# Sierra Madre Gold and Silver Announces Guitarra Processing Plant Achieves Throughputs of up to 720 Tonnes per Day as Development at Nazareno and Guitarra Mines Accelerates Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/sierra-madre-gold-and-silver-announces-guitarra-processing-plant-achieves-throug--84e6517a-47c6-434c-a726-d633e9892c4f Original source: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/3079-tsx-venture/sm/211913-sierra-madre-announces-guitarra-processing-plant-achieves-throughputs-of-up-to-720-tonnes-per-day-as-development-at-nazareno-and-guitarra-mines-accelerates.html Publisher: jmn Original announcement: 2026-09-28T04:22:22.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T18:27:43.572Z Atlas analysis updated: 2026-09-29T18:27:43.572Z - Company: Sierra Madre Gold and Silver Ltd. - Ticker: SM - Exchange: TSXV - Region: Estado de Mexico, Mexico - Primary commodity: Silver - Secondary commodities: Gold - Document categories: Resource update, Production - Extracted: 2026-09-29 18:27:44 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Sierra Madre Gold and Silver has increased daily throughput at the Guitarra processing plant to 720 tonnes per day, a 40% increase over previous capacity. The company is advancing Phase 2 expansions and accelerating underground development at the Nazareno and Guitarra mines. Reasoning: The company is successfully scaling throughput at the Guitarra plant and accelerating mine development, though the resource figures provided are historical restatements from 2023. - Positive factor: throughput increase of 40% to 720 tpd - Positive factor: accelerated underground development - Positive factor: new ball mill installation completed - Positive factor: Phase 2 expansion targets 1200-1500 tpd ahead of schedule - Negative factor: resource data is from a 2023 estimate \(stale data context\) - Negative factor: production decisions not based on NI 43-101 compliant reserves Facts used in scoring: 9 ## Classification and evidence **Infill Drilling** Polarity: neutral Story-specific tag Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The company is advancing development and expansion at existing mines to provide feed to the expanded plant. Evidence · text > Development has been accelerated at all three of the mines within La Guitarra - Guitarra, Nazareno and Coloso - to provide feed to the expanded plant. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides updated operational context alongside restatements of the 2023 Mineral Resource Estimate. Evidence · text > Based on the 2023 Mineral Resource Estimate, the Nazareno Measured resource stood at 309,877 tonnes ## Extracted facts Stored fact records: 8. Some facts used in scoring do not have a stored record. ## Resource Estimates (8) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/sierra-madre-gold-and-silver-announces-guitarra-processing-plant-achieves-throug--84e6517a-47c6-434c-a726-d633e9892c4f#fact-resource-facts-1) Nazareno · silver Historical result Needs review: historical\_restatement #### Identity - Project: Nazareno - Commodity: silver - Region: mexico - Reported Region: Estado de Mexico, Mexico - Ticker: SM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: David Thomas, Cristian Garcia - Resource group id: resource:e4983d2bceae91f53fce - Deposit or zone: Nazareno - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 309877 - Grade: 215 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2023-10-24 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-10-24T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Restatement of 2023 resource data. - Negative factor: historical restatement Evidence · text > Nazareno Measured resource stood at 309,877 tonnes grading 215 g/t silver and 0.55 g/t gold #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.9 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/sierra-madre-gold-and-silver-announces-guitarra-processing-plant-achieves-throug--84e6517a-47c6-434c-a726-d633e9892c4f#fact-resource-facts-2) Nazareno · gold Historical result Needs review: historical\_restatement #### Identity - Project: Nazareno - Commodity: gold - Region: mexico - Reported Region: Estado de Mexico, Mexico - Ticker: SM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: David Thomas, Cristian Garcia - Resource group id: resource:e4983d2bceae91f53fce - Deposit or zone: Nazareno - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 309877 - Grade: 0.55 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2023-10-24 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-10-24T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Restatement of 2023 resource data. - Negative factor: historical restatement Evidence · text > Nazareno Measured resource stood at 309,877 tonnes grading 215 g/t silver and 0.55 g/t gold #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/sierra-madre-gold-and-silver-announces-guitarra-processing-plant-achieves-throug--84e6517a-47c6-434c-a726-d633e9892c4f#fact-resource-facts-3) Nazareno · silver Historical result Needs review: historical\_restatement #### Identity - Project: Nazareno - Commodity: silver - Region: mexico - Reported Region: Estado de Mexico, Mexico - Ticker: SM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: David Thomas, Cristian Garcia - Resource group id: resource:00bfa48235f747fa4c97 - Deposit or zone: Nazareno - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 753784 - Grade: 229.2 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2023-10-24 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-10-24T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Restatement of 2023 resource data. - Negative factor: historical restatement - Negative factor: inferred category Evidence · text > Inferred resources are at 753,784 tonnes grading 229.2 g/t silver, 0.29 g/t gold #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/sierra-madre-gold-and-silver-announces-guitarra-processing-plant-achieves-throug--84e6517a-47c6-434c-a726-d633e9892c4f#fact-resource-facts-4) Nazareno · gold Historical result Needs review: historical\_restatement #### Identity - Project: Nazareno - Commodity: gold - Region: mexico - Reported Region: Estado de Mexico, Mexico - Ticker: SM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: David Thomas, Cristian Garcia - Resource group id: resource:00bfa48235f747fa4c97 - Deposit or zone: Nazareno - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 753784 - Grade: 0.29 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2023-10-24 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-10-24T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Restatement of 2023 resource data. - Negative factor: historical restatement - Negative factor: inferred category Evidence · text > Inferred resources are at 753,784 tonnes grading 229.2 g/t silver, 0.29 g/t gold #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.9 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/sierra-madre-gold-and-silver-announces-guitarra-processing-plant-achieves-throug--84e6517a-47c6-434c-a726-d633e9892c4f#fact-resource-facts-5) Santa Ana · silver Historical result Needs review: historical\_restatement #### Identity - Project: Santa Ana - Commodity: silver - Region: mexico - Reported Region: Estado de Mexico, Mexico - Ticker: SM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: David Thomas, Cristian Garcia - Resource group id: resource:6ae5b2b60a76ba95f405 - Deposit or zone: Santa Ana - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 761292 - Grade: 159 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2023-10-24 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-10-24T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Restatement of 2023 resource data. - Negative factor: historical restatement Evidence · text > Santa Ana deposit stands at 761,292 tonnes in the Measured category, grading 159 g/t silver and 0.19 g/t gold #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.9 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/sierra-madre-gold-and-silver-announces-guitarra-processing-plant-achieves-throug--84e6517a-47c6-434c-a726-d633e9892c4f#fact-resource-facts-6) Santa Ana · gold Historical result Needs review: historical\_restatement #### Identity - Project: Santa Ana - Commodity: gold - Region: mexico - Reported Region: Estado de Mexico, Mexico - Ticker: SM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: David Thomas, Cristian Garcia - Resource group id: resource:6ae5b2b60a76ba95f405 - Deposit or zone: Santa Ana - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 761292 - Grade: 0.19 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2023-10-24 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-10-24T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Restatement of 2023 resource data. - Negative factor: historical restatement Evidence · text > Santa Ana deposit stands at 761,292 tonnes in the Measured category, grading 159 g/t silver and 0.19 g/t gold #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/sierra-madre-gold-and-silver-announces-guitarra-processing-plant-achieves-throug--84e6517a-47c6-434c-a726-d633e9892c4f#fact-resource-facts-7) Santa Ana · silver Historical result Needs review: historical\_restatement #### Identity - Project: Santa Ana - Commodity: silver - Region: mexico - Reported Region: Estado de Mexico, Mexico - Ticker: SM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: David Thomas, Cristian Garcia - Resource group id: resource:382ec31eb75c0e567722 - Deposit or zone: Santa Ana - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 544892 - Grade: 178 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2023-10-24 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-10-24T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Restatement of 2023 resource data. - Negative factor: historical restatement - Negative factor: inferred category Evidence · text > Inferred resource is 544,892 tonnes grading 178 g/t silver, 0.13 g/t gold #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/sierra-madre-gold-and-silver-announces-guitarra-processing-plant-achieves-throug--84e6517a-47c6-434c-a726-d633e9892c4f#fact-resource-facts-8) Santa Ana · gold Historical result Needs review: historical\_restatement #### Identity - Project: Santa Ana - Commodity: gold - Region: mexico - Reported Region: Estado de Mexico, Mexico - Ticker: SM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: David Thomas, Cristian Garcia - Resource group id: resource:382ec31eb75c0e567722 - Deposit or zone: Santa Ana - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 544892 - Grade: 0.13 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2023-10-24 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-10-24T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Restatement of 2023 resource data. - Negative factor: historical restatement - Negative factor: inferred category Evidence · text > Inferred resource is 544,892 tonnes grading 178 g/t silver, 0.13 g/t gold #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.9 years before this release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.