Beginning in February of this year, the company started a 2,000-scale geologic mapping program, first in the eastern portion of the Temascaltepec mining district and then progressing to the west side. This mapping program is the first-ever project-wide undertaking. It provides additional data for understanding the structural controls on the vein-hosted silver and gold mineralization.
The company's mining concessions cover the entire Temascaltepec mining district and contain numerous Spanish Colonial, 19th, and early 20th-century mines.
District-Scale Mapping by Sierra Madre
To date, surface mapping has delineated nearly 53 km of mineralized quartz veins, breccias, and stockwork zones. Mapping in the Eastern district has delineated over 37.9 km of veining. The dominant strike direction of veining is to the northwest, accompanied by a second set of veins, known as antithetic structures, striking more easterly. Both groups of veins host gold and silver mineralization, with hundreds of old shafts, cross cuts, adits, and prospect pits having been located. Host rocks for the veins are metasediments and andesites. Approximately one-half of the area mapped thus far is covered by recent basalt flows, with the veins exposed in erosional windows.
Mapping has been completed over a significant portion of the West district. Thus far, over 15 km of veins have been located at the surface. While the principal vein systems, Guitarra, Coloso, and Nazareno, have been exploited, the vein swarm north of Guitarra has yet to be drill tested despite having numerous old shafts, adits, and prospect pits.
History of
The Temascaltepec district was one of the six most important silver districts in
Mines, backed by European and American capital, were in operation during the late 1800's and early 1900's.
Production between 1993 and 2018 came from the Guitarra, Coloso, and Nazareno mines, the focus of the company's production restart activities, with only limited exploration work completed outside of these areas. Previous operators LuisMin and Genco Resources drilled 76 drill holes in the East district, focusing primarily on the
Next Steps
A surface and underground sampling program will commence as soon as the rainy season is over. The results of this program will provide information on the most favorable structural settings for silver and gold deposition. Results from this work will be used to plan exploration drilling programs in the East and West districts.
Extension of Subscription Receipts
Sierra Madre announces that, further to the Company's news release dated
Pursuant to the amended terms, each Subscription Receipt shall have met the Escrow Release Conditions and be eligible to, without the payment of any additional consideration, automatically convert into one common share in the capital of the Company upon the earlier of: (i) the holder of the Subscription Receipt receiving written notice from the Company of conversion; or (ii)
About Sierra Madre
The +2,600 ha
Sierra Madre´s management has played key roles for managing exploration and development of more than 22Moz gold and 600Moz silver in combined reserves and resources. Sierra Madre´s team of professionals has collectively raised over
Contact:
Email: investor@sierramadregoldandsilver.com
Sierra Madre Gold and Silver Best Practice
Sierra Madre is committed to best practice standards for all exploration and sampling activities. The Company´s exploration programs have been conducted following CIM 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
Cautionary Note
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 the completion of the Transaction on the terms set out in the definitive agreement (or at all) and the ability of the Company to obtain requisite corporate and regulatory approvals for the Transaction, including but not limited to the approval of the Exchange, Mexican antitrust approval and other governmental approvals as currently anticipated.
In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including that the Company will be able to receive all required regulatory approvals by the timelines currently anticipated (or at all) and that the Company will be able to complete the Transaction on the terms of the definitive agreement. 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 that the Company is not able to complete Transaction on the terms set out in the definitive agreement (or at all) and the risk that the Company is unable to obtain requisite corporate and regulatory approvals, including but not limited to the approval of the
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.
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