101 g/t AgEq in the Footwall and Hanging Wall of the Main Mineralized Zone at the Plomosas Mine Area

VANCOUVER, Oct. 31, 2022 - GR Silver Mining Ltd. ("GR Silver Mining" or the "Company") (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) - is pleased to announce additional results from 38 infill drill holes in the resource update program underway at the Company's Plomosas Mine Area, Plomosas Project in Sinaloa, Mexico. These drill holes were targeted to replace historical holes used in the 2021 NI 43-101 mineral resource estimate, where unsampled intervals were assigned zero values, or to test new high-grade Ag-Au mineralized zones, identified by the Company in both the footwall and hanging wall of the main mineralized zone (Figure 1). GR Silver Mining's infill drilling program is continuing in the Plomosas Mine Area, and to date has added 105 holes (7,330 m) of new drilling inside the historic Plomosas Mine since completion of the Company's 2021 NI 43-101 mineral resource estimation.

• PLI22-38: 24.9 m at 471 g/t AgEq[1] - 301 g/t Ag, 0.4 g/t Au, 1.6% Pb, and 2.1% Zn
• including 6.0 m at 1,052 g/t AgEq - 856 g/t Ag, 0.7 g/t Au, 1.3% Pb and 2.3% Zn

• PLI22-23: 44.5 m at 518 g/t AgEq - 268 g/t Ag, 1.0 g/t Au, 2.4% Pb, 1.7% Zn, 0.2%
• Cuincluding 7.0 m at 684 g/t AgEq - 626 g/t Ag, 0.03 g/t Au, 1.0% Pb, 0.6% Zn, 0.1% Cu
• including 6.5 m at 2,101 g/t AgEq - 1,028 g/t Ag, 5.11 g/t Au, 8.3% Pb, 7.0% Zn, 0.8% Cu
• including 2.4 m at 3,431 g/t AgEq - 2,667 g/t Ag, 1.27 g/t Au, 12.2% Pb, 6.9% Zn, 0.3% Cu

• PLI22-24: 12.4 m at 365 g/t AgEq - 135 g/t Ag, 0.4 g/t Au, 4.0% Pb, 1.7% Zn, 0.2% Cu
• PLI22-25: 12.5 m at 1,146 g/t AgEq - 629 g/t Ag, 0.6 g/t Au, 9.2% Pb, 4.0% Zn, 0.4% Cu
• including 1.5 m at 1,917 g/t AgEq - 1,791 g/t Ag, 0.2 g/t Au, 1.3% Pb, 1.4% Zn, 0.1% Cu

• PLI22-27: 8.5 m at 371 g/t AgEq - 109 g/t Ag, 0.9 g/t Au, 3.5% Pb, 1.7% Zn, 0.1% Cu
• PLI22-28: 24.3 m at 217 g/t AgEq - 41 g/t Ag, 0.7 g/t Au, 2.1% Pb, 1.1% Zn
• PLI22-30: 0.8 m at 2,365 g/t AgEq - 2,251 g/t Ag, 0.1 g/t Au, 1.0% Pb, 0.1% Zn, 0.6% Cu
• PLIP22-30: 5.1 m at 716 g/t AgEq - 116 g/t Ag, 5.9 g/t Au, 0.2% Pb, 0.2% Zn, 0.4% Cu
• including 0.6 m at 4,078 g/t AgEq - 219 g/t Ag, 40.2 g/t Au, 0.4% Pb, 0.1% Zn, 1.0% Cu

• PLIP22-42: 5.7 m at 995 g/t AgEq - 44 g/t Ag, 1.2 g/t Au, 12.7% Pb, 11.4% Zn, 0.4% Cu

The Plomosas Mine Area, which includes a historical mine with 7.4 km of underground development and related infrastructure, is providing positive drill results and new discoveries in many un-mined zones that will be incorporated into the Company's upcoming resource estimate. The updated NI 43-101 resource estimate will integrate the Company's two resource stage areas currently being drilled (San Marcial and Plomosas Mine Area) as well as additional drilling scheduled for La Colorada and the San Juan Area. GR Silver Mining will be the first company ever to integrate all exploration concessions at the resource stage into a single combined technical report, representing a major milestone in the Rosario Mining District.

GR Silver Mining Chairman and CEO, Eric Zaunscherb comments "As designed, surgical infill drilling at Plomosas continues to demonstrate attractive polymetallic grades in the main hydrothermal breccia, where nil grades had previously been assigned for unsampled areas in the August 2021 resource block model. It is also very pleasing to see the potential addition of volume from the newly discovered footwall and hanging wall precious metal mineralization. Both may be impactful in the upcoming mineral resource estimate update anticipated in the first quarter of 2023."

The 2022 infill drilling program, combined with detailed mapping and underground sampling, has now traced in detail the Ag-Au Pb-Zn hydrothermal breccia (partially mined by Grupo Mexico until 2001), as well as new mineralization associated with cross cutting faults. This new mineralization can be located on either the hanging wall or footwall of the main mineralized polymetallic hydrothermal breccia ("Plomosas Breccia") in the vicinity of major fault intersections, outlining wide zones with attractive Ag and Au grades close to existing underground development and or close to the surface (Figures 2 and 3).

Historical mine production to 2001 was concentrated along the Plomosas Breccia, where lead and zinc values were the main target of historic underground bulk mining operations. The information collected by the Company during the past 12 months has indicated that not only are there remnant zones with well-preserved precious and base metal-rich hydrothermal breccias, but also well defined, wide Ag-Au only stockwork zones on the hanging wall and footwall of the Plomosas Breccia.

The Company will continue the Plomosas drilling until December 2022, when all data will be integrated into an updated geological model for the Plomosas Mine Area. The updated mineral resource estimate is scheduled to be completed in the first quarter of 2023.

TABLE 2 Plomosas Mine Area Infill Drill Program 2022 - Details

The Company has implemented QA/QC procedures which include insertion of blank, duplicate and standard samples in all sample lots sent to SGS de México, S.A. de C.V. laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc. at Burnaby, BC. The analytical methods are four acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Marcio Fonseca, P. Geo., President & COO for GR Silver Mining, who has reviewed and approved its contents.

GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets, located on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of two past producer precious metal underground and open pit mines, within the expanded Plomosas Project, which includes the integrated San Marcial Area and La Trinidad acquisition. In conjunction with a portfolio of early to advanced stage exploration targets, the Company holds 734 km² of concessions containing several structural corridors totaling over 75 km in strike length.

GR Silver Mining Ltd.
Eric Zaunscherb
Chairman & CEO

This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE GR Silver Mining Ltd.