U.S. Markets closed

Sierra Madre Provides Exploration Update

  • Oops!
    Something went wrong.
    Please try again later.
·5 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

VANCOUVER, BC / ACCESSWIRE / April 21, 2021 / Sierra Madre Gold and Silver Ltd. ("Sierra Madre" or the "Company") (TSXV:SM) is pleased to announce an update on its 100% owned Tepic Silver-Gold Project (the "Project"). The Tepic Silver Gold Project hosts low-sulfidation epithermal silver and gold mineralization lying within the Sierra Madre Geologic Province. Significant expenditures in exploration and engineering were completed by previous operators.

Tepic Gold-Silver Project

Sierra Madre's Tepic Silver-Gold Project lies 22 kilometres southeast of the city of Tepic, Nayarit State, Mexico. The Project has seen a significant amount of previous exploration and drilling which is detailed in a Technical Report titled Technical Report on the Tepic Property, dated March 29, 2021 and available on SEDAR. The Company initiated exploration activities in late 2020.

Exploration and Property Development Team

Sierra Madre has hired Luis Saenz as Director of Exploration and Development. Luiz has 31 years of experience and worked closely with the company's COO Greg Liller on the exploration and development of the Magistral Mine (part of McEwen Gold's El Gallo Mine Complex), the exploration, development, construction, and early production phases of both the open pit and underground mines at Ocampo (sold to Frisco for $750 million) and the expansion project for the La Guitarra mine (sold to First Majestic for $125 million). Luis has extensive contacts throughout the Mexican mining industry and more recently was Subdirector of Exploration and Special Projects for Minera Frisco.

Luis has put together a team of senior geologists for the Company with +90 years of exploration and project development experience. They are backed up by a support group of computer literate junior geologists with excellent field skills, along with field technicians and administrative personnel.

Comprehensive Project Mapping

The senior geologists have begun a phased project wide mapping program. This program began with the core area which was the focus of previous drilling, as well as small scale historical mining activity. Field work has now expanded to include mapping to the west and north and additionally on the eastside of the Project. Preliminary indications are the hydrothermal system responsible for the silver and gold mineralization is more extensive than previously known.

Topographic Map and Satellite Imagery

Real time Satellite Imagery was captured in the final weeks of November 2020 following the placement of survey control points on the ground. The Orthophoto imagery and topography maps, which include topographic contour lines with ± 30-centimeter accuracy, were delivered the end of December. These detailed maps provide an invaluable toll for accurately locating and plotting previous drill holes, historical mining works, and outcropping veins and mineralized structures which has already led to updated interpretations and the identification of previously undocumented zones and targets.

Historic Data Compilation

Incorporation of historic data, including the majority of the 31,000 metres of drill core, into Sierra Madre's GIS data base began in January 2021. An inventory of the historic core has been completed and a photographic library of all core is underway.

The core photos will be valuable in planning and executing the upcoming reverse circulation drilling program.

Qualified Person

Mr. Gregory Smith, P. Geo, Director and Vice President of Exploration of Sierra Madre, is a Qualified Person as defined by NI 43-101, and has reviewed and approved the technical data and information contained in this news release.

About the Company

Sierra Madre Gold and Silver Ltd. is a mineral exploration company, currently focused on the acquisition, exploration and development of the Tepic Property in Nayarit, Mexico. The Company has an experienced management team with a proven track record of wealth creation in Mexico through project discovery, advancement and monetization. Sierra Madre's key objective is to advance exploration on the Tepic Property to determine whether it contains commercially exploitable deposits of precious or base metals.

On behalf of the board of directors of Sierra Madre Gold and Silver Ltd.,

"Alexander Langer"

Alexander Langer
President, Chief Executive Officer and Director

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 news release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, statements with respect to future events or future performance of the Company, the Company's plans regarding future exploration activities and benefits arising from the listing of the Company's common shares on the TSXV. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk factors set out under the heading "Risk Factors" in the Company's final long form non-offering prospectus dated March 31, 2021 available for review on the Company's profile at www.sedar.com. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

SOURCE: Sierra Madre Gold and Silver Ltd.



View source version on accesswire.com:
https://www.accesswire.com/641496/Sierra-Madre-Provides-Exploration-Update