GR Silver Mining Ltd. announced results from two additional step-out drill holes -- SMS23-03 and SMS23-04 - outside the recently published NI 43-101 Mineral Resource Estimate boundary ("Mineral Resource") in the San Marcial Area in Sinaloa, Mexico. The drilling program is targeting the extension of the SE Area discovery, 250 m along strike to the southeast, targeting identification of the silver mineralized contact zone at shallow depth. SMS23-03 is located approximately 100 m outside of the Mineral Resource and represents the down-dip extension, 100 m below SMS23-02 (11.3 m at 584 g/t Ag -- see News Release dated May 25, 2023).

SMS23-04 represents a step out of 300 m from the last drill hole used in the Mineral Resource, hole SMS22-23 (Figures 1 and 2). Highlights from the latest drilling at San Marcial (down hole thickness): -- SMS23-03:3: 35.2 m at 134 g/t Ag, including 3.3 m at 506 g/t Ag and 0.9 m at 1412 g/t. SMS23-04:4: 15.0 m at 32 g/t Ag. The posititive results, continue to encourage the Company on the tential to extend the Mineral Resource along s strike and down-dip in the SE Area Discovery Zone, San Marcial Area.

From the original 300 m strike length of the SE Area Discovery that was incorporated into the Mineral Resource, the Company has drilled and identified an additional 450 m of wide shallow silver mineralization along the prospective Target Contact. The wide silver intervals intersected in holes SMS23-03 and SMS23-04 continue to support the potential for extension of the wide mineralization geometry along strike. The drilling program, with two additional drill holes (for a total of six), aims to extend the footprint of the SE Area Discovery Zone for an additional 450 m along strike to the southeast, outside the Mineral Resource.