- Four drill holes were executed to test geophysical anomalies in an
area identified by the Titan 24 Geophysical Survey
- Drilling identified a new, wide, high-grade copper structure which
extends the continuity of the Bolivar West zone approximately 500
meters apart
- Average grade of the intercepts is 1.15% copper (2.09% copper
equivalent) with an average true width of 7.7 meters
- Intersects include segments of high-grade zinc-silver structures as
well as copper ore structures with higher gold content than historical
levels at the mine.
TORONTO -- (Business Wire)
Sierra Metals Inc. (TSX:SMT) (BVL:SMT) (NYSE AMERICAN:SMTS):
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20190403005262/en/
Figure 1 - Geological map of the Bolivar Mine. (Graphic: Business Wire)
Drill hole highlights include:
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Hole No. | | | | CuEq % | | | | Ag g/t | | | | Cu % | | | | Zn % | | | | Au g/t | | | | Width |
DB18B666 | | | | 6.56 | | | | 140 | | | | 2.29 | | | | 7.56 | | | | 0.09 | | | | Over 4 meters |
DB18B669 | | | | 2.42 | | | | 15 | | | | 1.32 | | | | 0.02 | | | | 1.16 | | | | Over 20 meters |
DB18B672 | | | | 4.63 | | | | 36 | | | | 0.87 | | | | 8.50 | | | | 0.00 | | | | Over 3 meters |
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Sierra Metals Inc. (TSX:SMT) (BVL:SMT) (NYSE AMERICAN:SMTS)
(“Sierra Metals” or “the Company”) announces positive results from a
recent drilling program designed to test the continuity and
characteristics of geophysical anomalies identified in a recent Titan 24
Geophysical Survey. The areas drilled had been deemed as high-value
targets within the Bolivar West zone, located at the Bolivar Mine,
Chihuahua, Mexico. The Bolivar Mine is situated within the Piedras
Verdes Mining District, located within the major north-northwest
trending Sierra Madre Precious Metals Belt which extends across the
states of Chihuahua, Durango, and Sonora in northwest Mexico.
Drilling has identified and defined a new zone named West Extension to
the Bolivar West zone which is an extension of the Bolivar West
structure and is within close proximity to the Bolivar West zone with
similar characteristics.
Alonso Lujan, Vice President of Exploration, stated: “The areas
tested in the Titan 24 survey demonstrated an excellent relationship
between chargeability and the structures.Based on those results,
the Company continued to test these areas with drilling programs.This
has resulted in the definition of a new structure which demonstrates the
continuity of previously defined wide, high-grade, copper structures.
The Company plans to drill an additional six to seven holes,
approximately 2,500 meters, within this area in 2019. Depending on
success further holes and drilling could be added. Further to the
success at the West Extension, the potential for further extensions to
the North of this zone remains open.”
Igor Gonzales, President, and CEO of Sierra Metals commented:
“Brownfield exploration remains a key part of Sierra Metals growth plan.
The discovery of this extension structure at Bolivar should help support
further mineral resource growth and subsequent production growth plans.
We are continuing our aggressive brownfield exploration programs at all
three of our Mines and expect to see further discoveries this year.”He
continued, “the relevance of these results is that the exploration
success in previously unknown areas is yielding high-quality mineral
discoveries. When combined with Bolivar’s expanded production capacity
it could materially improve cash flows and the net asset value forecast
of our Bolivar unit.”
TABLE 1
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Hole No
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From
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To
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Width
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Au
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Ag
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Cu
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Zn
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EQCu
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M
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g/t
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g/t
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%
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%
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%
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DB18B659
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667.15
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668.65
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1.50
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0.0
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3.0
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0.78
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0.005
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0.78
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672.90
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679.20
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6.30
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0.0
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4.7
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0.74
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0.023
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0.73
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686.25
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690.30
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4.05
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0.0
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12.9
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1.43
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0.01
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1.52
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DB18B666
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684.60
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689.10
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4.50
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0.013
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15.8
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0.45
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0.81
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0.92
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689.10
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693.60
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1.50
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0.013
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14.0
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0.43
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0.49
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0.75
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711.60
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713.10
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4.25
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0.090
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140.3
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2.29
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7.56
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6.56
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DB18B669
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642.30
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657.00
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14.70
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0.23
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1.30
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0.74
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0.009
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0.89
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661.50
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674.25
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12.75
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0.30
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8.17
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0.81
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0.018
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1.08
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678.75
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698.90
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20.15
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1.16
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14.80
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1.32
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0.017
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2.42
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DB19B672
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664.70
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681.25
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16.55
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0.0
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8.88
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0.29
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0.056
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0.38
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691.45
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694.45
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3.00
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0.0
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36.3
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0.87
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8.50
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4.63
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706.15
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712.00
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5.85
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0.0
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6.44
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0.42
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0.20
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0.56
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Figure 1 is a geological map of the Bolivar Mine. Figure 2 is a
longitudinal Section at the Bolivar Structure. Figure 3 is a geophysical
section showing the orebodies Bolivar West and West Extension to Bolivar
West.
Quality Assurance
All samples were dried, crushed and pulverized by the Chemex Lab
(Chihuahua), pulp samples were shipped to their Canadian Laboratory in
Vancouver.
The quality assurance-quality control (QA-QC) program employed by Sierra
Metals is described in detail in the NI 43-101 Technical Report for
Bolivar dated June 28, 2018, prepared by SRK Consulting (U.S.), Inc. in
Denver, which is available for review on Sedar. Standards and blanks are
inserted into the sample stream, and duplicate samples are sent to the
Chemex lab in Chihuahua as per internal quality control procedures.
Quality Control
All technical production data contained in this news release has been
reviewed and approved by Gordon Babcock, P.Eng., Chief Operating Officer
and a Qualified Person under National Instrument 43-101 – Standards of
Disclosure for Mineral Projects.
Americo Zuzunaga, FAusIMM CP (Mining Engineer) and Vice President of
Corporate Planning is a Qualified Person and chartered professional
qualifying as a Competent Person under the Joint Ore Reserves Committee
(JORC) Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves.
Augusto Chung, FAusIMM CP (Metallurgist) and Consultant to Sierra Metals
is a Qualified Person and chartered professional qualifying as a
competent person on metallurgical processes.
About Sierra Metals
Sierra Metals Inc. is Canadian based growing polymetallic mining company
with production from its Yauricocha Mine in Peru, and its Bolivar and
Cusi Mines in Mexico. The Company is focused on increasing production
volume and growing mineral resources. Sierra Metals has recently had
several new discoveries and still has additional brownfield exploration
opportunities at all three Mines in Peru and Mexico that are within or
close proximity to the existing Mines. Additionally, the Company has
large land packages at all three Mines with several prospective regional
targets providing longer term exploration upside and mineral resource
growth potential.
The Company’s Common Shares trade on the Bolsa de Valores de Lima and on
the Toronto Stock Exchange under the symbol “SMT” and on the NYSE
American Exchange under the symbol “SMTS”.
For further information regarding Sierra Metals, please visit www.sierrametals.com.
Continue to Follow, Like and Watch our progress:
Web: www.sierrametals.com
| Twitter: sierrametals
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| LinkedIn: Sierra
Metals Inc
Forward-Looking Statements
This press release contains “forward-looking information” and
“forward-looking statements” within the meaning of Canadian and U.S.
securities laws related to the Company (collectively, “forward-looking
information”). Forward-looking information includes, but is not limited
to, statements with respect to the Company’s operations, including the
anticipated developments in the Company’s operations in future periods,
the Company’s planned exploration activities, the adequacy of the
Company’s financial resources, and other events or conditions that may
occur in the future. Statements concerning mineral reserve and resource
estimates may also be considered to constitute forward-looking
statements to the extent that they involve estimates of the
mineralization that will be encountered if and when the properties are
developed or further developed. These statements relate to analyses and
other information that are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of management.
Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always,
using words or phrases such as “expects”, “anticipates”, “plans”,
“projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”,
“objectives”, “potential” or variations thereof, or stating that certain
actions, events or results “may”, “could”, “would”, “might” or “will” be
taken, occur or be achieved, or the negative of any of these terms and
similar expressions) are not statements of historical fact and may be
forward-looking information.
Forward-looking information is subject to a variety of risks and
uncertainties, which could cause actual events or results to differ from
those reflected in the forward-looking information, including, without
limitation, risks inherent in the mining industry including
environmental hazards, industrial accidents, unusual or unexpected
geological formations, floods, labour disruptions, explosions, cave-ins,
weather conditions and criminal activity; commodity price fluctuations;
higher operating and/or capital costs; lack of available infrastructure;
the possibility that future exploration, development or mining results
will not be consistent with the Company's expectations; risks associated
with the estimation of mineral resources and the geology, grade and
continuity of mineral deposits and the inability to replace reserves;
fluctuations in the price of commodities used in the Company's
operations; risks related to foreign operations; changes in laws or
policies, foreign taxation, delays or the inability to obtain necessary
governmental permits; risks relating to outstanding borrowings; issues
regarding title to the Company's properties; risks related to
environmental regulation; litigation risks; risks related to uninsured
hazards; the impact of competition; volatility in the price of the
Company's securities; global financial risks; inability to attract or
retain qualified employees; potential conflicts of interest; risks
related to a controlling group of shareholders; dependence on third
parties; differences in U.S. and Canadian reporting of mineral reserves
and resources; potential dilutive transactions; foreign currency risks;
risks related to business cycles; liquidity risks; reliance on internal
control systems; credit risks, including risks related to the Company's
compliance with covenants with respect to its BCP Facility; uncertainty
of production and cost estimates for the Yauricocha Mine, the Bolivar
Mine and the Cusi Mine; and other risks identified in the Company's
filings with Canadian securities regulators and the U.S. Securities and
Exchange Commission ("SEC"), which filings are available at www.sedar.com
and www.sec.gov,
respectively.
This list is not exhaustive of the factors that may affect any of the
Company's forward-looking information. Forward-looking information
includes statements about the future and are inherently uncertain, and
the Company's actual achievements or other future events or conditions
may differ materially from those reflected in the forward-looking
information due to a variety of risks, uncertainties and other factors.
The Company's statements containing forward-looking information are
based on the beliefs, expectations, and opinions of management on the
date the statements are made, and the Company does not assume any
obligation to update forward-looking information if circumstances or
management's beliefs, expectations or opinions should change, other than
as required by applicable law. For the reasons set forth above, one
should not place undue reliance on forward-looking information.
Note Regarding Reserve and Resource Estimates
All reserve and resource estimates reported by the Company are
calculated in accordance with the Canadian National Instrument 43-101 -
Standards of Disclosure for Mineral Projects and the Canadian Institute
of Mining and Metallurgy Classification system. These standards differ
significantly from the requirements of the SEC. The differences between
these standards are discussed in our SEC filings. Mineral resources
which are not mineral reserves do not have demonstrated economic
viability.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190403005262/en/
Contacts:
Mike McAllister
V.P., Corporate Development
Sierra
Metals Inc.
+1 (416) 366-7777
Email: info@sierrametals.com
Alonso
Lujan
V.P., Exploration
Sierra Metals Inc.
+(51)
630-3100
+(52) 614-426-0211
Igor Gonzales
President
& CEO
Sierra Metals Inc.
+1(416) 366-7777
Source: Sierra Metals Inc.
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