VANCOUVER, BRITISH COLUMBIA, Jun 07, 2012 (MARKETWIRE via COMTEX) — El Tigre Silver Corp. (the “Company” or “El Tigre”) /quotes/zigman/585874 CA:ELS +10.53% (otcqx:EGRTF)(frankfurt:5RT) is pleased to provide an update report along with assays from the next three holes from the ongoing Gold Hill core drilling program at its 100% owned El Tigre silver project in Sonora, Mexico.
As of this date, the core drilling program has completed 12 holes for a total of 2293 meters and the Company is currently assessing the ongoing results for future adjustments to proposed drill sites. The drilling program to date has continued to experience good core recoveries. Assays for the three holes reported in this press release tested the potential for disseminated gold mineralization associated with the El Tigre vein system and for high grade silver and gold values found in the El Tigre vein. Drilling is focused on the southern 1.2 kilometers of the El Tigre vein system and is centered on Gold Hill.
Exploration Highlights:
Drill Hole ET-37 was located approximately 50 meters west of ET-31 & 32 and was drilled to test the down dip mineralization intercepted in those holes. The El Tigre vein assayed 2014 g/tonne Ag with 1.15 g/tonne Au. Drilling also intercepted several short zones of lower grade mineralization.
Drill Hole ET-38 was located 50 meters west of Anaconda hole T-3. The hole intercepted a shallow interval consisting of 1.6 meters grading 11.04 g/tonne gold as well as many short intervals of low-grade gold.
Drill Hole ET-39 was located about 100 meters south of hole T-3. It intercepted several long zones of low-grade gold (15.5 m at 0.48 g/tonne Au, 27.2 m at 0.68 g/tonne and 10 m at 0.71 g/tonne Au).
Assay results from these three drill holes are summarized in the following table. Silver equivalent is calculated at 50 to 1.
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Silver
From To Interval Silver Gold Equivalent
Hole (meters) (meters) (meters) (g/tonne) (g/tonne) (g/tonne)
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ET-37 31.0 33.0 2.0 (i) 1.63 81.5
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36.0 49.0 13.0 (i) 0.74 37
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Includes 36.0 37.0 1.0 (i) 1.15 57.5
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Includes 42.0 44.0 2.0 (i) 2.31 115.5
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Includes 45.0 46.15 1.15 (i) 1.29 64.5
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61.5 64.7 3.2 (i) 0.31 15.5
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104.0 105.0 1.0 178.4 1.06 231.4
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158.0 160.5 2.5 (i) 0.20 10
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165.5 172.5 7.0 25.4 0.27 38.9
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113.5 116.5 3.0 1.19 59.5
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Includes 172.0 172.5 0.5 280.2 0.12 286.2
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175.5 185.5 10.0 336.3 0.22 347.3
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Includes 176.42 177.0 0.58 (ii)2013.6 1.15 2071.1
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Includes 183.0 184.0 1.0 506.1 0.22 517.1
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ET-38 39.0 44.0 5.0 (i) 0.27 13.5
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46.4 51.0 4.6 (i) 6.38 319.0
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Includes 46.4 48.0 1.6 (i) 11.04 552.0
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Includes 48.0 50.0 2.0 (i) 5.76 288.0
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81.0 84.0 3.0 (i) 0.39 19.5
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92.5 96.0 3.5 70.4 0.55 97.9
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Includes 93.5 94.8 1.3 146.1 1.06 199.1
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127.0 128.5 1.5 (i) 0.22 11.0
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167.2 168.2 1.0 (i) 0.21 10.5
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175.0 176.0 1.0 (i) 0.53 26.5
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179.0 186.0 7.0 (i) 0.29 14.5
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193.5 198.4 4.9 (i) 0.36 18.0
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ET-39 9.9 16.6 6.7 (i) 0.41 20.5
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41.0 42.06 1.06 (i) 2.48 124.0
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52.5 59.15 6.65 (i) 0.48 24.0
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Includes 54.3 56.0 1.7 (i) 1.31 65.5
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65.0 80.5 15.5 (i) 0.48 24.0
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Includes 66.5 68.0 1.5 (i) 1.06 53.0
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Includes 77.5 79.0 1.5 (i) 1.25 62.5
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94.0 99.8 5.8 (i) 0.47 23.5
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116.8 155.25 27.2 (i) 0.68 34.0
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Includes 116.8 118.4 1.6 (i) 1.55 77.5
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126.0 129.2 3.2 (i) 1.13 56.5
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151.0 152.1 1.1 (i) 1.13 56.5
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154.2 155.25 1.05 (i) 3.99 183
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181.5 191.5 10.0 36.6 0.71 72.1
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Includes 184.5 186.5 2.0 63.7 1.40 133.7
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189.7 190.0 0.3 238.4 0.52 264.4
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Note 1: Assay cutoffs are 0.2 g/tonne Au and 10 g/tonne Ag with g/tonne as
gram per tonne.
Note 2: Drill hole direction, angle and depth.
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Drill Hole Azimuth Angle Depth
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ET-37 90 deg -80 deg 193.5
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ET-38 90 deg -50 deg 222.0
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ET-39 115 deg -50 deg 204.0
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Note 3: (i) Did not meet cut-off grade. (ii) El Tigre Vein
Note 4: Silver Equivalent is 50 Silver to 1 Gold.
El Tigre still awaits assay results from five more drill holes from this first round of drilling. The company will continue drilling the ongoing 5000 meter program following a full evaluation of the current results.
Stuart Ross President and CEO stated, “Our 2011 drill program indicated a target in the southern portion of the historic 2.5 kilometer long El Tigre vein system, our 2012 drill program, which is covering the southern 1.2 kilometer portion of the original El Tigre vein system, continues to confirm the existence of the target on Gold Hill.”
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.
About El Tigre Silver Corp.:
The Company, through its subsidiaries, holds the rights to 100% of nine mineral concessions, eight comprising of 431 square kilometers located in north-eastern Sonora, Mexico (the “El Tigre Property”). El Tigre also holds one additional 32 hectare claim separate from 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 include assay results and future plans. 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 of 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.
Potential – the potential quality and grade is conceptual in nature. There has been insufficient exploration at the El Tigre Silver property to define a mineral resource. It is uncertain if further exploration will result in discovery of a mineral resource.
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
(778) 980-7187
[email protected]El Tigre Silver Corp.
Steven Craig
VP Exploration
(775) 815-8456
[email protected]El Tigre Silver Corp.
Rob Grace
Corporate Communications
(604) 639-0044
(604) 608-6163 (FAX)
[email protected]www.eltigresilvercorp.com
