HALIFAX, NOVA SCOTIA – August 12, 2020 – Silver Tiger Metals Inc. (TSXV:SLVR and OTCQB:SLVTF) ("Silver Tiger" or the “Corporation”) has received assay results of channel samples collected from legacy underground exploration tunnels on the 3 kilometers of vein extensions that outcrop at surface north of the historic El Tigre Mine at its wholly-owned El Tigre Silver Project located in Sonora, Mexico.
The current sampling program is intended to generate drill targets and returned multiple high-grade values including the following.
- In the Fundadora vein, approximately 2 kilometers north of the old El Tigre mine, channel sample ETU-1042 returned 3,397.0 g/t silver equivalent consisting of 3,064 g/t silver and 4.44 g/t gold across a true width of 0.5 meters, channel sample ETU-1026 returned 3,145.3 g/t silver equivalent consisting of 2,500 g/t silver and 8.6 g/t gold over 0.4 meters; and channel sample ETU-1016 returned 2,278.5 g/t silver equivalent consisting of 606 g/tsilver and 22.3 g/t gold across a true width of 1.2 meters.
- In the Protectora vein, approximately 1.6 kilometers north of the old El Tigre mine, underground channel sample ETU-1022 returned 2,474.4 g/t silver equivalent consisting of 2,283 g/t silver and 32.99 g/t gold across a true width of 0.4 meters.
- In the Caleigh vein, approximately 1.6 kilometers north of the old El Tigre mine, sample ETU-1025 returned 1,999.1 g/t silver equivalent consisting of 1,679 g/t silver and 26.65 g/t gold across a true width of 0.4 meters.
- In the Aquilas Norte area, approximately 2.5 kilometers north of the old El Tigre mine, channel sample ETU-1038 returned 2,062.2 g/t silver equivalent consisting of 1,709 g/t silver and 4.71 g/t gold across a true width of 0.3 meters and channel sample ETU-1036 returned 1,945.6 g/t silver equivalent consisting of 1,843 g/t silver and 1.37 g/t gold across a true width of 0.3 meters.
The silver equivalent ratios are based on a silver to gold price ratio of 75:1 (Ag:Au).
A location map is included below along with a table setting out the significant underground channel sample assay results.
Note: Underground channel results are reported in silver equivalent based on silver to gold price ratio of 75:1 (Ag:Au).
|Vein/Area||Sample||Sample||UTM||UTM||Sample||Ag||Au||Ag Eq||Au Eq|
Silver Tiger CEO, Glenn Jessome states, “These underground channel samples in the Fundadora, Protectora, Caleigh and Aquilas Norte veins confirm high grade silver values across kilometers of strike length in these vein extensions North of the historic El Tigre Mine. We look forward to beginning drilling on all of these veins at the end of August.”
Summer 2020 Channel Sampling Program Continues
Silver Tiger’s summer 2020 channel sampling program is focusing on the 3 kilometers of vein extensions that outcrop at surface north of the historic El Tigre Mine. The areas of focus includes the Caleigh vein, the Canon Combination vein (unmined portion of the El Tigre vein), the Protectora vein and the Fundadora vein, all of which are located in the three kilometers of exposed veins at surface north of the historic El Tigre Mine. Samples are being collected from legacy underground exploration tunnels and from surface. The objective of the sampling program is to identify drill targets for a 2020 drilling program.
2020 Drilling Program
Silver Tiger plans to commence drilling the high priority targets on the northern vein extensions in late August. Drill pads are currently being prepared for this drilling program.
Silver Tiger Drill Holes in Northern Veins
Silver Tiger’s limited drilling in the 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 as well as 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. As well, drill holes ET-17-145 and ET-17-148, which were some the last holes drilled by the Company, 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).
Refer to the location map above for the approximate location of these drill holes.
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 (“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
Lab Preparation and Assay
The sealed and tagged sample bags are transported to the Bureau Veritas facility in Hermosillo, Mexico. Bureau Veritas crushes the samples and prepares 200-300 gram pulp samples with ninety percent passing Tyler 150 mesh (106μm). The pulps are assayed for gold using a 50 gram charge by fire assay (Code FA430) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code FA530).
Silver analysis is completed using 4 acid total digestion (Code AR401). Over limits greater than 800 grams per tonne silver are re-assayed using a gravimetric finish (Code FS530).
Quality Assurance / Quality Control and Data Verification
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 standards, 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.
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.
For further information, please contact:
President and CEO
902 492 0298
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.