- Four drill holes were executed to
test geophysical anomalies in an area identified by the Titan 24
Geophysical Survey
- Drilling identified a new, wide,
high-grade copper structure which extends the continuity of the
Bolivar West zone approximately 500 meters apart
- Average grade of the intercepts is
1.15% copper (2.09% copper equivalent) with an average true width
of 7.7 meters
- Intersects include segments of
high-grade zinc-silver structures as well as copper ore structures
with higher gold content than historical levels at the
mine.
Sierra Metals Inc. (TSX:SMT) (BVL:SMT) (NYSE
AMERICAN:SMTS):
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20190403005262/en/
Figure 1 - Geological map of the Bolivar
Mine. (Graphic: Business Wire)
Drill hole highlights include:
Hole No. CuEq
%
Ag
g/t
Cu
%
Zn
%
Au
g/t
Width DB18B666 6.56 140 2.29
7.56 0.09 Over 4 meters DB18B669
2.42 15 1.32 0.02 1.16 Over
20 meters DB18B672 4.63 36 0.87
8.50 0.00 Over 3 meters
Sierra Metals Inc. (TSX:SMT) (BVL:SMT) (NYSE
AMERICAN:SMTS) (“Sierra Metals” or “the Company”) announces
positive results from a recent drilling program designed to test
the continuity and characteristics of geophysical anomalies
identified in a recent Titan 24 Geophysical Survey. The areas
drilled had been deemed as high-value targets within the Bolivar
West zone, located at the Bolivar Mine, Chihuahua, Mexico. The
Bolivar Mine is situated within the Piedras Verdes Mining District,
located within the major north-northwest trending Sierra Madre
Precious Metals Belt which extends across the states of Chihuahua,
Durango, and Sonora in northwest Mexico.
Drilling has identified and defined a new zone named West
Extension to the Bolivar West zone which is an extension of the
Bolivar West structure and is within close proximity to the Bolivar
West zone with similar characteristics.
Alonso Lujan, Vice President of Exploration, stated: “The areas
tested in the Titan 24 survey demonstrated an excellent
relationship between chargeability and the structures. Based on
those results, the Company continued to test these areas with
drilling programs. This has resulted in the definition of a new
structure which demonstrates the continuity of previously defined
wide, high-grade, copper structures. The Company plans to drill an
additional six to seven holes, approximately 2,500 meters, within
this area in 2019. Depending on success further holes and drilling
could be added. Further to the success at the West Extension, the
potential for further extensions to the North of this zone remains
open.”
Igor Gonzales, President, and CEO of Sierra Metals commented:
“Brownfield exploration remains a key part of Sierra Metals growth
plan. The discovery of this extension structure at Bolivar should
help support further mineral resource growth and subsequent
production growth plans. We are continuing our aggressive
brownfield exploration programs at all three of our Mines and
expect to see further discoveries this year.” He continued, “the
relevance of these results is that the exploration success in
previously unknown areas is yielding high-quality mineral
discoveries. When combined with Bolivar’s expanded production
capacity it could materially improve cash flows and the net asset
value forecast of our Bolivar unit.”
TABLE 1
Hole No From
To Width
Au Ag Cu
Zn EQCu
M
g/t g/t %
% % DB18B659
667.15 668.65 1.50
0.0 3.0
0.78 0.005 0.78
672.90 679.20
6.30 0.0
4.7 0.74 0.023
0.73 686.25
690.30 4.05 0.0
12.9 1.43
0.01 1.52 DB18B666 684.60
689.10 4.50
0.013 15.8 0.45
0.81 0.92
689.10 693.60 1.50
0.013 14.0
0.43 0.49 0.75
711.60 713.10
4.25 0.090 140.3
2.29 7.56
6.56 DB18B669 642.30
657.00 14.70 0.23
1.30 0.74
0.009 0.89 661.50
674.25 12.75
0.30 8.17 0.81
0.018 1.08
678.75 698.90
20.15 1.16 14.80
1.32 0.017
2.42 DB19B672 664.70 681.25
16.55 0.0
8.88 0.29 0.056
0.38 691.45
694.45 3.00 0.0
36.3 0.87
8.50 4.63 706.15
712.00 5.85
0.0 6.44 0.42
0.20 0.56
Figure 1 is a geological map of the Bolivar Mine. Figure 2 is a
longitudinal Section at the Bolivar Structure. Figure 3 is a
geophysical section showing the orebodies Bolivar West and West
Extension to Bolivar West.
Quality Assurance
All samples were dried, crushed and pulverized by the Chemex Lab
(Chihuahua), pulp samples were shipped to their Canadian Laboratory
in Vancouver.
The quality assurance-quality control (QA-QC) program employed
by Sierra Metals is described in detail in the NI 43-101 Technical
Report for Bolivar dated June 28, 2018, prepared by SRK Consulting
(U.S.), Inc. in Denver, which is available for review on Sedar.
Standards and blanks are inserted into the sample stream, and
duplicate samples are sent to the Chemex lab in Chihuahua as per
internal quality control procedures.
Quality Control
All technical production data contained in this news release has
been reviewed and approved by Gordon Babcock, P.Eng., Chief
Operating Officer and a Qualified Person under National Instrument
43-101 – Standards of Disclosure for Mineral Projects.
Americo Zuzunaga, FAusIMM CP (Mining Engineer) and Vice
President of Corporate Planning is a Qualified Person and chartered
professional qualifying as a Competent Person under the Joint Ore
Reserves Committee (JORC) Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves.
Augusto Chung, FAusIMM CP (Metallurgist) and Consultant to
Sierra Metals is a Qualified Person and chartered professional
qualifying as a competent person on metallurgical processes.
About Sierra Metals
Sierra Metals Inc. is Canadian based growing polymetallic mining
company with production from its Yauricocha Mine in Peru, and its
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 discoveries and still has
additional brownfield exploration opportunities at all three Mines
in Peru and Mexico that are within or close proximity to the
existing Mines. Additionally, the Company 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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Inc
Forward-Looking Statements
This press release contains “forward-looking information” and
“forward-looking statements” within the meaning of Canadian and
U.S. securities laws related to the Company (collectively,
“forward-looking information”). Forward-looking information
includes, but is not limited to, statements with respect to the
Company’s operations, including the anticipated developments in the
Company’s operations in future periods, the Company’s planned
exploration activities, the adequacy of the Company’s financial
resources, and other events or conditions that may occur in the
future. Statements concerning mineral reserve and resource
estimates may also be considered to constitute forward-looking
statements to the extent that they involve estimates of the
mineralization that will be encountered if and when the properties
are developed or further developed. These statements relate to
analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions of management. 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, risks inherent in the mining industry including
environmental hazards, industrial accidents, unusual or unexpected
geological formations, floods, labour disruptions, explosions,
cave-ins, weather conditions and criminal activity; commodity price
fluctuations; higher operating and/or capital costs; lack of
available infrastructure; the possibility that future exploration,
development or mining results will not be consistent with the
Company's expectations; risks associated with the estimation of
mineral resources and the geology, grade and continuity of mineral
deposits and the inability to replace reserves; fluctuations in the
price of commodities used in the Company's operations; risks
related to foreign operations; changes in laws or policies, foreign
taxation, delays or the inability to obtain necessary governmental
permits; risks relating to outstanding borrowings; issues regarding
title to the Company's properties; risks related to environmental
regulation; litigation risks; risks related to uninsured hazards;
the impact of competition; volatility in the price of the Company's
securities; global financial risks; inability to attract or retain
qualified employees; potential conflicts of interest; risks related
to a controlling group of shareholders; dependence on third
parties; differences in U.S. and Canadian reporting of mineral
reserves and resources; potential dilutive transactions; foreign
currency risks; risks related to business cycles; liquidity risks;
reliance on internal control systems; credit risks, including risks
related to the Company's compliance with covenants with respect to
its BCP Facility; uncertainty of production and cost estimates for
the Yauricocha Mine, the Bolivar Mine and the Cusi Mine; and other
risks identified in the Company's filings with Canadian securities
regulators and the U.S. Securities and Exchange Commission ("SEC"),
which filings are available at www.sedar.com and www.sec.gov,
respectively.
This list is not exhaustive of the factors that may affect any
of the Company's forward-looking information. Forward-looking
information includes statements about the future and are 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
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.
Note Regarding Reserve and Resource Estimates
All reserve and resource estimates reported by the Company are
calculated in accordance with the Canadian National Instrument
43-101 - Standards of Disclosure for Mineral Projects and the
Canadian Institute of Mining and Metallurgy Classification system.
These standards differ significantly from the requirements of the
SEC. The differences between these standards are discussed in our
SEC filings. Mineral resources which are not mineral reserves do
not have demonstrated economic viability.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190403005262/en/
Mike McAllisterV.P., Corporate DevelopmentSierra Metals
Inc.+1 (416) 366-7777Email: info@sierrametals.comAlonso
LujanV.P., ExplorationSierra Metals Inc.+(51) 630-3100+(52)
614-426-0211Igor GonzalesPresident & CEOSierra Metals
Inc.+1(416) 366-7777
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