Thursday, July 22, 2021

Sierra Metals (SMTS)(SMT:CA)
Lowering Expectations for 2021 Due to Negative COVID Impacts

As of April 24, 2020, Noble Capital Markets research on Sierra Metals is published under ticker symbols (SMTS and SMT:CA). The price target is in USD and based on ticker symbol SMTS. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Sierra Metals Inc is a precious and base metals producer in Latin America. The company acquires, explores, extracts, and produces mineral concentrates consisting of silver, copper, lead, zinc and gold in Mexico and Peru. Its activity includes the operation of the Yauricocha Mine in Peru, and the Bolivar and Cusi mines in Mexico. Yauricocha is an underground polymetallic mine using the sublevel block caving and cut-and-fill mining methods. Bolivar is a copper-silver-zinc-gold underground mine using room-and-pillar mining method. The majority of the revenue is earned by selling of the mineral concentrates to its customers in Peru.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

SMTS reports second quarter production results. Compared with the prior year period, second quarter production of copper declined 1.8% to 9.5 million pounds, while silver, zinc and lead increased 66.8%, 53.8% and 24.3% to 954 thousand ounces, 21.1 million pounds and 7.9 million pounds, respectively. Gold production increased 1.8% to 2,812 ounces relative to the prior year period. Sequentially, copper and gold production increased 20.8% and 6.7%, respectively. Production of zinc, lead, and silver fell 12.4%, 11.6%, and 0.7%, respectively. Operations continue to be negatively impacted by the pandemic although management expects operations to show some improvement throughout the year and will update its full year guidance with the release of second quarter financial results.


Updating estimates.  We are lowering our 2021 EPS and EBITDA estimates to $0.25 and $140.5 million from $0.32 and $163.3 million, respectively, to reflect lower full year production. Based on production in the first half, we think it may be challenging for the company to achieve the low end of its production guidance for copper and zinc. Our 2022 EPS and EBITDA estimates remain $0.45 and $208.2 …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Sierra Metals Reports Second Quarter 2021 Production Results Including Record Throughput at Its Yauricocha Mine in Peru

 

TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX:SMT) (BVL:SMT) (NYSE AMERICAN:SMTS) (“Sierra Metals” or “the Company”) is reporting second-quarter 2021 production results, as the Company continues to deal with the effect of the COVID-19 pandemic at its operations.

Results are from Sierra Metals’ three underground mines in Latin America: The Yauricocha polymetallic mine in Peru, and the Bolivar copper and Cusi silver Mines in Mexico.

Second Quarter 2021 Production Highlights

• Copper production
  of 9.5 million pounds; a 2% decrease from Q2 2020
• Silver production
  of 1.0 million ounces; a 67% increase from Q2 2020
• Gold production of
  2,812 ounces; a 2% increase from Q2 2020
• Zinc production of
  21.1 million pounds; a 54% increase from Q2 2020
• Lead production of
  8.0 million pounds; a 24% increase from Q2 2020
• Copper equivalent
  production of 24.8 million pounds; a 9% increase from Q2 2020

The Company achieved 62% and 25% increase in throughput as compared to Q2 2020, at its Yauricocha and Bolivar mines respectively. The Yauricocha mine achieved 328,909 tonnes during the quarter at an average rate of 3,759 tpd. Earlier during the quarter, the Company announced receipt of permit to build and operate an expansion of its capacity to 3,600 tpd plus an allowance for up to an additional 5%.

Consolidated copper production decreased 2% to 9.5 million pounds, silver increased 67% to 1.0 million ounces, zinc increased 54% to 21.1 million pounds, lead increased 24% to 8.0 million pounds, and gold increased 2% to 2,812 ounces compared to Q2 2020.

Luis Marchese, President, and CEO of Sierra Metals commented: “Despite the
challenges we have faced due to the Covid-19 Pandemic, I am pleased with the
relatively solid production performance in Q2 2021. The Company continues to
face operational difficulties related to COVID-19 at all mines but particularly
in Peru. We expect that we will continue to be impacted for the remainder of
the year and as such we are reviewing our production guidance and may revise it
as part of our Q2-2021 consolidated financial results.”

He continued
, “Looking ahead to the second half of 2021, we anticipate seeing
an improvement in production results over the first half of the year as we
continue to manage the implications of COVID-19 using best practices. Our goal continues
to be avoiding any mine closures while ensuring that strict protocols remain in
place to protect the wellbeing of our employees as well as the local
communities. Additionally, we have commenced implementation on a 500,000 tonne
per year magnetite concentrate plant at Bolivar which is expected to be
operational early next year. We also received the final permit required for the
construction and operation of the expansion of throughput at Yauricocha to
3,600 tonnes per day. We continue to work on the completion of Preliminary
Feasibility Studies for all three mines to support planned expansions at all
mines starting in 2024. Brownfield and greenfield exploration programs
continue, and we continue to strive to optimize and improve operations with an
aim of reducing costs where possible in this challenging environment.”

Consolidated Production Results

Consolidated Production	Three Months Ended June 30			Six Months Ended June 30
	2021	2020	% Var.	2021	2020	% Var.
Tonnes processed	787,534	511,485	54%	1,561,955	1,252,183	25%
Daily throughput	9,000	5,846	54%	8,925	7,155	25%
Silver production (000 oz)	954	572	67%	1,915	1,520	26%
Copper production (000 lb)	9,535	9,708	-2%	17,430	21,484	-19%
Lead production (000 lb)	7,960	6,406	24%	16,964	15,485	10%
Zinc production (000 lb)	21,133	13,741	54%	45,256	35,387	28%
Gold Production (oz)	2,812	2,762	2%	5,448	6,419	-15%
Silver equivalent ounces (000’s)(1)	4,043	3,297	23%	7,778	8,028	-3%
Copper equivalent pounds (000’s)(1)	24,786	22,743	9%	50,157	54,016	-7%
Zinc equivalent pounds (000’s)(1)	81,114	61,353	32%	160,750	146,032	10%

^{(1) Silver equivalent ounces and copper and zinc equivalent pounds
for Q2 2021 were calculated using the following realized prices: $26.80/oz Ag,
$4.37/lb Cu, $1.34/lb Zn, $0.97/lb Pb, $1,818/oz Au. Silver equivalent ounces
and copper and zinc equivalent pounds for Q2 2020 were calculated using the
following realized prices: $16.59/oz Ag, $2.40/lb Cu, $0.89/lb Zn, $0.76/lb Pb,
$1,722/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds
for 6M 2021 were calculated using the following realized prices: $26.62/oz Ag,
$4.13/lb Cu, $1.29/lb Zn, $0.94/lb Pb, $1,798/oz Au. Silver equivalent ounces
and copper and zinc equivalent pounds for 6M 2020 were calculated using the
following realized prices: $16.58/oz Ag, $2.46/lb Cu, $0.91/lb Zn, $0.78/lb Pb,
$1,654/oz Au.}

Yauricocha Mine, Peru

The Yauricocha Mine demonstrated its operational flexibility by processing a record 328,909 tonnes during Q2 2021, which is a 62% increase from Q2 2020. On June 16, 2021, the Company announced receipt of a permit from the Peruvian Ministry of Energy and Mines, which allows for the construction and operation at a capacity of 3,600 tpd.

The higher throughput was partially offset by lower head grades for all metals, resulting in a 7% higher copper equivalent production as compared to Q2 2020. In terms of zinc equivalents, this was a 29% increase over the same quarter of 2020. Copper production for the quarter was 11% lower, while silver, lead, zinc and gold production increased by 35%, 22%, 54% and 23% respectively as compared to Q2 2020. Due to COVID-19 operating restrictions the focus has been on larger but lowered grade ore bodies to meet tonnages with a reduced work force.

A summary of production from the Yauricocha Mine for Q2 2021 is provided below:

Yauricocha Production	Three Months Ended June 30			Six Months Ended June 30
	2021	2020	% Var.	2021	2020	% Var.
Tonnes processed	328,909	202,534	62%	655,120	487,759	34%
Daily throughput	3,759	2,315	62%	3,744	2,787	34%
Silver grade (g/t)	56.94	66.37	-14%	55.65	66.07	-16%
Copper grade	0.70%	1.21%	-42%	0.63%	1.17%	-46%
Lead grade	1.20%	1.63%	-26%	1.27%	1.59%	-20%
Zinc grade	3.27%	3.48%	-6%	3.49%	3.74%	-7%
Gold Grade (g/t)	0.45	0.62	-27%	0.44	0.66	-33%
Silver recovery	80.14%	82.82%	-3%	79.70%	82.82%	-4%
Copper recovery	72.67%	77.19%	-6%	69.84%	77.19%	-10%
Lead recovery	90.14%	88.08%	2%	90.15%	88.08%	2%
Zinc recovery	89.23%	88.32%	1%	89.82%	88.32%	2%
Gold Recovery	21.99%	21.18%	4%	20.91%	21.18%	-1%
Silver production (000 oz)	483	358	35%	934	853	9%
Copper production (000 lb)	3,697	4,164	-11%	6,379	9,548	-33%
Lead production (000 lb)	7,831	6,406	22%	16,537	15,014	10%
Zinc production (000 lb)	21,133	13,741	54%	45,256	35,387	28%
Gold Production (oz)	1,043	850	23%	1,933	2,104	-8%
Copper equivalent pounds (000’s)(1)	15,308	14,354	7%	31,142	34,549	-10%
Zinc equivalent pounds (000’s)(1)	49,923	38,723	29%	99,701	93,404	7%

^{(1) Silver equivalent ounces and copper and zinc equivalent pounds
for Q2 2021 were calculated using the following realized prices: $26.80/oz Ag,
$4.37/lb Cu, $1.34/lb Zn, $0.97/lb Pb, $1,818/oz Au. Silver equivalent ounces
and copper and zinc equivalent pounds for Q2 2020 were calculated using the
following realized prices: $16.59/oz Ag, $2.40/lb Cu, $0.89/lb Zn, $0.76/lb Pb,
$1,722/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds
for 6M 2021 were calculated using the following realized prices: $26.62/oz Ag,
$4.13/lb Cu, $1.29/lb Zn, $0.94/lb Pb, $1,798/oz Au. Silver equivalent ounces
and copper and zinc equivalent pounds for 6M 2020 were calculated using the
following realized prices: $16.58/oz Ag, $2.46/lb Cu, $0.91/lb Zn, $0.78/lb Pb,
$1,654/oz Au.}

Bolivar Mine, Mexico

The Bolivar Mine processed 385,331 tonnes in Q2 2021, which is a 25% increase from the Q2 2020 throughput. The average daily throughput realized during the quarter was 4,404 tpd. Head grades for copper, silver, and gold were 8%, 27%, and 30% lower, respectively, as compared to Q2 2020. Copper equivalent production for Q2 2021 decreased 8% as compared to Q2 2020, because of lower silver (6%) and gold (15%) production offset by 5% higher copper production. Production continues to be focused more on the Mina de Fierro zone in Q2 2021 as part of our COVID-19 management plan. Mina de Fierro is a larger ore body with greater tonnages; however, the head grades and recoveries are lower than the Bolivar West zone. It is expected that as the Bolivar Mine returns to more normal operations and more ore is taken from the Bolivar West zone that we will see and improvement in head grades and recoveries in the future.

A summary of production for the Bolivar Mine for Q2 2021 is provided below:

Bolivar Production	Three Months Ended June 30			Six Months Ended June 30
	2021	2020	% Var.	2021	2020	% Var.
Tonnes processed (t)	385,331	308,951	25%	756,939	686,513	10%
Daily throughput	4,404	3,531	25%	4,325	3,923	10%
Copper grade	0.86%	0.93%	-8%	0.82%	0.91%	-10%
Silver grade (g/t)	19.06	26.00	-27%	19.31	23.30	-17%
Gold grade (g/t)	0.21	0.30	-30%	0.20	0.29	-31%
Copper recovery	79.89%	87.09%	-8%	82.25%	86.45%	-5%
Silver recovery	85.74%	82.80%	4%	85.13%	82.41%	3%
Gold recovery	63.19%	63.79%	-1%	66.95%	63.84%	5%
Copper production (000 lb)	5,838	5,544	5%	11,051	11,935	-7%
Silver production (000 oz)	202	214	-6%	399	424	-6%
Gold production (oz)	1,627	1,912	-15%	3,218	4,103	-22%
Copper equivalent pounds (000’s)(1)	7,754	8,389	-8%	15,024	17,541	-14%

^{(1) Silver equivalent ounces and copper and zinc equivalent pounds
for Q2 2021 were calculated using the following realized prices: $26.80/oz Ag,
$4.37/lb Cu, $1.34/lb Zn, $0.97/lb Pb, $1,818/oz Au. Silver equivalent ounces
and copper and zinc equivalent pounds for Q2 2020 were calculated using the
following realized prices: $16.59/oz Ag, $2.40/lb Cu, $0.89/lb Zn, $0.76/lb Pb,
$1,722/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds
for 6M 2021 were calculated using the following realized prices: $26.62/oz Ag,
$4.13/lb Cu, $1.29/lb Zn, $0.94/lb Pb, $1,798/oz Au. Silver equivalent ounces
and copper and zinc equivalent pounds for 6M 2020 were calculated using the
following realized prices: $16.58/oz Ag, $2.46/lb Cu, $0.91/lb Zn, $0.78/lb Pb,
$1,654/oz Au.}

Cusi Mine, Mexico

The Cusi Mine throughput for Q2 2021 was 73,294 tonnes or 838 tpd. There was no production during the same quarter of 2020, as Cusi remained in care and maintenance throughout that quarter, due to the government-mandated shutdown to contain the advancement of COVID-19. Silver head grade for Q2 2021 was 138.94 g/t resulting in silver production of 269,000 ounces. Additionally, gold production was 142 ounces and lead production was 129,000 pounds respectively during the quarter.

A summary of production for the Cusi Mine for Q2 2021 is provided below:

Cusi Production	Three Months Ended June 30			Six Months Ended June 30
	2021	2020	% Var.	2021	2020	% Var.
Tonnes processed (t)	73,294	–	N.A.	149,896	77,911	92%
Daily throughput	838	–	N.A.	857	890	-4%
Silver grade (g/t)	138.94	–	N.A.	148.28	120.88	23%
Gold grade (g/t)	0.16	–	N.A.	0.16	0.18	-11%
Lead grade	0.10%	–	N.A.	0.16%	0.33%	-52%
Silver recovery (flotation)	81.96%	–	N.A.	81.39%	80.21%	1%
Gold recovery (lixiviation)	37.41%	–	N.A.	38.51%	46.53%	-17%
Lead recovery	82.95%	–	N.A.	81.90%	84.17%	-3%
Silver production (000 oz)	269	–	N.A.	582	243	140%
Gold production (oz)	142	–	N.A.	297	212	40%
Lead production (000 lb)	129	–	N.A.	427	471	-9%
Silver equivalent ounces (000’s)(1)	283	–	N.A.	617	286	116%

^{(1) Silver equivalent ounces and copper and zinc equivalent pounds
for Q2 2021 were calculated using the following realized prices: $26.80/oz Ag,
$4.37/lb Cu, $1.34/lb Zn, $0.97/lb Pb, $1,818/oz Au. Silver equivalent ounces
and copper and zinc equivalent pounds for Q2 2020 were calculated using the
following realized prices: $16.59/oz Ag, $2.40/lb Cu, $0.89/lb Zn, $0.76/lb Pb,
$1,722/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds
for 6M 2021 were calculated using the following realized prices: $26.62/oz Ag,
$4.13/lb Cu, $1.29/lb Zn, $0.94/lb Pb, $1,798/oz Au. Silver equivalent ounces
and copper and zinc equivalent pounds for 6M 2020 were calculated using the
following realized prices: $16.58/oz Ag, $2.46/lb Cu, $0.91/lb Zn, $0.78/lb Pb,
$1,654/oz Au.}

Quality Control

All technical data contained in this news release has been reviewed and approved by Americo Zuzunaga, FAusIMM CP (Mining Engineer) and Vice President of Corporate Planning is a Qualified Person and chartered professional qualifying as a Competent Person under the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves.

About Sierra Metals

Sierra Metals Inc. is a diversified Canadian mining company focused on the production and development of precious and base metals from its polymetallic Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.

For further information regarding Sierra Metals, please visit www.sierrametals.com.

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Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws (collectively, “forward-looking information“). Forward-looking information includes, but is not limited to, statements with respect to the date of the 2020 Shareholders’ Meeting and the anticipated filing of the Compensation Disclosure. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the Company’s annual information form dated March 30, 2020 for its fiscal year ended December 31, 2020 and other risks identified in the Company’s filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.

The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

Mike McAllister
V.P., Investor Relations
Sierra Metals Inc.
+1 (416) 366-7777
info@sierrametals.com

Luis
Marchese
CEO
Sierra Metals Inc.
+1 (416) 366-7777

Source: Sierra Metals Inc.

Comstock’s Linico To Recycle 100,000 Tons Of Lithium-Ion Batteries Per Year

 

Aurania Reports that Drilling at Tsenken N1 Provides Evidence of a Link with the Tiria-Shimpia Target

 

Toronto, Ontario, July 21, 2021 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) reports that review of drill core shows that the fault system which links the Tsenken target with the Tiria-Shimpia target, moved periodically throughout the development of the sedimentary basin, providing a pumping mechanism for metal-bearing fluids that deposited sediment-hosted zinc-silver at Tiria-Shimpia and copper-silver at Tsenken.  Further scout drilling at Tsenken N1 is focusing on sediment-hosted copper-silver adjacent to this fault system that extends 45 kilometres from the copper area in the south to the zinc zone in the north in the central part of the Company’s Lost Cities – Cutucu Project (“Project”) in southeastern Ecuador.

Professor Gregor Borg, an expert on sediment-hosted copper systems, who has worked both in the Central African Copperbelt and the European Kupferschiefer, recently visited site to review the exploration programs and drill core from Tsenken and Tiria-Shimpia.

Professor Borg commented, “I have not seen many mineralized systems that extend 45 kilometres along a fault system as we see in the central part of Aurania’s Lost Cities Project.  The change from copper-centric in the Tsenken area to zinc-rich in the Tiria-Shimpia target is consistent metal zoning that is evident in the Kupferschiefer.  I came away from my second review of Aurania’s sedimentary copper exploration program as convinced as I was on my first visit that the red-bed basin is highly fertile and has very good potential for sediment-hosted copper. We optimized some of the concepts on the basis of the features that we saw in the drill core, and I have encouraged the exploration team to keep drilling.”

Five drill holes have been completed at Tsenken N1 and hole 6 is underway – the objective being to explore the same sedimentary layer in the Tsenken area that contains zinc-silver in the Tiria-Shimpia area as illustrated in Figure 1.

Figure 1.  Vertical profile illustrating the target concept for the current drill hole, TSN1-006.  The target is copper in the same sedimentary unit in the Tsenken area as contains zinc-silver in the Tiria-Shimpia area.  This target is brought to relatively shallow depth on a geological fault as illustrated in Figure 2.

Geological Detail of Tsenken N1 Drilling

Five drill holes, for a total of 2,184 metres (“m”), have been drilled in the Tsenken N1 target area and hole 6 is underway.  The sedimentary layers targeted in hole 6 have been elevated to within a few hundred metres of surface, as illustrated in Figure 2, by faults that are known to have provided pathways for the metal-bearing fluids.

Drill results received to date are not economically significant but do show a clear trend with contained copper increasing towards the east: drill hole TSN1-002 – the westernmost – having no copper, hole TSN1-001 having 0.23% over 1m and hole TSN1-003 – the easternmost – having two mineralized zones; the upper sedimentary layer with 1m at 0.47% copper and the lower with 0.15% copper over 2.6m.  Observations from the drill core show that the fault system was active at the time of accumulation of the red-beds in the Tsenken area and field mapping and satellite imagery show that this fault system extends into the Tiria-Shimpia area where it is linked with zinc-silver mineralization.

Holes TSN1-004 and TSN1-005 were collared further north, closer to Tiria-Shimpia and results will be reported when available.

Figure 2.  Vertical profile interpretation through the Tsenken N1 area showing the location of drill holes 1, 2 and 3 that tested for sediment-hosted copper-silver in red-beds beneath a lava seal.  Hole 6 is testing for expected sediment-hosted copper in a similar position in the sedimentary layering as the silver-zinc mineralization at Tiria-Shimpia is located.  The fault system shown in red is suspected to have fed copper into the sediments in a similar way that it did zinc-silver into the Tiria-Shimpia area.  (Evap. is evaporite (salt) and Int. is intrusive such as a porphyry).

Drilling at Tiria-Shimpia

A second drill rig has completed the first hole at Tiria-Shimpia and the second scout drilling hole is underway.

Sample Analysis & Quality Assurance / Quality Control (“QAQC”)

Laboratories: The samples were prepared for analysis at MS Analytical (“MSA”) in Cuenca, Ecuador, and the analyses were done in Vancouver, Canada.

Sample preparation: The rock samples were jaw-crushed to 10 mesh (crushed material passes through a mesh with apertures of 2 millimetres (“mm”)), from which a one-kilogram sub-sample was taken.  The sub-sample was crushed to a grain size of 0.075mm and a 200 gram (“g”) split was set aside for analysis.

Analytical procedure:  Approximately 0.25g of rock pulp underwent four-acid digestion and analysis for 48 elements by ICP-MS.  For the over-limit samples, those that had a grade of greater than 1% copper, zinc and lead, and 100g/t silver, 0.4 grams of pulp underwent digestion in four acids and the resulting liquid was diluted and analyzed by ICP-MS.

QAQC: Aurania personnel inserted a certified standard pulp sample, alternating with a field blank, at approximate 20 sample intervals in all sample batches. Aurania’s analysis of results from its independent QAQC samples showed the batches reported on above, lie within acceptable limits.  In addition, the labs reported that the analyses had passed their internal QAQC tests.

Qualified Person

The geological information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc.  Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

About Aurania

Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America.  Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at  https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

Carolyn Muir VP Investor Relations Aurania Resources Ltd. (416) 367-3200 carolyn.muir@aurania.com

Dr. Richard Spencer President Aurania Resources Ltd. (416) 367-3200 richard.spencer@aurania.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurania. Forward-looking statements include estimates and statements that describe Aurania’s future plans, objectives or goals, including words to the effect that Aurania or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, the effects of COVID-19 on the business of the Company including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, and those risks set out in Aurania’s public documents filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Aurania Reports that Drilling at Tsenken N1 Provides Evidence of a Link with the Tiria-Shimpia Target

 

Toronto, Ontario, July 21, 2021 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) reports that review of drill core shows that the fault system which links the Tsenken target with the Tiria-Shimpia target, moved periodically throughout the development of the sedimentary basin, providing a pumping mechanism for metal-bearing fluids that deposited sediment-hosted zinc-silver at Tiria-Shimpia and copper-silver at Tsenken.  Further scout drilling at Tsenken N1 is focusing on sediment-hosted copper-silver adjacent to this fault system that extends 45 kilometres from the copper area in the south to the zinc zone in the north in the central part of the Company’s Lost Cities – Cutucu Project (“Project”) in southeastern Ecuador.

Professor Gregor Borg, an expert on sediment-hosted copper systems, who has worked both in the Central African Copperbelt and the European Kupferschiefer, recently visited site to review the exploration programs and drill core from Tsenken and Tiria-Shimpia.

Professor Borg commented, “I have not seen many mineralized systems that extend 45 kilometres along a fault system as we see in the central part of Aurania’s Lost Cities Project.  The change from copper-centric in the Tsenken area to zinc-rich in the Tiria-Shimpia target is consistent metal zoning that is evident in the Kupferschiefer.  I came away from my second review of Aurania’s sedimentary copper exploration program as convinced as I was on my first visit that the red-bed basin is highly fertile and has very good potential for sediment-hosted copper. We optimized some of the concepts on the basis of the features that we saw in the drill core, and I have encouraged the exploration team to keep drilling.”

Five drill holes have been completed at Tsenken N1 and hole 6 is underway – the objective being to explore the same sedimentary layer in the Tsenken area that contains zinc-silver in the Tiria-Shimpia area as illustrated in Figure 1.

Figure 1.  Vertical profile illustrating the target concept for the current drill hole, TSN1-006.  The target is copper in the same sedimentary unit in the Tsenken area as contains zinc-silver in the Tiria-Shimpia area.  This target is brought to relatively shallow depth on a geological fault as illustrated in Figure 2.

Geological Detail of Tsenken N1 Drilling

Five drill holes, for a total of 2,184 metres (“m”), have been drilled in the Tsenken N1 target area and hole 6 is underway.  The sedimentary layers targeted in hole 6 have been elevated to within a few hundred metres of surface, as illustrated in Figure 2, by faults that are known to have provided pathways for the metal-bearing fluids.

Drill results received to date are not economically significant but do show a clear trend with contained copper increasing towards the east: drill hole TSN1-002 – the westernmost – having no copper, hole TSN1-001 having 0.23% over 1m and hole TSN1-003 – the easternmost – having two mineralized zones; the upper sedimentary layer with 1m at 0.47% copper and the lower with 0.15% copper over 2.6m.  Observations from the drill core show that the fault system was active at the time of accumulation of the red-beds in the Tsenken area and field mapping and satellite imagery show that this fault system extends into the Tiria-Shimpia area where it is linked with zinc-silver mineralization.

Holes TSN1-004 and TSN1-005 were collared further north, closer to Tiria-Shimpia and results will be reported when available.

Figure 2.  Vertical profile interpretation through the Tsenken N1 area showing the location of drill holes 1, 2 and 3 that tested for sediment-hosted copper-silver in red-beds beneath a lava seal.  Hole 6 is testing for expected sediment-hosted copper in a similar position in the sedimentary layering as the silver-zinc mineralization at Tiria-Shimpia is located.  The fault system shown in red is suspected to have fed copper into the sediments in a similar way that it did zinc-silver into the Tiria-Shimpia area.  (Evap. is evaporite (salt) and Int. is intrusive such as a porphyry).

Drilling at Tiria-Shimpia

A second drill rig has completed the first hole at Tiria-Shimpia and the second scout drilling hole is underway.

Sample Analysis & Quality Assurance / Quality Control (“QAQC”)

Laboratories: The samples were prepared for analysis at MS Analytical (“MSA”) in Cuenca, Ecuador, and the analyses were done in Vancouver, Canada.

Sample preparation: The rock samples were jaw-crushed to 10 mesh (crushed material passes through a mesh with apertures of 2 millimetres (“mm”)), from which a one-kilogram sub-sample was taken.  The sub-sample was crushed to a grain size of 0.075mm and a 200 gram (“g”) split was set aside for analysis.

Analytical procedure:  Approximately 0.25g of rock pulp underwent four-acid digestion and analysis for 48 elements by ICP-MS.  For the over-limit samples, those that had a grade of greater than 1% copper, zinc and lead, and 100g/t silver, 0.4 grams of pulp underwent digestion in four acids and the resulting liquid was diluted and analyzed by ICP-MS.

QAQC: Aurania personnel inserted a certified standard pulp sample, alternating with a field blank, at approximate 20 sample intervals in all sample batches. Aurania’s analysis of results from its independent QAQC samples showed the batches reported on above, lie within acceptable limits.  In addition, the labs reported that the analyses had passed their internal QAQC tests.

Qualified Person

The geological information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc.  Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

About Aurania

Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America.  Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at  https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

Carolyn Muir VP Investor Relations Aurania Resources Ltd. (416) 367-3200 carolyn.muir@aurania.com

Dr. Richard Spencer President Aurania Resources Ltd. (416) 367-3200 richard.spencer@aurania.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurania. Forward-looking statements include estimates and statements that describe Aurania’s future plans, objectives or goals, including words to the effect that Aurania or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, the effects of COVID-19 on the business of the Company including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, and those risks set out in Aurania’s public documents filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Comstock’s Linico To Recycle 100,000 Tons Of Lithium-Ion Batteries Per Year

 

Sierra Metals Reports Second Quarter 2021 Production Results Including Record Throughput at Its Yauricocha Mine in Peru

 

TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX:SMT) (BVL:SMT) (NYSE AMERICAN:SMTS) (“Sierra Metals” or “the Company”) is reporting second-quarter 2021 production results, as the Company continues to deal with the effect of the COVID-19 pandemic at its operations.

Results are from Sierra Metals’ three underground mines in Latin America: The Yauricocha polymetallic mine in Peru, and the Bolivar copper and Cusi silver Mines in Mexico.

Second Quarter 2021 Production Highlights

• Copper production
  of 9.5 million pounds; a 2% decrease from Q2 2020
• Silver production
  of 1.0 million ounces; a 67% increase from Q2 2020
• Gold production of
  2,812 ounces; a 2% increase from Q2 2020
• Zinc production of
  21.1 million pounds; a 54% increase from Q2 2020
• Lead production of
  8.0 million pounds; a 24% increase from Q2 2020
• Copper equivalent
  production of 24.8 million pounds; a 9% increase from Q2 2020

The Company achieved 62% and 25% increase in throughput as compared to Q2 2020, at its Yauricocha and Bolivar mines respectively. The Yauricocha mine achieved 328,909 tonnes during the quarter at an average rate of 3,759 tpd. Earlier during the quarter, the Company announced receipt of permit to build and operate an expansion of its capacity to 3,600 tpd plus an allowance for up to an additional 5%.

Consolidated copper production decreased 2% to 9.5 million pounds, silver increased 67% to 1.0 million ounces, zinc increased 54% to 21.1 million pounds, lead increased 24% to 8.0 million pounds, and gold increased 2% to 2,812 ounces compared to Q2 2020.

Luis Marchese, President, and CEO of Sierra Metals commented: “Despite the
challenges we have faced due to the Covid-19 Pandemic, I am pleased with the
relatively solid production performance in Q2 2021. The Company continues to
face operational difficulties related to COVID-19 at all mines but particularly
in Peru. We expect that we will continue to be impacted for the remainder of
the year and as such we are reviewing our production guidance and may revise it
as part of our Q2-2021 consolidated financial results.”

He continued
, “Looking ahead to the second half of 2021, we anticipate seeing
an improvement in production results over the first half of the year as we
continue to manage the implications of COVID-19 using best practices. Our goal continues
to be avoiding any mine closures while ensuring that strict protocols remain in
place to protect the wellbeing of our employees as well as the local
communities. Additionally, we have commenced implementation on a 500,000 tonne
per year magnetite concentrate plant at Bolivar which is expected to be
operational early next year. We also received the final permit required for the
construction and operation of the expansion of throughput at Yauricocha to
3,600 tonnes per day. We continue to work on the completion of Preliminary
Feasibility Studies for all three mines to support planned expansions at all
mines starting in 2024. Brownfield and greenfield exploration programs
continue, and we continue to strive to optimize and improve operations with an
aim of reducing costs where possible in this challenging environment.”

Consolidated Production Results

Consolidated Production	Three Months Ended June 30			Six Months Ended June 30
	2021	2020	% Var.	2021	2020	% Var.
Tonnes processed	787,534	511,485	54%	1,561,955	1,252,183	25%
Daily throughput	9,000	5,846	54%	8,925	7,155	25%
Silver production (000 oz)	954	572	67%	1,915	1,520	26%
Copper production (000 lb)	9,535	9,708	-2%	17,430	21,484	-19%
Lead production (000 lb)	7,960	6,406	24%	16,964	15,485	10%
Zinc production (000 lb)	21,133	13,741	54%	45,256	35,387	28%
Gold Production (oz)	2,812	2,762	2%	5,448	6,419	-15%
Silver equivalent ounces (000’s)(1)	4,043	3,297	23%	7,778	8,028	-3%
Copper equivalent pounds (000’s)(1)	24,786	22,743	9%	50,157	54,016	-7%
Zinc equivalent pounds (000’s)(1)	81,114	61,353	32%	160,750	146,032	10%

^{(1) Silver equivalent ounces and copper and zinc equivalent pounds
for Q2 2021 were calculated using the following realized prices: $26.80/oz Ag,
$4.37/lb Cu, $1.34/lb Zn, $0.97/lb Pb, $1,818/oz Au. Silver equivalent ounces
and copper and zinc equivalent pounds for Q2 2020 were calculated using the
following realized prices: $16.59/oz Ag, $2.40/lb Cu, $0.89/lb Zn, $0.76/lb Pb,
$1,722/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds
for 6M 2021 were calculated using the following realized prices: $26.62/oz Ag,
$4.13/lb Cu, $1.29/lb Zn, $0.94/lb Pb, $1,798/oz Au. Silver equivalent ounces
and copper and zinc equivalent pounds for 6M 2020 were calculated using the
following realized prices: $16.58/oz Ag, $2.46/lb Cu, $0.91/lb Zn, $0.78/lb Pb,
$1,654/oz Au.}

Yauricocha Mine, Peru

The Yauricocha Mine demonstrated its operational flexibility by processing a record 328,909 tonnes during Q2 2021, which is a 62% increase from Q2 2020. On June 16, 2021, the Company announced receipt of a permit from the Peruvian Ministry of Energy and Mines, which allows for the construction and operation at a capacity of 3,600 tpd.

The higher throughput was partially offset by lower head grades for all metals, resulting in a 7% higher copper equivalent production as compared to Q2 2020. In terms of zinc equivalents, this was a 29% increase over the same quarter of 2020. Copper production for the quarter was 11% lower, while silver, lead, zinc and gold production increased by 35%, 22%, 54% and 23% respectively as compared to Q2 2020. Due to COVID-19 operating restrictions the focus has been on larger but lowered grade ore bodies to meet tonnages with a reduced work force.

A summary of production from the Yauricocha Mine for Q2 2021 is provided below:

Yauricocha Production	Three Months Ended June 30			Six Months Ended June 30
	2021	2020	% Var.	2021	2020	% Var.
Tonnes processed	328,909	202,534	62%	655,120	487,759	34%
Daily throughput	3,759	2,315	62%	3,744	2,787	34%
Silver grade (g/t)	56.94	66.37	-14%	55.65	66.07	-16%
Copper grade	0.70%	1.21%	-42%	0.63%	1.17%	-46%
Lead grade	1.20%	1.63%	-26%	1.27%	1.59%	-20%
Zinc grade	3.27%	3.48%	-6%	3.49%	3.74%	-7%
Gold Grade (g/t)	0.45	0.62	-27%	0.44	0.66	-33%
Silver recovery	80.14%	82.82%	-3%	79.70%	82.82%	-4%
Copper recovery	72.67%	77.19%	-6%	69.84%	77.19%	-10%
Lead recovery	90.14%	88.08%	2%	90.15%	88.08%	2%
Zinc recovery	89.23%	88.32%	1%	89.82%	88.32%	2%
Gold Recovery	21.99%	21.18%	4%	20.91%	21.18%	-1%
Silver production (000 oz)	483	358	35%	934	853	9%
Copper production (000 lb)	3,697	4,164	-11%	6,379	9,548	-33%
Lead production (000 lb)	7,831	6,406	22%	16,537	15,014	10%
Zinc production (000 lb)	21,133	13,741	54%	45,256	35,387	28%
Gold Production (oz)	1,043	850	23%	1,933	2,104	-8%
Copper equivalent pounds (000’s)(1)	15,308	14,354	7%	31,142	34,549	-10%
Zinc equivalent pounds (000’s)(1)	49,923	38,723	29%	99,701	93,404	7%

^{(1) Silver equivalent ounces and copper and zinc equivalent pounds
for Q2 2021 were calculated using the following realized prices: $26.80/oz Ag,
$4.37/lb Cu, $1.34/lb Zn, $0.97/lb Pb, $1,818/oz Au. Silver equivalent ounces
and copper and zinc equivalent pounds for Q2 2020 were calculated using the
following realized prices: $16.59/oz Ag, $2.40/lb Cu, $0.89/lb Zn, $0.76/lb Pb,
$1,722/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds
for 6M 2021 were calculated using the following realized prices: $26.62/oz Ag,
$4.13/lb Cu, $1.29/lb Zn, $0.94/lb Pb, $1,798/oz Au. Silver equivalent ounces
and copper and zinc equivalent pounds for 6M 2020 were calculated using the
following realized prices: $16.58/oz Ag, $2.46/lb Cu, $0.91/lb Zn, $0.78/lb Pb,
$1,654/oz Au.}

Bolivar Mine, Mexico

The Bolivar Mine processed 385,331 tonnes in Q2 2021, which is a 25% increase from the Q2 2020 throughput. The average daily throughput realized during the quarter was 4,404 tpd. Head grades for copper, silver, and gold were 8%, 27%, and 30% lower, respectively, as compared to Q2 2020. Copper equivalent production for Q2 2021 decreased 8% as compared to Q2 2020, because of lower silver (6%) and gold (15%) production offset by 5% higher copper production. Production continues to be focused more on the Mina de Fierro zone in Q2 2021 as part of our COVID-19 management plan. Mina de Fierro is a larger ore body with greater tonnages; however, the head grades and recoveries are lower than the Bolivar West zone. It is expected that as the Bolivar Mine returns to more normal operations and more ore is taken from the Bolivar West zone that we will see and improvement in head grades and recoveries in the future.

A summary of production for the Bolivar Mine for Q2 2021 is provided below:

Bolivar Production	Three Months Ended June 30			Six Months Ended June 30
	2021	2020	% Var.	2021	2020	% Var.
Tonnes processed (t)	385,331	308,951	25%	756,939	686,513	10%
Daily throughput	4,404	3,531	25%	4,325	3,923	10%
Copper grade	0.86%	0.93%	-8%	0.82%	0.91%	-10%
Silver grade (g/t)	19.06	26.00	-27%	19.31	23.30	-17%
Gold grade (g/t)	0.21	0.30	-30%	0.20	0.29	-31%
Copper recovery	79.89%	87.09%	-8%	82.25%	86.45%	-5%
Silver recovery	85.74%	82.80%	4%	85.13%	82.41%	3%
Gold recovery	63.19%	63.79%	-1%	66.95%	63.84%	5%
Copper production (000 lb)	5,838	5,544	5%	11,051	11,935	-7%
Silver production (000 oz)	202	214	-6%	399	424	-6%
Gold production (oz)	1,627	1,912	-15%	3,218	4,103	-22%
Copper equivalent pounds (000’s)(1)	7,754	8,389	-8%	15,024	17,541	-14%

^{(1) Silver equivalent ounces and copper and zinc equivalent pounds
for Q2 2021 were calculated using the following realized prices: $26.80/oz Ag,
$4.37/lb Cu, $1.34/lb Zn, $0.97/lb Pb, $1,818/oz Au. Silver equivalent ounces
and copper and zinc equivalent pounds for Q2 2020 were calculated using the
following realized prices: $16.59/oz Ag, $2.40/lb Cu, $0.89/lb Zn, $0.76/lb Pb,
$1,722/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds
for 6M 2021 were calculated using the following realized prices: $26.62/oz Ag,
$4.13/lb Cu, $1.29/lb Zn, $0.94/lb Pb, $1,798/oz Au. Silver equivalent ounces
and copper and zinc equivalent pounds for 6M 2020 were calculated using the
following realized prices: $16.58/oz Ag, $2.46/lb Cu, $0.91/lb Zn, $0.78/lb Pb,
$1,654/oz Au.}

Cusi Mine, Mexico

The Cusi Mine throughput for Q2 2021 was 73,294 tonnes or 838 tpd. There was no production during the same quarter of 2020, as Cusi remained in care and maintenance throughout that quarter, due to the government-mandated shutdown to contain the advancement of COVID-19. Silver head grade for Q2 2021 was 138.94 g/t resulting in silver production of 269,000 ounces. Additionally, gold production was 142 ounces and lead production was 129,000 pounds respectively during the quarter.

A summary of production for the Cusi Mine for Q2 2021 is provided below:

Cusi Production	Three Months Ended June 30			Six Months Ended June 30
	2021	2020	% Var.	2021	2020	% Var.
Tonnes processed (t)	73,294	–	N.A.	149,896	77,911	92%
Daily throughput	838	–	N.A.	857	890	-4%
Silver grade (g/t)	138.94	–	N.A.	148.28	120.88	23%
Gold grade (g/t)	0.16	–	N.A.	0.16	0.18	-11%
Lead grade	0.10%	–	N.A.	0.16%	0.33%	-52%
Silver recovery (flotation)	81.96%	–	N.A.	81.39%	80.21%	1%
Gold recovery (lixiviation)	37.41%	–	N.A.	38.51%	46.53%	-17%
Lead recovery	82.95%	–	N.A.	81.90%	84.17%	-3%
Silver production (000 oz)	269	–	N.A.	582	243	140%
Gold production (oz)	142	–	N.A.	297	212	40%
Lead production (000 lb)	129	–	N.A.	427	471	-9%
Silver equivalent ounces (000’s)(1)	283	–	N.A.	617	286	116%

^{(1) Silver equivalent ounces and copper and zinc equivalent pounds
for Q2 2021 were calculated using the following realized prices: $26.80/oz Ag,
$4.37/lb Cu, $1.34/lb Zn, $0.97/lb Pb, $1,818/oz Au. Silver equivalent ounces
and copper and zinc equivalent pounds for Q2 2020 were calculated using the
following realized prices: $16.59/oz Ag, $2.40/lb Cu, $0.89/lb Zn, $0.76/lb Pb,
$1,722/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds
for 6M 2021 were calculated using the following realized prices: $26.62/oz Ag,
$4.13/lb Cu, $1.29/lb Zn, $0.94/lb Pb, $1,798/oz Au. Silver equivalent ounces
and copper and zinc equivalent pounds for 6M 2020 were calculated using the
following realized prices: $16.58/oz Ag, $2.46/lb Cu, $0.91/lb Zn, $0.78/lb Pb,
$1,654/oz Au.}

Quality Control

All technical data contained in this news release has been reviewed and approved by Americo Zuzunaga, FAusIMM CP (Mining Engineer) and Vice President of Corporate Planning is a Qualified Person and chartered professional qualifying as a Competent Person under the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves.

About Sierra Metals

Sierra Metals Inc. is a diversified Canadian mining company focused on the production and development of precious and base metals from its polymetallic Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.

For further information regarding Sierra Metals, please visit www.sierrametals.com.

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Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws (collectively, “forward-looking information“). Forward-looking information includes, but is not limited to, statements with respect to the date of the 2020 Shareholders’ Meeting and the anticipated filing of the Compensation Disclosure. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the Company’s annual information form dated March 30, 2020 for its fiscal year ended December 31, 2020 and other risks identified in the Company’s filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.

The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

Mike McAllister
V.P., Investor Relations
Sierra Metals Inc.
+1 (416) 366-7777
info@sierrametals.com

Luis
Marchese
CEO
Sierra Metals Inc.
+1 (416) 366-7777

Source: Sierra Metals Inc.

Wednesday, July 21, 2021

Golden Predator Mining (NTGSF)(GPY:CA)
Golden Predator Shareholder Vote On August 25

Golden Predator Mining Corp is a Canada based exploration stage company engaged in the business of acquiring and exploring mineral properties. It owns properties primarily in Yukon, Canada. Some of the company’s projects located in Yukon are the 3 Aces, Sprogge, Reef, Brewery Creek, Marg, Sonora Gulch, Grew Creek, Upper Hyland and others.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Shareholder vote is August 25. Golden Predator shareholders of record as of July 16 will vote on Golden Predator’s planned business combination with Arizona Gold Corp. (TSX: AZG, OTCQB: AGAUF) during a special meeting on August 25 at 10:00 a.m. PT. Shareholders will have the option to attend virtually by video conference. Closing is contingent on receiving: 1) approval by two-thirds of the votes cast by Golden Predator shareholders, 2) a simple majority of the votes cast by Arizona Gold Corp. shareholders, and 3) if required, a simple majority of the votes cast by Arizona and Golden Predator shareholders at their respective shareholder meetings, excluding votes by certain persons.


Terms of the transaction.  Shareholders of Golden Predator will receive 1.65 common shares of Arizona Gold Corp. in exchange for each share of Golden Predator. Upon closing, Arizona Gold is expected to change its name to Sabre Gold Corp. and Golden Predator shareholders will own approximately 45% of the combined company shares …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

 

Endeavour Silver Signs Agreement To Acquire Bruner Gold Project In Nye County, Nevada

 

VANCOUVER, British Columbia, July 19, 2021 (GLOBE NEWSWIRE) — Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) announces it has entered into a definitive agreement (the “Agreement”) with Canamex Gold Corp. to acquire a 100% interest in Canamex’ Bruner Property, a gold exploration, located in Nye County, Nevada approximately 180 kilometres (km) southeast of Reno for US$10 million in cash.

Gold was originally discovered at Bruner in 1906 and the district saw intermittent historic small-scale mining between 1906 and 1998. Recent exploration activities by previous operators included mapping, sampling, geophysical surveys and drilling, culminating in a mineral resource estimate in 2015 and a preliminary economic assessment in 2017 outlining a low capital cost, open pit, heap leach mine operation.

Highlights of the Properties:

• Acquiring a 100% interest totalling 1,457 hectares on patented and unpatented claims, subject to pre-existing NSR royalties, some of which can be repurchased.
  
  
• Ideally located within Nevada’s Walker Lane northwest trending mineral belt currently hosting several producing mines and recent discoveries.
  
  
• Readily accessible by paved highway and gravel roads only 25 km from the town of Gabbs, Nevada. High voltage power is available approximately 30 km from the project and water rights have been secured.
  
  
• Favourable geology with gold and silver occurring in low-sulphidation epithermal veins and in disseminations within sheeted and stockwork zones. Three gold areas have been outlined within a broad 3 km zone of anomalous gold values.
  
  
• Historic resources of 342,000 ounces of gold contained in 17.5 million tonnes grading 0.61 grams per tonne in three zones, Paymaster, HRA and Penelas, as estimated by Canamex Gold. Endeavour has not verified this historic resource estimate and is not relying on it. See below for historic resource estimate qualifications.
  
  
• Strong potential to discover additional gold and silver mineralization amenable to open pit mining, as shown by surface sampling between Paymaster, HRA and Penelas zones.
  
  
• Excellent metallurgy – cyanide leach test results show that each mineralized zone has gold recoveries > 85% for 0.75” to 3.0” crush size with potential for run-of-mine leaching.
  
  
• Provides diversification with an advanced stage exploration project in Nevada, USA, a world class, stable mining jurisdiction.

Endeavour CEO, Dan Dickson, commented “We are pleased to add an advanced stage precious metals exploration property to our project pipeline. Bruner represents a good start on building an attractive gold-silver portfolio in Nevada and should be an accretive acquisition for our five-year strategic plan to become a premier senior silver producer, with potential for exploration discoveries, district acquisitions, near-term production, and organic growth.

“Our exploration team will focus initially on verifying the historic resources, then turn its attention to the many exploration targets on the Bruner Property. We look forward to unlocking the full potential of the Bruner Property with the goal of building a new mining operation in another historic mining district in Nevada.”

Transaction Summary

Pursuant to the Agreement, Endeavour will pay US$10 million in cash for 100% of the Bruner Gold Project which includes mineral claims, mining rights, property assets, water rights, and government authorizations and permits. Completion of the transactions under the Agreement is subject to customary closing conditions and is subject to Canamex shareholder approval.

The Bruner Gold Project resource estimate was prepared for Canamex Gold in a technical report dated January 22, 2018 titled “NI 43-101 Technical Report on the Bruner Gold Project, Updated Preliminary Economic Assessment, Nye County, Nevada, USA” by Welsh Hagen Associates. The resource estimate was established through surface drilling. A Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve.

Endeavour is not treating the historical estimate as a current mineral resource or mineral reserve, has not verified the historical resource estimate and is not relying on it. Endeavour plans to “twin” certain drill holes and conduct a drilling program to upgrade the historical estimate as a current mineral resource.

Dale Mah, B.Sc., P.Geo., Endeavour’s Vice President Corporate Development, is the Qualified Person who reviewed and approved this news release.

About Endeavour Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company that owns and operates three high-grade, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision and exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer.  Our philosophy of corporate social integrity creates value for all stakeholders.

SOURCE Endeavour Silver Corp.

SOURCE Endeavour Silver Corp.

Contact Information:
Galina Meleger, Director, Investor Relations
Toll free: (877) 685-9775
Tel: (604) 640-4804
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com

Follow Endeavour Silver on Facebook, Twitter, Instagram and LinkedIn

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements concern the Company’s strategic plans, completion of the Bruner Gold Project acquisition, timing and expectations for the Company’s exploration and drilling programs, estimates of mineralization from drilling, geological information projected from sampling results and the potential quantities and grades of the target zones. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: the completion of the Bruner Gold Project acquisition, receipt of shareholder approval by Canamex; conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; and the historical basis for current estimates of potential quantities and grades of target zones. The actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors including: satisfaction of closing conditions for the Bruner Gold Project acquisition, receipt of shareholder approval by Canamex; the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt of title opinion on the Bruner Property, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data, and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Source: Endeavour Silver Corporation

 

Endeavour Silver Signs Agreement To Acquire Bruner Gold Project In Nye County, Nevada

 

VANCOUVER, British Columbia, July 19, 2021 (GLOBE NEWSWIRE) — Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) announces it has entered into a definitive agreement (the “Agreement”) with Canamex Gold Corp. to acquire a 100% interest in Canamex’ Bruner Property, a gold exploration, located in Nye County, Nevada approximately 180 kilometres (km) southeast of Reno for US$10 million in cash.

Gold was originally discovered at Bruner in 1906 and the district saw intermittent historic small-scale mining between 1906 and 1998. Recent exploration activities by previous operators included mapping, sampling, geophysical surveys and drilling, culminating in a mineral resource estimate in 2015 and a preliminary economic assessment in 2017 outlining a low capital cost, open pit, heap leach mine operation.

Highlights of the Properties:

• Acquiring a 100% interest totalling 1,457 hectares on patented and unpatented claims, subject to pre-existing NSR royalties, some of which can be repurchased.
  
  
• Ideally located within Nevada’s Walker Lane northwest trending mineral belt currently hosting several producing mines and recent discoveries.
  
  
• Readily accessible by paved highway and gravel roads only 25 km from the town of Gabbs, Nevada. High voltage power is available approximately 30 km from the project and water rights have been secured.
  
  
• Favourable geology with gold and silver occurring in low-sulphidation epithermal veins and in disseminations within sheeted and stockwork zones. Three gold areas have been outlined within a broad 3 km zone of anomalous gold values.
  
  
• Historic resources of 342,000 ounces of gold contained in 17.5 million tonnes grading 0.61 grams per tonne in three zones, Paymaster, HRA and Penelas, as estimated by Canamex Gold. Endeavour has not verified this historic resource estimate and is not relying on it. See below for historic resource estimate qualifications.
  
  
• Strong potential to discover additional gold and silver mineralization amenable to open pit mining, as shown by surface sampling between Paymaster, HRA and Penelas zones.
  
  
• Excellent metallurgy – cyanide leach test results show that each mineralized zone has gold recoveries > 85% for 0.75” to 3.0” crush size with potential for run-of-mine leaching.
  
  
• Provides diversification with an advanced stage exploration project in Nevada, USA, a world class, stable mining jurisdiction.

Endeavour CEO, Dan Dickson, commented “We are pleased to add an advanced stage precious metals exploration property to our project pipeline. Bruner represents a good start on building an attractive gold-silver portfolio in Nevada and should be an accretive acquisition for our five-year strategic plan to become a premier senior silver producer, with potential for exploration discoveries, district acquisitions, near-term production, and organic growth.

“Our exploration team will focus initially on verifying the historic resources, then turn its attention to the many exploration targets on the Bruner Property. We look forward to unlocking the full potential of the Bruner Property with the goal of building a new mining operation in another historic mining district in Nevada.”

Transaction Summary

Pursuant to the Agreement, Endeavour will pay US$10 million in cash for 100% of the Bruner Gold Project which includes mineral claims, mining rights, property assets, water rights, and government authorizations and permits. Completion of the transactions under the Agreement is subject to customary closing conditions and is subject to Canamex shareholder approval.

The Bruner Gold Project resource estimate was prepared for Canamex Gold in a technical report dated January 22, 2018 titled “NI 43-101 Technical Report on the Bruner Gold Project, Updated Preliminary Economic Assessment, Nye County, Nevada, USA” by Welsh Hagen Associates. The resource estimate was established through surface drilling. A Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve.

Endeavour is not treating the historical estimate as a current mineral resource or mineral reserve, has not verified the historical resource estimate and is not relying on it. Endeavour plans to “twin” certain drill holes and conduct a drilling program to upgrade the historical estimate as a current mineral resource.

Dale Mah, B.Sc., P.Geo., Endeavour’s Vice President Corporate Development, is the Qualified Person who reviewed and approved this news release.

About Endeavour Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company that owns and operates three high-grade, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision and exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer.  Our philosophy of corporate social integrity creates value for all stakeholders.

SOURCE Endeavour Silver Corp.

SOURCE Endeavour Silver Corp.

Contact Information:
Galina Meleger, Director, Investor Relations
Toll free: (877) 685-9775
Tel: (604) 640-4804
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com

Follow Endeavour Silver on Facebook, Twitter, Instagram and LinkedIn

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements concern the Company’s strategic plans, completion of the Bruner Gold Project acquisition, timing and expectations for the Company’s exploration and drilling programs, estimates of mineralization from drilling, geological information projected from sampling results and the potential quantities and grades of the target zones. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: the completion of the Bruner Gold Project acquisition, receipt of shareholder approval by Canamex; conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; and the historical basis for current estimates of potential quantities and grades of target zones. The actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors including: satisfaction of closing conditions for the Bruner Gold Project acquisition, receipt of shareholder approval by Canamex; the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt of title opinion on the Bruner Property, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data, and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Source: Endeavour Silver Corporation

Monday, July 19, 2021

Sierra Metals (SMTS)(SMT:CA)
Thoughts Ahead of Second Quarter Production and Financial Results

As of April 24, 2020, Noble Capital Markets research on Sierra Metals is published under ticker symbols (SMTS and SMT:CA). The price target is in USD and based on ticker symbol SMTS. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Sierra Metals Inc is a precious and base metals producer in Latin America. The company acquires, explores, extracts, and produces mineral concentrates consisting of silver, copper, lead, zinc and gold in Mexico and Peru. Its activity includes the operation of the Yauricocha Mine in Peru, and the Bolivar and Cusi mines in Mexico. Yauricocha is an underground polymetallic mine using the sublevel block caving and cut-and-fill mining methods. Bolivar is a copper-silver-zinc-gold underground mine using room-and-pillar mining method. The majority of the revenue is earned by selling of the mineral concentrates to its customers in Peru.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Second quarter production and financial results. The company will release second quarter 2021 financial results after the market close on August 9 and will host an investor call on August 10 at 10:30 am ET. We expect the company to release second quarter production results this week after which we will update our financial estimates.


Update on strategic review process.  At the latest, Sierra Metals expects to provide an update on its strategic review during its second quarter investor call on August 10. Recall that in January, Sierra Metals began a process to explore and evaluate potential strategic alternatives, including the sale of all or part of the company, a sale of some of the assets of the company, a merger or other …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Friday, July 16, 2021

Garibaldi Resources Corp (GGIFF)(GGI:CA)
Positive Indications from Initial SkyTEM Survey

Garibaldi Resources Corp is a Canadian-based junior exploration company. It is engaged in the acquisition, exploration, and evaluation of mineral properties located in Canada and Mexico. The company’s projects in Mexico include the La Patilla, the Rodadero, the Tonichi and the Iris project. Its projects in Canada include the PSP and King projects, The Cariboo Copper and Gold project, the Red Lion project, the Grizzly project, the Tora Tora project and the Black Gold project.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2021 exploration program. In May, Garibaldi outlined plans to expand the E&L nickel-copper-cobalt-precious-metal massive sulphide zone at Nickel Mountain, and identify new discoveries along the 15 kilometer strike-length between E&L and the nickel-copper outcrops identified at Mount Shirley in 2020. Garibaldi will also explore for Eskay Creek type gold-silver rich volcanogenic-massive-sulphide (VMS) mineralization in the Hazelton Group, which encompasses a significant portion of Garibaldi’s Palm Springs claims.


Geophysical surveys.  The first stage of the 2021 program includes two airborne geophysical surveys. A Z-Axis Tipper Electromagnetic (ZTEM) survey will test the depth of the battery metal-rich E&L intrusion and survey for E&L type conductors along the northeast gabbro trend to Mount Shirley and cover the Palm Springs claim to detect conductors prospective for hosting Eskay Creek style …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Sierra Metals Provides Update on Strategic Review Process