In addition to re-listing on the TSX Venture, the Company intends to quickly take the necessary steps to requalify for OTCQX, in order to provide increased liquidity to our US shareholders.
Recent Highlights: Closing of the acquisition of
First Majestic is now the largest shareholder of Sierra Madre
Closed
We are excited to be publicly traded once again and would like to thank existing shareholders, new shareholders and First Majestic for their patience during the lengthy process to re-list Sierra Madre on the TSX Venture,' stated
La Guitarra Highlights:
Functional and expandable 550 tonnes per day crushing, grinding and flotation facility
The eastern district mapping program has thus far delineated over 40 km of mineralized veins and breccias.
We have continued to build on the strong community relations base with the local stakeholders we inherited from First Majestic.
All permits necessary for the restart of mining operations at the Guitarra, Coloso and Nazareno mines are valid and current and the underground workings have been well maintained. The processing plant as well has all permits in place for the restart of operations. An MIA (environmental impact permit) has been approved for the construction and operation of a new tailings impoundment with a 5.8 million tonne capacity.
The company has in its possession the complete Project database which includes 1,407 drill holes, production records for 27 years of operations, survey data and a 3-D model of the underground workings for all three mines, detailed actual operating cost data and extensive metallurgical recovery data and tests.
This database together with the existing processing plant and equipment on site will allow the Company to proceed with a three-prong approach to advancing toward resuming production and realizing the overall potential of
Resource and Reserve Estimations
Complete a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101') compliant resource estimate
Using the above resource estimate and the extensive
Advance Upgrades to Plant and mine
Rebuild existing mining equipment
Refurbish and change the flotation plant from two parallel circuits to a rougher-cleaner configuration Repair 4th ball mill onsite in order to reach 550 t/d capacity initiate permitting process for ore leaching upon receipt of leaching permit, define the potential to construct a leaching circuit and begin reprocessing of existing tailings along with ore from the mines
Complete a district-scale mapping program
Undertake a trenching and surface sampling program
Underground mapping and sampling program of historic mines
Drilling of the best targets based on the above work programs.
The La Guitarra Property is in the Temascaltepec mining district, 130 km southwest of
The
From 2012 to 2018, First Majestic completed approximately 128,671 metres of drilling in 689 diamond drill holes. All together there are 236,294 meters in 1,407 drill holes.
Over 100 epithermal veins at
Notes for Historical Mineral Resource Estimates: The Historical Mineral Resources for
The Historical Mineral Resources were reported in accordance with the
In accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101') the La Guitarra Historical Mineral Resource Estimates use the terms 'mineral resource', 'measured mineral resource', 'indicated mineral resource' and 'inferred mineral resource', having the same meanings ascribed to those terms as in the CIM Standards.
As these mineral resource estimates pre-date the Company's agreement to acquire
Further drilling and resource modelling would be required to upgrade or verify these historical estimates as current mineral resources for the respective assets and accordingly, they should be relied upon only as a historical resource estimate of First Majestic, which pre-dates the Company's agreement to acquire
Silver Equivalent ('AgEq') grade is estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable. Mr.
Mineral Resources that are not mineral reserves do not have economic viability. Numbers may not add due to rounding.
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
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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