Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN:
SMTS):
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Image 2 Yauricocha Mine, Peru (Photo:
Business Wire)
- The current drilling program along the Yauricocha Fault System
demonstrates high-grade oxide mineralization occurring between the
Cachi Cachi and Esperanza Zones, which continues and remains open
at depth and above
_____________________________________________________
Drill hole highlights include:
Hole No
From
To
Au
(g/t)
Ag
(g/t)
Pb
(%)
Cu
(%)
Zn
(%)
CuEq
(%)
Core length
Width
17-20-08
110.1
111.4
0.64
273
0.97
4.14
0.53
7.95
1.3 meters
17-21-01
55.7
56.6
4.58
571
22.58
0.02
0.13
15.48
0.9 meters
17-21-03
72.0
74.0
0.07
7
0.19
0.05
28.64
9.74
2.0 meters
17-21-05
71.8
73.5
0.33
281
16.62
0.16
1.25
8.09
1.7 meters
17-21-09
66.7
69.6
0.03
6
0.03
0.03
23.55
7.95
2.9 meters
17-21-13
88.0
89.0
0.03
5
0.01
0.09
29.05
9.82
1.0 meter
Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN:
SMTS) ("Sierra Metals" or "the Company") today announces that
drilling results demonstrating high-grade oxide polymetallic ore
has been confirmed in an area between the Cachi Cachi and Esperanza
zones along the Yauricocha Fault and within current operations at
the Yauricocha Mine.
To date, 21 holes have been completed from an exploration adit
at the 1070 level of the Yauricocha Mine in the Yauricocha Fault
System area. These holes have intercepted oxide mineralization
containing high-grade gold, silver, copper, zinc, and lead zones.
These results demonstrate the potential for high-grade
mineralization within the reported area and, more importantly,
indicate the continued existence of extensive mineralization. These
results come as part of an ongoing brownfield drilling program that
is testing priority targets at the Yauricocha Mine, located 150
kilometers east-southeast of Lima in the Yauricocha Mining District
(Cordillera Occidental), Peru.
Luis Marchese, CEO of Sierra Metals, stated: "The results
announced today results represent the existence of further
potential at a strategically important zone of the Yauricocha Mine
with the confirmation of high-grade oxide mineralization at depth
in the area next to existing operations. The Company made a strong
commitment to brownfield exploration as part of its growth plan.
Results such as the ones released today continue to demonstrate
that this investment is paying off with the potential to grow our
mineral resources further and add high-value tonnage. This ore will
be processed in already existing oxide treatment plant
facilities."
Alonso Lujan, Vice President, Exploration of Sierra Metals,
commented: "The results reported are from the area between the
Esperanza and Cachi Cachi Zones. They demonstrate significant
potential for mineralized resources laterally, to depth, and above
in this area located along the Yauricocha Fault System, which was
previously not explored. He added, "Following the success of this
drilling program, further exploration will be conducted within the
area to define its mineralized potential better."
Mr. Lujan added, "In 2020, the Company commenced construction on
a tunnel to connect the Esperanza and the Cachi Cachi orebodies,
located 820 meters apart. The tunnel allowed exploration along this
area adjacent to the trend of the mineralized bodies at the
Yauricocha mine. This zone is a top priority exploration target for
the Company due to its favorable geologic setting and strong
geophysical anomalies from our Titan 24 Survey. Today's
announcement corresponds to the drilling campaigns of the first two
exploration stations along this tunnel. Further drilling stations
are planned in the coming months once the tunnel reaches the Cachi
Cachi orebodies."
A map of the Yauricocha Mine 1070 level demonstrating the area
of drilling between the Cachi Cachi and Esperanza Zones is shown in
Figure 1.
Table 1 –Drill Hole Assay Results from the Program
No Hole
From
To
Width
Au
Ag
Pb
Cu
Zn
EQ Cu*
(m)
g/t
g/t
%
%
%
%
E ESPN 17 21 01
55.7
56.6
0.9
4.58
571
22.58
0.02
0.13
15.48
61.0
61.8
0.8
0.03
195
4.15
0.01
0.09
3.19
E ESPN 17 21 13
88.0
89.0
1.0
0.03
5
0.01
0.09
29.05
9.82
139.8
140.0
0.2
0.03
6
0.01
0.01
3.21
1.17
E ESPN 17 21 03
72.0
74.0
2.0
0.07
7
0.19
0.05
28.64
9.74
99.9
105.4
5.6
0.06
20
0.02
0.07
23.35
8.09
E ESPN 17 21 05
71.8
73.5
1.7
0.33
281
16.62
0.16
1.25
8.09
78.5
81.7
3.2
0.17
18
0.10
0.51
5.57
2.71
E ESPN 17 21 09
66.7
69.6
2.9
0.03
6
0.03
0.03
23.55
7.95
E ESPN 17 20 08
61.6
64.4
2.8
0.09
76
0.74
0.07
5.74
3.03
108.3
110.1
1.8
0.05
42
0.63
0.31
3.92
2.26
110.1
111.4
1.3
0.64
273
0.97
4.16
0.53
7.95
200.9
202.0
1.1
0.03
169
0.02
3.57
0.06
5.39
E ESPN 17 20 01
142.0
147.0
5.0
1.40
45
0.40
2.55
1.08
4.57
147.0
152.5
5.5
2.33
146
2.51
0.45
1.52
4.95
E ESPN 17 21 08
85.7
88.0
2.3
0.03
5
0.01
0.04
14.29
4.86
E ESPN 17 21 12
59.2
61.7
2.5
0.16
211
3.20
0.06
1.62
3.77
E ESPN 17 21 11
29.8
30.5
0.7
0.04
9
0.37
0.14
3.57
1.55
71.5
73.9
2.4
0.03
20
1.27
0.04
7.89
3.22
E ESPN 17 21 02
16.7
17.5
0.8
0.03
8
0.12
0.02
6.86
2.44
82.3
83.3
1.0
0.24
18
0.89
0.03
0.24
0.72
E ESPN 17 21 04
30.2
30.5
0.3
0.03
13
0.78
0.04
1.33
0.84
62.4
65.9
3.6
0.46
50
1.74
0.05
0.73
1.63
E ESPN 17 21 10
99.5
99.9
0.5
0.03
6
0.02
0.06
3.16
1.20
E ESPN 17 20 05
158.0
162.2
4.2
0.25
5
0.79
0.05
2.51
1.36
E ESPN 17 20 03
71.0
76.0
5.0
0.07
17
0.46
0.38
1.25
1.15
E ESPN 17 20 02
108.0
109.0
1.0
0.11
19
0.29
0.40
0.53
0.94
*Copper equivalent was calculated using the following consensus
metal prices in USD: $25.58/oz Ag, $3.55/lb Cu, $1.18/lb Zn,
$0.92/lb Pb, $1,897/oz Au. Source CIBC Global Mining Group (April
2021)
Quality Assurance
All samples were dried, crushed, pulverized, and analyzed by the
Chumpe Laboratory at the Yauricocha Mine.
The quality assurance program for sampling and analysis is
performed by the quality control and assurance (QA-QC) employed by
Sierra Metals has been described in detail in the NI-43-101 report
for Yauricocha dated June 30, 2020, and prepared by SRK Consulting
in Vancouver – Canada. This report is available for review.
Standards, certified blanks are inserted into the sample stream, as
well as duplicate samples which are then sent to the Chumpe lab to
verify the precision and accuracy of published results.
Additionally, they are sent to the laboratory of ALS Peru S.A.
(Chemex) in Lima according to internal quality control procedures.
As a standard process, 10% of the samples were sent to the Chumpe
laboratory for cross-validation with a certified external
laboratory for analysis.
Quality Control
Américo Zuzunaga, FAusIMM CP (Mining Engineer) and Vice
President of Corporate Planning, is a Qualified Person under
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
Augusto Chung, FAusIMM CP (Metallurgist) and Vice President of
Metallurgy and Projects is a Qualified Person under National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
About Sierra Metals
Sierra Metals Inc. is a diversified Canadian mining company
focused on the production and development of precious and base
metals from its polymetallic Yauricocha Mine in Peru and Bolivar
and Cusi Mines in Mexico. The Company is focused on increasing
production volume and growing mineral resources. Sierra Metals has
recently had several new key discoveries and still has many more
exciting brownfield exploration opportunities at all three Mines in
Peru and Mexico that are within close proximity to the existing
mines. Additionally, the Company also has large land packages at
all three mines with several prospective regional targets providing
longer-term exploration upside and mineral resource growth
potential.
The Company's Common Shares trade on the Bolsa de Valores de
Lima and on the Toronto Stock Exchange under the symbol "SMT" and
on the NYSE American Exchange under the symbol "SMTS".
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Forward-Looking
Statements
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of Canadian and
U.S. securities laws (collectively, "forward-looking information").
Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always,
using words or phrases such as "expects", "anticipates", "plans",
"projects", "estimates", "assumes", "intends", "strategy", "goals",
"objectives", "potential" or variations thereof, or stating that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved, or the negative of any of
these terms and similar expressions) are not statements of
historical fact and may be forward-looking information.
Forward-looking information is subject to a variety of risks and
uncertainties, which could cause actual events or results to differ
from those reflected in the forward-looking information, including,
without limitation, the risks described under the heading "Risk
Factors" in the Company's annual information form dated March 30,
2020 for its fiscal year ended December 31, 2019 and other risks
identified in the Company's filings with Canadian securities
regulators and the United States Securities and Exchange
Commission, which filings are available at www.sedar.com and
www.sec.gov, respectively.
The risk factors referred to above are not an exhaustive list of
the factors that may affect any of the Company's forward-looking
information. Forward-looking information includes statements about
the future and is inherently uncertain, and the Company's actual
achievements or other future events or conditions may differ
materially from those reflected in the forward-looking information
due to a variety of risks, uncertainties and other factors. The
Company's statements containing forward-looking information are
based on the beliefs, expectations, and opinions of management on
the date the statements are made, and the Company does not assume
any obligation to update such forward-looking information if
circumstances or management's beliefs, expectations or opinions
should change, other than as required by applicable law. For the
reasons set forth above, one should not place undue reliance on
forward-looking information.
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version on businesswire.com: https://www.businesswire.com/news/home/20210413005503/en/
For further information regarding Sierra Metals, please visit
www.sierrametals.com or contact:
Mike McAllister Vice President, Investor Relations Sierra
Metals Inc. (416) 366 7777 Email: info@sierrametals.com
J.Alonso Lujan Vice President, Exploration Sierra Metals
Inc. (51) 630 3100 (52) 614 426 0211
Luis Marchese President & CEO Sierra Metals Inc.
(416) 366 7777
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