Silver Tiger Metals (TSX.V: SLVR )
Reported an intersect of 1.6 meters grading 1,355.4 g/t silver equivalent in the Sooy Vein and 2.3 meters of 870.7 g/t silver equivalent in the Sooy Footwall Zone in Drill Hole ET-21-213.
This hole was drilled on Section 4812.2N to test the Vein and the Footwall Zone about 90 m to the south along strike from Discovery Hole ET-20-202.
|Silver Tiger Metals||TSX.V: SLVR|
|Market cap||C$115 million @ 52c|
SILVER TIGER INTERSECTS 1.6 METERS GRADING 1,355.4 g/t AgEq
IN THE SOOY VEIN and 2.3 METERS OF 870.7 g/t Ag Eq IN THE SOOY
FOOTWALL ZONE IN HOLE ET-21-213
HALIFAX, NOVA SCOTIA – March 23, 2021 – Silver Tiger Metals Inc. (TSXV:SLVR and
OTCQX:SLVTF) (“Silver Tiger” or the “Corporation”) ”) has intersected 1.6 meters grading 1,355.4 g/t silver equivalent in the Sooy Vein and 2.3 meters of 870.7 g/t silver equivalent in the Sooy Footwall Zone in Drill Hole ET-21-213.
This hole was drilled on Section 4812.2N to test the Vein and the Footwall Zone
about 90 meters to the south along strike from Discovery Hole ET-20-202. Drill Hole ET-21-211 has intersected 1.3 meters grading 1,346.7 g/t silver equivalent within 4.9 meters grading 384.9 g/t silver equivalent and was collared on Section 4850N to test the Vein and Footwall Zone about 50 meters to the south along strike from Discovery Hole ET-20-202.
As previously reported, Discovery Drill Hole ET-20-202 intersected 11.75 meters grading 667.9 g/t silver equivalent within 22.2 meters grading 381.9 g/t silver equivalent approximately 12 meters beyond the footwall of the Sooy Vein.
Drill Hole 202 was drilled to test the down dip potential of the Sooy Vein targeting just under the lowest mine level approximately 150 meters from surface where mining ceased abruptly with the onset of the Great Depression in 1930. Drill Hole 202 passed through mine workings on the Sooy Vein as it was not targeted deep enough below the workings.
The technical team opted to continue drilling beyond the footwall of the Sooy Vein and discovered a new style of wide high grade mineralization in the Flat Formation that is not the traditional quartz vein ore that had been previously mined at El Tigre (refer to Silver Tiger press release dated February 2, 2021).
Silver Equivalent (“EqAg”) grades are based on a silver to gold price ratio of 75:1 (Au:Ag). Copper, lead and zinc are converted using $3.66/lb copper, $0.90/lb lead, $1.26/lb zinc at 100% metal recoveries based on a silver price of $26.00/oz.
Silver Tiger Metals – Management comments
“The new holes continue to show the high-grade silver mineralization in both the Sooy Vein and the newly discovered Sooy Footwall Zone.
“No historical workings were cut in the southern most drill hole ET-21-213 and we are now following both the Sooy Vein and the Footwall Zone southwards along strike.
“The parallel El Tigre Vein was mined along strike for another 1,000 meters to the south from hole ET-21-213 and the Sooy Vein and potentially the Sooy Footwall Zone also continue south along strike for over 1,000 meters and have never been drilled.”
Silver Tiger CEO, Glenn Jessome.
El Tigre Resource Estimate
After acquiring El Tigre, Silver Tiger drilled 12,500 meters to define the wide 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 National Instrument 43-101 Technical Report titled “NI 43-101 Technical Report and Updated Mineral Resource Estimate on the El Tigre Project, Sonora, México” effective as of September 7, 2017 and dated October 26, 2017 prepared by David Burga, P.Geo., Yungang Wu, P.Geo., Fred Brown, P.Geo., Jarita Barry, P.Geo., Eugene Puritch, P.Eng., FEC, CET, Alfred Hayden, P.Eng. and Richard H. Sutcliffe, Ph.D., P.Geo. of P&E Mining Consultants Inc. is available on the Corporation’s website at www.silvertigermetals.com and on www.sedar.com under the Corporation’s profile.
About 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 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 meters along strike and was mined on 14 levels to a depth of approximately 450 meters. The Seitz Kelley
Vein was mined along strike for 1 kilometer to a depth of approximately 200 meters.
The Sooy Vein was only mined along strike for 250 meters to a depth of approximately 150 meters. 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.
Geology – El Tigre
The El Tigre silver and gold 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 silver and gold mineralized prophylitic alteration zone developed in the El Tigre Formation that can be up to 150 meters wide.
The veins dip steeply to the west and are typically 0.5 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 in our brownfield exploration area.
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 under explored Caleigh, Benjamin, Protectora and the Fundadora exposed veins continue north for more than 3 kilometers.
Silver Tiger has delivered its maiden 43-101 compliant resource estimate and is currently drilling to update its resource estimate and publish a PEA.
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