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Sierra Madre Gold and Silver Ltd. (TSXV:SM)(OTCQX:SMDRF), a precious metals development and exploration company, is focused on evaluating the potential of restarting the La Guitarra Mine in the Temascaltepec mining district, Mexico. The company's mining concessions cover the entire Temascaltepec mining district and contain numerous Spanish Colonial, 19th, and early 20th-century mines. Recent district-wide mapping has provided valuable data for understanding structural controls on vein-hosted silver and gold mineralization.
The La Guitarra Mine, a permitted, past-producing underground mine, includes a 500 t/d processing facility that operated until mid-2018. The company is actively engaged in a Mine Restart Study, evaluating material estimation, operating and capital cost estimates, and economic viability. Infrastructure improvements, underground development, and processing plant maintenance are underway to potentially resume operations in the near future.
Sierra Madre's commitment to best practice standards for exploration and sampling activities, along with DTC eligibility for seamless trading, aims to enhance shareholder visibility and accessibility in the United States.
Sierra Madre Gold and Silver Ltd. (TSXV:SM) has successfully completed the acquisition of La Guitarra Compania Minera, a wholly-owned subsidiary of First Majestic Silver Corp., under a share purchase agreement dated May 25, 2022. The acquisition involved issuing 69,063,076 Common Shares at a deemed price of $0.65 each. First Majestic can distribute excess shares and maintain a 19.9% interest in future share issuances. The Company aims to restart operations at the La Guitarra silver-gold property and expects shares to resume trading under the symbol SM post-completion of its common share offering.
Sierra Madre Gold and Silver Ltd. has received approval from Mexico's antitrust agency, COFECE, for the acquisition of the La Guitarra Silver-Gold Mine. The transaction is expected to close on March 30, 2023, allowing for the resumption of trading of Sierra Madre shares shortly thereafter. This acquisition aims to position Sierra Madre as a mid-tier precious metals producer, giving them three properties in Mexico: La Guitarra, Tepic, and La Tigra. The La Guitarra mine, located in the Temascaltepec mining district, includes significant infrastructure and has modern production capabilities.
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