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Sierra Metals posts 83% increase in reserves at Bolivar mine

An updated reserve and resource estimate for Sierra Metals Inc.'s polymetallic Bolivar mine in Mexico showed an 83% increase in reserves, according to a May 22 release.

The mine hosts probable reserves of 7.9 million tonnes averaging 18.9 g/t of silver, 0.25 g/t of gold and 0.86% copper for 4.8 million ounces of silver, 63,000 ounces of gold and 67,925 tonnes of copper.

Indicated resources at Bolivar rose 42% at 13.3 million tonnes at 22.5 g/t of silver, 0.29 g/t of gold and 1.04% copper for 9.6 million ounces of silver, 124,000 ounces of gold and 137,537 tonnes of copper. Inferred resources, meanwhile, fell 11% to 8.0 million tonnes at 22.4 g/t of silver, 0.42 g/t of gold and 0.96% copper for 5.8 million ounces of silver, 109,000 ounces of gold and 76,774 tonnes of copper. Resources were reported inclusive of reserves.

Sierra Metals said the estimate is based on drilling programs completed between October 2016 and October 2017, totaling 28,972 meters, as well as production data of October 2017.

The updated estimate improves Bolivar's mine life to over seven years at the current throughput levels when compared to the previous resource model announced in April 2017, Sierra Metals President and CEO Igor Gonzales said.

The company continues to drill several targets at Bolivar to further expand resources and reserves at the mine.