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 high-grade silver veins in the area with much of the production coming from the El Tigre vein. Underground mining on the El Tigre vein extended 1,450 meters along strike and was mined on 14 levels to a depth of 450 meters. By the time the mine closed in 1938, 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.
Silver Tiger’s district scale El Tigre concessions are approximately 35 kilometers long and comprises 28,414 hectares, including 25 kilometers of the prolific Sierra Madre trend. The El Tigre silver and gold deposit is related to a series of high-grade 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 alternation zone called the El Tigre Formation which can be up to 150 meters wide. The veins dip steeply to the west and are typically 1 meter wide but locally can be up to 5 meters in width. The veins, structures and mineralized zones outcrop on surface and have been traced for 5.3 kilometers along strike in our browfields exploration area. Historical mining and exploration activities focused on a 1.5 kilometer portion of the southern end of the deposits, principally on the El Tigre, Seitz Kelly and Sooy veins. The unexplored Caleigh, Fundadora and Protectora exposed veins continue north for more than 3 kilometers and are the target of Silver Tiger’s current exploration.
The El Tigre Property lies at the northern end of the Sierra Madre gold belt which hosts many epithermal gold and silver deposits including Dolores, Santa Elena and 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 high-grade silver veins in the area with much of the production coming from the El Tigre vein. Underground mining on the El Tigre vein extended 1,450 meters along strike and mined on 14 levels to a depth of 450 meters. By the time the mine closed in 1938, 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.
El Tigre Resource Estimate
After acquiring El Tigre, Silver Tiger drilled 12,500 meters to define the halo of near surface gold mineralization around the mined high-grade veins of the historic El Tigre Mine. This allowed Silver Tiger to deliver a maiden resource estimate for the El Tigre Property to a depth of 150 meters containing indicated resources of 661,000 gold equivalent ounces at 0.77 g/t (21 g/t silver and 0.51 g/t gold) and inferred resources of 341,000 gold equivalent ounces at 1.59 g/t (88 g/t silver and 0.52 g/t gold). The complete National Instrument 43-101 technical report is available on the company’s website below under Mineral Resource Estimate and Technical Report and on SEDAR under the company’s profile.
Previous Silver Tiger Drilling in the Northern Vein Extensions
Silver Tiger’s limited drilling in these vein extensions located north of the historic El Tigre Mine intersected similar-style silver-gold mineralization in the El Tigre formation including a new discovery in the Caleigh Vein. Drill hole ET-17-144 returned 0.85 meters of the Caleigh Vein grading 10,128.9 g/t silver equivalent consisting of 7,338.9 g/t silver, 37.2 g/t gold. The silver equivalent ratio is based on a silver to gold price ratio of 75:1 (Ag:Au). Drill hole 144 was a step-out hole located approximately 1.7 kilometers to the north of the historic El Tigre Mine. The mineralized zone consists of several vuggy quartz veins and veinlets carrying galena, sphalerite, chalcopyrite, stromeyerite and pyrite within a strongly silicified and kaolinized alteration zone. As well, drill holes ET-17-145 and ET-17-148, which were drilled in its previous drill program by Silver Tiger, intersected similar-style silver-gold mineralization. The significant intercepts from these three drill holes are included in the following table.
- 1. Not true width.
- 2. Gold Equivalent (“EqAu75”) ratio based on silver to gold price ratio of 75:1 (Au:Ag).
The Silver Tiger exploration team are currently diamond drilling 20,000 meters of HQ core with three drill rigs targeting the 3 kilometers of vein extensions north of the historic El Tigre Mine. The drilling program is focused on the Caleigh, the Protectora and the Fundadora veins, all of which outcrop on surface and are exposed in exploration drifts in the three kilometers north of the historic El Tigre Mine,
Drilling at the Historic El Tigre Mine
- Hole ET-10-031 - 92.9 meters of 0.80 g/t gold equivalent consisting of 0.39 g/t gold and 30.4 g/t silver
- Hole ET-10-033 - 48.6 meters of 1.46 g/t gold equivalent consisting of 0.61 g/t gold and 63.9 g/t silver
- Hole ET-13-051 - 127.0 meters of 2.16 g/t gold equivalent consisting of 1.80 g/t gold and 27.5 g/t silver
- Hole ET-13-066 - 97.7 meters of 1.80 g/t gold equivalent consisting of 0.90 g/t gold and 67.5 g/t silver
- Hole ET-13-075 - 104.0 meters of 1.01 g/t gold equivalent consisting of 0.53 g/t gold and 36.1 g/t silver
- Hole ET-13-077 - 139.1 meters of 1.02 g/t gold equivalent consisting of 0.94 g/t gold and 6.6 g/t silver
- Hole ET-16-083 - 121.1 meters of 1.38 g/t gold equivalent consisting of 1.02 g/t gold and 27.0 g/t silver
- Hole ET-16-085 - 89.7 meters of 1.02 g/t gold equivalent consisting of 0.62 g/t gold and 30.3 g/t silver
- Hole ET-16-092 - 95.6 meters of 1.35 g/t gold equivalent consisting of 1.17 g/t gold and 13.2 g/t silver
- Hole ET-16-096 - 74.2 meters of 0.96 g/t gold equivalent consisting of 0.80 g/t gold and 11.6 g/t silver
- Hole ET-16-108 - 110.0 meters of 0.79 g/t gold equivalent consisting of 0.6 g/t gold and 14.5 g/t silver
- Hole ET-16-109 - 20.4 meters of 3.23 g/t gold equivalent consisting of 0.4 g/t gold and 212 g/t silver
- Hole ET-16-110 - 102.0 meters of 0.67 g/t gold equivalent consisting of 0.5 g/t gold and 13.4 g/t silver
- Hole ET-17-133 - 67.6 meters of 1.49 g/t gold equivalent consisting of 1.24 g/t gold and 19.1 g/t silver
- Hole ET-17-135 - 37.7 meters of 0.78 g/t gold equivalent consisting of 0.62 g/t gold and 12.4 g/t silver
- Hole ET-17-140 - 9.0 meters of 1.86 g/t gold equivalent consisting of 0.18 g/t gold and 125.5 g/t silver, including 1.5 meters of 9.54 g/t gold equivalent consisting of 0.43 g/t gold and 683.2 g/t silver
Drilling on the Northern Vein Extensions
- Hole ET-17-144 - 31.5 meters of 2748.4 g/t silver equivalent consisting of 1990.9 g/t silver and 10.1 g/t gold, including 0.85 meters of 10,128.9 g/t silver equivalent consisting of 7,338.9 g/t silver and 3.72 g/t gold in the Caleigh Vein
- Hole ET-144 - 1.5 meters of 1109.1 g/t silver equivalent consisiting of 1107.3 g/t silver and 0.024 g/t gold in the Protectora Vein
- Hole ET-17-145 - 0.8 meters of 3647.9 g/t silver equivalent consisting of 2830.4 g/t silver and 10.9 g/t gold in the Caleigh Vein
- Hole ET-17-148 - 0.50 meters of 2984.35 g/t silver equivalent consisting of 2247.1 g/t silver and 9.83 g/t gold in the Caleigh Vein
* The true width has not been calculated for the intercepts, but true width is generally estimated at 75-90% of drilled width. The gold equivalent ratio is based on a gold-to-silver price ratio of 75:1.
NI 43-101 Technical Report and Updated Mineral Resource Statement on the El Tigre Project, Sonora, Mexico
Silver Tiger reported an independent Mineral Resource Estimate for the El Tigre Property completed by P&E Mining Consultants Inc. ("P&E") which is detailed in the table below. The El Tigre Mineral Resource Estimate includes extensions of the historical El Tigre and Seitz Kelly Veins1, as well as the mineralized breccia halo around the El Tigre Vein. The Fundadora Mineral Resource Estimate includes the Aquila, Fundadora, Protectora and Caleigh Veins2.
El Tigre Project Mineral Resource Estimate (1-11)
|Resource Area||Class||AuEq g/t
|Au Eq g/t||AuEq ozs
|Sub Total Indicated||0.20, 1.50||25,908||19||15,681||0.52||436||0.75||624|
|Sub Total Inferred||0.20, 1.50||6,579||89||18,720||0.52||111||1.59||337|
Notes to El Tigre Project Mineral Resource Estimate:
(1) El Tigre Deposit Mineral Resources are comprised of the El Tigre and Seitz Kelly Veins.
(2) Fundadora Deposit Mineral Resources are comprised of the Aquila, Fundadora, Protectora and Caleigh Veins.
(3) El Tigre Tailings Deposit Mineral Resources are comprised of the tailings from the former El Tigre operation.
(4) Mineral Resources are reported within a constraining pit shell.
(5) The Mineral Resource Estimate is reported in accordance with the Canadian Securities Administrators
National Instrument 43-101 and has been estimated using the CIM “Estimation of Mineral Resources
and Mineral Reserves Best Practice Guidelines and CIM “Definition Standards for Mineral Resources
and Mineral Reserves.
(6) Au:Ag ratio = ($1250/$17)/(70% Ag Rec/80% Au Rec)= 84:1 Therefore, AuEq=(Ag/84) + Au
(7) Mineral Resources in this estimate are based on approx. two year trailing average metal prices of
US$1,250 oz Au and US$17 /oz Ag, estimated process recoveries 80% Au and 70% Ag, US$5.70/t
process cost and US$0.80/t G&A cost. Mining costs of US$1.55/t for open pit and $45/t for underground
and tailings mining costs of US$5.50/t were used to derive the respective Mineral Resource Estimate
AuEq cut-offs of 0.20 g/t and 1.5 g/t and 0.37g/t. Pit optimization slopes were 50 degrees
(8) The Mineral Resource Estimate uses drill hole data available as of September 1, 2017.
(9) Totals may not add correctly due to rounding.
(10) An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral
Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of
Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued
(11) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The
estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing or other relevant issues.
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