VANCOUVER, BRITISH COLUMBIA, May 30, 2014 (Marketwired via COMTEX) — Editor’s note: There is one image associated with this press release.
El Tigre Silver Corp. (“El Tigre” or the “Company”)CA:ELS +3.45% (frankfurt:5RT)(otcqx:EGRTF) is pleased to announce the assay results of a recently completed extensive underground and surface sampling exploration program at its El Tigre Silver and Gold Project (“the Project”) in northern Sonora, Mexico. A total of 173 underground and 393 surface samples were collected as channel samples from outcrops, as well as 25 stream samples and 27 regional samples from the main El Tigre Vein district.
The sampling program was undertaken in the 3rd quarter of 2013 and focused on obtaining horizontal channel samples by cutting a two inch (5 cm) wide channel in the rock, and then chiseling out the rock with a hammer to collect samples. This method of sampling is done to collect a series of continuous samples similar to a horizontal drill hole and will assist in defining any surface mineralization that could correlate with the underlying drill intercepts. This program concentrated on the main El Tigre vein district consisting of the El Tigre Viejo canyon, Gold Hill area and the Espuelas Canyon area at the Southern vein area, and the Protectora vein at the Northern vein area. El Tigre is reporting assay results from the El Tigre Viejo canyon and Gold Hill area below. Assay results from the Espuelas Canyon area and the Protectora vein will be released as they become available for publication.
The following map shows the areas in relation to the current resource (shown in purple) as defined by the National Instrument 43-101 (“NI 43-101”).
To view “Figure 1 Map of Main El Tigre Vein District – Northern and Southern Veins” associated with this press release, please visit the following link:http://www.marketwire.com/library/20140529-949105.jpg
The intention of the sampling program at the El Tigre Viejo canyon and Gold Hill area of the Southern vein area was to support the results from the Company’s Preliminary Feasibility Study for the El Tigre Silver & Gold Project, Municipio De Nacozari De Garcia, Sonora, Mexico (“PFS”) filed on SEDAR August 15, 2013. The Mineral Resources for the Project, are estimated by HRC to be 9.875 million tonnes grading an average of 0.630 g/t Au and 39.7 g/t Ag totaling 24.713 million ounces of EqAg classified as Indicated Mineral Resources with an additional 7.042 million tonnes grading an average of 0.589 g/t Au and 31.1 g/t Ag totaling 16.075 million ounces of EqAg classified as Inferred Mineral Resources. The base case estimated mineral resource is based on a 50 g/t silver equivalent (“AgEq”) cut-off grade.
The Mineral Resources are reported in accordance with NI 43-101 and have been estimated in conformity with generally accepted Canadian Institute of Mining, Metallurgy and Petroleum “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted into Mineral Reserves.
The following tables summarize the significant assay results in the Gold Hill and El Tigre Viejo canyon area in the Southern vein system at El Tigre (widths reported are not true widths):
GOLD HILL UPPER ADITS CHANNEL SAMPLE SIGNIFICANT RESULTS
(greater than 50 g/t for AgEq)
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Sample Ag Eq
Num. Width (m) Au (g/t) Ag (g/t) (g/t) ROCK
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165191 1.30 0.03 299.0 300.8 El Tigre Vein
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165192 0.90 0.89 45.4 98.8 El Tigre Vein
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165196 2.00 12.00 256.0 976.0 El Tigre Vein
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165197 0.70 30.60 110.4 1946.4 El Tigre Vein
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165198 2.10 1.06 136.4 200.0 El Tigre Vein
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165202 1.40 1.21 152.0 224.6 El Tigre Vein
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165203 0.45 0.17 73.0 83.2 White Tuff, weak Hem &
Qtz veinlets
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165204 1.20 1.15 71.0 140.0 White Tuff, weak Hem &
Qtz veinlets
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165206 1.50 0.34 53.2 73.6 White Tuff, weak Hem &
Qtz veinlets
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165207 1.00 2.78 236.0 402.8 White Tuff, weak Hem &
Qtz veinlets
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165208 2.00 0.82 110.6 159.8 White Tuff, weak Hem &
Qtz veinlets
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165215 1.15 2.66 126.0 285.6 Qtz Vein hosted in white
Tuff
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165230 1.90 6.1 1.6 367.6 White Tuff, weak Hem &
Qtz veinlets
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165234 0.64 4.12 878 1125.2 Qtz Vein
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165238 0.80 6.71 874 1276.6 Qtz Vein
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165243 0.40 3.54 141.2 353.6 Qtz Vein
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165247 0.25 10.3 232 850 Qtz Vein
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165248 0.65 0.89 13.4 66.8 Lithic Tuff
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165250 0.25 17.8 63.4 1131.4 Qtz Vein
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165252 0.25 15.4 133.4 1057.4 Qtz Vein
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165253 0.75 0.51 63.4 94 El Tigre Formation
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165255 0.20 4.59 144.2 419.6 Qtz Vein with abundant
clay filling
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165256 0.75 1.34 12 92.4 El Tigre Formation
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165258 0.25 2.09 30.2 155.6 Qtz Vein
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165303 0.75 1.37 39.2 121.4 Qtz Vein
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165305 0.45 0.65 21.4 60.4 Qtz Vein
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165318 1.00 0.24 36.2 50.6 Dark Gray Tuff, weak-mod
Hem Veinlets
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165319 1.10 1.13 99 166.8 Dark Gray Tuff, weak-mod
Hem Veinlets
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165323 0.30 0.96 144.6 202.2 Qtz Vein
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165325 0.30 1.54 221 313.4 Qtz Vein
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165327 0.70 0.55 63.2 96.2 Qtz Vein
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165330 1.45 1.95 228 345 Qtz Vein/Bx
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165331 1.10 0.79 36.8 84.2 Silicified Tuff with
strong Hem in veinlets
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165333 0.60 0.83 93.8 143.6 Qtz Vein
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165335 0.50 2.08 280 404.8 Qtz Vein
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ROAD CUT CHANNEL SAMPLE SIGNIFICANT RESULTS
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Interval Au Ag Ag Eq
Location ID From To (m) (g/T) (g/T) (g/T)
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Road to Hole ET13-82 ET-CHN1 0.00 6.10 6.10 --- 22.1 22.1
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ET-CHN2 0.00 9.00 9.00 0.304 --- 18.24
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Road to Holes ET13-67 & ET-CHN3 0.00 6.64 6.64 0.237 --- 14.22
68
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ET-CHN4 0.00 72.00 72.00 1.296 --- 77.76
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Includes 16.00 20.00 4.00 3.77 --- 226.2
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Includes 26.00 28.00 2.00 7.95 --- 477
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Includes 38.00 40.00 2.00 4.25 --- 255
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Road to Hole ET13-70 ET-CHN5 0.00 44.00 44.00 1.275 --- 76.5
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Includes 26.00 28.00 2.00 3.27 --- 196.2
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ET-CHN6 0.00 8.00 8.00 1.713 --- 102.78
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Includes 0.00 4.00 4.00 3.235 --- 194.1
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ET-CHN7 0.00 12.00 12.00 0.440 --- 26.4
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ET-CHN8 0.00 8.00 8.00 0.223 --- 13.38
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ET-CHN9 0.00 37.40 37.40 0.611 --- 36.66
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ET-CHN10 0.00 20.00 20.00 0.798 20.9 68.78
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Includes 10.00 14.00 4.00 3.345 71.1 271.8
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Road to Holes ET13-69 & ET-CHN11 0.00 14.00 14.00 0.324 --- 19.44
74
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ET-CHN12 0.00 20.00 20.00 0.652 --- 39.12
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Road to Hole ET13-48 ET-CHN13 0.00 8.00 8.00 0.293 --- 17.58
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ET-CHN14 0.00 9.40 9.40 1.185 --- 71.1
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Note 1: All intervals reported as core length in metres.
Note 2: Channel samples on road cuts stated in composite intervals.
Note 3: Silver Equivalent (Ag Eq) is calculated using a 60 to 1 ratio of the
dollar value of Ag and Au (Ag + Au x 60).
The sampling program by El Tigre was designed to support the work reported in the PFS as well as providing guidance for geological work necessary to identify drill targets. The sample results are not representative of the true thickness at the locations sampled. The results confirm the presence of a wider zone of alteration/stockwork containing anomalous gold surrounding the veins with higher silver grades within the prospect area and support further work in exploring and developing the southern El Tigre Vein system.
“We are pleased with the progress that our team has made, as led by Country Manager Jose Velazquez,” said Stuart Ross, El Tigre Silver’s President and CEO. “The initial resource calculation was published in a NI 43-101 Report in August 2013 and was based on a 1.2 kilometre section of the Southern vein system at the EL Tigre property. We anticipate that after analysis of all of the assays from this program we will be in a position to plan our next drill program which will identify targets for further exploration activity.”
The technical content of this news release has been approved by Zachary J. Black, SME-RM (No. 4156858RM), Director – Geology and Resources for Hard Rock Consulting, a Qualified Person as defined in NI 43-101.
About El Tigre
The Company, through its subsidiaries, holds the rights to 100% of nine mineral concessions, eight comprising of 215 square kilometres located in north-eastern Sonora, Mexico (the “El Tigre Property”), and approximately 90 kilometres south of the US-Mexico border. El Tigre also holds one additional 32 hectare claim separate from the El Tigre Property. A NI 43-101Technical Report Preliminary Feasibility Study has been prepared for the El Tigre Silver Project and can be found on the Company’s profile on SEDAR atwww.sedar.com and on the Company’s website at www.eltigresilvercorp.com .
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 future plans to implement and maintain financial systems and controls. 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 atwww.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.
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.
Rob Grace
Corporate Communications
(604) 639-0044
[email protected]
www.eltigresilvercorp.com
SOURCE: El Tigre Silver Corp.
