HALIFAX, NOVA SCOTIA – September 10, 2020 – Silver Tiger Metals Inc. (TSXV:SLVR and OTCQB:SLVTF) ("Silver Tiger" or the “Corporation”) provides the following update on ongoing exploration at its wholly-owned El Tigre Silver Project located in Sonora, Mexico.
The Silver Tiger exploration team are currently diamond drilling HQ core with two 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 (see Appendix A - Location Map showing Silver Tiger’s most recent Northern drill results and underground channel samples.)
Silver Tiger CEO, Glenn Jessome states, “I am proud of our team on the ground in Mexico who have worked so hard since returning to El Tigre in June to implement strict Covid 19 protocols so that we have been able to safely resume drilling. The $11 million we raised from institutional investors in July gives us a runway to drill the next 25,000 meters at El Tigre. The team is excited to have the initial two drills turning so we can follow up on our high grade silver discovery holes drilled in the Caleigh and Protectora veins.”
Previous Silver Tiger Drill Holes in Northern Veins
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 – 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 with an additional 2.84% copper, 1.38% lead and 4.06% zinc. The silver equivalent ratio is based on a silver to gold price ratio of 75:1 (Ag:Au) and does not include the copper, lead and zinc values. Drill hole 144 was a step-out hole located approximately 1.6 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 some the last holes drilled by the Corporation, intersected similar-style silver-gold mineralization. The significant intercepts from these three drill holes are included in the following table.
Notes: 1. Not true width.
2. Gold Equivalent (“EqAu75”) ratio based on silver to gold price ratio of 75:1 (Au:Ag).
Covid 19 Update
As press released on May 22, 2020 following the Mexican Health Ministry’s decree which included mining as an essential service effective June 1, 2020, our exploration team got back to work at El Tigre in June, 2020. Our priority in June, July and August was to take all necessary steps at camp to meet strict Covid 19 protocols. Accommodations and sanitation were constructed or improved to meet the highest standards of safety during Covid 19. Medical services on site were improved, including mandatory Covid 19 testing of all persons entering the camp. All employees and contractors will be required by the Corporation to adhere to strict Covid 19 protocols. We have created a remote isolated camp to minimize physical contact with surrounding communities. The Corporation has implemented these extraordinary measures to protect the health and safety of our employees, contractors and the community in which we operate.
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 and on SEDAR under the Company’s profile.
About the El Tigre Property
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).
Silver Tiger’s district scale El Tigre Property is approximately 35 kilometers long and comprises 28,414 hectares and includes 25 kilometers of the prolific Sierra Madre trend. The El Tigre gold and silver 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 gold and silver mineralized prophylitic alternation zone. 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. 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 will be the target of Silver Tiger’s exploration.
VRIFY Slide Deck and 3D Presentation – Silver Tiger’s El Tigre Project
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Access the Silver Tiger Metals Inc. Company Profile on VRIFY at: https://vrify.com
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 and has reviewed the Technical Report.
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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, resources and reserves, the ability to convert inferred resources to indicated resources, the ability to complete future drilling programs and infill sampling, the ability to extend 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.
Note: Underground channel results are reported in silver equivalent based on silver to gold price ratio of 75:1 (Au:Ag).