SIERRA MADRE ANNOUNCES RECEIPT OF DRILLING PERMIT AND FORMAL SURFACE AGREEMENTS WITH LOCAL EJIDO AT THE LA TIGRA PROJECT, NAYARIT, MEXICO

Sierra Madre Gold and Silver Ltd. has received a permit from SEMARNAT, the Mexican federal environmental permitting agency, authorizing the use of 30 drill pads within the La Tigra project. Multiple exploration holes can be drilled and offset from each permitted pad. In addition, the company has entered into formal surface rights exploration agreements with Ejidal Santa Maria Picachos, the surface owners at La Tigra, that allows for the commencement of the drilling program.

Luis Saenz, director of exploration and development for Sierra Madre, states: "I am very pleased at the progress that has been made at the La Tigra project. We began work on the project in July, 2021, and have rapidly moved it to a drill-ready stage. The successful mapping, trenching and underground surveying programs have defined high-quality drill targets and I am looking forward to the commencement of drilling."

La Tigra environmental, community and social programs

The company is delighted to report on its continuing environmental, community and social programs. At the time Sierra Madre began work at La Tigra, there was no school building available for the children in the La Tigra project area. The company has since financed the reopening of the El Jejito elementary school and hired a full-time teacher for the children within the community.

The project site also lacked rudimentary sanitation facilities and the community water storage facility had fallen into disrepair. Rehabilitation of the water cistern previously used to store fresh water has been completed. The company has begun construction of enclosed latrines at each of the family houses in the La Tigra project area. Further environmentally friendly options for obtaining and storing potable water are currently being investigated.

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