OrbitonOpen research workspace →
Sierra Madre Gold & Silver logo

Sierra Madre Gold & Silver

TSXV:SMLive AI agent

Sierra Madre Gold and Silver is focused on the La Guitarra mine in Mexico’s Silver Belt, with commercial production starting on January 1, 2025.

Investor website: https://sierramadregoldandsilver.com/

About

Sierra Madre Gold and Silver is focused on the La Guitarra mine in Mexico’s Silver Belt, with commercial production starting on January 1, 2025. The company has two precious metals projects in Mexico and emphasizes its strong capital markets expertise, with a team that has over 100 years of combined mining experience.

Verified company data

Cash position
$22.2M USD
Shares outstanding
261,251,826
Fully diluted shares
280,317,670
Mineral resource
Historical Mineral Resource Estimate for the project was released in 2013. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | **Class** | **Tonnes** | **Width (m)** | **Au (g/t)** | **Ag (g/t)** | **AgEq (70:1)** | **AgEq (oz)** | | Indicated | 1,106,753 | 6.81 | 0.81 | 144 | 201 | 7,100,000 | | Inferred | 537,835 | 6.17 | 0.84 | 122 | 181 | 3,100,000 | - 2013 Estimate for Cream Mineral Limited, by McBride and Workman of Watts Griffis and McOuat, Consulting Geologist and Engineers (WGM), with effective date March 20, 2013. - CIM definitions were followed for the Historic Mineral Resources. Historical Resources reported Ag-Au resources for the Dos Hornos, Vita Tomas, and Once Bocas North deposits. WGM estimates were prepared from a polygonal mode, with a minimum horizontal thickness of1.5 m, specific gravity of 2.65 tonnes per cubic metre, cut-off grade of US $75/tonne contained gold + silver, silver values cut to 1,000 g/t, and resource classification projected in an ellipsoidal zone with maximum horizontal and vertical dimensions of, respectively, 30 m and 20 m for Indicated Resources, and 45 m and 30 m for Inferred Resources. - A Qualified Person has not done sufficient work to classify this Historical Mineral Resource as current Mineral Resources and Sierra Madre is not, therefore, treating the Historical Mineral Resource as a current Mineral Resource. Sierra Madre believes the Historical Resource is reliable, and that it remains relevant to the Project. Mineral resources that are not mineral reserves do not have demonstrated economic viability. - For full details see Technical report titled " Technical Report on the Tepic Property, Nayarit, México with an effective date of October 21, 2020; prepared by William A. Turner, P. Geol. and Derek Loveday, P. Geo. of Stantec Consulting International LLC.. in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and is available under Sierra Madre Gold and Silver’s SEDAR profile at www.sedar.com.
Projects
["**La Guitarra Project** Overview\nLocated in the historic Temascaltepec mining district, 130 km SW of Mexico City, the Guitarra mine complex is now in commercial production. The site includes an on-site 500t/d mill that operated up to August 2018. There are two underground centres, three past-producing zones and +100 known epithermal veins at the site, with district-scale exploration potential across the property.\n\n##### Prime Location\nState of Mexico, Mexico, covering 39,714 hectares\n\n##### Fully Permitted\nCurrent permits for Mining, processing, plus operating license, water use permit, EIA","**Tepic Project** Overview\nLocated near the city of Tepic, Nayarit, previous metallurgical testing has shown good recoveries for both gold and silver recoveries. The project has excellent potential to further define and expand upon the historical resources in terms of both grade and tonnage. Most importantly, the project is in a mining friendly jurisdiction.\n\n##### Prime Location\nState of Nayarit, Mexico covering 2,612.5 hectares.\n\n##### Excellent Geology\nThe Tepic Project lies within Sierra Madre Gold and Silver belt, home to numerous world class gold and silver deposits.\n\n## Overview\n- Hosts a low-sulfidation epithermal gold and silver mineralization lying within the Sierra Madre Geologic Province\n- Existing historic resource estimation – Detailed in 2020 Technical Report\n- Former Flagship asset of Cream Minerals\n- Good preliminary metallurgical test results for both gold and silver recoveries\n- Excellent potential to increase the size of the defined Ag-Au mineralized system\n\n**Location and Infrastructure**\n- Lies 22 km, mostly on paved highway from Tepic City, the capital of the State of Nayarit, Mexico.\n- Located 15 km from regional airport and 120 km from the Puerto Vallarta Airport\n- Workforce familiar with heavy equipment and mining present in surrounding area\n- National electrical grid in immediate area\n- Industrial supplies, machine and fabrication plants readily available in Tepic\n- Most importantly, the project is in a “mining friendly jurisdiction”\n\nProperty covers more than 2,600 ha.\n- The company holds five mining concessions covering a total of 2,612.5 hectares.\n- 100% Owned\n\n## Geology and Mineralization\n**Property hosts an epithermal gold-silver mineralization**\n- Several identified zones of mineralization extend over a kilometer with widths up to 200m.\n- These zones define segments of what is thought to be a single, continuous structure that crosses the property from northwest to southeast.\n- 31,537 meters of core drilling in 149 holes, housed in Sierra Madre’s warehouse.\n- Phase 2 drill program has been designed to test extensions of the previously defined breccia/vein structures, test newly defined targets and infill the existing drill pattern in order to facilitate the estimation of an updated NI 43-101 compliant resource.\n\n**Poor core recovery, averaging 76%, within the mineralized intervals which may have resulted In an underestimation of both gold and silver grades. This is indicated by higher grade sampling in underground workings adjacent to cored intervals. A reverse circulation drilling campaign which would produce 100% recovery, is planned to test this potential.**\n\n**Exploration Potential:**\nRecent exploration revealed that the defined Ag-Au mineralization has a great potential for expansion.\n\n## Tepic Drilling\n### Tepic Diamond Drill Results\n| | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| **Area** | **Hole** | **From** | **To** | **Int** | **Ag** | **Au** | **AgEQ** |\n| Dos Hornos 1 | TDH001 | 15.05 | 22.1 | **7.05** | 124.7 | 0.9 | **192** |\n| TDH002 | 11.25 | 14.45 | **3.2** | 193.8 | 1.36 | **296** |\n| and | 31.85 | 43.95 | **12.1** | 145.8 | 0.64 | **194** |\n| Includes | 31.85 | 33.35 | **1.5** | 489 | 0.765 | **546** |\n| TDH003 | 1.35 | 3.6 | **2.25** | 48.1 | 0.9 | **115** |\n| and | 7.05 | 9 | **1.95** | 47.3 | 0.63 | **95** |\n| and | 24 | 25.5 | **1.5** | 6.7 | 1.89 | **148** |\n| TDH004 | 30.15 | 31.35 | **1.2** | 100 | 0.141 | **111** |\n| and | 34 | 40.5 | **6.5** | 128.4 | 1.051 | **207** |\n| Includes | 34.65 | 39.25 | **4.6** | 156.2 | 1.2 | **246** |\n| Dos Hornos 2 | TDH005 | 13.5 | 18.3 | **4.8** | 106 | 1.477 | **217** |\n| Includes | 14.5 | 15.9 | **1.4** | 141 | 3.54 | **407** |\n| TDH006 | 6 | 9.25 | **3.25** | 101.3 | 0.213 | **117** |\n| TDH007 | 57.55 | 60.1 | **2.55** | 878.4 | 3.041 | **1106** |\n| and | 64.95 | 66.05 | **1.1** | 130 | 0.731 | **185** |\n| and | 69 | 70.05 | **1.05** | 10.7 | 2.66 | **210** |\n| TDH009 | 8 | 12.5 | **4.5** | 263.8 | 1.85 | **402** |\n| Includes | 9.5 | 11 | **1.5** | 740 | 2.37 | **918** |\n| Veta Tomas | TDH008 | 112.5 | 119.15 | **6.65** | 210.5 | 1.06 | **290** |\n| Includes | 114 | 115.5 | **1.5** | 524 | 2.47 | **709** |\n| TDH010 | 78.15 | 81.2 | **3.05** | 625.4 | 1.6 | **743** |\n| TDH013 | 61.4 | 65.35 | **3.95** | 174.8 | 1.13 | **260** |\n| Includes | 61.4 | 62.9 | **1.5** | 418.5 | 2.67 | **619** |\n| TDH014 | 20.1 | 26.45 | **6.35** | 351.8 | 0.96 | **424** |\n| Includes | 20.1 | 23.95 | **3.85** | 543.9 | 1.5 | **656** |\n| and | 61.5 | 67.55 | **6.05** | 332.5 | 1.84 | **470** |\n| Includes | 61.5 | 63.8 | **2.3** | 786.5 | 3.78 | **1070** |\n| TDH015 | 22.6 | 24.2 | **1.6** | 433 | 3.3 | **680** |\n| TDH016 | 55.5 | 58.15 | **2.65** | 105.2 | 0.53 | **145** |\n| and | 85.9 | 87.4 | **1.5** | 260 | 0.37 | **287** |\n| Astasis 2 | TDH011 | 27 | 28.5 | **1.05** | 185.5 | 0.26 | **205** |\n| TDH012 | 33 | 34.5 | **1.5** | 110 | 0.23 | **127** |\n| Taunas | TDH017 | 6.5 | 9 | **2.5** | 209 | 1.15 | **296** |\n| and | 23.8 | 24.4 | **0.6** | 111 | 2.06 | **266** |\n| TDH018 | 24.85 | 25.5 | **0.65** | 66 | 0.55 | **108** |\n| Veta Tomas | TDH019 | 154.5 | 159.35 | **4.85** | 84 | 0.24 | **101** |\n| and | 161.4 | 164 | **2.6** | 49 | 0.36 | **76** |\n| and | 167.5 | 177.55 | **10.05** | 158 | 0.46 | **193** |\n| Includes | 167.5 | 171.85 | **4.35** | 258 | 0.68 | **309** |\n| Includes | 173.85 | 177.55 | **3.7** | 108 | 0.4 | **138** |\n| TDH020 | 122 | 123 | **1** | 92 | 0.36 | **119** |\n| TDH021 | 54.35 | 55.5 | **1.15** | 8 | 1.39 | **112** |\n| TDH022 | 46.65 | 48.95 | **2.3** | 24 | 1.35 | **125** |\n\nNotes:\n1. Length-weighted averages from uncut assays\n2. Intervals reported are hole lengths with true width estimated to be 90% or greater\n3. *Gold silver ratio used to calculate AuEq is 75 g/t Ag to 1 g/t Au\n4. 0.4 g/t AuEq external cut off\n\n## Historical Mineral Resources\nHistorical Mineral Resource Estimate for the project was released in 2013.\n\n| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| **Class** | **Tonnes** | **Width (m)** | **Au (g/t)** | **Ag (g/t)** | **AgEq (70:1)** | **AgEq (oz)** |\n| Indicated | 1,106,753 | 6.81 | 0.81 | 144 | 201 | 7,100,000 |\n| Inferred | 537,835 | 6.17 | 0.84 | 122 | 181 | 3,100,000 |\n\n- 2013 Estimate for Cream Mineral Limited, by McBride and Workman of Watts Griffis and McOuat, Consulting Geologist and Engineers (WGM), with effective date March 20, 2013.\n\n- CIM definitions were followed for the Historic Mineral Resources. Historical Resources reported Ag-Au resources for the Dos Hornos, Vita Tomas, and Once Bocas North deposits. WGM estimates were prepared from a polygonal mode, with a minimum horizontal thickness of1.5 m, specific gravity of 2.65 tonnes per cubic metre, cut-off grade of US $75/tonne contained gold + silver, silver values cut to 1,000 g/t, and resource classification projected in an ellipsoidal zone with maximum horizontal and vertical dimensions of, respectively, 30 m and 20 m for Indicated Resources, and 45 m and 30 m for Inferred Resources.\n\n- A Qualified Person has not done sufficient work to classify this Historical Mineral Resource as current Mineral Resources and Sierra Madre is not, therefore, treating the Historical Mineral Resource as a current Mineral Resource. Sierra Madre believes the Historical Resource is reliable, and that it remains relevant to the Project. Mineral resources that are not mineral reserves do not have demonstrated economic viability.\n\n- For full details see Technical report titled \" Technical Report on the Tepic Property, Nayarit, México with an effective date of October 21, 2020; prepared by William A. Turner, P. Geol. and Derek Loveday, P. Geo. of Stantec Consulting International LLC.. in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and is available under Sierra Madre Gold and Silver’s SEDAR profile at www.sedar.com.","**Del Toro Project** Overview\n- Closed the acquisition of a 100% interest in the Del Toro mine from First Majestic Silver for up to US$60 million, in June 2026.\n- Past-producing underground silver‑lead‑zinc mining complex in the Chalchihuites district, Zacatecas, with three mines and a 3,000 tpd processing facility\n- Operated by First Majestic from 2013 to 2019 with significant historical production and established infrastructure\n- Extensive exploration database including 631 drill holes totaling over 137,000 metres\n- District-scale land package comprising 67 concessions covering ~2,095 hectares in a prolific mining region\n- Fully permitted operation with access to power, water, roads, and experienced local workforce\n- Significant exploration upside with multiple targets and mineralized zones open at depth and along strike\n\n## Geology and Mineralization\n- The property hosts polymetallic silver‑lead‑zinc mineralization associated with carbonate replacement deposits (CRD), skarn, vein, and chimney systems\n- Located within the Chalchihuites district of the Mesa Central province, near the Sierra Madre Occidental, a prolific metallogenic belt in Mexico\n- Mineralization is hosted in Cretaceous limestone, shale, and skarn units, with intrusions of quartz monzonite–granodiorite controlling fluid flow and deposition\n- Deposits occur as chimneys, mantos, breccias, and structurally controlled veins, with mineralized bodies extending over 300 m vertically and up to 750 m along strike\n- Primary minerals include galena, sphalerite, pyrite, and silver sulphosalts, with oxidation products near surface\n- Multiple mineralized zones across key mines (Perseverancia, San Juan, Dolores) with several areas open at depth and along strike\n- Extensive exploration database includes 631 drill holes totaling over 137,000 metres, supporting geological continuity and resource potential\n\n## Exploration Potential\n- Post-acquisition (June 2026), Sierra Madre Gold and Silver gains a large historical exploration database and past-producing polymetallic district\n- Del Toro hosts a magmatic-hydrothermal system with veins, chimneys, mantos, and skarn mineralization — historical work focused on veins, leaving carbonate replacement and skarn targets largely untested\n- Geological mapping covers ~750 ha, plus 544 ha of drone surveys; multiple structural corridors and target areas defined\n- 5,000+ soil, rock, and trench samples show strong Pb-Zn anomalies along the Carmen–Consuelo corridor and areas to the north-northeast; alteration mapping indicates high-temperature assemblages\n- TITAN 24 DC/IP geophysical survey (~34.8 line-km) outlined 11+ anomalous zones with sulphide mineralization signatures\n- Key target areas include Santa Teresa, Zaragoza, Cotorras, Carmen–Consuelo, Fanny–Lupita, and areas around the Perseverancia and San Juan mines\n- 631 drill holes (~137,800 m) completed to date; many geophysical anomalies and favorable geology zones remain underexplored, with known zones open along strike and at depth\n- District-scale opportunity with multiple untested targets and meaningful upside through systematic modern exploration\n\n## Historic Del Toro Mineral Resource Estimate (2020)\nResources as disclosed in the Annual Information Form of First Majestic for the year ended December 31, 2024, dated March 31, 2025, available for review under First Majestic's SEDAR+ profile at www.sedarplus.ca. Notes for Historical Mineral Resource Estimates: Reported by First Majestic in a technical report titled \"Technical Report for the Del Toro Silver Mine, Chalchihuites, and Zacatecas, Mexico\" with an effective date of December 31, 2016 prepared by Ramon Mendoza Reyes, P.Eng., Jesus M. Velador Beltran, MMSA and Andrew Hamilton, P.Geo. and last updated in First Majestic's Annual Information Form with an effective date of December 31, 2020. The latest historical estimates were prepared by First Majestic internal \"Qualified Persons\" (as defined in NI 43-101) who have the appropriate relevant qualifications and experience in geology and resource estimation. The Mineral Resource estimates were prepared under the supervision of, or were reviewed by, David Rowe, CPG, Internal QP for First Majestic, a Qualified Person, as that term is defined in NI 43-101. Sample data was collected through a cutoff date of December 31, 2020. Metal prices considered for Mineral Resources estimates on December 31, 2020, were $22.50/oz Ag, $1,850/oz Au, $0.90/lb Pb and $1.05/lb Zn. Mineral Resource estimates have been classified in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI 43-101. In accordance with NI 43-101, the Del Toro Historical Mineral Resource Estimates use the terms \"mineral resource\", \"measured mineral resource\", \"indicated mineral resource\" and \"inferred mineral resource\", having the same meanings ascribed to those terms as in the CIM Standards. As these mineral resource estimates pre-date the Company's agreement to acquire Del Toro, the Company is treating them as \"historical estimates\" under NI 43-101, but they remain relevant as the most recent mineral resource estimates for Del Toro. No more recent estimates or data are available to Sierra Madre. Further drilling and resource modelling would be required to upgrade or verify these historical estimates as current Mineral Resources for the respective assets and accordingly, they should be relied upon only as a historical resource estimate of First Majestic, which pre-dates the Company's agreement to acquire Del Toro. Mr. Gregory Smith, P. Geo., a 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. However, a \"Qualified Person\" under NI 43-101 has not done sufficient work to classify the historical estimates as current Mineral Resources. Accordingly, a Qualified Person of the Company has not independently verified the Mineral Resources nor the other information contained herein, and the Company is not treating the historical estimates as current Mineral Resources. Although the Company is not treating this information as a current estimate, the Company believes David Rowe's work is reliable. Historical information may not be representative of expected results. Mineral Resources that are not mineral reserves do not have economic viability. Totals may not add up due to rounding.\n\n## Del Toro Mine\n- Fully permitted past-producing underground Ag-Pb-Zn mine in the Chalchihuites district, Zacatecas, Mexico; previously operated by First Majestic Silver (2013–2019), currently on care and maintenance\n- Three primary underground mining centres: Dolores, Perseverancia, and San Juan\n- On-site flotation plant (~2,000–3,000 tpd capacity) producing Ag-Pb and Ag-Zn concentrates during operation\n- Extensive existing infrastructure: underground mine development, flotation plant, tailings facilities (including new permitted area), power, water, and all-weather road access\n- Historical mineral resources exist but are not NI 43-101 compliant — require data validation, re-assaying, and additional drilling before conversion\n\n### Dolores\n- Hosts the Dolores, Purisima, and Santa Teresa (Alto & Bajo) vein systems; Ag-Pb-Zn mineralization in veins associated with intrusives and carbonate units\n- ~57 m average drill spacing; mineralization open along strike and at depth\n\n### Perseverancia\n- Chimney and replacement mineralization in altered limestone and shale; principal zones include San Nicolas and Escondida veins\n- High-grade Ag with significant Pb-Zn; mineralized bodies extend vertically hundreds of metres with depth extension potential\n- ~60 m average drill spacing\n\n### San Juan\n- Largest and most complex centre; hosts vein-stockwork, breccia pipes, chimneys, and CRD zones\n- Key zones: Lupita, San Jose, and Cuerpo 3 (most developed); Ag-Pb-Zn with minor Au\n- Drill spacing ranges from ~25 m (Cuerpo 3) to ~50 m (Lupita, San Jose); deeper and peripheral zones remain open and underexplored"]
Leadership
Gregory Liller (Executive Chairman & COO), Alex Langer (CEO, President & Director), Jorge Ramiro Monroy (Lead Director), Greg Smith (B.Sc., P. Geo., Director), Ken Scott (CFO & Corporate Secretary), Alejandro Caraveo-Vallina (Director, Country Manager), Sean McGrath (Director), Kerry Spong (Controller and Senior Manager of Finance), David Palacio (Manager - Corporate Development)

Verified data last updated:

Recent filings

Investor FAQ