There's an old saying in the mining business, "The best place to mine is where they mined before.”
This Could Be The Biggest Mexican Silver Operation To Launch In Years
Editorial Feature | Aug 5, 2022 | Commodities
Early shareholders stand to win big as Sierra Madre Gold and Silver (TSXV:SM, OTCQB:SMDRFTSXV:SM, OTCQB:SMDRF) embarks on the next key stages that could bring a world-class silver project into production.
If you know Mexican silver mining… it’s clear the opportunity here is enormous.
Earlier this year, Sierra Madre Gold and Silver announced acquisition of La Guitarra, one of three major projects they own in Mexico’s most prolific gold and silver belt.
Company management had been waiting for years to move on La Guitarra – more than 14 years to be exact.
Earlier this year they finally got their shot.
Now, they’re advancing quickly to put this site on a front burner.
What’s in play here could be transformative, not just for Sierra Madre, but for the company’s shareholders as well. At present, Sierra Madre trades as if it were a junior exploration company developing a long-term project.
Typically, such a timeline could stretch over a number of years.
That’s not the case here. The La Guitarra acquisition advances that timeline dramatically.
With La Guitarra in its portfolio, Sierra Madre now has everything in place to restart production on a silver mine that was revenue-generating through 2018. At that time, mining operations were suspended as the previous owners contemplated the next best steps to move the mine to its full production potential.
Sierra Madre Gold & Silver (TSXV:SM, OTCQB:SMDRFTSXV:SM, OTCQB:SMDRF) ended up being that next step, and for very good reason.
Now, after four years on standby, everything is on site and ready to go, including a 500 ton-per-day ore mill and a tailings site where high concentrations of silver can move to quick production.
Many experts consider the La Guitarra region to be among the last remaining undeveloped silver prospects in the region. In fact, it may be the biggest.
That’s saying a lot, but it comes as no surprise to Sierra Madre COO, Greg Liller, who’s own history with La Guitarra spans back to the mid 2000s.
A Deal More Than A Decade In The Making
Hollywood script writers couldn’t have penned a more fascinating story of ‘lost and found.’
Greg Liller first began exploration of La Guitarra upon becoming President of Genco Resources. Genco had acquired La Guitarra from Wheaton River in 2004. At that time it was the smallest of Wheaton’s Mexican mines and received no funding for exploration and development.
In 2002, La Guitarra was reported to have produced only 13,400 gold equivalent ounces.
Liller visited Guitarra at Genco’s request in mid 2006. Data available at the time suggested to Liller that a massive unrecognized and undeveloped resource was in play that could be brought to production. Genco thought that with Liller on board, they had the team to do it.1
Things turned sour after a hostile proxy battle for control of the company and Mr. Liller soon had enough. He left the company with the thought that one day he’d be back, just not with Genco.
To his credit, he never took his eye off the prize.
Then in 2012, La Guitarra was acquired by a major producer, First Majestic Silver.
Mining.com reported that from 2016 through 2018, First Majestic operated La Guitarra, producing 4.3 million ounces of silver equivalent.
But the company’s geologists felt that La Guitarra had much greater potential if the right technical and management teams were put in charge. Mining operations were suspended as First Majestic pondered the best approaches for exploiting the undeveloped resources that were anticipated here.
That set the stage for Mr. Liller’s return to La Guitarra.
And it was accomplished with the launch of Sierra Madre Gold & Silver (TSXV:SM, OTCQB:SMDRFTSXV:SM, OTCQB:SMDRF) and their ultimate acquisition of the La Guitarra project.
Now, what’s intriguing about this “acquisition” is that First Majestic didn’t exactly remove the project from their portfolio. In fact, the company actually retained just shy of 48% ownership…and they did it with an all-stock deal valued at $35 million.
No cash, just stock in Sierra Madre.
That begs a critical question…
Why would First Majestic “sell” a project, while maintaining such a heavy investment in it?
Simply put, First Majestic saw the mine’s potential with their own eyes and wanted to put a top team on the project.
To do that, they called in one of the best-known Mexican mine development teams in the world, a man who spent years pouring over La Guitarra’s data:
Sierra Madre’s very own COO, Greg Liller.
In essence, Sierra Madre Gold & Silver (TSXV:SM, OTCQB:SMDRFTSXV:SM, OTCQB:SMDRF) didn’t buy La Guitarra as much as it was hired by First Majestic to get this mine going to its full potential.
One Of The Biggest, Undeveloped Silver Resources In All Of Mexico
Historic exploration at La Guitarra documented an initial resource potential exceeding 21.5 million ounces of silver equivalent. However, with over 100 underexplored epithermal veins distributed across five main systems…that 21.5 million could be just a fraction of what remains to be discovered.
From his previous work at La Guitarra, Liller knew exactly what was in play here…and how to exploit it.
Everything has fallen in place to finally bring this site to silver producing prominence.
The resource potential from those veins may not yet be fully quantified, but for future silver production, Tiller knew that the prospects for this site could be world class.
The Window Is Still Open On This Fast-Moving Opportunity
Sierra Madre has since raised $7.8 million in private placement financing to advance next step exploration work.
The immediate objective will be to validate the historical resource data with an updated, 2022 compliant N43-101 report, scheduled for release later this year.
Past production at La Guitarra has proven the resource potential…what comes next is to determine how much silver (and gold) remains to be found in the 100+ epithermal veins that are known to be present.
That puts a mark on the calendar for investors seeking an early entry stake in a company that may be significantly undervalued pending this report’s release.
This one step alone is likely to have a significant impact on the company’s trading volume and share prices.
But it’s not the only factor at play, as Sierra Madre Gold & Silver (TSXV:SM, OTCQB:SMDRFTSXV:SM, OTCQB:SMDRF) continues to advance exploration on two more key projects along the same gold belt.
Two More Ways To Win With Sierra Madre
The first of these is the Tepic Project, over 6,500 acres of known gold and silver resources. This is an enormous resource area, with upwards to 1.5 billion ounces of silver equivalent reserves already discovered… and that number is still growing.3
Prior to closing the deal with First Majestic for the La Guitarra project, Sierra Madre launched operations on two under-developed Mexican silver prospects with enormous potential. Management knew the resources and moved aggressively to reel them in. With millions of dollars in the bank and a seasoned team of exploration and mining experts, they launched project development plans that produced almost immediate, exciting results. Work is ongoing and the potential for dramatic growth in shareholder value looms large.
Newly discovered veins, like those being explored right now by Sierra Madre, hold promise to add millions more to the region’s resources and ultimate reserve data.
Sierra Madre acquired the Tepic Project in 2020. Approximately 3.5 kilometers of previously identified strike length came with the acquisition.
Within a few short months, Sierra Madre geologists more than quadrupled the strike length to fifteen kilometers. Work continues and this number could grow sharply over the coming months.
The discovery and resource potential at Tepic could be off the charts. Resource calculations at the time of acquisition remain “unofficial”, but the data was compelling to Sierra Madre management following their pre-acquisition due diligence.
An historical estimate of economical in-ground mineral assets in 2013 totaled 10.3 million ounces of silver equivalent resources with an economical cut-off of 75 grams/ton.
A decade later, those numbers may improve sharply as lower production costs and improved technology make recovery of ore more economical, particularly on rising silver prices and soaring global demand projections for the near future.
However, management cautions in its current Investor presentation (emphasis added) “that an independent Qualified Person (“QP”), as defined in National Instrument 43-101 (“NI 43-101”), has not yet completed sufficient work on behalf of Sierra Madre to classify the historic estimate as a current Measured, Indicated or Inferred Mineral Resource, and Sierra Madre is not treating the historical estimate as a current Mineral Resource. Sierra Madre will need to validate previous work to produce a mineral resource that is current for CIM purposes.”
That last point is key.
Sierra Madre management is strongly convinced of the accuracy of the 2013 resource estimate, so much so that they made it the basis for their acquisition offer. However, this 2013 data, despite its presumed accuracy, cannot be used to calculate fair market value.
That’s to your advantage right now because for technical reasons, Sierra Madre cannot report a mineral resource on its balance sheet.
This may be a significant reason why Sierra Madre Gold & Silver (TSXV:SM, OTCQB:SMDRFTSXV:SM, OTCQB:SMDRF) trades where it does today, as a junior penny stock, not as a more advanced company with proved resources in the ground.
Without an updated, official NI 43-101 compliant resource report, Wall Street investors have been slow to pull the trigger.
There’s a lot of wait-and-see in that crowd. But that hasn’t slowed experienced private money and institutional investors. When word got out about Sierra Madre’s acquisition intent, money came pouring in.
To help get their stock launched, management’s immediate priority is to update resource data and publish an NI 43-101 compliant resource calculation, hopefully later this year.
With that, ALL resources can be accrued to shareholder value.
Virtually overnight, the value in Sierra Madre Gold & Silver (TSXV:SM, OTCQB:SMDRFTSXV:SM, OTCQB:SMDRF) shares could be triggered by millions of ounces of newly published silver equivalent resources.
Sierra Madre’s second project to the north, La Tigra, lies in historical silver and gold production regions that date back to the turn of the last century. Production wound down three decades ago when both metals sold at a fraction of today’s prices.
Outdated, inefficient mining techniques simply made these historic mines uneconomical. Failures and shutdowns became an epidemic throughout the Sierra Madre belt.
For about one-hundred years, miners simply picked the easy stuff. Millions of ounces in silver and gold appear to have been left untouched. With modern mining technology, coupled with gold and silver prices many-times higher than in the past, enormous resources over and above historical data could be calculated at both Tepic and La Tigra.
Metal prices and reserves are interlinked. As prices rise, resource figures can be raised with lower grade or deeper buried mineralization, which can be added to net asset value (NAV) and further propel stock valuations.
Documenting The Potential Of These Overlooked Resources
Previous operators at these projects, La Tigra and Tepic, simply didn’t have the cash nor experience to bring these prospects to full potential. The management team at Sierra Madre Gold & Silver (TSXV:SM, OTCQB:SMDRFTSXV:SM, OTCQB:SMDRF) has both…millions of dollars and years of exploration/mining experience.
Two years ago they made the moves that closed the deals.
Sierra Madre acquired controlling interest over both prospects and they wasted no time getting started with exploration development. In less than two months they made their first big announcement at Tepic. They completed 21 drilled reverse circulation holes, seven returning exceptional new discoveries in silver, with significant gold showings as well.
The Sierra Madre team has since continued to prove out these findings with a program just this past May that consisted of 16 core holes, of which all returned sections of at least 75 g/t silver.
- Hole TDH002 returned 12.1m @ 0.64 g/t Au, 145.8 g/t Ag (194 g/t AgEq)
- Hole TDH007 returned 2.55m @ 3.04 g/t Au, 878.4 g/t Ag (1106 g/t AgEq)
As important, all these discoveries were made at an average depth of under 100 meters. At that depth, results are already well over economical recovery grades, which are the starting point for documenting NI 43-101 compliant resource and reserve calculations.
As mentioned above, the Tepic project is one of two in this area.
Sierra Madre also acquired the nearby La Tigra project and launched immediate exploration to identify the resource potential there as well. This past May, the company began its maiden drilling program, which consisted of three drill holes has shown promising initial results. So promising that Sierra Madre has filed for an additional mining concession covering 1,653 hectares to the West of the current project for further exploration.
Mr. Liller, reports,
“These are the first holes drilled in the Districo del Tigre and thus far we have hit encouraging shallow mineralization in all of them. I am particularly impressed with Hole 3, intersecting 32 metres of 1.0 g/t gold, as we had estimated the overall El Tigre mine zone to be somewhat narrower, in the range 10 to 12 metres. Holes 4 and 5 are currently away for assay and holes 6 and 7 are currently being drilled.”
What to do now…
Millions of ounces in gold and silver may be in play with Sierra Madre Gold & Silver…little of which is reflected in today’s share price for lack of a contemporary NI 43-101 resource report. That could change quickly as the company moves aggressively to correct that situation…starting with the 10.3 million ounces silver equivalent reported in 2013 at La Tigra.
Should those millions be made “official” soon, it could be the fuel that sends Sierra Madre rocketing. And with the price of both gold and silver set to explode, this could be one of the biggest wealth builders you’ll find on the market today.
Now is the time to get started with your due diligence. Sierra Madre Gold & Silver (TSXV:SM, OTCQB:SMDRFTSXV:SM, OTCQB:SMDRF) shares have already captured the attention of institutional investors (a rarity for a junior) as well as seasoned resource investors who recognize opportunity when they see it.
Start today by going online to the company website for past and current news releases detailing exploration progress at the Tepic and La Tigra projects. Then register your email address to download the current Sierra Madre investor presentation and receive future company news releases.
1https://www.imdex-cascabel.com/Companies/g/z_Genco.htm
2https://www.mining.com/first-majestic-completes-acquisition-of-silvermex-resources/
4https://finance.yahoo.com/quote/SMDRF/
5https://www.mining.com/first-majestic-sells-la-guitarra-silver-mine-to-sierra-madre-in-all-share-deal-worth-35-million/
6https://goldprice.com/gold-silver-ratio/
7https://investorshub.advfn.com/Silvermex-Resources-GGCRF-14442
8https://www.kitco.com/leadgen/companies/silvermex/
9https://sierramadregoldandsilver.com/presentations/corporate_presentation.pdf
10https://sierramadregoldandsilver.com/read/auto-news-1653483680
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