{"id":1174868,"date":"2020-03-30T12:50:34","date_gmt":"2020-03-30T18:50:34","guid":{"rendered":"https:\/\/www.mining.com\/?p=1018663"},"modified":"2020-03-30T12:50:34","modified_gmt":"2020-03-30T18:50:34","slug":"first-majestic-becomes-majority-investor-in-gr-silver-with-19-9-stake","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1174868","title":{"rendered":"First Majestic becomes majority investor in GR Silver with 19.9% stake"},"content":{"rendered":"<p>First Majestic\u00a0Silver (NYSE:AG) (TSX:FR) has <a href=\"https:\/\/grsilvermining.com\/wp-content\/uploads\/2020\/03\/GRSilverNewsReleaseMarch30th2020ClosingPlomosas.pdf\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">completed the sale<\/a> of the past-producing Plomosas silver project in Mexico to GR Silver Mining (TSX-V: GRSL), in a deal that gives the Canadian miner a 19.9% stake\u00a0in the Vancouver-based junior.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>GR Silver paid C$100,000 and granted a subsidiary of First<br \/>\nMajestic a 2% net smelter return (NSR) royalty on Plomosas with half of the NSR<br \/>\nbeing subject to a buy-back option for US$1 million.<\/p>\n<p>The project is located within 5 km of GR Silver\u2019s San<br \/>\nMarcial asset in the Rosario mining district of Sinaloa, near the historic<br \/>\nmining town of La Rastra. Quartz-sulphide silver-gold-lead-zinc mineralization were<br \/>\ndiscovered in the area in the 16th&nbsp;century.<\/p>\n<p>Limited mining activity was conducted intermittently from<br \/>\n1950 to 1989, when a 600 tonne-per-day underground mine began operations following<br \/>\nthe development of a flotation process concentrating lead, zinc, silver and<br \/>\ngold ores.<\/p>\n<p>The Plomosas project also comes with four targets at<br \/>\ndrilling\/resource stage, 16 exploration targets, 30 km of under-explored<br \/>\nmineralized veins\/structures, and an extensive drill and exploration database,<br \/>\nincluding in excess of 500 recent and historical drill holes.<\/p>\n<p>\u201cThis transaction is in line with our growth strategy and<br \/>\nvision of becoming a leading mining company controlling the most important<br \/>\nsilver-gold assets in the Rosario mining district,\u201d GR Silver Mining president<br \/>\nand CEO, Marcio Fonseca, said.<\/p>\n<p>The Plomosas mine operated from 1986 to 2000, processing 2.5<br \/>\nmillion tons in a crushing-milling flotation circuit.<\/p>\n<p>First Majestic acquired the project in 2012.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Deal gives GR 100% ownership of the past-producing Plomosas silver project in Mexico.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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