Silver Tiger Intersects 50.7 Metres of 155.0 g/t Silver Equivalent in the Stockwork Zone Including 14.3 Metres of 334.3 g/t Silver Equivalent Within the High-Grade Keel Zone
HALIFAX, NS / ACCESSWIRE / July 30, 2024 / Silver Tiger Metals Inc. (TSXV:SLVR) and (OTCQX:SLVTF) ("Silver Tiger" or the "Company") is pleased to provide an update on the first 138 drill holes of the Company's Pre-Feasibility Study ("PFS") drilling program on its El Tigre Project in Sonora, Mexico. These new results are highlighting the expansion of stockwork mineralization in the Keel Zone, now projecting mineralization 100 metres below the PEA designed pit.
Drill hole ET-24-609 has intersected significant mineralization in the HW Stockwork Zone, and the Keel Zone in both El Tigre and Seitz Kelly veins. The hole intersected 50.7 metres grading 155.0 g/t silver equivalent or 2.07 g/t gold equivalent, consisting of 0.17 g/t gold and 142.1 g/t silver, from 178.4 to 229.1 metres in the Keel Zone of the Seitz Kelly vein. The interval also includes 14.3 metres grading 334.3 g/t silver equivalent or 4.46 g/t gold equivalent from 198.4 to 212.7 metres, consisting of 0.20 g/t gold and 319.5 g/t silver. This hole highlights the high-grade Keel Zone in the Seitz Kelly Vein, some 100 metres below the PEA pit (Figure 1).
The hole also intersected 40.0 metres grading 80.7 g/t silver equivalent or 1.08 g/t gold equivalent, consisting of 0.09 g/t gold and 74.1 g/t silver, from 124.4 to 164.4 metres in the Keel Zone of the El Tigre vein some 50 metres below the PEA pit. The interval also includes 17.3 metres grading 143.8 g/t silver equivalent or 1.92 g/t gold equivalent from 145.1 to 162.4 metres, consisting of 0.12 g/t gold and 134.7 g/t silver (Figure 1).
In the Hanging Wall gold stockwork zone, the hole cut two significant zones of gold and silver mineralization including 24.2 metres from 3.7 to 27.9 metres grading 58.1 silver equivalent or 0.77 g/t gold equivalent, consisting of 0.76 g/t gold and 0.8 g/t silver, and 53.8 metres from 51.4 to 105.2 metres grading 44.7 silver equivalent or 0.60 g/t gold equivalent, consisting of 0.56 g/t gold and 2.8 g/t silver (Figure 1).
Silver Tiger's CEO, Glenn Jessome, stated, "As we progress to a PFS release in September 2024 we continue to receive promising assay results, especially in the newly defined Keel Zone and high-grade El Tigre and Seitz Kelly veins" Mr. Jessome further stated, "These results further de-risk the project, as we increase the confidence and size of the new MRE as we are now discovering stockwork mineralization 100 meters below the PEA designed pit."
On May 20th, Silver Tiger has completed PFS Drilling, totalling 24,550 metres focused on expanding the Mineral Resource, upgrading the classification, completing metallurgical test work and geotechnical studies as it progresses from an exploration to a development project. The value-added PFS progress is on schedule for publication in H2-2024.
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Figure 1 : Stockwork Zone Cross Section 4200 N
Highlighted Intersections
New intersections through the Stockwork gold deposit, comprised of the Footwall, Hanging Wall and high-grade Keel Zones, are highlighted below, shown on Figure 2 and listed in Table 1.
Drill hole ET-24-600: 46.5 metres grading 0.83 g/t gold equivalent or 62.1 g/t silver equivalent from 19.5 to 66.0 metres, consisting of 0.37 g/t gold and 34.3 g/t silver INCLUDING 13.3 metres grading 1.90 g/t gold equivalent or 142.5 g/t silver equivalent from 19.5 to 32.8 metres consisting of 0.49 g/t gold and 105.6 g/t silver. The hole has expanded Hanging Wall Zone mineralization to the west 25 metres and confirms high-grade mineralization 500 metres to the north of the ‘Starter Pit.'
Drill hole ET-24-602: 92.5 metres grading 0.66 g/t gold equivalent or 49.2 g/t silver equivalent from 49.5 to 142.0 metres, consisting of 0.45 g/t gold and 15.5 g/t silver INCLUDING 10.6 metres grading1.72 g/t gold equivalent or 129.4 g/t silver equivalent from 130.4 to 141.0 metres consisting of 0.57 g/t gold and 86.6 g/t silver. The hole has expanded Hanging Wall Zone mineralization to the west 15 metres and confirms high-grade mineralization 200 metres to the south of the ‘Starter Pit.'
Drill hole ET-24-607: 120.5 metres grading 0.69 g/t gold equivalent or 51.9 g/t silver equivalent from 7.9 to 128.4 metres, consisting of 0.58 g/t gold and 8.1 g/t silver INCLUDING 7.6 metres grading1.67 g/t gold equivalent or 125.1 g/t silver equivalent from 87.8 to 95.4 metres consisting of 1.46 g/t gold and 15.4 g/t silver. This hole confirms near-surface, high-grade mineralization 100m south of the PEA ‘Starter Pit.'
Drill hole ET-24-609: 24.2 metres grading 0.77 g/t gold equivalent or 58.1 g/t silver equivalent from 3.7 to 27.9 metres, consisting of 0.76 g/t gold and 0.8 g/t silver. A second interval of 53.8 metres grading 0.60 g/t gold equivalent or 44.7 g/t silver equivalent from 51.4 to 105.2 metres, consisting of 0.56 g/t gold and 2.8 g/t silver. Both these intersections are in the HW Stockwork Zone of the Starter Pit.
Figure 2: Stockwork Zone - Plan View
Highlights from the on-going Pre-Feasibility Study Drilling Program include the following:
Expanding known mineralization by 10 to 15%, to the footwall and hanging wall zones, as well as the higher-grade ‘Keel' at PEA pit bottom associated with the El Tigre and SK Veins;
Converting first two to three years of mineralized material in the potential ‘Starter Stockwork Zone' from Indicated Mineral Resource to Measured;
Converting a significant portion of the 2 km strike length ‘ultimate' PEA pit-constrained Inferred Mineral Resource to Indicated;
Completion of enhanced PFS Metallurgical Drilling, with samples underway comminution and leach testing; and
Completion of enhanced PFS Geotechnical Drilling, with samples undergoing testing.
Mineral Resource Drilling
P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario completed the initial MRE in 2017. On Oct 27, 2023, P&E released an updated El Tigre Project NI 43-101 and NI 43-01 F1 compliant MRE technical report titled "Technical Report and Updated Mineral Resource Estimate of the El Tigre Silver-Gold Project, Sonora, Mexico" authored by William Stone, Ph.D., P.Geo.,Yungang Wu, P.Geo., Fred H. Brown, P.Geo., Jarita Barry, P.Geo., David Burga, P.Geo., D. Grant Feasby, P.Eng., Eugene Puritch, P.Eng., FEC, CET and David Salari, P.Eng. The MRE has a pit-constrained Indicated Mineral Resource totaling 43.0 million tonnes containing 818 thousand ounces AuEq grading 0.59 g/t AuEq; and a pit-constrained Inferred Mineral Resource of 11.5 million tonnes containing 267 thousand ounces AuEq grading 0.72 g/t AuEq (see update MRE press release dated September 12th 2023).
PEA-level bench optimization of the pit-constrained Mineral Resource highlighted the higher-grade (~0.80 gpt AuEq), low strip ratio (~0.3) potential Starter Stockwork Zone (see PEA press release dated November 1st, 2023). Recommendations of the PEA-level study included increasing Mineral Resource confidence in potential ‘Starter Stockwork Zone' and additional exploratory drilling to target the 1) Footwall, 2) Hanging Wall and 3) ‘Keel' areas of the Stockwork Zone. P&E were again retained to lead the current El Tigre PFS-level study. Complete and final assay results are listed in Table 1.
Below, highlighted intersections are enumerated with reference to the three (3) zones targeted (Figure 2):
Drill hole ET-24-600: This hole has expanded Hanging Wall Zone mineralization to the west 25 metres and confirms high-grade mineralization 500 metres to the north of the ‘Starter Pit.';
Drill hole ET-24-602: This hole has expanded Hanging Wall Zone mineralization to the west 15 metres and confirms high-grade mineralization 100 metres to the south of the ‘Starter Pit.';
Drill hole ET-24-607: This hole confirms near-surface, high-grade mineralization 100m south of the PEA ‘Starter Pit.'; and
Drill hole ET-24-609: This hole highlights the high-grade Keel Zone on the Seitz Kelly Vein some 100m beneath the floor of the PEA Starter Pit.
Table 1-Mineral Resource Drill Hole Results
AuEq Total (2)
AgEq Total (2)
Hole ID
Comment
From
To
Length(1)
Gold
Silver
m
m
m
g/t
g/t
g/t
g/t
ET-24-600
STOCKWORK ZONE
19.5
66.0
46.5
0.37
34.3
0.83
62.1
including
19.5
32.8
13.3
0.49
105.6
1.90
142.5
and
107.0
111.0
4.0
0.21
207.0
2.97
222.6
and
118.0
123.0
5.0
0.05
71.8
1.01
75.7
ET-24-601
STOCKWORK ZONE3
44.5
64.5
20.0
0.79
105.6
2.20
164.9
including3
48.2
59.5
11.3
1.30
193.6
3.88
290.9
STOCKWORK ZONE
87.9
103.0
15.1
0.42
2.8
0.45
34.0
ET-24-602
STOCKWORK ZONE
49.5
142.0
92.5
0.45
15.5
0.66
49.2
including
78.0
103.0
25.0
0.88
15.9
1.09
82.1
including
130.4
141.0
10.6
0.57
86.6
1.72
129.4
ET-24-603
STOCKWORK ZONE
41.2
67.2
26.0
0.33
1.0
0.34
25.6
and
133.1
134.8
1.7
1.76
3.1
1.80
135.1
and
161.7
162.7
1.0
2.93
5.0
2.99
224.4
and
175.2
184.9
9.7
0.85
5.8
0.93
69.6
ET-24-604
STOCKWORK ZONE
10.8
17.1
6.3
0.03
19.8
0.30
22.3
STOCKWORK ZONE
31.0
65.5
34.5
0.14
18.5
0.38
28.9
including
31.0
37.0
6.0
0.09
68.4
1.00
74.9
STOCKWORK ZONE
116.0
136.3
20.3
0.23
6.3
0.31
23.2
ET-24-605
STOCKWORK ZONE
24.7
32.2
7.5
0.93
0.5
0.94
70.4
STOCKWORK ZONE
84.2
103.0
18.8
0.16
23.9
0.48
35.8
STOCKWORK ZONE
120.7
126.7
6.0
0.94
1.0
0.96
71.8
STOCKWORK ZONE4
203.2
223.2
20.0
0.31
4.0
0.36
27.1
including
204.0
214.6
10.6
0.42
5.8
0.50
37.3
ET-24-606
STOCKWORK ZONE
57.1
59.6
2.5
0.98
0.5
0.99
73.9
STOCKWORK ZONE
110.2
114.0
3.8
0.34
0.8
0.35
26.2
STOCKWORK ZONE
159.9
180.8
20.9
0.35
25.6
0.69
51.4
Mining VOID
180.8
185.2
4.4
*
*
*
*
ET-24-607
STOCKWORK ZONE5
7.9
128.4
120.5
0.58
8.1
0.69
51.9
and
87.8
95.4
7.6
1.46
15.4
1.67
125.1
ET-24-609
STOCKWORK ZONE
3.7
27.9
24.2
0.76
0.8
0.77
58.1
STOCKWORK ZONE
51.4
105.2
53.8
0.56
2.8
0.60
44.7
El Tigre Vein Keel
124.4
164.4
40.0
0.09
74.1
1.08
80.7
including
145.1
162.4
17.3
0.12
134.7
1.92
143.8
Seitz Kelly Vein Keel
178.4
229.1
50.7
0.17
142.1
2.07
155.0
including
198.4
212.7
14.3
0.20
319.5
4.46
334.3
Notes:
Not true width.
Silver Equivalent ("AgEq") ratios are based on a silver to gold price ratio of 75:1 (Au:Ag).
Excludes 1.10m of Mining void
Excludes 1.40m of Mining void
Excludes 2.50m of Mining void
Drill holes ET-24-608, 610, 611 and 612 have no significant assays to report as the holes were exploration-oriented and located on periphery of mineralization.
Table 2-Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
ET-24-600
671,010.6
3,384,850.0
1892.0
90
-65
137.0
ET-24-601
671,230.6
3,383,690.2
2000.2
90
-45
103.0
ET-24-602
671,165.9
3,383,689.4
1988.5
90
-45
181.5
ET-24-603
671,236.8
3,383,262.3
1931.7
90
-45
206.2
ET-24-604
670,960.7
3,385,047.8
1856.6
90
-45
183.0
ET-24-605
671,024.8
3,384,643.8
2076.8
90
-50
245.2
ET-24-606
671,023.6
3,384,643.8
2076.8
90
-75
222.0
ET-24-607
671,191.8
3,383,747.1
1956.2
90
-45
188.4
ET-24-608
671,225.2
3,384,150.5
2018.4
90
-45
111.0
ET-24-609
671,084.8
3,384,202.2
1932.1
90
-70
248.4
ET-24-610
671,209.3
3,385,147.0
1976.3
90
-45
50.4
ET-24-611
671,194.2
3,385,084.2
1953.5
90
-45
101.4
ET-24-612
671,128.6
3,385,043.7
1921.8
90
-45
50.4
Figure 3: El Tigre - Conceptual Cross-Section Showing Mineralization Styles
Figure 4: El Tigre-Longitudinal Projection Showing Exploration Potential
About Silver Tiger and the El Tigre Historic Mine District
Silver Tiger Metals Inc. is a Canadian company whose management has more than 25 years' experience discovering, financing and building large hydrothermal silver projects in Mexico. Silver Tiger's 100% owned 28,414 hectare historic El Tigre Mining District is located in Sonora, Mexico. Principled environmental, social and governance practices are core priorities at Silver Tiger.
The El Tigre historic mine district is located in Sonora, Mexico and lies at the northern end of the Sierra Madre silver and gold belt which hosts many epithermal silver and gold deposits, including Dolores, Santa Elena and Las Chispas at the northern end. In 1896, gold was first discovered on the Property in the Gold Hill area and mining started with the Brown Shaft in 1903. The focus soon changed to mining silver veins in the area with production coming from 3 parallel veins the El Tigre Vein, the Seitz Kelley Vein and the Sooy Vein. Underground mining on the middle El Tigre Vein extended 1,450 metres along strike and was mined on 14 levels to a depth of approximately 450 metres. The Seitz Kelley Vein was mined along strike for 1 kilometre to a depth of approximately 200 metres. The Sooy Vein was only mined along strike for 250 metres to a depth of approximately 150 metres. Mining abruptly stopped on all three of these veins when the price of silver collapsed to less than US20￠ per ounce with the onset of the Great Depression. By the time the mine closed in 1930, it is reported to have produced a total of 353,000 ounces of gold and 67.4 million ounces of silver from 1.87 million tons (Craig, 2012). The average grade mined during this period was over 2 kilograms silver equivalent per ton.
The El Tigre silver and gold deposit is related to a series of epithermal veins controlled by a north-south trending structure cutting across the andesitic and rhyolitic tuffs of the Sierra Madre Volcanic Complex within a broad silver and gold mineralized prophylitic alteration zone developed in the El Tigre Formation that can be up to 150 metres wide. The veins dip steeply to the west and are typically 0.5 metre wide; however, locally can be up to 5 metres in width. The veins, structures and mineralized zones outcrop on surface and have been traced for 5.3 kilometres along strike in our brownfield exploration area. Historical mining and exploration activities focused on a 1.6-kilometre portion of the southern end of the deposits, principally on the El Tigre, Seitz Kelly and Sooy veins. The under explored Caleigh, Benjamin, Protectora and the Fundadora exposed veins continue north for more than 3 kilometres. Silver Tiger has delivered its updated NI 43-101 compliant Mineral Resource Estimate and PEA and is currently drilling to update its Mineral Resource Estimate and publish a PFS.
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Procedure, Quality Assurance / Quality Control and Data Verification
The diamond drill core (HQ size) is geologically logged, photographed and marked for sampling. When the sample lengths are determined, the full drill core is sawn with a diamond blade drill core saw with one half of the drill core being bagged and tagged for assay. The remaining half portion is returned to the drill core trays for storage and/or for metallurgical test work.
The sealed and tagged drill core sample bags are transported to the Bureau Veritas facility in Hermosillo, Mexico. Bureau Veritas crushes the samples (Code PRP70-250) and prepares 200-300 gram pulp samples with ninety percent passing Tyler 200 mesh (Code PUL85). The pulps are assayed for gold using a 30-gram charge by fire assay (Code FA630) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code FA530). Silver and multi-element analysis is completed using total digestion (Code MA200 Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed using a gravimetric finish (Code FA530).
Quality assurance and quality control ("QA/QC") procedures monitor the chain-of-custody of the samples and includes the systematic insertion and monitoring of appropriate reference materials (certified reference materials, blanks and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data. All results stated in this announcement have passed Silver Tiger's QA/QC protocols.
Qualified Person
David R. Duncan, P. Geo., V.P. Exploration of the Corporation, is the Qualified Person for Silver Tiger as defined under National Instrument 43-101. Mr. Duncan has reviewed and approved the scientific and technical information in this press release.
For further information, please contact: Glenn Jessome President and CEO} 902 492 0298 [email protected]
CAUTIONARY STATEMENT:
Neither 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 release.
This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, Mineral Resources and Mineral Reserves, the ability to convert Inferred Resources to Indicated Resources, the ability to complete future drilling programs and infill sampling, the ability to extend Mineral Resource blocks, the similarity of mineralization at El Tigre to Delores, Santa Elena and Chispas, exploration results, and future plans and objectives of Silver Tiger, are forward-looking statements that involve various risks and uncertainties. Forward-looking statements are frequently characterized by words such as "may", "is expected to", "anticipates", "estimates", "intends", "plans", "projection", "could", "vision", "goals", "objective" and "outlook" and other similar words. Although Silver Tiger believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Silver Tiger's expectations include risks and uncertainties related to exploration, development, operations, commodity prices and global financial volatility, risk and uncertainties of operating in a foreign jurisdiction as well as additional risks described from time to time in the filings made by Silver Tiger with securities regulators.
