Sierra Madre Gold and Silver (TSX.V: SM) is pleased to announce the completion of its confirmation drilling program at the Tepic project in the State of Nayarit, Mexico. The program comprised 21 Reverse Circulation ("RC") drill holes totaling 2,136 meters.

• Hole TRC012 returned 15.2m @ 2.23 g/t Au, 263 g/t Ag (419 g/t AgEq)
• Hole TRC013 returned 22.9m @1.47 g/t Au, 119 g/t Ag (222 g/t AgEq)
• Full recovery confirms previous drilling, and in areas of previous poor core recoveries several RC holes increased the widths of known, near-surface mineralization, within multiple zones which remain open at depth
• Positive step toward expanding the limits of the silver/gold mineralization and advancing the Project to an NI 43-101 resource estimation

The following table contains highlights of RC drill holes including several with wider intercepts when compared to historic drilling.

Notes

1. See detailed table on Company's web site for complete results
2. Intervals reported are core lengths with true width estimated to be 70 - 90%
3. Length-weighted averages from uncut assays
4. Intervals reported at a 30 g/t eAg* cutoff
5. *Gold silver ratio used to calculate AgEq is 70 g/t Ag to 1 g/t Au

Link to complete RC drill table: https://sierramadregoldandsilver.com/project/tepic-project/

A total of 2,136 meters were drilled in the 2021 RC drilling program, confirming the results of the previous operator's core drilling which had reported core recovery issues. Sierra Madre is confident that the drilling successfully validated both the grade tenor and geometry of the mineralized veins, breccias, and stockwork zones when compared to the previous core intercepts. The 2021 drilling has increased the confidence of the existing drill database and expanded the size of the drill tested silver-gold mineralization to be included in future mineral estimation studies.

Sierra Madre (TSX.V: SM) Executive Chairman and Chief Operating Office Gregory K. Liller commented, "We are very pleased with the results of the Phase 1 confirmation drill program at our Tepic Silver/Gold property. The drilling appears to have increased the widths of the known mineralized sections. As well, we intersected six previously unknown zones. We are in the process of finalizing our Phase 2 drill program at Tepic which we expect to commence shortly."

Six of the seven highlighted intercepts in the above table are very near surface and, if continuous laterally and up dip, could enhance the bulk tonnage potential of the Project and the possibility for low-cost bulk tonnage mining. The Company is currently re-evaluating the geometry of these breccia vein structures and true widths are estimated be 70 to 90% of the lengths for the intervals. More infill and confirmatory drilling is needed in areas of previous core drilling to test this interpretation. Previous drilling had selectively sampled the core, not analyzing the entire drill hole, and this resulted in multiple core holes having "open" mineralized intercepts.

Sierra Madre Gold and Silver Best Practice

Sierra Madre is committed to best practice standards for all exploration and sampling activities. The Company's exploration programs have been conducted following CIM Exploration Best Practice Guidelines which are incorporated by reference in NI 43-101. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Bureau Veritas Lab located in Durango, Mexico for 30 gram gold fire assay and multi-element analyses by acid digestion.

Qualified Person

Mr. Gregory Smith, P. Geo, Director of Sierra Madre, is a Qualified Person as defined by NI 43-101, and has reviewed and approved the technical data and information contained in this news release. Mr. Smith has verified the technical and scientific data disclosed herein.

Disclaimer: Sierra Madre Gold and Silver (TSX.V: SM) is a paid marketing client and we own stock options*‍

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