VANCOUVER, BRITISH COLUMBIA, Dec 14, 2011 (MARKETWIRE via COMTEX) — El Tigre Silver Corp. (the “Company” or “El Tigre”) (otcqx:EGRTF)(frankfurt:5RT) is pleased to announce significant progress on its tailings recovery project, which is located on concessions that are part of El Tigre’s 431 square kilometer concession ownership in Sonora, Mexico. The company has now received all channel sample assay results, completed an aerial survey for new topography and drilled 46 holes for metallurgical and assay samples from within the pile.
Assay Results: The final channel sample assay results for silver, gold and other minor elements were received from ALS Worldwide Labs. Of importance are the new gold assays from the same 43 samples that reported silver assays in the Company’s press release dated November 11, 2011. El Tigre previously reported average silver values of 87.7 grams per ton (2.6 opt Ag) from the tailings. With final assay reports completed, gold averaged 0.315 grams per ton (0.009 opt Au) from the same samples. This average was within a range of values from 0.164 to 0.988 grams per ton.
As reported before, samples were divided into three obvious color zones, which correspond to different levels of oxidation from the original ores. These color zones from the bottom to the top of the pile are red (fully oxidized), grey (partially oxidized), and yellow (sulfide). The following table reports the silver and gold results from each zone.
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Average Ag/Au Values Red-Ag/Au Grey-Ag/Au Yellow-Ag/Au
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Gram/tonne 103.6 / 0.425 81.0 / 0.336 87.7 / 0.264
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Ounces/short ton 3.0 / 0.012 2.4 / 0.010 2.6 / 0.008
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Sampling was done by channeling a total of 410 meters down the sides of the tailings pile at 25 meter spacing and from evenly spaced 1.5 meter deep holes from the top of the pile. The material that was sampled consisted of very fine crushed rock that has the consistency of coarse flour.
Aerial Survey: In mid-November Cooper Aerial Surveys Company from Tucson Arizona completed an aerial photographic survey for constructing an accurate and detailed topographic map of the tailings area. Prior to the flight, El Tigre had a professional surveyor set control panels on the ground, and during the survey, he collected GPS data to monitor drift in the GPS satellites. This work ensures a highly accurate contour map. Once the digital topography maps are received, El Tigre will develop a volume of the pile for tonnage calculations. Furthermore, this topography will also be used for engineering design, construction of the facilities, and general planning.
Drilling: At the end of November, a 46-hole auger drilling program was completed on the tailings pile. The holes were drilled with a one-foot diameter auger bit and averaged about 25 feet deep. The recovered samples are currently being prepared for shipment by a rigorous protocol of splitting and blending. Initially, the samples will be split for individual 1.5 meter assay samples from each bag, and then color composited for only four metallurgical test samples. Each of these samples will weigh 70 kilograms and will consist of red, white and yellow material, which will represent those zones found in the entire pile. A fourth sample type consisting of black sulfidic mud was found in the center of yellow layer and this will be tested separately. This black material forms a very small percentage of the overall tonnage of the material in the piles.
Near Term Progress Points: El Tigre is aggressively conducting a full examination of the tailings to confirm its decision to proceed with production, which will come prior to the second quarter of 2012. The next key steps include assays of the individual auger drill samples, resource modeling, metallurgical tests, creation of engineered process design drawings, and economic return calculations. It is expected that these activities will return positive results and the company can then move toward construction.
Stuart Ross, El Tigre’s President and CEO states, “We continue to be pleased with the progress our team has attained in the evaluation program as well we are encouraged that this work confirms the past work and supports our decision to proceed with the evaluation necessary for early production at El Tigre.”
El Tigre is also reviewing a unique vat leach system that is being successfully operated by Dia Bras Explorations Inc. in the state of Chihuahua. This system requires the construction of several large 12 by 24 metre concrete containment areas (vats) where material is placed, leached and removed over a 5 to 7 day period. The metal rich solutions are then passed through a Merrill-Crowe precipitation circuit and silver and gold are recovered. El Tigre is retaining the same service providers as Dia Bras Explorations Inc. to assist in the evaluation, design and construction of the process facility.
It has been historically reported that the El Tigre Mine operated between 1903 and 1938 and recovered over 75 million ounces of silver at an average grade of 40 ounces per ton. The tailings are a result of that 35 years of production at the original mine. The Company’s evaluation program is systematically completing specific tasks to advance the project to a production decision. If successful, this project could provide El Tigre with a strong cash flow that would be used for exploration and to review and acquire opportunities in the district.
Quality Assurance-Quality Control
The quality assurance-quality control (QA-QC) program of El Tigre and its contractors is as follows: Samples are collected and handled only by authorized company personnel utilizing the appropriate methods. Samples are bagged and labeled with unique sample numbers and sample data is recorded on individual sample tags. These are then transported by El Tigre personnel to the El Tigre project core shed where they locked up until shipment. A shipment from the site consists of 60-100 samples. El Tigre personnel transport the samples bagged two to four to a bag and sealed to the company’s Hermosillo office. ALS Global authorized personnel load and transport the samples from El Tigre’s Hermosillo office to the ALS Hermosillo sample preparation facility. The samples are assayed from a 250 gram sample split using a HF-HNO3-HClO4 acid digestion, HCl leach and an ICP-AES ICP Scan for 33 elements. Silver over limit is fire assayed. Gold is fire assayed by 30 gram fire assay – AA analysis. Values over 10 ppm gold are fire assayed with gravimetric finish. Pulps and rejects are returned to El Tigre’s office and stored.
“ALS Minerals Laboratories in North America is registered to ISO 9001:2000 for the provision of assay and geochemical analytical services” by QMI Quality Registrars. In addition, ALS Minerals’ main North American laboratory in North Vancouver, BC, Canada, is accredited by the Standards Council of Canada (SCC) for specific tests listed in our Scope of Accreditation No. 579 which is available at http://palcan.scc.ca/specs/pdf/677_e.pdf “. ALS Global Laboratories quality assurance and assay procedures are described on their website at http://www.alsglobal.com/qa.aspx .
The technical content of this news release has been approved by Steven D Craig, CPG and Vice President of Exploration for El Tigre, a Qualified Person as defined in NI 43-101.
The Company, through its subsidiaries, holds the rights to 100% of nine mineral concessions comprising 431 square kilometres located in north-eastern Sonora, Mexico (the “El Tigre Property”). A technical report has been prepared for the El Tigre Property and can be found on the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.eltigresilvercorp.com .
Cautionary Statements:
This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in the Company’s public documents filed on SEDAR at www.sedar.com . Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to, or for the benefit or account of, any U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the 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 press release.
Contacts:
El Tigre Silver Corp.
Stuart Ross
President and CEO
(780) 977-7187
[email protected]El Tigre Silver Corp.
Rob Grace
Corporate Communications
(604) 639-0044
(604) 608-6163 (FAX)
[email protected]El Tigre Silver Corp.
Steven Craig
VP Exploration
(775) 815-8456
[email protected]www.eltigresilvercorp.com
