RCS - Silver Tiger Metals - Silver Tiger Provides Update
03/04/2024 13:15
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RNS Number : 1181J Silver Tiger Metals Inc 03 April 2024
Silver Tiger Provides Update on Pre-Feasibility Study Mineral Resource
Drilling
HALIFAX, NS / ACCESSWIRE / April 3, 2024 / Silver Tiger Metals Inc.
(TSXV:SLVR) and (OTCQX:SLVTF) ("Silver Tiger" or the "Company") is pleased to
provide an update on the Company's ongoing Pre-Feasibility Study ("PFS")
drilling program on the Stockwork gold deposit on its El Tigre Project in
Sonora, Mexico. Silver Tiger has completed 22,000 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.
Three main areas of the Stockwork mineralization are being targeted and show
potential for expansion: a) the footwall, b) the hanging wall and c) bottom
'keel'. After releasing the first 40 drill holes of the program, the Company
is pleased to announce conversion, expansion and derisking of the potential
'Starter Stockwork Zone'
Silver Tiger's CEO, Glenn Jessome, stated, "We are pleased to announce that
this new set of assay results continue to both confirm and expand the
near-surface potential Starter Stockwork Zone. Of particular interest is the
high-grade "Keel Zone" that is being delineated." Mr. Jessome further stated,
"These promising assay results help to further de-risk the project in
conjunction with the underway PFS-level geotechnical and metallurgical
studies."
The near-surface Stockwork Zone, and high-grade Keel Zone seen in below
highlighted intercepts:
· Drill hole ET-23-497: 116.0 metres grading 0.68 g/t gold
equivalent or 51.2 g/t silver equivalent from 37.0 to 153.0 metres, consisting
of 0.40 g/t gold and 21.1 g/t silver INCLUDING 25.0 metres grading 0.99 g/t
gold equivalent or 74.4 g/t silver equivalent from 107.0 to 132.0 metres
consisting of 0.37 g/t gold and 46.8 g/t silver in the Stockwork Zone.
· Drill hole ET-23-504: 115.8 metres grading 0.61 g/t gold
equivalent or 46.1 g/t silver equivalent from 37.2 to 153.0 metres, consisting
of 0.49 g/t gold and 9.2 g/t silver INCLUDING 23.5 metres grading 1.09 g/t
gold equivalent or 81.9 g/t silver equivalent from 37.2 to 60.7 metres
consisting of 0.89 g/t gold and 15.2 g/t silver in the Stockwork Zone.
· Drill hole ET-23-506: 80.0 metres grading 1.09 g/t gold
equivalent or 82.0 g/t silver equivalent from 6.0 to 86.0 metres, consisting
of 0.75 g/t gold and 25.6 g/t silver INCLUDING 47.5 metres grading 1.55 g/t
gold equivalent or 115.9 g/t silver equivalent from 34.5 to 82.0 metres
consisting of 1.08 g/t gold and 34.7 g/t silver gold in the Stockwork Zone.
· Drill hole ET-23-514: 34.4 metres grading 1.76 g/t gold
equivalent or 131.9 g/t silver equivalent from 167.0 to 201.4 metres,
consisting of 0.72 g/t gold and 78.0 g/t silver INCLUDING 0.8 metres grading
30.17 g/t gold equivalent or 2,263.0 g/t silver equivalent from 188.6 to 189.4
metres consisting of 16.60 g/t gold and 1,018.0 g/t silver in the Keel Zone.
Figure 1 (https://pr.report/VeOojKbv) : Stockwork Zone - Plan View
Figure 2 (https://pr.report/sEu9nlOZ) : Stockwork Zone Cross Section 4100N
Figure 3 (https://pr.report/v4zaJioe) : Stockwork Zone-Cross Section 4225N
Highlights from the on-going Pre-Feasibility Study Drilling Program include
the following:
· Expanding known mineralization by 10 to15%, 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 21,000 metres of the program complete (Figure 1).
Complete and final assay results from the nineteen (19) drill holes are listed
in Table 1.
Below, highlighted intersections are enumerated with reference to the three
(3) zones targeted:
· Drill hole ET-23-497: Confirms higher-grade Tiger Vein area in
starter pit, and 'Footwall' Zone 25 metres to east over 2023 MRE:
· Drill hole ET-23-504: Expands 'Hanging wall' and 'Footwall' Zones
by 10 and 20 metres, respectively;
· Drill hole ET-23-506: Downhole intersection expands 'Footwall
Zone' 25 metres to east over 2023 MRE (Fig. 2); and
· Drill hole ET-23-514: Confirms higher-grade SK Vein area in
starter pit, and expands 'Hanging wall' and 'Keel' Zones (Fig. 1)
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-23-496 STOCKWORK ZONE 36.5 113.0 76.5 0.42 11.2 0.57 42.6
including 76.0 92.4 16.4 0.62 26.3 0.97 72.5
Mining VOID 102.0 104.0 2.0 * * * *
STOCKWORK ZONE 104.0 113.0 9.0 0.56 8.9 0.68 51.0
ET-23-497 STOCKWORK ZONE 37.0 153.0 116.0 0.40 21.1 0.68 51.2
including 72.0 134.0 62.0 0.50 28.5 0.88 65.7
including 72.0 96.0 24.0 0.76 13.9 0.94 70.8
including 107.0 132.0 25.0 0.37 46.8 0.99 74.4
ET-23-498 STOCKWORK ZONE 24.0 89.0 65.0 0.54 10.4 0.68 51.2
including 60.0 66.0 6.0 0.71 27.0 1.07 80.6
including 79.0 88.0 9.0 0.79 17.2 1.02 76.4
Mining VOID 93.2 96.0 2.8 * * * *
ET-23-499 STOCKWORK ZONE 21.0 43.0 22.0 0.38 4.2 0.43 32.5
STOCKWORK ZONE (3) 74.0 108.0 34.0 0.52 0.5 0.81 60.8
including 74.0 82.0 8.0 0.72 49.9 1.39 104.2
Mining VOID 85.5 87.0 1.5 * * * *
ET-23-500 STOCKWORK ZONE 10.0 17.0 7.0 0.31 4.7 0.37 27.7
STOCKWORK ZONE 46.0 61.0 15.0 0.46 3.3 0.50 37.5
ET-23-501 STOCKWORK ZONE (4) 3.0 96.0 93.0 0.37 13.1 0.54 40.6
including 12.0 21.0 9.0 0.53 68.1 1.44 108.1
including 33.0 48.0 15.0 0.73 15.3 0.93 69.9
Mining VOID 65.5 67.8 2.3 * * * *
STOCKWORK ZONE 78.0 87.0 9.0 0.59 3.2 0.63 47.3
ET-23-502 STOCKWORK ZONE 0.0 59.5 59.5 0.42 17.6 0.65 48.8
including 0.0 9.0 9.0 0.81 23.3 1.12 84.0
including 31.0 33.0 2.0 0.94 224.5 3.93 294.7
including 52.6 58.5 5.9 1.13 0.6 1.13 85.1
ET-23-503 STOCKWORK ZONE (5) 7.0 53.0 46.0 0.91 44.2 1.50 112.8
Mining VOID 47.8 49.3 1.5 * * * *
STOCKWORK ZONE 102.9 147.0 44.1 0.49 0.7 0.50 37.3
ET-23-504 STOCKWORK ZONE 4.0 11.1 7.1 0.72 1.8 0.75 56.2
STOCKWORK ZONE 37.2 153.0 115.8 0.49 9.2 0.61 46.1
including 37.2 60.7 23.5 0.89 15.2 1.09 81.9
ET-23-505 STOCKWORK ZONE 0.0 20.0 20.0 0.57 14.2 0.76 56.8
STOCKWORK ZONE 40.0 74.2 34.2 1.05 1.3 1.07 80.4
including 40.0 59.0 19.0 1.76 2.0 1.79 133.9
ET-23-506 STOCKWORK ZONE (6) 6.0 86.0 80.0 0.75 25.6 1.09 82.0
including (6) 34.5 82.0 47.5 1.08 34.7 1.55 115.9
Mining VOID 69.2 71.6 2.4 * * * *
STOCKWORK ZONE 98.0 124.4 26.4 0.37 1.5 0.39 29.3
Mining VOID 124.4 127.9 3.5 * * * *
ET-23-507 STOCKWORK ZONE 6.0 50.0 44.0 0.44 4.9 0.50 37.5
including 10.0 26.5 16.5 0.65 7.3 0.75 56.0
STOCKWORK ZONE 80.8 93.0 12.2 0.18 42.9 0.76 56.8
ET-23-508 STOCKWORK ZONE 27.8 121.5 93.7 0.58 7.7 0.68 51.0
including 34.0 78.0 44.0 0.74 12.2 0.90 67.6
including 97.5 121.5 24.0 0.73 6.0 0.81 60.4
ET-23-509 STOCKWORK ZONE 37.5 111.5 74.0 0.25 13.2 0.43 32.2
including 85.0 90.0 5.0 0.76 28.8 1.15 86.1
ET-23-510 STOCKWORK ZONE (7) 41.3 107.3 63.0 0.55 1.9 0.58 43.5
Mining VOID 85.5 88.5 3.0 * * * *
including 91.5 107.3 15.8 0.93 2.1 0.96 72.1
STOCKWORK ZONE 136.3 166.3 30.0 0.82 1.7 0.84 63.2
including 138.3 151.3 13.0 1.42 1.3 1.44 107.9
ET-23-511 STOCKWORK ZONE 0.0 7.0 7.0 0.78 25.9 1.12 84.3
STOCKWORK ZONE 28.0 130.5 102.5 0.63 2.5 0.66 49.4
including 37.5 72.0 34.5 0.92 3.7 0.97 72.6
and 142.0 147.0 5.0 1.37 1.0 1.38 103.5
ET-23-512 STOCKWORK ZONE 14.0 29.0 15.0 0.17 9.7 0.30 22.5
STOCKWORK ZONE 58.0 96.5 38.5 0.30 9.3 0.42 31.6
and 135.0 141.0 6.0 0.40 1.5 0.42 31.5
ET-23-514 STOCKWORK ZONE 69.0 74.0 5.0 0.34 1.9 0.36 27.2
STOCKWORK ZONE 102.0 126.0 24.0 0.46 4.9 0.52 39.2
including 115.0 124.0 9.0 0.91 3.1 0.95 71.1
El Tigre & SK Keel 167.0 201.4 34.4 0.72 78.0 1.76 131.9
El Tigre Keel 168.0 172.5 4.5 1.48 172.0 3.77 283.0
SK Keel 188.6 194.0 5.4 2.84 330.4 7.25 543.6
including 188.6 189.4 0.8 16.60 1,018.0 30.17 2,263.0
ET-23-515 STOCKWORK ZONE 121.0 173.0 51.0 0.58 1.9 0.61 45.6
STOCKWORK ZONE 197.5 237.3 39.8 0.95 11.9 1.11 83.3
Notes:
1. Not true width.
2. SilverEquivalent ("AgEq") ratiosare based on a silverto gold priceratio
of 75:1 (Au:Ag).
3. Excludes 1.50m mining VOID
4. Excludes 2.30m mining VOID
5. Excludes 1.50m mining VOID
6. Excludes 2.40m mining VOID
7. Excludes 3.00m mining VOID
Table 2-DrillHole Locations
Hole ID Easting Northing Elevation Azimuth Dip Length
ET-23-496 671,093.7 3,384,274.0 1965.8 90 -63 160.0
ET-23-497 671,090.6 3,384,026.4 1926.9 90 -50 182.0
ET-23-498 671,118.3 3,384,124.0 1969.1 90 -45 210.0
ET-23-499 671,107.6 3,384,295.0 1968.1 90 -66 144.0
ET-23-500 671,065.5 3,383,966.3 1878.8 90 -45 146.0
ET-23-501 671,160.2 3,384,322.3 1982.2 90 -45 105.0
ET-23-502 671,176.9 3,383,974.1 1900.7 90 -45 90.0
ET-23-503 671,147.0 3,384,180.4 1972.7 90 -45 147.0
ET-23-504 671,084.1 3,384,201.8 1931.9 90 -45 190.0
ET-23-505 671,189.5 3,383,991.4 1908.9 90 -45 90.0
ET-23-506 671,146.5 3,384,220.5 1966.5 90 -75 150.0
ET-23-507 671,137.6 3,383,890.4 1882.2 90 -45 120.0
ET-23-508 671,184.9 3,384,194.9 1993.0 90 -45 127.0
ET-23-509 671,127.9 3,384,078.1 1965.0 90 -45 185.5
ET-23-510 671,088.1 3,384,345.4 1990.3 90 -49 174.1
ET-23-511 671,177.0 3,384,163.9 1995.0 90 -45 158.0
ET-23-512 671,151.2 3,384,070.3 1963.9 90 -45 186.0
ET-23-513 671,135.9 3,384,353.3 1993.3 110 -45 242.7
ET-23-514 671,058.0 3,384,098.6 1946.4 90 -56 221.0
ET-23-515 671,035.4 3,384,344.4 1995.3 90 -46 257.0
Figure 3 (https://pr.report/WX7UO0Tf) : El Tigre - Conceptual Cross-Section
Showing Mineralization Styles
Figure 4 (https://pr.report/nR1cke78) : 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://pr.report/YQ1Ucru3)
The VRIFY Slide Deck and 3D Presentation for Silver Tiger Metals Inc. can be
viewed at: https://vrify.com/explore/decks/492 (https://pr.report/MRizPsvt)
and on the Corporation's website at: www.silvertigermetals.com
(https://pr.report/0KGcd9QW) .
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.
SOURCE: Silver Tiger Metals Inc.
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