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Silver Tiger Intersects from Surface 79.5 Metres of 1.13 g/t Gold Equivalent Including 35.4 Metres of 2.07 g/t Gold Equivalent in the Stockwork Deposit

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Silver Tiger Metals provided an update on its El Tigre Project in Sonora, Mexico. Key highlights include results from 110 drill holes in the Pre-Feasibility Study (PFS) drilling program, revealing significant mineralization.

Drill hole ET-24-583 showed 79.5m of gold equivalent at 1.13 g/t from the surface. ET-24-571 intersected 44.2m at 1.00 g/t gold equivalent from the surface. ET-24-576 discovered 41.1m of 1.03 g/t gold equivalent. CEO Glenn Jessome noted the expansion potential in the Footwall and Keel Zones.

The PFS drilling completed 24,550 metres and aims to expand the Mineral Resource, upgrade classification, and complete metallurgical and geotechnical studies. The updated Mineral Resource Estimate (MRE) reported 43 million tonnes in the Indicated category with 818,000 ounces of gold equivalent.

The PFS report is scheduled for publication in H2-2024.

Positive
  • Drill hole ET-24-583 intersected 79.5m of 1.13 g/t gold equivalent.
  • ET-24-571 showed 44.2m of 1.00 g/t gold equivalent from the surface.
  • ET-24-576 revealed 41.1m of 1.03 g/t gold equivalent.
  • Expansion of mineralization profile by 50m to the east in the Footwall Zone.
  • PFS drilling completed 24,550 metres.
  • PFS aims to expand Mineral Resource and upgrade classification.
  • Updated MRE reported 43 million tonnes with 818,000 ounces of gold equivalent.
  • PFS report scheduled for H2-2024.
Negative
  • ET-24-575 and ET-24-585 had no significant mineralization.
  • Potential shareholder dilution due to extensive drilling costs.
  • The anticipated report may not meet expectations, impacting stock price.

HALIFAX, NS / ACCESSWIRE / June 18, 2024 / Silver Tiger Metals Inc. (TSXV:SLVR)(OTCQX:SLVTF) ("Silver Tiger" or the "Company") is pleased to provide an update on the first 110 drill holes of the Company's Pre-Feasibility Study ("PFS") drilling program on its El Tigre Project in Sonora, Mexico. These new results are highlighting the expansion of the mineralization along the Footwall of the PEA "Starter Pit".

Drill hole ET-24-583 cut from surface 79.50 metres grading 1.13 g/t gold equivalent or 84.8 g/t silver equivalent from 0.0 to 79.50 metres, consisting of 0.97 g/t gold and 12.3 g/t silver AND 26.0 metres grading 0.72 g/t gold equivalent or 53.7 g/t silver equivalent from 101.0 to 127.0 metres, consisting of 0.67 g/t gold and 3.6 g/t silver in the Hanging Wall and Footwall Zones (Figures 1 & 2). The hole passed through the El Tigre vein and has expanded the Footwall Zone footprint some 50m to east.

Figure 1 : Stockwork Zone Cross Section 4200 N

New intersections through the Stockwork gold deposit, comprised of the Footwall, Hanging Wall and high-grade Keel Zones, are highlighted below, shown on Figure 2 and listed in Table 1.

  • Drill hole ET-24-571: 44.2 metres grading 1.00 g/t gold equivalent or 75.1 g/t silver equivalent from surface to 44.2 metres, consisting of 0.49 g/t gold and 38.4 g/t silver AND 57.0 metres grading 0.32 g/t gold equivalent or 24.0 g/t silver equivalent from 55.5 to 112.5 metres consisting of 0.31 g/t gold and 1.1 g/t silver. The former Hanging Wall intersection shows consistent, higher grades at surface in the Stater Pit area and the latter Footwall intersection expand the mineralization profile 60m to east over the 2023 MRE.
  • Drill hole ET-24-576: 41.1 metres grading 1.03 g/t gold equivalent or 77.5 g/t silver equivalent from 129.0 to 170.1 metres, consisting of 0.92 g/t gold and 8.5 g/t silver INCLUDING 14.2 metres grading 1.62 g/t gold equivalent or 121.8 g/t silver equivalent from 140.9 to 155.1 metres consisting of 1.52 g/t gold and 7.5 g/t silver gold in the Hanging Wall Zone.
  • Drill hole ET-24-580: 27.1 metres grading 0.74 g/t gold equivalent or 55.5 g/t silver equivalent from 25.9 to 53.0 metres, consisting of 0.68 g/t gold and 4.6 g/t silver in the Hanging Wall Zone AND 9.0 metres grading 1.75 g/t gold equivalent or 131.4 g/t silver equivalent from 84.0 to 93.0 metres consisting of 1.60 g/t gold and 11.5 g/t silver in the Keel Zone showing high-grade, consistent mineralization 100m to south of PEA ‘Starter Pit.

Silver Tiger's CEO, Glenn Jessome, stated, "In line with previous assay results, the Footwall and Keel Zone are showing significant potential for expansion over the 2023 MRE" Mr. Jessome further stated, "The results may increase the updated MRE associated with the PFS-level study, as well as further de-risk the project."

On May 20th, Silver Tiger has completed PFS Drilling, totalling 24,550 metres 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 12th 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 (see PEA press release dated November 1st, 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. 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-24-583: Confirms location and grade of AT-SURFACE mineralization inside Starter Pit AND has expanded the footprint of the Footwall 50m to east over 2023 MRE.
  • Drill hole ET-24-571: Confirms location and grade of AT-SURFACE mineralization inside Starter Pit AND, downhole, expands the Footwall Zone 60m to the east over 2023 MRE;
  • Drill hole ET-24-576: Confirms location and grade of the sharp Hanging Wall Zone Contact; and
  • Drill hole ET-24-580: Shows high-grade, consistent mineralization 100m to south of PEA ‘Starter Pit'

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-24-571STOCKWORK ZONE

0.0

44.2

44.2

0.49

38.4

1.00

75.1

including

24.0

36.7

12.7

0.89

84.1

2.01

151.0

STOCKWORK ZONE

55.5

112.5

57.0

0.31

1.1

0.32

24.0

STOCKWORK ZONE

122.5

127.0

4.5

1.55

61.5

2.37

177.8

ET-24-572STOCKWORK ZONE

81.0

125.6

44.6

0.21

5.4

0.29

21.5

STOCKWORK ZONE

144.0

193.7

49.7

0.26

3.8

0.31

23.5

ET-24-573STOCKWORK ZONE

12.5

14.4

1.9

0.51

0.5

0.51

38.6

STOCKWORK ZONE

25.8

29.0

3.2

0.46

0.7

0.47

35.1

STOCKWORK ZONE

58.0

66.2

8.2

0.36

4.2

0.42

31.5

including

58.0

60.0

2.0

0.71

14.2

0.90

67.6

and

93.0

96.0

3.0

0.52

4.3

0.58

43.4

ET-24-574STOCKWORK ZONE

99.0

124.0

25.0

0.57

1.4

0.59

44.0

including

99.0

111.0

12.0

0.89

1.3

0.90

67.9

including

101.0

110.0

9.0

1.02

1.4

1.04

77.9

STOCKWORK ZONE

169.0

185.0

16.0

0.15

22.5

0.45

33.8

ET-24-575No Significant Mineralization
ET-24-576STOCKWORK ZONE

88.0

95.5

7.5

0.43

0.5

0.44

32.9

STOCKWORK ZONE3

129.0

170.1

41.1

0.92

8.5

1.03

77.5

including

140.9

155.1

14.2

1.52

7.5

1.62

121.8

Mining VOID

166.0

167.2

1.2

*

*

*

*

ET-24-577STOCKWORK ZONE4

0.0

52.0

52.0

0.19

10.7

0.33

25.0

Mining VOID

47.0

48.0

1.0

*

*

*

*

and

51.0

52.0

1.0

0.51

287.0

4.33

325.0

ET-24-578STOCKWORK ZONE

0.0

25.5

25.5

0.25

15.3

0.45

34.0

including

4.2

10.8

6.6

0.31

39.0

0.83

62.3

ET-24-579STOCKWORK ZONE

167.0

187.5

20.5

0.34

7.6

0.44

32.9

including

180.0

187.0

7.0

0.71

11.8

0.87

65.0

Mining VOID

187.5

191.8

4.3

*

*

*

*

ET-24-580STOCKWORK ZONE

25.9

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FAQ

What are the key results from Silver Tiger's El Tigre Project drilling?

Drill hole ET-24-583 intersected 79.5m at 1.13 g/t gold equivalent, ET-24-571 revealed 44.2m at 1.00 g/t gold equivalent, and ET-24-576 showed 41.1m at 1.03 g/t gold equivalent.

When will Silver Tiger release the PFS report?

The PFS report is scheduled for publication in H2-2024.

What is the purpose of the Pre-Feasibility Study (PFS) drilling program?

The PFS drilling program aims to expand Mineral Resource, upgrade classification, and complete metallurgical and geotechnical studies.

What was the total drilling meterage completed in the PFS program?

The PFS drilling program completed 24,550 metres.

How has the mineralization profile expanded in the El Tigre Project?

The mineralization profile expanded by 50m to the east in the Footwall Zone and 60m in other areas.

Silver Tiger Metals Inc.

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