RCS - Silver Tiger Metals - Silver Tiger Announces Filing of Technical Report

Silver Tiger MetalsAnnouncement

30/10/2023 12:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231030:nRSd6261Ra&default-theme=true

RNS Number : 6261R  Silver Tiger Metals Inc  30 October 2023

 

Silver Tiger Announces Filing of Technical Report for Updated Mineral Resource
Estimate for the El Tigre Silver-Gold Project

 

HALIFAX, NS / ACCESSWIRE / October 30, 2023 / Silver Tiger Metals Inc.
(TSXV:SLVR and OTCQX:SLVTF) ("Silver Tiger" or the "Corporation") is pleased
to announce the filing of a Technical Report an updated Mineral Resource
Estimate ("MRE") for its 100% owned, high-grade silver-gold El Tigre Project
(the "Project" or "El Tigre") located in Sonora, Mexico. The Technical Report
supports the scientific and technical disclosure in the Company's news release
dated September 12, 2023, announcing the results of an updated Mineral
Resource Estimate on the El Tigre Project. The Technical Report is available
at www.sedarplus.ca under the Company's profile.

Highlights Include:

·    In addition to the exploration work completed, an Exploration Target
was established as follows: 7 to 9 million tonnes at 3.0 to 3.5 g/t AuEq for
675 koz to 1 Moz AuEq;

·    Increase of 84% in Indicated Silver Equivalent ("AgEq") Ounces from
initial September 2017 Mineral Resource, with 3% increase in AgEq grade;

·    Increase of 257% in Inferred AgEq Ounces from initial September 2017
Mineral Resource, with an 13% increase in AgEq grade;

·    Pit-constrained El Tigre Indicated Mineral Resources of 61.4 Million
ounces (Moz) AgEq grading 44 g/t AgEq contained in 43.0 Million tonnes ("Mt");

·    Pit-constrained El Tigre Inferred Mineral Resources of 20.0 Moz AgEq
grading 54 g/t AgEq contained in 11.5 Mt;

·    Out-of-Pit El Tigre Indicated Mineral Resources of 20.8 Moz AgEq
grading 279 g/t AgEq contained in 2.3 Mt;

·    Out-of-Pit El Tigre Inferred Mineral Resources of 69.8 Moz AgEq
grading 235 g/t AgEq contained in 9.2 Mt;

·    Out-of-Pit Indicated Mineral Resources, at a cut-off grade of 263 g/t
AgEq (3.5 gpt AuEq), contains 12.8 Moz ounces AgEq grading 484 g/t AgEq within
in 0.8 Mt;

·    Out-of-Pit Inferred Mineral Resources, at a cut-off grade of 263 g/t
AgEq (3.5 gpt AuEq), contains 32.4 Moz ounces AgEq grading 400 g/t AgEq within
in 2.5 Mt; and

·    The El Tigre Project Mineral Resource is amenable to both open pit
and bulk underground mining methods,

Glenn Jessome, President and CEO, stated: "With the Technical Report and
Mineral Resource Estimate now completed and filed, we quickly turn our
attention back to El Tigre's economics and we will deliver our PEA in early
November."  Mr. Jessome continued: "What stands out in the filed Technical
Report, not previously disclosed, is the Exploration Potential.  The
Technical Report establishes an Exploration Target for El Tigre of 7 to 9
million tonnes at 3.0 to 3.5 g/t AuEq for 675,000 ounces to 1 million ounces
AuEq.  We will immediately begin the process of drilling these significant
potential additional ounces."

Indicated Mineral Resources are estimated at 46.4 Mt grading 25 g/t silver,
0.39 g/t gold, 0.01% copper, 0.03% lead, and 0.06% zinc (0.77 g/t AuEq). The
Updated Mineral Resource Estimate includes Indicated Mineral Resources of 37.2
Moz of silver, 575 koz of gold, 9.4 Mlb of copper, 35.5 Mlb of lead, and 64.3
Mlb of zinc (1.1 Moz AuEq).

Inferred Mineral Resources are estimated at 20.9 Mt grading 78.4 g/t silver,
0.56 g/t gold, 0.04% copper, 0.13% lead, and 0.22% zinc (1.79 g/t AuEq). The
Updated Mineral Resource Estimate includes Inferred Mineral Resources of 52.6
Moz of silver, 374 koz of gold, 18.1 Mlb of copper, 59.7 Mlb of lead, and
103.4 Mlb of zinc (1.2 Moz AuEq).

Exploration Potential - El Tigre Project

In addition to the exploration work completed, an El Tigre Exploration Target
was established as follows: 7 to 9 million tonnes at 3.0 to 3.5 g/t AuEq for
675 koz to 1 Moz AuEq*. The Exploration Target is shown in Figure 2.

 

*The potential quantities and grades of the Exploration Targets are conceptual
in nature. There has been insufficient work done by a Qualified Person to
define these estimates as Mineral Resources. The Company is not treating these
estimates as Mineral Resources, and readers should not place undue reliance on
these estimates. Even with additional work, there is no certainty that the
estimates will be classified as Mineral Resources. In addition, there is no
certainty that these estimates will ever prove to be economically recoverable.

 

 

 

 

Preliminary Economic Assessment Silver Tiger now expects to deliver its
Preliminary Economic Assessment in November 2023.

Fall 2023 - Mining Conference Attendance - November 2023

 

Silver Tiger will conduct a busy November 2023 marketing schedule by attending
the The New Orleans Investment Conference, from November 1 to 4 in New
Orleans, The Red Cloud Fall Mining Showvcase on November 7 and 8 in Toronto,
The Torrey Hills Capital Annual Emerging Growth Resource Conference from
November 14 to 16 in Rancho Sante Fe, California and The Precious Metals
Summit Zurich fron November 13 to 15.

 

Mineral Resource Estimate Methodology - El Tigre Project

 

A total of 482 drill holes (124,851 metres) and 3,160 surface and adit channel
samples (6,473 metres) were used in the Mineral Resource Estimate. Historical
underground chip samples from the El Tigre Mine, totaling 16,319, were used to
define the vein limits only and not grade estimation.

 

P&E Mining Consultants Inc. ("P&E") collaborated with Silver Tiger
personnel to develop the mineralization models, estimates, and reporting
criteria for the Mineral Resources at El Tigre. Mineralization models were
initially developed by Silver Tiger and were reviewed and modified by P&E.
A total of twenty-three individual mineralized domains have been identified
through drilling and surface sampling. The outlines of the halos and veins
below surface from 0 to 100 m were influenced by the selection of mineralized
material above 0.3 g/t AuEq, whereas 1.0 g/t AuEq was applied for the veins
>100 m below surface that demonstrated lithological and structural zonal
continuity along strike and down-dip.

 

Mineralization wireframes were used as hard boundaries for the purposes of
grade estimation. A 5 m x 5 m x 5 m three-dimensional block model was used for
the Mineral Resource Estimate. The block model consists of estimated Au, Ag,
Cu, Pb and Zn grades, estimated bulk density, classification criteria, and a
block volume inclusion percent factor. Au and Ag equivalent block grades were
subsequently calculated from the estimated metal grades.

 

 

 

 

 

Sample assays were composited to a 1.5m standard length. Au, Ag, Cu, Pb and Zn
grades were estimated using Inverse Distance Cubed weighting of between 1 and
12 composites, with a maximum of 2 composites per drill hole. Composites were
capped prior to estimation by mineralization domain. Composite samples were
selected within an anisotropic search ellipse oriented down the plunge of
identified high grade trends.

 

A total of 5,699 bulk density analyses were provided in the drill hole
database. The bulk density ranged from 1.6 (dump) to 3.02 t/m(3) in the
mineralized wireframes.

 

Classification criteria were determined from observed grade and geological
continuity as well as variography. Indicated Mineral Resources are informed by
2 or more drill holes within 50 m; Inferred Mineral Resources are informed by
1 or more drill holes with a search radius sufficient to populate the
wireframes. No Measured Mineral Resources were calculated.

Table 2: El Tigre Project 2023 Mineral Resources Statement((1-11))

 El Tigre Project - 2023 Mineral Resource Estimate ((1-10))
 Area              Vein              Class         Cut-off       Tonnes  Au     Au      Ag      Ag      AuEq    AuEq    AgEq    AgEq    Cu    Cu     Pb    Pb     Zn     Zn
                   AuEq (g/t)                      (k)                   (g/t)  (k oz)  (g/t)   (k oz)  (g/t)   (k oz)  (g/t)   (k oz)  (%)   (Mlb)  (%)   (Mlb)  (%)    (Mlb)
 Pit Constrained                     Indicated     0.14          43,002  0.39   535.3   15      20,049  0.59    818.4   44      61,381  0.00  1.8    0.01  7.0    0.02   14.3
                   Inferred          0.14          11,524        0.47    175.9  17      6,396   0.72    267.3   54      20,045  0.00    0.8   0.01   3.7   0.02   4.3
 Out-of-pit                          Indicated     1.5           2,323   0.38   28.7    191     14,231  3.72    277.8   279     20,838  0.15  7.6    0.55  28.0   0.97   49.8
                   Inferred          1.5           9,229         0.66    196.6  155     45,885  3.14    930.7   235     69,801  0.09    17.3  0.27   55.9  0.49   99.0
 Vein Total                          Indicated     0.14+1.5      45,325  0.39   564.0   24      34,279  0.75    1096.3  564     82,219  0.01  9.4    0.04  35.0   0.06   64.1
                   Inferred          0.14+1.5      20,753        0.56    372.6  78      52,282  1.80    1198.0  135     89,847  0.04    18.1  0.13   59.6  0.23   103.4
 Low Grade Stockpiles                Indicated     0.3           103     0.90   3.0     177     588     3.41    11.3    256     847     0.02  0.1    0.22  0.5    0.10   0.2
                   Inferred          0.3           18            0.46    0.3    146     83      2.52    1.4     189     108     0.02    0.0   0.17   0.1   0.09   0.0
 Tailings                            Indicated     0.3           939     0.27   8.0     78      2,345   1.30    39.3    98      2,948
                   Inferred          0.3           101           0.27    0.9    79      254     1.31    4.3     98      323
 Total (Vein+Stockpile+Tailing)      Indicated     0.14+1.5+0.3  46,367  0.39   575.0   25      37,212  0.77    1146.9  58      86,014  0.01  9.4    0.03  35.5   0.06   64.3
                   Inferred          0.14+1.5+0.3  20,871        0.56    373.7  78      52,619  1.79    1203.7  135     90,277  0.04    18.1  0.13   59.7  0.22   103.4

 

1.  Mineral Resources which are not Mineral Reserves, do not have
demonstrated economic viability. The estimate of Mineral Resources may be
materially affected by environmental,

        permitting, legal, title, taxation, socio-political, marketing,
or other relevant issues.

2.  The Inferred Mineral Resource in this estimate has a lower level of
confidence than that applied to an Indicated Mineral Resource and must not be
converted to a Mineral Reserve.

        It is reasonably expected that the majority of the Inferred
Mineral Resource could be upgraded to an Indicated Mineral Resource with
continued exploration.

3.  The Mineral Resources in this news release were estimated in accordance
with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources

       and Reserves, Definitions and Guidelines (2014) prepared by the
CIM Standing Committee on Reserve Definitions and adopted by the CIM Council
and CIM Best Practices (2019).

4.  Historically mined areas were depleted from the Mineral Resource model.

5.  Approximately 74.7% of the Indicated and 22.3% of the Inferred contained
AgEq ounces are pit constrained, with the remainder out-of-pit.  See tables 2
and 3 for details of the split

       between pit constrained and out-of-pit deposits.

6.  The pit constrained AuEq cut-off grade of 0.14 g/t was derived from
US$1,800/oz Au price, US$24/oz Ag price, 80% process recovery for Ag and Au,
US$5.30/tonne process cost and

       US$1.00/tonne G&A cost. The constraining pit optimization
parameters were $1.86/t mineralized mining cost, $1.86/t waste mining cost and
50-degree pit slopes.

7.  The out-of-pit AuEq cut-off grade of 1.5 g/t AuEq was derived from
US$1,800/oz Au price, US$24/oz Ag price, $4.00$/lb Cu, $0.95 $/lb Pb, $1.40
$/lb Zn, 85% process recovery for all

       metals, $50/t mining cost, US$20/tonne process and US$4 G&A
cost.  The out-of-pit Mineral Resource grade blocks were quantified above the
1.5 g/t AuEq cut-off, below the constraining

       pit shell within the constraining mineralized wireframes and
exhibited sufficient continuity to be considered for cut and fill and long
hole mining

8.  No Mineral Resources are classified as Measured.

9.  The tailings AuEq cut-off grade of 0.30 g/t was derived from US$1,800/oz
Au price, US$24/oz Ag price, 85% process recovery for Ag and Au, US$14/t
process cost and US$1.00/t G&A cost.

10.            AgEq and AuEq calculated at an Ag/Au ratio of 75:1.

11.            Totals may not agree due to rounding

Qualified Persons

Dave Duncan P. Geo., VP Exploration of Silver Tiger, Charles Spath, P. Geo.,
VP of Technical Services of Silver Tiger, and Eugene Puritch, P.Eng., FEC,
CET, President of P&E Mining Consultants are the Qualified Persons as
defined under National Instrument 43-101. Mr. Puritch is independent of Silver
Tiger. Mr. Duncan, Mr. Spath and Mr. Puritch have reviewed and approved the
scientific and technical information in this press release.

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 epithermal
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 high-grade 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 meters.  The Sooy Vein was
only mined along strike for 250 metres to a depth of approximately 150
metres.  Mining abruptly stopped on all 3 of these veins when the price of
silver collapsed to less than 20¢ 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.

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 Reserves, the ability to convert Inferred Mineral
Resources to Indicated Mineral 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.

SOURCE: Silver Tiger Metals Inc.

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAPPGRCUUPWPPB