Sierra Madre Announces Commencement of Drilling at Tepic

VANCOUVER, May 11, 2021 - Sierra Madre Gold and Silver Ltd. ("Sierra Madre" or the "Company") (TSXV:SM) is pleased to announce drilling has begun at its 2,600 hectare Tepic Silver Gold project located in the State of Nayarit, Mexico. The drilling contractor is Tornado Drilling S.A. de C.V with main offices in Hermosillo, Sonora. The Phase 1 drilling program is scheduled for 21 holes. The Company is currently permitted for a total of 67 drill holes.

Reverse circulation drilling methods are being employed as the previous operator experienced poor core recovery, especially within the mineralized zones of interest. Samples will be collected at 5-foot intervals for the entire hole. The contractor will use face sampling air hammers throughout the drill hole. The air pressure caused by the reverse circulation hammer bit face and center passage tube, create a vacuuming effect, forcing sample cuttings into the center passage of the dual walled pipe. This method of drilling can achieve near 100 % sample recovery with very little risk of contamination.

The targets for this drilling are mineralized structures located in the Central Area of the Tepic project. See the Sierra Madre press release dated May 4, 2021 for the location of the various project areas at Tepic:

(https://sierramadregoldandsilver.com/system/uploads/SM-PressRelease-20210504.pdf).

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, Vice President of Exploration 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 and has conducted appropriate verification on the underlying data including confirmation of the assay data files against the original sample descriptions and assay certificates.

About the Company
Sierra Madre Gold and Silver Ltd. is a mineral exploration company, currently focused on the acquisition, exploration and development of the Tepic Property 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 Property to determine whether it contains 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

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 to future events or future performance of the Company, results of or benefits arising from the listing of the Common Shares on the Frankfurt Stock Exchange, the services to be provided pursuant to the Agreements, receipt of all required regulatory approvals including TSXV approval of the Agreements and the Company's plans with respect to the exploration and development of the Tepic Property. 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 Agreements bay not be approved by the TSXV and the factors 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