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Sierra Metals drilling at its Yauricocha Mine, Peru, demonstrates 150 meter depth extension to orebodies with high grades of gold, silver, copper, lead and zinc over wide widths

January 9, 2013

TORONTO, Jan. 9, 2013 /PRNewswire/ – Sierra Metals Inc. (TSXV: SMT) (BVL: SMT) (“Sierra Metals” or the “Company”) is pleased
to announce that continued drilling at its Yauricocha mine in Peru has
expanded to depth known mineralization in the Central Mine Area.  The
positive results of the drilling programme will be documented in a
forth-coming NI 43-101 resource update, scheduled for early 2013.

     _____________________________________________________________________
    |Press Release Highlights:                                            |
    |                                                                     |
    |    --  The Company has completed its second round of drilling to    |
    |        expand resources and reserves in the Central Mine Area by    |
    |        completing 12,263.2 meters of diamond drilling in 65 holes.  |
    |    --  Drilling has extended known mineralization an additional 150 |
    |        meters to depth in the Rosaura and Antacaca Sur orebodies.   |
    |    --  Drilling has increased the certainty of mineralization in the|
    |        Antacaca, Antacaca Sur, Catas and Rosaura orebodies.         |
    |    --  Wide widths of high grade mineralization have been           |
    |        intercepted in all three of the major ore deposit types and  |
    |        high grades of gold continue to be found in the pyritic ore  |
    |        type; for example:                                           |
    |  o Polymetallic Ore: 5.0 meters (true width) averaging 238 g/t      |
    |    silver, 2.62% lead, 1.08% copper, 17.90% zinc and 1.64 g/t gold  |
    |    in hole ANT-11-12-15                                             |
    |  o Copper Ore: 25.7 meters (true width) averaging 21.6 g/t silver,  |
    |    3.20% copper and 0.93 g/t gold in hole CAT-14-12-25.             |
    |  o Oxide Ore: 5.3 meters (true width) averaging 58 g/t silver, 3.56%|
    |    lead and 8.83% zinc in hole CAT-14-12-22.                        |
    |  o Pyritic Ore: 2.4 meters (true width) averaging 3.67 g/t gold,    |
    |    34.3 g/t silver, 3.99% zinc and 0.63% copper in hole             |
    |    CAT-14-12-22.                                                    |
    |                                                                     |
    |_____________________________________________________________________|

“These results are important because these holes are the deepest in the
mine’s history and demonstrate that the orebodies of the Central Mine
Area have good depth potential,”
said Daniel Tellechea, the Company’s President and CEO. “The high grade intercepts over wide widths reported in this press
release indicate that the mineralizing processes in this area were
strong even in the deepest levels of the mine and we expect that these
orebodies will continue to significant depths.  Our drilling success
with high grade intercepts at Catas and Antacaca Sur will help us
upgrade resources from Inferred to Measured and Indicated Resources and
increases our certainty that the Antacaca Sur and Rosaura orebodies
have significant depth extensions.  Moreover, we have just begun to
evaluate the exploration potential outside the immediate mine area and
we will continue our aggressive program to add to the mine’s
resources.”

The Company’s press release of September 6, 2012 described the result of
the first round of resource-expansion drilling, which more than tripled
Proven and Probable Reserves to 4.2 million tonnes and quantified 1.8
million tonnes of Inferred Resources.

The second round of drilling, which is the focus of this press release,
had the objective to increase further the total resource tonnage of
these orebodies, increase the tonnes in Measured & Indicated Resources,
and demonstrate the longer mine life expected by the Company.  In order
to accomplish this goal, during this second round the Company has
drilled 12,263.2 meters of diamond core in 65 holes.  The coding for
the drill hole numbers is as follows: for drill hole ANT-11-12-08 the
sequence is: Orebody Drilled – Level from which hole was drilled – year
hole was drilled – number of hole drilled from that level.

The attached long section shows the piercing points of the drill holes reported herein and
significant assay results from recent drill holes are shown in the
tables below.  Results from earlier holes in the second round have been
reported previously (see press release of October 12, 2012).  A
complete list of drill holes and assay results for this second round of
drilling can be found here.

Examination of the attached long section shows that potentially-economic
intercepts have been made under the known mineralization of the
Cuye-Catas zone and the Antacaca-Rosaura-Antacaca Sur zone.

Antacaca Orebody Drill Results Level 920 to Level 970

     _______________________________________________________________________
    |    |           | Core |Est. |     |    |    |     |    |              |
    |Hole|   To-From |Length|True | g/t |% Pb|% Cu|% Zn | Au |Mineralization|
    | #* |     (m)   | (m)  |Width| Ag  |    |    |     |g/t |     Type     |
    |    |           |      | (m) |     |    |    |     |    |              |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    | 01 |132.0-137.2|  5.2 | 4.7 |32.6 |0.04|4.02|0.08 |2.04|      Copper  |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    | 02 |113.6-117.5|  3.9 | 3.3 |69.4 |0.52|0.71|11.90|0.44| Polymetallic |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    |and |124.0-127.4|  3.4 | 2.8 |104.2|0.31|0.91|1.97 |0.60|     Pyritic  |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    | 03 |123.0-129.1|  6.1 | 5.3 |66.6 |0.02|3.43|0.03 |2.50|      Copper  |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    | 04 |127.0-129.3|  2.3 | 1.9 |23.0 |0.03|1.40|0.10 |0.78|      Copper  |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    | 05 |127.0-129.0|  2.0 | 1.4 |45.0 |0.09|0.60|0.13 |1.17|     Pyritic  |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    |and |129.0-131.5|  2.5 | 1.9 |69.3 |0.07|1.61|0.05 |1.66|      Copper  |
    |____|___________|______|_____|_____|____|____|_____|____|______________|

* All holes have the prefix ANT-14-12-

Antacaca Sur Orebody Drill Results Level 770

     _______________________________________________________________________
    |    |           | Core |Est. |     |    |    |     |    |              |
    |Hole|   To-From |Length|True | g/t |% Pb|% Cu|% Zn | Au |Mineralization|
    | #* |     (m)   | (m)  |Width| Ag  |    |    |     |g/t |     Type     |
    |    |           |      | (m) |     |    |    |     |    |              |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    | 12 | 97.2-99.5 |  2.3 | 1.9 |50.4 |5.57|0.18|12.17|1.45| Polymetallic |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    |and |106.7-111.0|  4.3 | 3.8 |387.8|3.11|0.96|11.44|1.50| Polymetallic |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    | 13 |110.8-128.4| 17.6 |13.4 |55.8 |3.11|0.20|11.45|0.72| Polymetallic |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    | 14 |111.6-121.0|  9.4 | 7.9 |86.4 |2.35|0.34|8.97 |1.41| Polymetallic |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    | 15 |112.6-119.0|  6.4 | 5.0 |238.1|2.62|1.08|17.90|1.64| Polymetallic |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    | 16 |122.9-132.0|  9.1 | 7.1 |109.8|2.11|0.40|13.44|1.34| Polymetallic |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    |and |132.0-137.9|  5.9 | 3.9 |53.8 |0.19|0.54|0.28 |1.09|     Pyritic  |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    | 17 |117.8-130.0| 12.2 | 9.4 |158.9|5.15|1.29|10.31|1.47| Polymetallic |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    | 18 |138.4-144.0|  5.6 | 4.8 |244.1|7.45|0.95|14.21|2.37| Polymetallic |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    | 19 |144.7-150.0|  5.3 | 4.7 |77.4 |0.62|0.27|4.94 |1.64| Polymetallic |
    |____|___________|______|_____|_____|____|____|_____|____|______________|

* All holes have the prefix ANT-11-12-

Catas Orebody Drill Results Level 920 to Level 1220

     ___________________________________________________________________________
    |    |            | Core |Est. |       |     |    |     |    |              |
    |Hole|   To-From  |Length|True |g/t Ag |% Pb |% Cu|% Zn | Au |Mineralization|
    | #* |     (m)    | (m)  |Width|       |     |    |     |g/t |     Type     |
    |    |            |      | (m) |       |     |    |     |    |              |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    | 21 |  74.5-76.3 |  1.8 | 1.5 |1,003.5|35.84|0.19|21.35|0.26|      Oxide   |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    |and |232.0-235.0 |  3.0 | 2.7 |  77.5 |0.18 |1.68|1.06 |2.37|     Pyritic  |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    |and |235.0-249.2 | 14.2 |13.9 |  30.3 |0.09 |0.40|0.47 |2.10|     Pyritic  |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    | 22 |  89.1-95.0 |  5.9 | 5.3 |  58.0 |3.56 |0.39|8.83 |0.10|      Oxide   |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    |and |194.7-201.0 |  6.3 | 5.7 |   9.1 |0.02 |0.01|7.96 |0.02| Polymetallic |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    |and |226.1-234.0 |  7.9 | 7.3 |  56.2 |2.97 |0.12|7.82 |0.52| Polymetallic |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    |and |262.0-265.0 |  3.0 | 2.4 |  34.3 |0.07 |0.62|3.99 |3.67|     Pyritic  |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    | 23 |  57.9-60.1 |  2.2 | 1.8 | 538.3 |22.27|0.15|2.05 |1.69|      Oxide   |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    |and |220.6-222.4 |  1.8 | 1.4 | 116.5 |2.12 |0.57|6.73 |0.36| Polymetallic |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    |and |322.1-336.0 | 13.9 |13.5 |  30.0 |0.08 |0.22|8.33 |0.09| Polymetallic |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    | 24 |107.5-112.6 |  5.1 | 4.6 | 196.8 |10.09|0.52|34.43|0.21| Polymetallic |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    | 25 |132.0-139.4 |  7.4 | 6.0 | 183.9 |7.22 |0.11|11.4 |0.66| Polymetallic |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    |and |347.0-373.1 | 26.1 |25.7 |  21.6 |0.02 |3.20|0.03 |0.93|      Copper  |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    | 26 |233.1-242.0 |  8.9 | 8.2 |  54.6 |0.21 |0.75|4.25 |1.87| Polymetallic |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    | 27 |273.8-281.0 |  7.2 | 6.8 |  36.2 |0.05 |1.70|0.25 |0.78|      Copper  |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    | 28 |301.95-305.0| 3.05 | 2.6 |  68.8 |0.58 |0.34|25.13|0.17| Polymetallic |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    |and |313.0-315.0 |  2.0 | 1.6 |  61.9 |0.23 |0.23|8.74 |0.08| Polymetallic |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    |and |390.0-392.0 |  2.0 | 1.6 |  25.4 |0.02 |3.57|0.02 |0.54|      Copper  |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|
    | 29 |  78.5-80.5 |  2.0 | 1.4 |  13.3 |0.15 |0.05|17.85|0.04|      Oxide   |
    |____|____________|______|_____|_______|_____|____|_____|____|______________|

* All holes have the prefix CAT-14-12

Rosaura Orebody Drill Results Level 920 to Level 970

     _______________________________________________________________________
    |    |           | Core |Est. |     |    |    |     |    |              |
    |Hole|   To-From |Length|True | g/t |% Pb|% Cu|% Zn | Au |Mineralization|
    | #* |     (m)   | (m)  |Width| Ag  |    |    |     |g/t |     Type     |
    |    |           |      | (m) |     |    |    |     |    |              |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    |01  |132.2-137.0|  4.8 | 4.1 |48.4 |1.82|0.05|3.46 |0.47| Polymetallic |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    |and |137.0-143.8|  6.8 | 6.1 |27.8 |0.05|0.29|0.14 |1.22|     Pyritic  |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    |02  |156.2-160.0|  3.8 | 3.2 |58.8 |0.57|0.29|2.91 |1.82| Polymetallic |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    |and |160.0-161.9|  1.9 | 1.3 |115.5|0.23|2.69|0.44 |0.51|      Copper  |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    |03  |164.0-173.0|  9.0 | 8.7 |60.5 |6.45|0.44|12.45|0.88| Polymetallic |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    |and |173.0-176.0|  3.0 | 2.7 |25.8 |0.75|0.03|1.45 |0.12|     Pyritic  |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    |and |176.0-183.0|  7.0 | 6.7 |56.0 |1.49|0.52|6.73 |0.97| Polymetallic |
    |____|___________|______|_____|_____|____|____|_____|____|______________|
    |04  |218.0-220.0|  2.0 | 1.5 |36.8 |0.06|1.69|0.52 |1.15|     Pyritic  |
    |____|___________|______|_____|_____|____|____|_____|____|______________|

* All holes have the prefix ROS-14-12-

Exploration Programme

Drilling continues in the Central Mine Area from Level 920 with the
objective of exploring the orebodies Antacaca, Antacaca Sur and Rosaura
to the 1220 level, a vertical distance of 300 meters below the existing
workings.  These results will be used to determine the continuity of
these bodies to depth and to estimate additional mineral resources that
will be converted to mine reserves according to NI 43-101 standards.

In the Cachi Cachi mine area, a drilling program will be conducted to
explore the Privatizadora, Manuelita, Elissa and other bodies with the
objective of augmenting the mineral resources in this area of the
property.

——————————

Quality Control
The technical content of this news release has been approved by Thomas
L. Robyn, Ph.D., CPG, RPG, and a Qualified Person as defined in NI
43-101.

About Sierra Metals
Sierra Metals Inc. is a Canadian mining company focused on precious and
base metals from its Yauricocha mine in Peru and its Bolivar mine in
Mexico. The Company is also advancing its Cusi silver project in Mexico
from advanced development into commercial production. In addition,
Sierra Metals is exploring several precious and base metal targets in
Peru and Mexico. Projects in Peru include Adrico (gold), Victoria
(copper-silver) and Ipillo (polymetallic) at the Yauricocha Property in
the province of Yauyos. Projects in Mexico include Bacerac (silver) in
the state of Sonora, La Verde (gold) at the Batopilas Property in the
state of Chihuahua, and Las Coloradas (silver) at the Melchor Ocampo Property in the state of Zacatecas.

For further information on Sierra Metals, please visit www.sierrametals.com or contact:

This press release does not constitute an offer to sell or solicitation
of an offer to buy the securities in the United States or any other
jurisdiction. The Common Shares will not be and have not been
registered under the United States Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent registration
or an applicable exemption from the registration requirements.

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

Forward-Looking Statements

Except for statements of historical fact contained herein, the
information in this press release may constitute “forward-looking
information” within the meaning of Canadian securities law. Other than
statements of historical fact, all statements are “forward-looking
statements”, which involve various known and unknown risk and
uncertainties and other factors, including market conditions that may
affect the Company’s ability to execute its current business plan. 
Actual results might differ materially from results suggested in any
forward-looking statements. The Company assumes no obligation to update
the forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward-looking
statements unless and until required by securities laws applicable to
the Company. Additional information identifying risks and uncertainties
is contained in filings by the Company with the Canadian securities
regulators, which filings are available at www.sedar.com.

 

 

 

 

SOURCE Sierra Metals Inc.

PDF available at: http://stream1.newswire.ca/media/2013/01/09/20130109_C4710_DOC_EN_22360.pdf

PDF available at: http://stream1.newswire.ca/media/2013/01/09/20130109_C4710_DOC_EN_22361.pdf


Source: PR Newswire