SIERRA MADRE ANNOUNCES RECEIPT OF DRILLING PERMIT AND FORMAL SURFACE AGREEMENTS WITH LOCAL EJIDO AT THE LA TIGRA PROJECT, NAYARIT, MEXICO

Vancouver, British Columbia – February 24, 2022 – Sierra Madre Gold and Silver Ltd. (TSXV:SM, OTCQB: SMDRF) (“Sierra Madre” or the “Company”) “) is pleased to announce that it has received a permit from SEMARNAT, the Mexican federal environmental permitting agency, authorizing the use of 30 drill pads within the La Tigra Project. Multiple exploration holes can be drilled and offset from each permitted pad. In addition, the Company has entered into formal surface rights exploration agreements with Ejidal Santa Maria Picachos; the surface owners at La Tigra, that allows for the commencement of the drilling program.

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