HALIFAX, NOVA SCOTIA – July 9, 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 have completed the first two weeks of the summer 2020 channel sampling program from legacy underground exploration tunnels and from surface samples located 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 (see Appendix A – Location Map).
Silver Tiger CEO, Glenn Jessome states, “El Tigre is a very exciting brownfields exploration story. The project area consists of a district size target with multiple historic surface and underground targets. The historic El Tigre Mine is reported to have produced 67.4 million ounces of silver and 353,000 ounces of gold during the period 1903 to 1938 with reported average production grades of 1,308 grams per tonne silver and 7.54 grams per tonne gold. Our underground channel sampling of the short exploration tunnels in the exposed veins at surface located to the north of the historic mine from November 2019, and a handful of our drill holes in these same veins, returned similar-style silver-gold mineralization as found in the historic El Tigre Mine. We are pleased to have the exploration team back at El Tigre collecting additional channel samples in the northern vein extensions in a safe manner in light of COVID-19. The safety of all of our employees in Mexico is of paramount importance to us in this pandemic.”
Underground Channel Samples in Northern Veins
The current program is intended to generate additional drill targets and follows up on the success of the underground channel sampling completed in these same vein extensions in the fall of 2019 which returned multiple high-grade values including the following.
- In the Caleigh vein, approximately 2 kilometers north of the old El Tigre Mine, underground channel sample ETU-1007 returned 2,376 g/t silver equivalent consisting of 1,896.3 g/t silver and 6.40 g/t gold over a true width of 0.50 meters. Underground Channel Sample ETU-1006 returned 2,318 g/t silver equivalent consisting of 1,970.7 g/t silver and 4.64 g/t gold over a true width of 0.50 meters.
- In the Canon Combination vein (un-mined portion of the El Tigre vein) underground channel sample ETU-1012 returned 1,813 g/t silver equivalent consisting of 1,793.7 g/t silver and 0.25 g/t gold across a true width of 0.50 meters.
- In the Protectora vein, approximately 2 kilometers north of the old El Tigre Mine, underground channel sample ETU-1008 returned 529 g/t silver equivalent consisting of 378.0 g/t silver and 2.01 g/t gold across a true width of 0.50 meters.
The silver equivalent ratios are based on a silver to gold price ratio of 75:1 (Ag:Au).
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 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. 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.
| Hole ID | Comment | From | To | Length(1) | Au | Ag | AgEq(2) |
|---|---|---|---|---|---|---|---|
| (meters) | (meters) | (meters) | (g/t) | (g/t) | (g/t) | ||
| ET-17-144 | 88.25 | 91.40 | 3.15 | 10.1 | 1,990.9 | 2,748.4 | |
| including | 88.25 | 89.10 | 0.85 | 37.2 | 7,338.9 | 10,128.9 | |
| and | 188.65 | 190.15 | 1.50 | 0.024 | 1,107.3 | 1,109.1 | |
| ET-17-145 | 28.50 | 29.25 | 0.75 | 10.9 | 2,830.4 | 3,647.9 | |
| ET-17-148 | 90.10 | 90.60 | 0.50 | 9.83 | 2,247.1 | 2,984.35 |
Notes:
1. Not true width.
2. Gold Equivalent (“EqAu75”) ratio based on silver to gold price ratio of 75:1 (Au:Ag).
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
VRIFY is a platform being used by companies to communicate with investors using 360° virtual tours of remote mining assets, 3D models and interactive presentations. VRIFY can be accessed by website and with the VRIFY iOS and Android apps.
Access the Silver Tiger Metals Inc. Company Profile on VRIFY at: https://vrify.com
The VRIFY Slide Deck and 3D Presentation for Silver Tiger Metals Inc. can be viewed at: https://vrify.com/explore/decks/492 and on the Company’s website at: www.silvertigermetals.com.
Qualified Person
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:
Glenn Jessome
President and CEO
902 492 0298
[email protected]
CAUTIONARY STATEMENT:
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.
Appendix A
Location Map – Three Kilometers of Vein Extensions
Note: Underground channel results are reported in silver equivalent based on silver to gold price ratio of 75:1 (Au:Ag).
