Business
Sierra Madre Gold Provides Update on La Guitarra Progress
VANCOUVER, BC / ACCESSWIRE / September 7, 2023 / Sierra Madre Gold and Silver Ltd. (TSXV:SM) (OTCQX:SMDRF) ("Sierra Madre" or the "Company") is pleased is pleas
About this update from Sierra Madre Gold & Silver Ltd.
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / September 7, 2023 / Sierra Madre Gold and Silver Ltd. (TSXV:SM) (OTCQX:SMDRF) (\"Sierra Madre\" or the \"Company\") is pleased is pleased to provide an in-depth update of its activities at the 100% owned past-producing La Guitarra Silver-Gold Mine Complex (\"La Guitarra\") in Estado de Mexico, Mexico, 130 km southwest of Mexico City. Gregory K. Liller, Executive Chairman and Chief Operating Officer commented, \"We are very pleased with the progress at La Guitarra since the March 2023 closing of the acquisition from First Majestic Silver. Work towards a new resource estimate in accordance with NI 43-101 is underway, concurrent with evaluating historic cost data that would feed into a Mine Restart Study. On the ground, we are focused on preparing the mine, plant, and equipment for a prompt restart.\" The Company's objectives are to complete a new resource estimate by year-end, followed up by a Mine Restart Study, which would include a cost study, mine plan, and a reserve estimate. Underground and plant rehabilitation, as well as a rebuild and refurbishment program of mine and plant equipment have also begun. The Company anticipates that, given adequate funding and assuming project execution tracks internal projections, restart of production at La Guitarra could be feasible within 20-22 months. The following programs are underway: New Resource Estimation in Accordance with NI 43-101 The La Guitarra database consists of 1,408 drill holes totaling 236,000 metres of drilling; containing over 86,300 assays and 12,668 channel and mine samples. Raise and stope sample data, along with the actual production results are also being compiled to assure confidence in grade and width projections for the in-situ veins. The electronic database also contains 3-D surveying data with corresponding imaging of the underground workings and stopes at the La Guitarra, Coloso and Nazareno mines. Underground 3-D laser surveying is currently underway to augment and check the existing survey data. Surface surveying of historic drill hole collars is ongoing as part of the database audit. The resource estimation will consist of computer-generated block models of the larger deposits and polygonal block estimations on long sections, the latter being typical of mines operating in narrow vein type mineralization with distinct ore shoot...