Sierra Grande 2021 Year in Review and 2022 Outlook
Sierra Grande 2021 Year in Review and 2022 Outlook
SURREY, BC
,
Feb. 24, 2022
/CNW/ -
Sierra Grande Minerals.
(the "
Company
" or "
Sierra
") (CSE: SGRO)
(OTCQB: SIERF) (FSE: SRR) ("Sierra" or the "Company") is pleased to provide an overview of the Company's
accomplishments in 2021 and an outline of its priorities and objectives for 2022.
Sierra's President & CEO
Sonny Janda
commented "We are very pleased with the results of the 2021 soil
geochemical programs at all three of our
Nevada
properties. As a result of those positive outcomes, we
expanded all three projects materially. In the first half of 2022 our objective will be to complete the remaining
exploration work to get these prospects drill ready."
2021 Year in Review
Successful Soil Geochemical Programs Completed at Nevada Properties
In May of 2021, Sierra completed soil geochemical programs on its 3 properties, Glitra-Sat/Orbit, Betty East, and
B&C Springs-Mildred, located in the northern part of the Walker Lane trend of west-central
Nevada
(see Figure
1). The focus of the work was on soil geochemistry, with totals of 813, 332, and 645 soil geochemical samples
collected from the Glitra/Sat, Betty East, and B&C Springs properties, respectively. Including blank samples
submitted for QA/QC, a total of 1,805 soil geochemical samples were submitted. The aim on each property was
to provide complete coverage via wide-spaced sampling (50 to 100 metres between samples) along lines
oriented across known mineralized and/or altered trends and separated by 100 to 200 metres.
Glitra/Sat/Orbit Results
The Glitra/Sat properties are sister properties, with the relatively small "Orbit" property between them, that are
located in
Pershing County
, western
Nevada
, in the Seven Troughs Range of the Farrell Mining District, which
hosts numerous historical and modern–day mineral occurrences and deposits (see Figure 2). The properties are
contiguous with Millennial Precious Metals Wildcat Project which hosts a 43-101 compliant inferred mineral
resource of 67.6 million tons grading 0.37 g/t Au totaling 824,000 oz Au, and they lie a few kms north of
Timberline Resources Seven Troughs Project.
At Glitra, a promising +1km north-northeast trending mineralized and altered zone with a pronounced
epithermal Au-Ag-As-Hg signature and a width ranging up to 150 to 200 metres has been identified.
Consistently high gold-in-soil results occur along the NNE trend include values of
1460, 1400, 987 and
718 ppb gold
A total of 467 samples were collected, with
58 samples returning values > 100 ppb gold
At Sat, strong soil sampling results also appear to outline a north-northeast trending anomalous zone, or
zones, with a pronounced Au-Hg-As-Ag signature that most likely reflects structurally-hosted epithermal
mineralizing system.
Highlighted gold-in-soil values along this trend include values of
905, 529 and 345 ppb gold
A total of 355 samples were collected, with
31 samples returning values > 100 ppb gold
B&C Springs-Mildred Results
The B&C Springs property is located in the southern Paradise Range in west-central
Nevada
, within the Fairplay
Mining District. The property abuts Almadex Minerals Ltd.'s
Paradise Valley
project on its east side (see figure 3)
A total of 544 soil geochemical samples were collected from the B&C Springs-Mildred property. The results of the
soil geochemical sampling clearly show that the anomalous copper, molybdenum and silver geochemistry at B&C
Springs is closely associated with a west-northwesterly trending porphyry dike swarm crossing the northern part
of the property. The anomalous zone is extensive, running from beyond the previously drilled Mo-Cu-Ag
mineralized zone at B&C Springs on the east, to beyond the western boundary of the claim group, a distance of
over 4 km. The anomalous values are of high tenor, with a broad zone, nearly a km in width, that has many values
exceeding 100 ppm copper, and which range up to 1200 ppm copper. Elevated Ag, Mo, Au, Hg and Sb are
commonly associated with the anomalous copper values, but this latter expression is most evident in a semi-
circular "halo" around the northern margins of the greenstone "cap" to the B&C Springs Mo-Cu-Ag mineralized
zone.
In the vicinity of the Mildred Mine and toward the southwestern part of the property, where there are numerous
historical prospect pits, adits and shallow shafts, the soil geochemical response for gold and silver confirms the
potential of that area for precious metals mineralization. It also hints at further potential for precious metals, to the
west beneath the shallow overburden of the pediment area, which is an area staked very recently by the
Company (see Figure 3).
Beatty East Results
The Betty East property is located in west-central
Nevada
, approximately 40 miles north of the town of
Tonopah
,
in
Nye County
. The claims, which cover 653 acres, lie at the southern end of the Manhattan Mining District,
adjacent to and immediately north of Huntsman Exploration's/
Liberty Gold's
Baxter Springs project and less than
20 km south of the world class
Round Mountain
mine (2020 gold equivalent production of 324,277 ounces, proven
and probable reserves as of
December 31, 2020
of
2.245M
oz Au, and >15 million ounces of total historic
production
1
) (see figure 4).
Two prospective trends are apparent in the soil geochemical data. One, known as "The Knolls," trends
northerly, has been explored previously and displays a pronounced Au-As-Ag-Hg epithermal signature. The
other is a newly-emerging and more extensive trend. It appears to trend east-northeastward from the Knolls,
and displays an Ag-As-Sb-Hg-Mo (Zn-Cu-W) signature (see figure 4).
The Knolls trend has locally very high gold-in-soil results, including values of
6270, 5060, 1185 and 690
ppb gold, within an envelope of values that are anomalous in gold and arsenic
(see Figure 3.)
The newly emerging east-northeast trend is extensive (>1.5km long by up to 1km wide) and
displays elements of both epithermal and intrusive-related signatures, with highly anomalous As-
Hg-Ag-Sb-Mo, along with locally elevated gold and consistently elevated Zn-Cu-W. This trend
appears to merge with the Knolls anomaly in the southwest part of the property
Additional Staking at the Nevada Properties was Completed in 2021
Upon receipt of the encouraging results from the Company's soil geochemical programs in
Nevada
, all three
projects were expanded materially through additional claim-staking during the course of the late summer and early
fall of 2021.
At Glitra/Sat, 90 additional claims were staked to ensure that the anomalous trends identified by the soil
geochemical program were sufficiently covered and buffered. The combined properties now total 1,130
acres (see figure 2).
At B&C Springs 225 additional claims were staked. This expanded the property to the west and south
west, in part to cover the encouraging Cu-Mo-Ag geochemical trend on the north, but also to cover the
potential for precious metals mineralized zones between the historical workings near to and south of the
Mildred Mine where there are numerous historical prospect pits, adits and shallow shafts. Many of the
new claims were staked to the west of this area, encompassing a pediment area covered by shallow
overburden that lies north of the main B&C Springs access road. Initial prospecting efforts there and
along the west side of the pediment area, along with numerous historical workings in that area and on
the adjacent Almadex property, suggest that there is excellent potential on the new Sierra claims. The
B&C Springs project now totals 4,607 acres (see figure 3).
At Betty East 28 additional claims were staked to cover the extensive and newly recognized east-
northeast soil geochemical trend (see above; Figure 4). The Beatty East Project now totals 653 acres.
2021 Corporate Developments
Sierra's management team has been conducting due diligence on a number of prospective gold and silver projects
located in the Walker Lane trend of west-central
Nevada
as part of the Company's future growth plans. The goal
is to identify exploration projects that show the potential to host a tier 1 type gold/silver deposit. Sierra has
narrowed its focus to a few possible opportunities and is hopeful it will make further acquisitions, ideally in H1 of
2022.
On
April 23, 2021
Sierra received DTC eligibility. DTC is a subsidiary of the Depository Trust & Clearing
Corporation, a
United States
company that manages electronic clearing and settlement for publicly traded
companies. Securities that are eligible to be electronically cleared and settled through the DTC are considered to
be "DTC eligible". DTC eligibility will simplify the process of trading and transferring the Company's common
shares in
the United States
and is also expected to enhance the liquidity profile of its common shares in
the United
States
due to the accelerated settlement period and reduction in trading costs for investors and broker/dealers.
On
December 17, 2021
the Company filed an updated 43-101 compliant technical report for its B&C Springs
Property.
2022 Outlook and Next Steps
In addition to evaluating potential new acquisitions, all three existing
Nevada
projects, B&C Springs, Glitra/Sat and
Beatty East
will be the focus for airborne magnetometer surveys, with the aim that the surveys will help us better
understand the geologic context and provide an improved focus for future prospecting, geological mapping and
expanded soil geochemical surveys. Ground geophysical surveying (Induced Polarization and(or) CSAMT surveys)
may also be considered for Q1/early Q2 2022.
In addition, further expansion of the Company's
Nevada
claim-holdings is also being considered, with a reasonably
high likelihood that additional staking will start in Q1, 2022.
Also, in Q1, 2022 Sierra will begin the application process for drill permitting at its B&C Springs and Glitra/Sat
properties.
Figure 1. Regional Setting of Sierra’s Nevada Projects. (CNW Group/Sierra Grande Minerals Inc.)
Figure 2. Glitra/Sat.Orbit regional setting with Gold-in-soil results. (CNW Group/Sierra Grande Minerals Inc.)
Figure 3. B&C Springs-Mildred regional setting with Copper-in-soil results. (CNW Group/Sierra Grande Minerals
Inc.)
Figure 4. Betty East Regional Setting with Arsenic-in-soil results. (CNW Group/Sierra Grande Minerals Inc.)
Technical data pertaining to this new release was reviewed and approved by Charles J. "Charlie"
Greig, MSc., P.Geo., a qualified person under National Instrument 43-101.
ON BEHALF OF THE BOARD
"Jared Scharf"
___________________
Jared Scharf
, Director
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This news release includes certain statements that constitute "forward-looking information" within the meaning
of applicable securities law, including without limitation, statements that address the timing and content of
certain agreements and development. Forward-looking statements address future events and conditions and are
necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are
considered reasonable by the management of the Company, they are inherently subject to significant business,
economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the
funds necessary to fund its projects and, accordingly, may not occur as described herein or at all. Actual
results may differ materially from those currently anticipated in such statements. Factors that could cause
actual results to differ materially from those in forward looking statements include Covid-19 restrictions, market
prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals,
and continued availability of capital and financing and general economic, market or business conditions.
Readers are referred to the Company's filings with the Canadian securities regulators for information on these
and other risk factors, available at
www.sedar.com
. Investors are cautioned that forward-looking statements are
not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on
forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements
included in this news release are made as of the date hereof and the Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, except as expressly required by applicable securities legislation."
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For further information:
Please contact Sonny Janda, Director, Telephone:
604-357-3741 or at
CO: Sierra Grande Minerals Inc.
CNW 05:30e 24-FEB-22