RCS - Silver Tiger Metals - Silver Tiger Metals Gives Update on PFS drilling
22/05/2024 13:15
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RNS Number : 3916P Silver Tiger Metals Inc 22 May 2024
NEWS RELEASE
SILVER TIGER INTERSECTS 1.0 METER OF 12,851.5 g/t SILVER EQUIVALENT
WITHIN 16.0 METERS OF 875.6 g/t SILVER EQUIVALENT
IN THE TIGRE VEIN AND KEEL ZONE
HALIFAX, NOVA SCOTIA - May 22, 2024 - Silver Tiger Metals Inc. (TSXV:SLVR and
OTCQX:SLVTF) ("Silver Tiger" or the "Company") is pleased to provide an update
on the first 95 drill holes for the Company's ongoing Pre-Feasibility Study
("PFS") drilling program on the Stockwork deposit on its El Tigre Project in
Sonora, Mexico. These new results are highlighting the high-grade
mineralization beneath the floor of the 2023 PEA Open Pit in the Keel Zone and
expansion of the PEA Starter Pit to the north.
Drill hole ET-24-568 cut 16.0 metres grading 875.6 g/t silver equivalent or
11.67 g/t gold equivalent from 155.0 to 171.0 metres, consisting of 409.9 g/t
silver and 6.21 g/t gold and INCLUDING 1.0 metres grading 12,851.5 g/t silver
equivalent or 171.35 g/t gold equivalent from 161.0 to 162.0 metres
consisting of 6,034.0 g/t silver and 90.90 g/t gold and in the Keel Zone
(Figures 1 & 2). The hole passed through the El Tigre vein located some
15m beneath the floor of the PEA Open Pit and is referred to as the Keel Zone.
Figure 1 : Stockwork Zone Cross Section 4325N
Figure 2 : Keel Zone - Isometric View
New intersections through the Stockwork deposit, comprised of the Footwall,
Hanging Wall and high-grade Keel Zones, are highlighted below, shown on Figure
3 and listed in Table 1.
· Drill hole ET-24-570: 59.3 metres grading 1.92 g/t gold equivalent or
144.1 g/t silver equivalent from 100.3 to 159.6 metres, consisting of 1.63 g/t
gold and 21.8 g/t silver AND 9.5 metres grading 1.32 g/t gold equivalent or
99.2 g/t silver equivalent from 173.5 to 183.0 metres consisting of 1.32 g/t
gold and 0.5 g/t silver. These intersections are located approximately 150
metres past the northern end of the 2023 PEA Starter Pit as shown in Figure 3.
· Drill hole ET-23-563: 45.0 metres grading 1.17 g/t gold equivalent or
87.6 g/t silver equivalent from 4.0 to 49.0 metres, consisting of 0.70 g/t
gold and 35.0 g/t silver INCLUDING 15.0 metres grading 2.20 g/t gold
equivalent or 164.7 g/t silver equivalent from 11.0 to 26.0 metres consisting
of 1.01 g/t gold and 89.0 g/t silver gold in both the Hanging Wall and
Footwall Zones.
· Drill hole ET-23-552: 35.5 metres grading 0.92 g/t gold equivalent or
68.7 g/t silver equivalent from 107.0 to 142.5 metres, consisting of 0.83 g/t
gold and 6.2 g/t silver INCLUDING 7.0 metres grading 1.68 g/t gold equivalent
or 126.3 g/t silver equivalent from 135.5 to 142.5 metres consisting of 1.66
g/t gold and 1.9 g/t silver in the Hanging Wall Zone.
Silver Tiger's CEO, Glenn Jessome, stated, "As we continue receiving promising
assay results, it is apparent that the developing "Starter Pit" and "Keel
Zone" show excellent grade and continuity." Mr. Jessome further stated, "The
results may increase the updated MRE associated with the PFS-level study which
we expect to deliver by September 2024, which will also further de-risk the
project." Mr. Jessome continued, "We contemplate being able to make a build
decision based on our upcoming PFS."
Silver Tiger has completed 24,500 metres of a 25,000 metre drilling program
focused on expanding the Mineral Resource, up-grading the classification,
completing metallurgical testwork and geotechnical studies as it progresses
from an exploration to a development project. The value-added PFS progress is
on schedule for publication in H2-2024.
Figure 3 : Stockwork Zone - Plan View
Highlights from the on-going Pre-Feasibility Study Drilling Program include
the following:
· Expanding known mineralization by 10 to 15%, to the footwall and
hanging wall zones, as well as the higher-grade 'Keel' at PEA pit bottom
associated with the El Tigre and SK Veins;
· Converting first two to three years of mineralized material in the
potential 'Starter Stockwork Zone' from Indicated Mineral Resource to
Measured;
· Converting a significant portion of the 2 km strike length 'ultimate'
PEA pit-constrained Inferred Mineral Resource to Indicated;
· Completion of enhanced PFS Metallurgical Drilling, with samples
underway comminution and leach testing; and
· Completion of enhanced PFS Geotechnical Drilling, with samples
undergoing testing.
Mineral Resource Drilling
P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario completed the
initial MRE in 2017. On Oct 27, 2023, P&E released an updated El Tigre
Project NI 43-101 and NI 43-01 F1 compliant MRE technical report titled
"Technical Report and Updated Mineral Resource Estimate of the El Tigre
Silver-Gold Project, Sonora, Mexico" authored by William Stone, Ph.D.,
P.Geo.,Yungang Wu, P.Geo., Fred H. Brown, P.Geo., Jarita Barry, P.Geo., David
Burga, P.Geo., D. Grant Feasby, P.Eng., Eugene Puritch, P.Eng., FEC, CET and
David Salari, P.Eng. The MRE has a pit-constrained Indicated Mineral Resource
totaling 43.0 million tonnes containing 818 thousand ounces AuEq grading 0.59
g/t AuEq; and a pit-constrained Inferred Mineral Resource of 11.5 million
tonnes containing 267 thousand ounces AuEq grading 0.72 g/t AuEq (see update
MRE press release dated September 12(th) 2023).
PEA-level bench optimization of the pit-constrained Mineral Resource
highlighted the higher-grade (~0.80 gpt AuEq), low strip ratio (~0.3)
potential Starter Stockwork Zone which contains 5.7 million tonnes of
mineralized material (see PEA press release dated November 1(st), 2023).
Recommendations of the PEA-level study included increasing Mineral Resource
confidence in potential 'Starter Stockwork Zone' and additional exploratory
drilling to target the 1) Footwall, 2) Hanging Wall and 3) 'Keel' areas of the
Stockwork Zone. P&E were again retained to lead the current El Tigre
PFS-level study with 24,500 metres of the program completed as of May 15, 2024
. Complete and final assay results are listed in Table 1.
Below, highlighted intersections are enumerated with reference to the three
(3) zones targeted (Figure 2):
· Drill hole ET-23-563: Confirms location and grade of the Hanging Wall
Zone, and downhole, the Footwall Zone, and high-grade SK vein;
· Drill hole ET-23-552: Confirms location and grade of the Hanging Wall
Zone, and downhole, expands the Footwall Zone 25m to the east over 2023 MRE;
· Drill hole ET-24-568: Expands depth and strike of Keel Zone over the
2023 MRE; and
· Drill hole ET-24-570: Confirms location and grade of the Hanging Wall
Zone associated with El Tigre Vein.
Table 1-Mineral Resource Drill Hole Results
AuEq Total ((2)) AgEq Total ((2))
Hole ID Comment From To Length((1)) Gold Silver
m m m g/t g/t g/t g/t
ET-23-552 STOCKWORK ZONE(3) 107.0 142.5 35.5 0.83 6.2 0.92 68.7
Mining VOID 121.7 123.8 2.1 * * * *
including 135.5 142.5 7.0 1.66 1.9 1.68 126.3
STOCKWORK ZONE 156.5 176.0 19.5 0.44 0.5 0.45 33.4
ET-23-553 STOCKWORK ZONE 85.5 97.0 11.5 0.32 0.6 0.33 24.4
STOCKWORK ZONE 131.0 155.0 24.0 0.42 1.4 0.44 33.1
including 183.0 201.0 18.0 0.22 172.4 2.52 189.1
ET-23-554 STOCKWORK ZONE(4) 138.0 183.0 45.0 0.52 3.9 0.57 42.6
including 159.0 171.0 12.0 0.88 5.9 0.96 72.0
Mining VOID 171.0 174.0 3.0 * * * *
STOCKWORK ZONE 219.6 235.6 16.0 0.91 4.3 0.97 72.5
ET-23-557 STOCKWORK ZONE 24.0 32.0 8.0 0.48 3.3 0.52 39.3
STOCKWORK ZONE 113.0 125.0 12.0 0.37 1.2 0.39 29.1
STOCKWORK ZONE 148.0 179.0 31.0 0.33 11.8 0.48 36.3
including 173.0 178.0 5.0 0.63 40.4 1.17 87.8
ET-23-558 STOCKWORK ZONE 108.5 141.0 32.5 0.72 1.7 0.75 56.0
including 116.5 134.0 17.5 1.04 1.9 1.07 80.1
El Tigre HW 162.1 163.0 0.9 0.20 224.0 3.19 239.1
Mining VOID 163.0 165.0 2.0 * * * *
El Tigre FW 165.0 165.9 0.9 0.22 362.0 5.05 378.5
STOCKWORK ZONE 181.0 207.0 26.0 0.17 13.6 0.35 26.3
ET-23-560 STOCKWORK ZONE 153.0 157.0 4.0 1.40 7.9 1.50 112.7
STOCKWORK ZONE 164.9 168.0 3.1 0.94 1.4 0.96 72.0
STOCKWORK ZONE(5) 205.5 225.0 19.5 0.36 4.1 0.41 30.9
including 211.5 216.5 5.0 0.63 6.0 0.71 53.0
Mining VOID 221.2 223.2 2.0 * * * *
ET-23-563 STOCKWORK ZONE 4.0 49.0 45.0 0.70 35.0 1.17 87.6
including 11.0 26.0 15.0 1.01 89.0 2.20 164.7
including 24.0 26.0 2.0 1.43 634.0 9.89 741.5
STOCKWORK ZONE 64.0 70.0 6.0 0.68 2.0 0.71 53.1
ET-24-564 STOCKWORK ZONE 15.0 40.5 25.5 1.30 24.3 1.63 122.1
including 16.0 24.0 8.0 2.76 71.4 3.71 278.4
STOCKWORK ZONE 73.9 99.0 25.1 0.18 2.3 0.22 16.2
ET-24-565 STOCKWORK ZONE 103.0 150.9 47.9 0.32 1.9 0.35 26.0
STOCKWORK ZONE 182.0 190.0 8.0 0.33 1.3 0.34 25.7
STOCKWORK ZONE 204.0 225.0 21.0 0.84 3.7 0.88 66.4
including 219.0 225.0 6.0 1.94 7.8 2.04 153.4
ET-24-566 STOCKWORK ZONE 12.0 43.5 31.5 0.39 12.5 0.56 41.9
including 18.0 31.5 13.5 0.60 13.8 0.79 59.0
STOCKWORK ZONE 112.0 121.5 9.5 1.02 0.6 1.03 76.9
ET-24-567 STOCKWORK ZONE(6) 31.5 106.5 75.0 0.35 16.6 0.57 43.0
including(6) 80.0 92.0 12.0 0.51 70.8 1.46 109.1
ET-24-568 KEEL ZONE 155.0 171.0 16.0 6.21 409.9 11.67 875.6
including 161.0 162.0 1.0 90.90 6034.0 171.35 12851.5
ET-24-569 STOCKWORK ZONE 71.4 111.7 40.3 0.36 24.0 0.68 51.2
including 71.4 83.0 11.6 0.57 78.4 1.61 121.1
ET-24-570 STOCKWORK ZONE 100.3 159.6 59.3 1.63 21.8 1.92 144.1
Mining VOID 168.0 173.5 5.5 * * * *
STOCKWORK ZONE 173.5 183.0 9.5 1.32 0.5 1.32 99.2
Notes:
1. Not true width.
2. Silver Equivalent ("AgEq") ratios are based on a silver to gold price
ratio of 75:1 (Au:Ag).
3. Excludes 2.1m of Mining void
4. Excludes 3.0m of Mining void
5. Excludes 2.0m of Mining void
6. Excludes 1.1m of Mining void
Table 2-Drill Hole Locations
Hole ID Easting Northing Elevation Azimuth Dip Length
ET-23-552 671,057.8 3,384,293.5 1976.5 90 -45 191.0
ET-23-553 671,020.6 3,384,046.9 1937.5 90 -45 220.0
ET-23-554 671,014.1 3,384,293.7 1985.2 90 -45 276.0
ET-23-557 671,047.4 3,384,494.1 2070.0 90 -65 230.8
ET-23-558 671,031.0 3,384,121.0 1920.9 90 -45 222.0
ET-23-560 671,046.9 3,384,493.9 2070.0 90 -80 261.0
ET-23-563 671,201.7 3,383,902.6 1903.7 90 -45 90.0
ET-24-564 671,212.7 3,384,050.0 1944.7 90 -47 117.0
ET-24-565 671,223.4 3,383,425.5 1977.2 90 -45 253.5
ET-24-566 671,211.0 3,384,093.9 1977.8 90 -45 140.0
ET-24-567 671,093.5 3,384,273.4 1965.7 90 -48 150.0
ET-24-568 671,046.7 3,384,314.9 1983.4 90 -60 258.0
ET-24-569 671,307.9 3,383,304.6 1917.9 90 -50 175.5
ET-24-570 671,044.5 3,384,587.4 2099.3 90 -70 200.4
Note: Holes ET-23-551, 555, 556, 559, 561, and 562 are geotechnical holes with
assays pending
Figure 4: El Tigre - Conceptual Cross-Section Showing Mineralization
Styles
Figure 5: El Tigre-Longitudinal Projection Showing Exploration
Potential
About Silver Tiger and the El Tigre Historic Mine District
Silver Tiger Metals Inc. is a Canadian company whose management has more than
25 years' experience discovering, financing and building large hydrothermal
silver projects in Mexico. Silver Tiger's 100% owned 28,414 hectare historic
El Tigre Mining District is located in Sonora, Mexico. Principled
environmental, social and governance practices are core priorities at Silver
Tiger.
The El Tigre historic mine district is located in Sonora, Mexico and lies at
the northern end of the Sierra Madre silver and gold belt which hosts many
epithermal silver and gold deposits, including Dolores, Santa Elena and Las
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 silver veins in the area with
production coming from 3 parallel veins the El Tigre Vein, the Seitz Kelley
Vein and the Sooy Vein. Underground mining on the middle El Tigre Vein
extended 1,450 metres along strike and was mined on 14 levels to a depth of
approximately 450 metres. The Seitz Kelley Vein was mined along strike for 1
kilometre to a depth of approximately 200 metres. The Sooy Vein was only
mined along strike for 250 metres to a depth of approximately 150 metres.
Mining abruptly stopped on all three of these veins when the price of silver
collapsed to less than US20¢ per ounce with the onset of the Great
Depression. By the time the mine closed in 1930, 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). The average grade mined during this
period was over 2 kilograms silver equivalent per ton.
The El Tigre silver and gold deposit is related to a series of 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 silver and gold mineralized prophylitic alteration zone developed in the
El Tigre Formation that can be up to 150 metres wide. The veins dip steeply to
the west and are typically 0.5 metre wide; however, locally can be up to 5
metres in width. The veins, structures and mineralized zones outcrop on
surface and have been traced for 5.3 kilometres along strike in our brownfield
exploration area. Historical mining and exploration activities focused on a
1.6-kilometre portion of the southern end of the deposits, principally on the
El Tigre, Seitz Kelly and Sooy veins. The under explored Caleigh, Benjamin,
Protectora and the Fundadora exposed veins continue north for more than 3
kilometres. Silver Tiger has delivered its updated NI 43-101 compliant
Mineral Resource Estimate and PEA and is currently drilling to update its
Mineral Resource Estimate and publish a PFS.
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 (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
(https://vrify.com/explore/decks/492) and on the Corporation's website at:
www.silvertigermetals.com (http://www.silvertigermetals.com) .
Procedure, Quality Assurance / Quality Control and Data Verification
The diamond drill core (HQ size) is geologically logged, photographed and
marked for sampling. When the sample lengths are determined, the full drill
core is sawn with a diamond blade drill core saw with one half of the drill
core being bagged and tagged for assay. The remaining half portion is returned
to the drill core trays for storage and/or for metallurgical test work.
The sealed and tagged drill core sample bags are transported to the Bureau
Veritas facility in Hermosillo, Mexico. Bureau Veritas crushes the samples
(Code PRP70-250) and prepares 200-300 gram pulp samples with ninety percent
passing Tyler 200 mesh (Code PUL85). The pulps are assayed for gold using a
30-gram charge by fire assay (Code FA630) and over limits greater than 10
grams per tonne are re-assayed using a gravimetric finish (Code FA530). Silver
and multi-element analysis is completed using total digestion (Code MA200
Total Digestion ICP). Over limits greater than 100 grams per tonne silver are
re-assayed using a gravimetric finish (Code FA530).
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 reference materials,
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.
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.
For further information, please contact:
Glenn Jessome
President and CEO
902 492 0298
jessome@silvertigermetals.com (mailto:jessome@oceanusresources.ca)
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,
Mineral Resources and Mineral Reserves, the ability to convert Inferred
Resources to Indicated Resources, the ability to complete future drilling
programs and infill sampling, the ability to extend Mineral 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.
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