Sierra Madre Gold and Silver Ltd. (TSXV:SM)(OTCQB:SMDRF) is pleased to announce commencement of its Phase II drill program at its Tepic Silver Gold project, located in Nayarit, Mexico. With the success of the ongoing field work activities; including trenching, Sierra Madre has also increased its permitted drill pads from 47 to 182 drill pads with SEMERNAT, the Mexican federal environmental agency. This will allow the Company to potentially drill in excess of 300 holes, utilizing the same drill pads with offset drilling. The Company has also secured exploration agreements with all surface owners in the areas to be drilled.
The drilling contractor, Tecindyser S.A. de C.V., has mobilized one core rig to the project site. The plan is to move the drilling equipment back and forth between the Tepic and La Tigra projects so as to ensure assay results are available before off set or step out drilling is begun. Additional rigs will be added as the assays data flow increases to ensure maximum efficiency.
Tepic drilling will initially focus primarily on areas in and adjacent to historic drilling. New targets are to be methodically tested and as new assay data is acquired more drilling will be conducted on the new discovery targets developed by the company's 2021 work activities.
Gregory K. Liller, Executive Chairman and COO of Sierra Madre states, "Our Phase II drilling program at Tepic has been designed using the data we have acquired during our extensive surface mapping, sampling and trenching programs; together with the valuable insights we gained from our Phase I drilling program. I am very pleased with the progress we have achieved since listing of the company in April of 2021."
Alexander Langer, President & CEO of Sierra Madre stated, "We are delighted to have been able to increase budgets to further delineate potential resources in anticipation of an updated NI 43-101 resource report, at completion of the Phase II drilling program."
About Sierra Madre
Sierra Madre Gold and Silver Ltd. is a mineral exploration company, currently focused on the acquisition, exploration and development of the Tepic and La Tigra Properties 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 and La Tigra Properties to determine whether they contain commercially exploitable deposits of precious or base metals.