Silver Tiger Announces Filing of Technical Report FOR Updated Mineral Resource Estimate FOR the El Tigre Silver-GOLD Project
NEWS RELEASE
SILVER TIGER ANNOUNCES FILING OF TECHNICAL REPORT FOR
UPDATED MINERAL RESOURCE ESTIMATE FOR THE EL TIGRE
SILVER-GOLD PROJECT
HALIFAX, NOV A SCOTIA – 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 1 2, 2023, announcing
the results of a n 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 Tigr e 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 A gEq (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.
Figure 1: Isometric View of Block Model used in 2023 updated Mineral Resource Estimate.
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 sample s 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.
Figure 2: Longitudinal Projection of Exploration Target.
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/m3 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 met res along strike and was mined on 14 levels to a depth of
approximately 450 met res. The Seitz Kelley V ein was mined along strike for 1 kilomet re to a depth of
approximately 200 meters. The Sooy Vein was only mined along strike for 250 met res 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
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 R esources and
Reserves, the ability to convert Inferred Mineral R esources to Indicated Mineral R esources, 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 Tig er with
securities regulators.