Silver Tiger Announces Updated Mineral Resource Estimate FOR the El Tigre Silver-GOLD Project
NEWS RELEASE
SILVER TIGER ANNOUNCES UPDATED MINERAL RESOURCE
ESTIMATE FOR THE EL TIGRE SILVER-GOLD PROJECT
HALIFAX, NOV A SCOTIA – September 12, 2023 – Silver Tiger Metals Inc. (TSXV:SLVR and
OTCQX:SLVTF) ("Silver Tiger" or the “Corporation”) is pleased to announce an U pdated Mineral
Resource Estimate ("MRE”) for its 100% owned, high-grade silver-gold El Tigre Project (the "Project" or
"El Tigre") located in Sonora , Mexico. This Updated MRE was based on information and data supplied
by Silver Tiger, and was undertaken by Yungang Wu, P.Geo. and Eugene Puritch, P.Eng., FEC, CET of
P&E Mining Consultants Inc. of Brampton, Ontario.
The Updated MRE includes the newly-discovered Sulfide and Black Shale Zones, Veins and Pit-
Constrained Resources (Figure 1).
Highlights Include:
• 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;
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).
Preliminary Economic Assessment
As previously announced, Silver Tiger expects to deliver its PEA during September 2023.
Glenn Jessome, President and CEO, stated : “I would like to thank our technical team and our external
consultants for delivering this positive Mineral Resource Estimate. The discovery of the Shale and
Sulphide Zones, increased tonnage in the Veins and further delineation of the Open Pit has greatly
increased the Mineral R esource and grade since our last published Technical Report. We have now
delineated approximately 37.2 million ounces of silver and 575 thousand ounces of gold in the Indicated
category, and 52.6 million ounces of silver and 374 thousand ounces of gold in the Inferred category.” Mr.
Jessome further stated: “ With this successful MRE being complete, we now turn our attention to
economics. As previously announced, we expect to deliver our PEA in Q4 2023. This coming milestone
will see Silver Tiger transition from an explorer to a developer. This transition could significantly increase
shareholder value.”
A Technical Report is being prepared on the Updated Mineral Resource Estimate in accordance with
National Instrument 43-101 ("NI -43-101"), and will be available on the Company's website and SEDAR
within 45 days of the date of this release. The effective date of th is Updated Mineral Resource Estimate is
September 12, 2023.
Figure 1: Isometric View of Mineralized Domains used in 2023 updated Mineral Resource
Estimate.
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.
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.
P&E is of the opinion that the Mineral Resource Estimates are suitable for public reporting and are a
reasonable representation of the mineralization and metal content of the El Tigre Deposit.
Table 2: El Tigre Project 2023 Mineral Resources Statement(1-10)
Deposit Tonnes
Average Grade Contained Metal
Au Ag Cu Pb Zn AuEq AgEq Au Ag Cu Pb Zn AuEq AgEq
(M) (g/t) (g/t) (%) (%) (%) (g/t) (g/t) (koz) (koz) (Mlb) (Mlb) (Mlb) (koz) (koz)
Indicated:
South Zone In Pit 43.0 0.39 14 0.01 0.02 0.59 44 535 20,049 1.8 7.0 14.3 818 61,381
South Zone Out-of-Pit 1.8 0.28 200 0.18 0.59 1.02 3.83 287 16 11,453 7.2 23.1 40.1 219 16,403
North Zone Out-of-Pit 0.5 0.72 158 0.04 0.41 0.80 3.36 252 13 2,777 0.4 4.9 9.7 59 4,435
Out of Pit Total 2.3 0.38 191 0.15 0.55 0.97 3.72 279 29 14,231 7.6 28.0 49.8 278 20,838
Vein (S & N) Total 45.3 0.39 24 0.01 0.04 0.06 0.75 56 564 34,280 9.4 35.0 64.1 1,096 82,219
Low Grade Stockpile 0.1 0.9 177 0.02 0.22 0.50 3.41 255 3 588 0.1 0.5 0.2 11 847
Tailings 0.9 0.27 78 1.30 98 8 2,345 39 2,948
Total Indicated 46.4 0.39 25 0.01 0.03 0.06 0.77 58 575 37,212 9.4 35.5 64.3 1,147 86,014
Inferred:
South Zone In Pit 11.5 0.47 17 0.00 0.01 0.02 0.72 54 176 6,396 0.8 3.7 4.3 267 20,045
South Zone Out-of-Pit 5.5 0.61 170 0.09 0.22 0.39 3.23 242 107 30,072 10.7 26.9 46.8 571 42,821
North Zone Out-of-Pit 3.7 0.74 132 0.08 0.35 0.64 3.00 225 89 15,813 6.6 29.0 52.3 360 26,981
Out of Pit Total 9.2 0.66 155 0.09 0.27 0.49 3.14 235 197 45,885 17.3 55.9 99.0 931 69,801
Vein (S & N) Total 20.8 0.56 78 0.04 0.13 0.23 1.80 135 373 52,282 18.1 59.6 103.4 1,198 89,847
Low Grade Stockpile 0.0 0.46 146 0.02 0.17 0.09 2.52 189 0 83 0.1 1 108
Tailings 0.1 0.27 79 1.31 98 1 254 4 323
Total Inferred 20.9 0.56 78 0.04 0.13 0.22 1.79 135 373 52,619 18.1 59.7 103.4 1,204 90,277
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/t onne 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 Z n, 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. AgEq and AuEq calculated at an Ag/Au ratio of 75:1.
10. Totals may not agree due to rounding
Table 2: AuEq Cut-off Sensitivities – Pit Constrained Mineral Resource1
Cut-off
Tonnes
Average Grade Contained Metal
Pit
Constrained (AuEq) Au Ag Cu Pb Zn AuEq AgEq Au Ag Cu Pb Zn AuEq AgEq
(g/t) (M) (g/t) (g/t) (%) (%) (%) (g/t) (g/t) (koz) (koz) (Mlb) (Mlb) (Mlb) (koz) (koz)
Indicated
0.50 16.8 0.64 29 0.003 0.01 0.02 1.04 77.77 344 15,615 1.0 3.9 6.7 561 42,045
0.45 19.2 0.60 26 0.003 0.01 0.02 0.97 72.45 372 16,275 1.1 4.3 7.5 598 44,820
0.40 22.3 0.56 24 0.002 0.01 0.02 0.89 66.91 403 16,979 1.2 4.7 8.5 639 47,929
0.35 25.6 0.53 21 0.002 0.01 0.02 0.82 61.83 433 17,681 1.3 5.1 9.5 679 50,956
0.30 30.0 0.48 19 0.002 0.01 0.02 0.75 56.37 466 18,488 1.4 5.6 10.8 725 54,368
0.25 34.5 0.45 17 0.002 0.01 0.02 0.69 51.71 495 19,159 1.6 6.1 12.1 764 57,336
0.20 38.7 0.42 16 0.002 0.01 0.02 0.64 47.93 518 19,659 1.7 6.6 13.2 795 59,618
0.14 43.0 0.39 15 0.002 0.01 0.02 0.59 44.40 535 20,049 1.8 7.0 14.3 818 61,381
0.10 45.8 0.37 14 0.002 0.01 0.01 0.56 42.25 543 20,215 1.9 7.2 15.0 829 62,183
0.05 48.4 0.35 13 0.002 0.01 0.01 0.54 40.25 548 20,320 1.9 7.4 15.6 836 62,673
Inferred
0.50 5.4 0.75 31 0.005 0.02 0.02 1.19 88.89 131 5,371 0.6 2.9 2.1 206 15,443
0.45 5.9 0.72 29 0.005 0.02 0.02 1.12 84.22 136 5,511 0.6 3.0 2.3 214 16,037
0.40 6.6 0.67 27 0.004 0.02 0.02 1.05 78.62 144 5,662 0.6 3.1 2.6 223 16,762
0.35 7.5 0.63 24 0.004 0.02 0.02 0.97 72.64 152 5,829 0.7 3.2 2.9 234 17,568
0.30 8.6 0.58 22 0.004 0.02 0.02 0.89 66.57 160 5,999 0.7 3.4 3.4 246 18,413
0.25 9.8 0.53 20 0.004 0.02 0.02 0.81 60.87 168 6,204 0.8 3.5 3.8 256 19,221
0.20 10.7 0.50 18 0.003 0.02 0.02 0.76 57.18 173 6,324 0.8 3.6 4.1 263 19,715
0.14 11.5 0.47 17 0.003 0.01 0.02 0.72 54.10 176 6,396 0.8 3.7 4.3 267 20,045
0.10 11.8 0.47 17 0.003 0.01 0.02 0.71 53.06 177 6,415 0.8 3.7 4.4 268 20,124
0.05 12.0 0.46 17 0.003 0.01 0.02 0.70 52.14 177 6,422 0.8 3.7 4.5 269 20,167
1. See Table 1 notes for assumptions
Table 3: AuEq Cut-off Sensitivities – Out-of-Pit Mineral Resource1
Cut-off Tonnes Average Grade Contained Metal
Out of Pit (AuEq) Au Ag Cu Pb Zn AuEq AgEq Au Ag Cu Pb Zn AuEq AgEq
(g/t) (M) (g/t) (g/t) (%) (%) (%) (g/t) (g/t) (koz) (koz) (Mlb) (Mlb) (Mlb) (koz) (koz)
South Zone-
Indicated
5.0 0.4 0.46 426 0.46 1.39 2.45 8.27 620 6 5,291 3.9 11.8 20.9 103 7,699
4.5 0.5
0.45 398 0.42 1.28 2.29 7.71 579 7 5,849 4.2 12.9 23.1 114 8,514
4.0 0.6 0.43 369 0.38 1.18 2.12 7.15 536 8 6,479 4.6 14.2
25.6 126 9,422
3.5 0.7 0.40 339 0.35 1.07 1.91 6.56 492 9 7,218 5.1 15.6 27.9 140 10,462
3.0 0.8 0.38 310 0.31 0.96 1.71 5.97 447 10 8,015 5.5 17.0 30.3 154 11,570
2.5 1.0 0.35 279 0.27 0.84 1.50 5.36 402 11 8,894 5.9 18.4 32.7 171 12,798
2.0 1.3 0.32 244 0.23 0.72 1.28 4.66 350 13 9,992 6.5 20.4 35.9 191 14,334
1.5 1.8 0.28 201 0.18 0.59 1.02 3.83 287 16 11,453 7.2 23.1 40.1 219 16,403
1.0 2.8 0.26 147 0.13 0.43 0.74 2.86 214 24 13,409 8.2 27.0 45.9 260 19,517
South Zone-
Inferred
5.0 0.8 0.80 375 0.21 0.50 0.86 6.60 495 20 9,224 3.5 8.4 14.5 163 12,192
4.5 1.2 0.66 345 0.17 0.46 0.79 5.99 449 25 12,898 4.5 11.8 20.3 224 16,780
4.0 1.4 0.68 325 0.17 0.46 0.78 5.71 429 30 14,409 5.0 14.0 23.7 253 18,993
3.5 1.6 0.70 300 0.15 0.45 0.77 5.38 404 37 15,999 5.6 16.3 28.1 287 21,495
3.0 2.4 0.60 269 0.14 0.36 0.62 4.75 356 47 20,765 7.5 18.8 33.0 368 27,564
2.5 3.0 0.70 235 0.12 0.31 0.54 4.34 326 68 22,922 8.3 20.7 36.3 422 31,684
2.0 3.8 0.67 210 0.11 0.27 0.48 3.91 293 82 25,649 9.3 22.8 39.9 478 35,825
1.5 5.5 0.61 170 0.09 0.22 0.39 3.23 242 107 30,072 10.7 26.9 46.8 571 42,821
1.0 10.4 0.48 116 0.06 0.17 0.29 2.28 171 162 38,814 14.4 39.1 65.7 767 57,529
North Zone-
Indicated
5.0 0.1 1.98 382 0.08 0.56 1.08 7.83 587 5 1,018 0.1 1.0
2.0 21 1,564
4.5 0.1 1.76 359 0.07 0.57 1.09 7.31 548 6 1,151 0.2 1.2 2.4 23 1,755
4.0 0.1 1.59
332 0.07 0.54 1.05 6.74 505 6 1,302 0.2 1.5 2.8 27 1,984
3.5 0.2 1.38 297 0.06 0.53 1.01 6.03 452 7 1,522 0.2 1.9 3.9 31 2,322
3.0 0.2 1.16 259 0.05 0.53 1.02 5.30 398 8 1,805 0.3 2.5 4.9 37 2,769
2.5 0.3 1.00 226 0.05 0.53 1.04 4.70 352 9 2,060 0.3 3.3 6.5 43 3,211
2.0 0.4 0.85 192 0.04 0.47 0.93 4.02 301 11 2,404 0.3 4.1 8.0 50 3,784
1.5 0.5 0.72 158 0.04 0.41 0.80 3.36 252 13 2,777 0.4 4.9 9.7 59 4,435
1.0 0.9 0.57 116 0.03 0.31 0.61 2.52 189 16 3,349 0.5 6.2 11.9 72 5,433
North Zone-
Inferred
5.0 0.4 2.12 339 0.04 0.13 0.23 6.83 512 26 4,171 0.3 1.1 1.9 84 6,304
4.5 0.4 2.05 324 0.04 0.15 0.23 6.58 493 29 4,544 0.3 1.4 2.2 92 6,909
4.0 0.5 1.91 301 0.03 0.16 0.23 6.12 459 33 5,228 0.4 1.9 2.8 106 7,975
3.5 0.9 1.54 264 0.03 0.16 0.21 5.25 393 43 7,328 0.6 3.0 3.9 145 10,905
3.0 1.5 1.12 203 0.07 0.41 0.82 4.42 332 54 9,756 2.4 13.6 27.1 212 15,913
2.5 1.9 1.06 187 0.06 0.37 0.73 4.07 305 64 11,318 2.6 15.6 30.4 247 18,490
2.0 2.5 0.95 166 0.05 0.35 0.67 3.64 273 75 13,114 2.9 18.7 36.1 287 21,560
1.5 3.7 0.74 132 0.08 0.35 0.64 3.00 225 89 15,813 6.6 29.0 52.3 360 26,981
1.0 4.7 0.65 115 0.07 0.31 0.55 2.62 197 100 17,524 7.6 32.4 57.7 400 29,979
1. See Table 1 notes for assumptions
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. 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 Vein 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 Resources and
Reserves, the ability to convert Inferred Mineral Resources to Indicated Mineral Resources, 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 Tiger with
securities regulators.