Sierra Madre Drilling Intersects 6.35 Metres Grading 424 g/t AgEq & 6.05 Metres Grading 470 g/t AgEq in Drill Hole 14 at Tepic Project, Nayarit, Mexico

VANCOUVER, May 5, 2022 - Sierra Madre Gold and Silver Ltd. (TSXV:SM)(OTCQB:SMDRF) ("Sierra Madre" or the "Company") is pleased to announce the results of the last four drill holes from the first round of exploration drilling at its Tepic Silver/Gold Project in the State of Nayarit, Mexico.

Highlights include 3.85 meters grading 656 g/t AgEq and 2.30 meters grading 1,070 g/t AgEq, both in hole TDH014.

The results for holes TDH013 to TDH016 are tabulated below:

1. Length-weighted averages from uncut assays
2. Intervals reported are hole lengths with true width estimated to be 90% or greater
3. *Gold silver ratio used to calculate AgEq is 75 g/t Ag to 1 g/t Au
4. 75 g/t AgEq external cut off

Gregory K. Liller, Executive Chairman and Chief Operating Officer commented, "I continue to be very pleased with the results of the first exploration holes we have completed at Tepic. These holes were designed to test areas adjacent to and outside of the areas that were volumetrically included in historic resource estimations. Two things stand out to me; 1) all holes drilled thus far had +75 g/t silver intersections and 2) the weighted average grade of these intersections is 301 g/t AgEq. This average grade is better than previous drilling in the same structures and may reflect improved core recovery. All this bodes well for the project's expansion potential and I am excited to start the next go around of drilling at Tepic."

As planned, both drill rigs have now been moved to the company's La Tigra gold silver project, also located in Nayarit, where the maiden drilling program is underway. The data from the Tepic drill holes is being incorporated into the project's 3-D database and model to plan the continuation of the Phase 2 drilling at Tepic. Drill pads have already been constructed on the Taunas targets to drill the first test holes within the newly discovered area on the eastern portion of the project.

The following tabulates the drilling completed thus far in the Phase 2 drilling program at Tepic:

1. Length-weighted averages from uncut assays
2. Intervals reported are hole lengths with true width estimated to be 90% or greater
3. *Gold silver ratio used to calculate AgEq is 75 g/t Ag to 1 g/t Au
4. 75 g/t AgEq external cut off

The weighted average grade of the above intercepts, excluding the "Includes" intervals, is 215.0 g/t Ag, 1.14 g/t Au and 301 g/t AgEq. The average width is 3.66 meters. Excluding intercepts less than 1.8 meters the weighted average is 222.3 g/t Ag, 1.14 g/t Au and 307 g/t AgEq. The average width increases to 4.80 meters.

The Phase 2 drill program has been designed to test extensions of the previously defined breccia/vein structures, test newly defined targets and infill the existing drill pattern in order to facilitate the estimation of an updated NI43-101 compliant resource. The Tepic project is a +2,600-hectare project where the previous operator completed 149 core holes totaling more than 31,000 meters.

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 or ALS Chemex in Guadalajara, Mexico for 30 gram gold fire assay, Aqua Regia digestion for silver and multi-element analyses by four 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