Sierra Madre Gold and Silver Ltd. (TSXV: SM) this morning provided an update on recent activities at its Tepic Silver Gold project in Nayarit, Mexico. The company reported on trenching and drilling activities underway at the site.
Phase 1 drilling commenced on April 15th, and is reportedly budgeted for 2,000 meters. The program consists of 20 drill holes with more than 80% of the meterage having been drilled. Sierra Madre anticipates completing the program sometime next week, with the company preparing a drill permit for a phase two program that is to consist of an additional 100 to 200 holes.
Phase 1 Trenching activities have commenced inside of the central project area and are budgeted to consist of 2,000 meters under a planned 2,700 meters trenching program. The purpose of the program is to provide surface data on previously drilled vein and breccia structures to evaluate and plan for newly found structures that are to be included in phase two.
Sierra Madre also reported the discovery of a new vein in the eastern project area striking to the north-east. The company is mapping out and extracting samples to be sent to the laboratory for assessment.
Sierra Madre Gold and Silver Ltd. last traded on the TSX Venture at $0.85.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.