Sierra Madre Gold and Silver Files Updated Resource Estimate for La Guitarra Mine

Sierra Madre Gold and Silver Ltd. has filed a technical report in accordance with National Instrument 43-101 (NI 43-101) for the mineral resource estimate of its La Guitarra silver-gold mine. The report, concerning the Temascaltepec mining district in Estado de Mexico, Mexico, confirms a 373% increase in indicated silver equivalent resources and a 204% increase in inferred resources compared to previous estimates.

Prepared by TechSer Mining Consultants Ltd. and authored by David Thomas and Cristian Garcia, the estimate states that indicated mineral resources now stand at 27.2 million ounces of silver equivalent (AgEq), with inferred resources at 20.2 million ounces AgEq. These figures, based on an estimate with an effective date of October 24, 2023, are available on the company's website and Canada's SEDAR+ database.

This update represents significant growth for the company's resource base at the La Guitarra property. Indicated resources saw a substantial rise to 27.2 million ounces AgEq, while inferred resources climbed to 20.2 million ounces AgEq. The report breaks down resources by various areas including Nazareno, Coloso, and Guitarra, and specifies the cut-off grades and metal prices used in the estimation.

The company noted that estimates of this nature can be materially affected by changes in metal prices, exchange rates, mining and metallurgical costs, as well as changes in environmental regulations and social license to operate. According to the report, mineral resources that do not constitute mineral reserves do not have demonstrated economic viability, and numbers may not add up due to rounding.