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Sierra Madre Gold and Silver Ltd
Symbol SM
Shares Issued 142,698,401
Close 2023-08-14 C$ 0.41
Market Cap C$ 58,506,344
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Sierra Madre drills 4.35 m of 309 g/t AgEq at Tepic

2023-08-15 09:39 ET - News Release

Mr. Gregory Liller reports


Sierra Madre Gold and Silver Ltd. has released the results of six additional diamond drill holes from the phase 2 drilling program at its Tepic silver-gold project in the state of Nayarit, Mexico. The results for holes TDH0017 through TDH022 are provided in an attached table.

Gregory K. Liller, executive chairman and chief operating officer, commented: "The drilling program at Tepic continues to deliver strong drill intercepts. The Veta Tomas vein continues to be extended, and I am especially pleased with the Taunas holes. These are the first two holes on a previously unrecognized target and are located approximately two kilometres northeast of the historic resource area."

There is no record of the previous operator having conducted work on the eastern side of the project, and much of the area is covered by a thin layer of colluvium. First-pass mapping and reconnaissance sampling by the company's geologic team have resulted in the delineation of the Taunas structure.

Taunas has a strike length in excess of one kilometre and consists of a core quartz vein/breccia structure, with widths of up to 15 metres, surrounded by a silicified and stockwork zone with argillic alteration.

The phase 2 drill program has been designed to test extensions of the previously defined breccia/vein structures, test newly defined targets and infill the existing drill pattern in order to facilitate the estimation of an updated National Instrument 43-101-compliant resource. The Tepic project is a greater-than-2,600-hectare project where the previous operator completed 149 core holes, totalling more than 31,000 metres.

About Sierra Madre Gold and Silver Ltd.

Sierra Madre Gold and Silver is a precious metals development and exploration company focused on evaluating the potential of restarting the La Guitarra mine in the Temascaltepec mining district, Mexico, and the exploration and development of its Tepic and La Tigra properties in Nayarit, Mexico. The La Guitarra mine is a permitted, past-producing, underground mine which includes a 550-tonne-per-day processing facility that operated until mid-2018.

The greater-than-2,600-hectare Tepic project hosts low-sulphidation epithermal gold and silver mineralization with an existing historical resource. La Tigra, located 148 kilometres north of Tepic, has been mined historically; Sierra Madre's maiden 2022 drill program at the site intercepted shallow mineralization.

Sierra Madre's management has played key roles for managing exploration and development of more than 22 million ounces of gold and 600 million ounces of silver in combined reserves and resources. Sierra Madre's team of professionals has collectively raised over $1-billion for mining companies.

Sierra Madre Gold and Silver best practices

Sierra Madre is committed to best practice standards for all exploration and sampling activities. The company's exploration programs have been conducted following CIM (Canadian Institute of Mining, Metallurgy and Petroleum) exploration best practice guidelines, which are incorporated by reference in NI 43-101. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Bureau Veritas in Durango, Mexico, or ALS Chemex in Guadalajara, Mexico, for 30-gram gold fire assay, aqua regia digestion for silver and multielement analyses by four-acid digestion.

Qualified person

Gregory Smith, PGeo, director of Sierra Madre, a qualified person as defined by NI 43-101, has reviewed and approved the technical data and information contained in this news release. Mr. Smith has verified the technical and scientific data disclosed herein.

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