- Exploration drilling of 8 holes, intercepts high grade sulfide
adjacent to existing underground operations at Yauricocha
Mine.
- Drilling demonstrates high grade mineralization potential which
continues and remains open above the 1120 level.
Drill hole highlights include:
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Figure 1.- A map of the Yauricocha Mine
is shown with the location of the drills executed between the
Esperanza Area and Cachi Cachi Mine. (Graphic: Business Wire)
Hole
Width (m)
Cu (%)
Zn (%)
CuEq (%)
ECF 10 22 02
2.85
0.31
12.94
6.39
4.90
0.33
27.22
11.86
ECF 10 22 04
0.55
0.20
12.18
5.89
ECF 10 22 05
4.80
6.41
3.51
9.38
1.40
0.46
20.3
8.89
ECF 10 22 03 A
1.15
0.16
15.15
6.68
ECF 10 22 04 A
2.65
2.06
8.36
6.13
*True widths have not been determined
Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (“Sierra Metals”
or “the Company”) is pleased to announce the discovery of a new
high grade ore sulfide zone referred to as the “Fortuna” zone,
located adjacent to the current mine operations. The discovery
comes as part of an ongoing exploration drilling program at the
Yauricocha Mine.
To date, 8 holes have been executed from the 720 level of the
Yauricocha Mine within the Yauricocha System. These holes have
intercepted mineralization containing high-grade Copper, Zinc and
Lead zones. These results demonstrate the potential for high grade
mineralization within the reported, and surrounding, areas.
Luis Marchese, CEO of Sierra Metals stated: “Today’s results
represent significant progress in our efforts to expand
Yauricocha’s ore resource within currently permitted levels of the
mine. Mining of this readily accessible new high grade zone will
increase expected ore grade for the next couple of years. We are
working towards accessing part of the orebody as early as Q3 of
2022 which would have a positive impact on head grades in the
second half of 2022.”
Alonso Lujan, Vice President, Exploration of Sierra Metals
commented: “The reported results from the Fortuna zone, located
laterally, between the Esperanza zone and Cachi Cachi Mine
demonstrates the continued resource potential within the Yauricocha
Mine.” He added, “The high value ore that has been defined suggests
that continued exploration in the area is warranted, to better
define its potential.”
Table 1.1 Shows the results of the drilling program
Hole Number
From
To
Width**
Ag
Pb
Cu
Zn
Au
CuEq
m
g/t
%
%
%
g/t
%
ECF 10 22 02
397.25
400.10
2.85
72
3.91
0.31
12.94
0.30
6.39
404.65
409.55
4.90
95
5.14
0.33
27.22
0.49
11.86
417.00
418.60
1.60
19
0.50
0.10
3.70
0.16
1.72
418.60
424.70
6.10
20
0.56
0.09
1.77
0.17
1.08
424.70
428.70
4.00
134
0.86
0.42
12.98
0.65
6.52
ECF 10 22 04
396.35
396.90
0.55
52
4.43
0.20
12.18
0.15
5.89
ECF 10 22 05
366.40
371.20
4.80
126
1.76
6.41
3.51
0.58
9.38
376.00
382.00
6.00
25
0.57
0.11
5.36
0.18
2.38
433.50
434.90
1.40
172
0.52
0.46
20.30
0.00
8.89
446.20
449.40
3.20
15
0.43
0.12
1.63
0.00
0.89
ECF 10 22 01 A
132.00
133.00
1.00
12
0.12
0.20
1.09
0.04
0.72
135.00
136.00
1.00
30
0.25
1.14
1.18
0.03
1.86
139.40
148.45
8.95
38
1.52
1.19
6.08
0.45
4.19
ECF 10 22 02 A
138.40
138.75
0.35
21
0.42
0.76
2.49
0.28
2.04
138.75
139.70
0.95
24
0.49
0.95
1.86
0.34
2.09
139.70
140.60
0.90
46
0.54
3.31
1.73
0.68
4.81
141.50
142.35
0.85
22
0.43
0.93
1.79
0.25
1.97
155.20
155.50
0.30
7
0.18
0.06
1.97
0.65
1.22
ECF 10 22 03 A
175.35
176.50
1.15
68
2.31
0.16
15.15
0.44
6.68
ECF 10 22 04 A
132.00
134.00
2.00
36
0.78
0.77
3.51
0.16
2.53
134.00
136.65
2.65
71
1.48
2.06
8.36
0.50
6.13
*Prices Consensus Ag 24.05USD/Oz,Au 1806
USD/Oz,Pb 1.0USD/Lb,Zn 1.47USD/Lb,Cu 4.31USD/Lb
**True widths have not been determined
Method of Analysis
Samples are prepared at the Yauricocha lab facilities at the
Chumpe Mill, which is located on site. Drill core samples from the
mine are assayed utilizing two procedures. Silver, Lead, Zinc and
Copper are assayed by atomic absorption. Gold is fire-assayed with
an atomic absorption finish. Diamond drill core samples sent for
analysis consist of half NQ size or BQ size drill core which is
split on site.
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.
About Sierra Metals
Sierra Metals Inc. is a diversified Canadian mining company with
Green Metal exposure including increasing copper production and
base metal production with precious metals byproduct credits,
focused on the production and development of its 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".
For further information regarding Sierra Metals, please visit
www.sierrametals.com
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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").
Forward-looking information includes, but is not limited to,
statements with respect to the date of the 2020 Shareholders'
Meeting and the anticipated filing of the Compensation Disclosure.
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 16,
2022 for its fiscal year ended December 31, 2021 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/20220428005980/en/
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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