Sierra Madre Gold and Silver (SM.V) has released the assay results from the first seven holes drilled as part of the Phase 2 drill program at the flagship Tepic gold and silver project in Nayarit.
All seven holes intersected mineralization, and more importantly, the grades are good for near-surface intercepts. Some of the mineralized intervals start very close to surface and none of the mineralized intervals are located very deep down-hole. All seven holes were relatively shallow as well, as the cumulative meterage is less than 700 meters in these holes.
Not only are the grades and widths good, some intervals are located outside of the known mineralized area. The company highlighted hole 6 which intersected 3.25 meters of 117 g/t silver-equivalent which was drilled into a known vein past a perceived fault. Looking at the location of that hole on the map at the top of this update, hole 6 and hole 7 were drilled in a very interesting location, extending the strike length of the vein mineralization.
Sierra Madre has now also started its maiden drill program on the La Tigra gold-silver project in Mexico’s Nayarit state. The drill program is the logical next step after an extensive exploration program at La Tigra which included mapping, sampling and trenching with the trenching program delivering excellent results.
The systematic trenching program has now identified a structural corridor with a total length of approximately 3.5 kilometers with northwest striking structures and the drill program will now drill-test some of the most important exploration targets. And although the La Tigra mine is a past-producing asset, it has never been systematically explored and the holes to be drilled by Sierra Madre will be the first ever holes drilled on the 357 hectare project.
We like Sierra Madre’s approach of moving the drill rig back and forth between the flagship Tepic project and La Tigra. This will allow for very efficient drill programs as La Tigra will be drilled now while Sierra Madre is awaiting the assay results from its Tepic drill program. Once the La Tigra drill program will be completed, we anticipate the drill rig will be moved back to Tepic while Sierra Madre waits for the La Tigra assays.
After a year of sampling and trenching, Sierra Madre’s 2022 could be exciting with both gold-silver projects being drilled simultaneously.
Disclosure: The author has a long position in Sierra Madre. Sierra Madre is a sponsor of the website. Please read our disclaimer.
