Overview
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 high-grade 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 meters along strike and was mined on 14 levels to a depth of approximately 450 meters. The Seitz Kelley Vein was mined along strike for 1 kilometer to a depth of approximately 200 meters. The Sooy Vein was only mined along strike for 250 meters to a depth of approximately 150 meters. Mining abruptly stopped on all 3 of these veins when the price of silver collapsed to less than 20¢ 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 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 alteration zone developed in the El Tigre Formation that can be up to 150 meters wide. The veins dip steeply to the west and are typically 0.5 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 brownfield 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 under explored Caleigh, Benjamin, Protectora and the Fundadora exposed veins continue north for more than 3 kilometers. Silver Tiger has delivered its maiden 43-101 compliant resource estimate and is currently drilling the Sooy, Benjamin, Seitz Kelly and El Tigre high grade quartz silver veins and the emerging high grade black shale horizon that surrounds these veins.
Silver Tiger has begun underground rehabilitation of the Historic El Tigre Mine. Underground rehabilitation is being conducted on the Level 7 main portal to access the historic workings on the Sooy, El Tigre and Seitz Kelly veins. This underground development will allow Silver Tiger to begin drilling from underground drill stations.
History of the El Tigre Mine District & Geological Journal Articles
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.
History, Production and Geology of the El Tigre District
Geology of El Tigre District - R.T. Mishler, 1920
Plan Maps
El Tigre District Mining Concessions - 35 km - 28,414 Hectares
Plan Map of the El Tigre Veins and Drill Holes
Plan Map of the Sooy Vein
Cross Sections
El Tigre Cross Section 6650 - Caleigh & Protectora Vein
El Tigre Cross Section 6675 - Caleigh & Protectora Vein
El Tigre Cross Section 6125N - Benjamin Vein
El Tigre Cross Section 6100N - Benjamin Vein
Benjamin Cross Section 6200N (Drill Hole ET-21-272)
El Tigre Cross Section 6175N (Drill Hole ET-22-378)
El Tigre Cross Section 6075N - Benjamin Vein
El Tigre Cross Section 6025N (Drill Hole ET-21-243)
El Tigre Cross Section 4900N - Sooy Vein
El Tigre Cross Section 4875N - Sooy Vein
El Tigre Cross Section 4870N (Drill Hole ET-316)
El Tigre Cross Section 4865N (Drill Hole ET-431)
El Tigre Cross Section 4850N - Sooy Vein
El Tigre Cross Section 4825N - Sooy Vein
El Tigre Cross Section 4812.2N - Sooy Vein
El Tigre Cross Section 4650N - Sooy Vein
El Tigre Cross Section 3875N - Sooy Vein
El Tigre Cross Section 4750N - Sooy Vein
El Tigre Cross Section 4425N
El Tigre Cross Section 4050N
El Tigre Cross Section 4925N (Drill Hole ET-21-236)
El Tigre Cross Section 4950N (Drill Holes ET-21-241, 246 and 250)
El Tigre Cross Section 4000N (Drill Hole ET-21-244)
Seitz Kelly Cross Section 5050N (Drill Holes ET-21-262, 264 and 265)
Seitz Kelly Cross Section 5075N (Drill Holes ET-21-268 and 271)
El Tigre Cross Section 5075N (Drill Holes ET-21- 287, ET-21-289 and ET-21-291)
Seitz Kelly Vein and New Discovery Zone - Section 5075N (Drill Holes ET-21-278 and ET-21-271)
El Tigre Cross Section 5100N (Drill Holes ET-21- 288 and ET-21-293)
El Tigre Cross Section 5100N (Drill Hole ET-21-296)
El Tigre Cross Section 5100N (Drill Hole ET-21-300 and ET-21-305)
Significant Drill Results
Drilling on the El Tigre Vein
- Hole ET-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-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-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-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-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-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-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-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-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-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-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-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-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-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-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-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
- Hole ET-295 - 0.5 meters grading 1,380.9 g/t silver equivalent from 102.0 meters to 102.5 meters consisting of 1200 g/t silver, 212 g/t gold, 0.16% copper, 0.2% lead, and 0.5% zinc within 23.8 meters grading 113.3 g/t silver equivalent from 80 meters to 103.8 meters consisting of 94.7 g/t silver, 0.19 g/t gold, 0.02% copper, 0.06% lead and 0.03% zinc
Drilling on the Northern Vein Extensions - Caleigh and Protectora Veins
- Hole ET-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-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-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
- Hole ET-156 - 0.3 meters grading 1,284.0 g/t AgEq from 82 meters to 82.3 meters consisting of 752 gpt Ag and 7.09 gpt Au. in the Caleigh Vein
- Hole ET-158 - 0.7 meters grading 1,121.6 g/t AgEq from 90 meters to 90.7 meters consisting of 815 gpt Ag and 4.09 gpt Au in the Caleigh Vein
- Hole ET-163 - 0.5 meters grading 2,049.1 g/t AgEq from 16.9 meters to 17.4 meters consisting of 1,782 gpt Ag and 3.56 gpt Au and a second intercept of 0.5 meters grading 1,440.6 gpt AgEq from 51.9 meters to 52.4 meters consisting of 1,374 gpt Ag and 0.89 gpt Au in the Protectora Vein
- Hole ET-164 - 0.5 meters grading 1,592.5 g/t AgEq from 17 meters to 17.5 meters consisting of 805 gpt Ag and 10.50 gpt Au in the Protectora Vein
Drilling on the Sooy Vein
- Hole ET-202 - 11.75 meters grading 667.9 g/t AgEq within 22.2 meters of 381.9 g/t AgEq in new discovery
- Hole ET-203 - 2.95 meters grading 1,941.1 g/t AgEq within 9.30 meters grading 638.4 g/t AgEq in the Footwall Zone below the Sooy Vein.
- Hole ET-207 - 1.30 meters grading 2,657.8 g/t AgEq within 4.55 meters grading 810.2 g/t AgEq in the Footwall Zone below the Sooy Vein.
- Hole ET-211 - 1.3 m grading 1,346.7 g/t AgEq within 4.9 m grading 384.9 g/t AgEq
- Hole ET-213 - 1.6 m grading 1,355.4 g/t AgEq in the Sooy vein and 2.3 m grading 870.7 g/t AgEq in the footwall zone
- Hole ET-217 - 0.5 m grading 2693.6 g/t AgEq within 7.3 m grading 221.2 g/t AqEq
- Hole ET-219 - 0.5 m grading 4668.5 g/t AgEq within 11.8 m grading 325.0 g/t AgEq
- Hole ET-236 - 2,025.7 g/t silver equivalent over 1.7 meters within a broader interval of 7.2 meters grading 870.3 g/t silver equivalent
- Hole ET 244 - 0.5 m grading 3,856.2 g/t silver equivalent from 251.0 meters to 251.5 meters, consisting of 3,531.0 g/t silver, 1.30 g/t gold, 1.06% copper, 3.64% lead and 1.18% zinc, within 7.5 meters grading 491.1 g/t silver equivalent from 244.0 meters to 251.5 meters, consisting of 454.8 g/t silver, 0.16 g/t gold, 0.12% copper, 0.33% lead and 0.16% zinc
- Hole ET-244 (Sooy Vein Footwall) - 0.5 m grading 2,132.6 g/t silver equivalent from 274.3 meters to 274.8 meters consisting of 2,030.0 g/t silver, 0.40 g/t gold, 0.46% copper, 0.99% lead and 0.16% zinc, within 1.8 meters grading 624.5 g/t silver equivalent from 273.0 meters to 274.8 meters consisting of 593.4 g/t silver, 0.13 g/t gold, 0.13% copper, 0.28% lead and 0.06% zinc.
- Hole ET-300 - 0.5 meters grading 2,564.9 g/t silver equivalent from 128.5 meters to 129.0 meters, consisting of 2,230.0 g/t silver, 0.24 g/t gold, 2.85% copper, 0.72% lead and 0.76% zinc within 4.9 meters grading 281.3 g/t silver equivalent from 123.1 meters to 129.0 meters, consisting of 239.1 g/t silver, 0.06 g/t gold, 0.30% copper, 0.14% lead and 0.16% zinc.
Drilling on the Benjamin Vein (Northern Extension of the Sooy Vein)
- Hole ET-193 - 3.0 meters grading 1,310.1 g/t AgEq from 116.5 meters to 119.5 meters, consisting of 1,303.2 g/t Ag and 0.09 g/t Au, within 5.5 meters grading 732 g/t AgEq, consisting of 726.1 g/t Ag and 0.08 g/t Au
- Hole ET-204 - 5.6 meters grading 1,010.3 g/t silver equivalent from 120.4 meters to 126.0 meters, consisting of 272.7 g/t silver, 0.14 g/t gold, 0.18% copper, 5.53% lead and 16.95% zinc within 14.2 meters grading 519.5 g/t silver equivalent from 111.8 meters to 126.0 meters, consisting of 140.5 g/t silver, 0.12 g/t Au, 0.08% copper, 2.98% lead and 8.54% zinc
- Hole ET-206 - 2.0 meters grading 1,443.0 g/t silver equivalent from 109.8 meters to 111.8 meters consisting of 1,034.5 g/t silver, 0.18 g/t Au, 0.29% copper, 2.74% lead and 8.83% zinc within 12.6 meters grading 266.6 g/t silver equivalent from 106.2 meters to 118.8 meters, consisting of 181.3 g/t silver, 0.07 g/t gold, 0.05% copper, 0.57% lead and 1.79% zinc
- Hole ET-199 - 1.1 meters grading 1,015.9 g/t silver equivalent from 113.6 meters to 114.7 meters, consisting of 699.4 g/t silver, 0.11 g/t gold, 0.2% copper, 2.08% lead and 7.01% zinc within 7.7 meters grading 304.6 g/t silver equivalent from 107.0 meters to 114.7 meters, consisting of 222.3 g/t silver, 0.05 g/t gold, 0.09% copper, 0.51% lead and 1.69% zinc
- Hole ET-208A - 1.3 meters grading 3000.7 g/t silver equivalent from 118.1 m to 119.4 m within 14.8 meters grading 462.6 g/t silver equivalent
- Hole ET-243 - 0.5 m grading 965.3 g/t silver equivalent from 78.8 meters to 79.3 meters consisting of 864.0 g/t silver, 0.05 g/t gold, 0.54% copper, 0.52% lead and 1.00% zinc, within 4.3 meters grading 155.0 g/t silver equivalent from 75.5 meters to 79.8 meters consisting of 138.5 g/t silver, 0.02 g/t gold, 0.07% copper, 0.13% lead and 0.14% zinc.
- Hole ET-272 - 4,375.5 g/t silver equivalent over 2.6 meters within a broader interval of 15.1 meters grading 1,051.0 g/t silver equivalent
- Hole ET-329 - 1.0 meters grading 2,338.5 g/t silver equivalent from 128.9 meters to 129.9 meters, consisting of 1,6245.5 g/t silver, 0.28 g/t gold, 0.10% copper, 1.36% lead and 19.63% zinc within 9.1 meters grading 809.7 g/t silver equivalent from 124.0 meters to 133.1 meters, consisting of 429.5 g/t silver, 0.22 g/t gold, 0.22% copper, 4.82% lead and 6.89% zinc in the black shale at the Benjamin Vein.
Drilling on the Seitz Kelly Vein
- Hole ET-264 - 82,827.3 g/t silver equivalent over 0.5 meters within a broader interval of 17.5 meters grading 2,608.4 g/t silver equivalent
- Hole ET-293 - 0.9 meters grading 1,707.8 g/t silver equivalent from 273.1 meters to 274.0 meters consisting of 1,572.0 g/t silver, 0.17 g/t gold, 0.52% copper, 0.87% lead and 1.28% zinc within 7.4 meters grading 314.5 g/t silver equivalent from 271.2 meters to 278.6 meters, consisting of 289.8 g/t silver, 0.05 g/t gold, 0.10% copper, 0.16% lead and 0.24% zinc.
- Hole ET-293 (Seitz Kelly HW) - 0.5 meters grading 1,757.6 g/t silver equivalent from 250.0 meters to 250.5 meters consisting of 1,664.0 g/t silver, 0.09 g/t gold, 0.63% copper, 0.84% lead and 0.19% zinc within 6.3 meters grading 175.5 g/t silver equivalent from 250.0 meters to 256.3 meters, consisting of 148.9 g/t silver, 0.03 g/t gold, 0.06% copper, 0.12% lead and 0.47% zinc.
* 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.
Mineral Resource Estimate and Technical Report (NI 43-101)
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.
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 Cut-Off |
Tonnes (000's) |
Ag g/t |
Ag ozs (000's) |
Au g/t |
Au ozs (000's) |
Au Eq g/t | AuEq ozs (000's) |
|---|---|---|---|---|---|---|---|---|---|
| El Tigre Constrained Pit1 |
Indicated | 0.20 | 25,170 | 15 | 11,906 | 0.51 | 416 | 0.69 | 559 |
| Inferred | 0.20 | 2,791 | 12 | 1,093 | 0.38 | 34 | 0.52 | 47 | |
| El Tigre Underground1 |
Indicated | 1.50 | 207 | 156 | 1,041 | 0.46 | 3 | 2.33 | 16 |
| Inferred | 1.50 | 11 | 82 | 29 | 1.27 | 0 | 2.26 | 1 | |
| Fundadora Constrained Pit2 |
Indicated | 0.20 | 451 | 167 | 2,428 | 0.93 | 14 | 2.94 | 43 |
| Inferred | 0.20 | 1,774 | 150 | 8,554 | 0.69 | 39 | 2.49 | 142 | |
| Fundadora Underground2 |
Indicated | 1.50 | 80 | 118 | 306 | 1.03 | 3 | 2.45 | 6 |
| Inferred | 1.50 | 2,003 | 140 | 9,044 | 0.60 | 38 | 2.28 | 147 | |
| 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 | |
| El Tigre Tailings3 |
Indicated | 0.37 | 939 | 78 | 2,345 | 0.27 | 8 | 1.21 | 37 |
| Inferred | 0.37 | 101 | 79 | 254 | 0.27 | 1 | 1.22 | 4 | |
| Total Indicated | 0.20,0.37,1.50 | 26,847 | 21 | 18,026 | 0.51 | 444 | 0.77 | 661 | |
| Total Inferred | 0.20,0.37,1.50 | 6,680 | 88 | 18,974 | 0.52 | 112 | 1.59 | 341 | |
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
exploration.
(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.
Photos and Videos
Historic El Tigre Mine – 1908 to 1930
El Tigre – Core Shack
Underground Rehabilitation
El Tigre - 2022
El Tigre – 2021
El Tigre – 2020
El Tigre – Drilling
El Tigre – Area Photos
Videos
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Under the rules and regulations of the SEC set forth in Industry Guide 7, a U.S. company may only disclose estimates of proven and probable mineral reserves, and may not disclose estimates of any classification of mineral resources. In addition, the definitions of proven and probable mineral reserves used in NI 43-101 differ from the definitions in the SEC Industry Guide 7. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Investors are cautioned not to assume that all or any part of the mineral deposits in these categories will ever be converted into mineral reserves. Any estimate of mineral reserves or resources has a great amount of uncertainty as to its existence, and great uncertainty as to its economic and legal feasibility with estimates of mineral resources having a greater degree of uncertainty. It cannot be assumed that all or any part of measured mineral resources, indicated mineral resources or inferred mineral resources will ever be upgraded to a mineral reserve or mined. Further, in accordance with Canadian rules, estimates of inferred mineral resources cannot form the basis of feasibility or other economic studies. Investors are cautioned not to assume that any part of the reported measured mineral resources, indicated mineral resources, or inferred mineral resources on this Website will ever be classified as a reserve. Disclosure of "contained ounces" is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute reserves as in place tonnage and grade without reference to unit measures.