Sierra Madre Announces the Start of Phase 2 Drilling at the Tepic Project, Nayarit, Mexico

VANCOUVER, February 8, 2022 - Sierra Madre Gold and Silver Ltd. (TSXV:SM)(OTCQB:SMDRF) ("Sierra Madre" or the "Company") is pleased to announce commencement of its Phase II drill program at its Tepic Silver Gold project, located in Nayarit, Mexico. With the success of the ongoing field work activities; including trenching, Sierra Madre has also increased its permitted drill pads from 47 to 182 drill pads with SEMERNAT, the Mexican federal environmental agency. This will allow the Company to potentially drill in excess of 300 holes, utilizing the same drill pads with offset drilling. The Company has also secured exploration agreements with all surface owners in the areas to be drilled.

The drilling contractor, Tecindyser S.A. de C.V., has mobilized one core rig to the project site. The plan is to move the drilling equipment back and forth between the Tepic and La Tigra projects so as to ensure assay results are available before off set or step out drilling is begun. Additional rigs will be added as the assays data flow increases to ensure maximum efficiency.

Tepic drilling will initially focus primarily on areas in and adjacent to historic drilling. New targets are to be methodically tested and as new assay data is acquired more drilling will be conducted on the new discovery targets developed by the company's 2021 work activities.

Gregory K. Liller, Executive Chairman and COO of Sierra Madre states, "Our Phase II drilling program at Tepic has been designed using the data we have acquired during our extensive surface mapping, sampling and trenching programs; together with the valuable insights we gained from our Phase I drilling program. I am very pleased with the progress we have achieved since listing of the company in April of 2021."

Alexander Langer, President & CEO of Sierra Madre stated, "We are delighted to have been able to increase budgets to further delineate potential resources in anticipation of an updated NI 43-101 resource report, at completion of the Phase II drilling program."

About Sierra Madre

Sierra Madre Gold and Silver Ltd. is a mineral exploration company, currently focused on the acquisition, exploration and development of the Tepic and La Tigra Properties in Nayarit, Mexico. The Company has an experienced management team with a proven track record of wealth creation in Mexico through project discovery, advancement, and monetization. Sierra Madre's key objective is to advance exploration on the Tepic and La Tigra Properties to determine whether they contain commercially exploitable deposits of precious or base metals.

On behalf of the board of directors of Sierra Madre Gold and Silver Ltd.,

"Alexander Langer"

Alexander Langer
President, Chief Executive Officer and Director

Contact:
investor@sierramadregoldandsilver.com

Sierra Madre Gold and Silver Best Practice

Sierra Madre is committed to best practice standards for all exploration and sampling activities. The Company's exploration programs have been conducted following CIM Exploration Best Practice Guidelines which are incorporated by reference in NI 43-101. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Bureau Veritas Lab located in Durango, Mexico for 30 gram gold fire assay and multi-element analyses by acid digestion.

Qualified Person

Mr. Gregory Smith, P. Geo, Director of Sierra Madre, is a Qualified Person as defined by NI 43-101, and has reviewed and approved the technical data and information contained in this news release. Mr. Smith has verified the technical and scientific data disclosed herein.

Cautionary Note

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 news release.

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, statements with respect plans for the La Tigra property, including the prospect of preparing a technical report containing a mineral resource estimate. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk that the La Tigra Property may not yield the results expected and the general risk factors related to exploration and development as are set out under the heading "Risk Factors" in the Company's final long form non-offering prospectus dated March 31, 2021 available for review on the Company's profile at www.sedar.com. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

SOURCE: Sierra Madre Gold and Silver