RCS - Silver Tiger Metals - Silver Tiger Provides Update

Bureau Veritas SAAnnouncement

30/04/2024 13:15

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RNS Number : 5172M  Silver Tiger Metals Inc  30 April 2024

Silver Tiger Intersects 32.0 Meters of 1.36 G/T Gold Equivalent Within 81.1
Meters of 0.94 G/T Gold Equivalent in the Stockwork Zone

HALIFAX, NS / ACCESSWIRE / April 30, 2024 / Silver Tiger Metals Inc.
(TSXV:SLVR)(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 23,500 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.

Three main areas of the Stockwork gold deposit are being targeted and show
potential for expansion: a) the footwall, b) the hanging wall and c) bottom
'keel'. After releasing the first 75 drill holes of the program, the Company
is pleased to announce conversion, expansion and derisking of the potential
'Starter Stockwork Zone'.

The Stockwork gold deposit, comprised of the Footwall, Hanging Wall and
high-grade Keel Zones, is seen in the below highlighted intercepts:

·      Drill hole ET-23-541: 79.5 metres grading 0.75 g/t gold
equivalent or 56.1 g/t silver equivalent from 92.5 to 172.0 metres, consisting
of 0.52 g/t gold and 17.4 g/t silver INCLUDING 26.5 metres grading 1.19 g/t
gold equivalent or 89.3 g/t silver equivalent from 94.0 to 120.5 metres
consisting of 1.08 g/t gold and 8.0 g/t silver in the Hanging Wall Zone.

·      Drill hole ET-23-543: 40.2 metres grading 1.21 g/t gold
equivalent or 90.7 g/t silver equivalent from 148.0 to 188.2 metres,
consisting of 0.84 g/t gold and 27.9 g/t silver INCLUDING 23.0 metres grading
1.72 g/t gold equivalent or 129.3 g/t silver equivalent from 152.0 to 175.0
metres consisting of 1.22 g/t gold and 37.9 g/t silver gold in the Keel Zone.

·      Drill hole ET-23-548: 71.0 metres grading 0.67 g/t gold
equivalent or 50.6 g/t silver equivalent from 0.0 to 71.0 metres, consisting
of 0.62 g/t gold and 3.9 g/t silver INCLUDING 18.5 metres grading 1.36 g/t
gold equivalent or 101.7 g/t silver equivalent from 39.5 to 58.0 metres
consisting of 1.32 g/t gold and 2.4 g/t silver in the Footwall Zone.

·      Drill hole ET-23-550: 81.1 metres grading 0.94 g/t gold
equivalent or 70.3 g/t silver equivalent from 43.5 to 124.5 metres, consisting
of 0.90 g/t gold and 3.0 g/t silver INCLUDING 32.0 metres grading 1.36 g/t
gold equivalent or 102.1 g/t silver equivalent from 54.0 to 86.0 metres
consisting of 1.31 g/t gold and 3.6 g/t silver in the Footwall Zone (Figure 2)
and 21.0 metres grading 0.68 g/t gold equivalent or 50.1 g/t silver equivalent
from 0.0 to 21.0 metres, consisting of 0.53 g/t gold and 10.5 g/t silver at
the top of the hole.

Silver Tiger's CEO, Glenn Jessome, stated, "As we continue receiving promising
assay results, it is apparent that the developing "Footwall" and "Keel Zones"
shows excellent grade and continuity." 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."

Figure 1: Stockwork Zone - Plan View

 

Figure 2: Stockwork Zone Cross Section 4100N

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 23,500 metres of the program complete (Figure 1).
Complete and final assay results are listed in Table 1.

Below, highlighted intersections are enumerated with reference to the three
(3) zones targeted:

·      Drill hole ET-23-541: Confirms location and grade of the Hanging
Wall Zone, and downhole, expands depth of high-grade Keel Zone (Figure 1);

·      Drill hole ET-23-543: Expands depth and strike of Keel Zone over
the 2023 MRE (Figure 1);

·      Drill hole ET-23-545: Expands Footwall Zone by 20 m to east over
2023 MRE (Figure 1); and

·      Drill hole ET-23-550: Expands Footwall Zone by 40 m to east over
2023 MRE (Figure 2).

Table 1-Mineral Resource Drill Hole Results

                                                                        AuEq          AgEq

Total ((2))
Total ((2))
 Hole ID    Comment            From   To     Length((1))  Gold  Silver
                               m      m      m            g/t   g/t     g/t           g/t
 ET-23-532  STOCKWORK ZONE     22.0   74.5   52.5         0.48  5.3     0.56          41.7
            including          29.5   57.0   27.5         0.73  5.4     0.80          60.1
 ET-23-533  STOCKWORK ZONE     30.0   44.0   14.0         0.86  24.0    1.18          88.2
            STOCKWORK ZONE     59.7   66.5   6.8          0.36  2.2     0.39          29.3
            STOCKWORK ZONE     121.2  144.0  22.9         0.04  28.7    0.42          31.6
            including          141.0  144.0  3.0          0.08  102.0   1.44          108.0
 ET-23-534  STOCKWORK ZONE     8.4    16.8   8.5          0.14  15.4    0.35          26.2
            STOCKWORK ZONE     38.7   57.5   18.9         0.45  2.0     0.47          35.5
 ET-23-535  STOCKWORK ZONE     15.5   29.1   13.6         0.85  3.8     0.90          67.6
            Mining VOID        29.1   32.2   3.1          *     *       *             *
            STOCKWORK ZONE     32.2   50.8   18.6         0.13  7.1     0.23          17.1
            STOCKWORK ZONE     56.5   64.0   7.5          0.29  5.0     0.36          27.1
 ET-23-536  STOCKWORK ZONE     89.0   99.0   10.0         0.78  3.1     0.82          61.4
            STOCKWORK ZONE(3)  112.3  158.0  45.7         0.38  7.9     0.49          36.4
            Mining VOID        144.1  145.5  1.4          *     *       *             *
            STOCKWORK ZONE     123.0  133.0  10.0         0.58  8.5     0.70          52.4
            STOCKWORK ZONE     197.0  207.0  10.0         0.14  15.7    0.35          26.1
 ET-23-537  STOCKWORK ZONE     88.0   90.0   2.0          1.39  2.5     1.42          106.5
            STOCKWORK ZONE     101.0  140.0  39.0         0.37  11.8    0.52          39.3
            STOCKWORK ZONE     168.0  182.0  14.0         0.30  15.2    0.50          37.7
            El Tigre vein      206.0  210.0  4.0          2.93  46.5    3.55          266.6
 ET-23-539  STOCKWORK ZONE     0.0    42.7   42.7         0.36  42.9    0.94          70.2
            including          22.5   41.2   18.7         0.43  74.8    1.42          106.8
 ET-23-540  STOCKWORK ZONE(4)  128.0  173.0  45.0         0.50  9.1     0.63          46.9
            including          158.0  162.5  4.5          0.85  52.1    1.54          115.6
 ET-23-541  STOCKWORK ZONE     92.5   172.0  79.5         0.52  17.4    0.75          56.1
            including          94.0   120.5  26.5         1.08  8.0     1.19          89.3
            Seitz Kelly        187.0  197.2  10.2         0.14  26.8    0.50          37.6
 ET-23-543  STOCKWORK ZONE(5)  148.0  188.2  40.2         0.84  27.9    1.21          90.7
            Including          152.0  175.0  23.0         1.22  37.9    1.72          129.3
            Mining VOID        183.0  184.7  1.7          *     *       *             *
 ET-23-545  STOCKWORK ZONE     74.5   125.0  50.5         0.32  28.1    0.69          52.1
            including          87.5   112.0  24.5         0.47  57.0    1.23          92.0
            El Tigre vein      93.3   95.1   1.8          2.22  549.4   9.55          715.9
 ET-23-547  STOCKWORK ZONE     99.0   117.0  18.0         0.53  1.5     0.55          41.0
            STOCKWORK ZONE     132.9  155.0  22.1         0.96  2.6     1.00          74.9
            including          143.0  152.0  9.0          1.71  2.3     1.74          130.2
            Seitz Kelly        218.0  221.0  3.0          1.48  0.8     1.49          111.4
 ET-23-548  STOCKWORK ZONE     0.0    71.0   71.0         0.62  3.9     0.67          50.6
            including          39.5   58.0   18.5         1.32  2.4     1.36          101.7
            STOCKWORK ZONE     86.3   97.5   11.3         0.68  0.7     0.69          52.0
 ET-23-550  STOCKWORK ZONE     0.0    21.0   21.0         0.53  10.5    0.67          50.1
            STOCKWORK ZONE     43.5   124.5  81.1         0.90  3.0     0.94          70.3
            including          54.0   86.0   32.0         1.31  3.6     1.36          102.1

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 1.40m of Mining void

4.   Excludes 1.70m of Mining void

5.   Excludes 2.00m of Mining void

Table 2-Drill Hole Locations

 Hole ID    Easting    Northing     Elevation  Azimuth  Dip  Length
 ET-23-532  671,190.4  3,384,252.8  1993.5     90       -44  90.5
 ET-23-533  671,071.1  3,383,868.4  1867.9     90       -45  152.0
 ET-23-534  671,189.9  3,384,300.6  1989.4     90       -45  96.6
 ET-23-535  671,187.3  3,384,321.6  1987.9     90       -45  90.5
 ET-23-536  671,044.6  3,384,272.1  1978.6     90       -45  228.0
 ET-23-537  671,235.0  3,383,485.4  2014.3     90       -70  291.0
 ET-23-539  671,167.4  3,384,023.7  1933.0     90       -45  154.5
 ET-23-540  671,043.9  3,384,272.1  1978.5     90       -54  241.0
 ET-23-541  671,058.4  3,384,026.1  1925.7     90       -50  215.9
 ET-23-543  671,043.6  3,384,271.9  1978.4     90       -61  261.0
 ET-23-545  671,211.2  3,383,666.6  2001.0     65       -50  150.0
 ET-23-547  671,047.5  3,384,314.8  1983.5     90       -45  221.0
 ET-23-548  671,196.8  3,384,073.1  1963.0     90       -45  150.0
 ET-23-550  671,180.3  3,384,125.6  2002.6     90       -45  166.5

 

 

 

 

 

 

 

Figure 3: El Tigre - Conceptual Cross-Section Showing Mineralization Styles

 

 

 

 

Figure 4: 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/s7DvfOnW)

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/WfRn5Jgy)
and on the Corporation's website at: www.silvertigermetals.com
(https://pr.report/Iw0ZPgkl) .

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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