Silver Tiger Intersects 1.0 Meter of 12,851.5 G/T Silver Equivalent Within 16.0 Meters of 875.6 G/T Silver Equivalent IN the Tigre Vein and Keel Zone
NEWS RELEASE
SILVER TIGER INTERSECTS 1.0 METER OF 12,851.5 g/t SILVER EQUIVALENT
WITHIN 16.0 METERS OF 875.6 g/t SILVER EQUIVALENT
IN THE TIGRE VEIN AND KEEL ZONE
HALIFAX, NOVA SCOTIA – May 22, 2024 – Silver Tiger Metals Inc. (TSXV:SLVR and
OTCQX:SLVTF) ("Silver Tiger" or the “ Company”) is pleased to provide an update on the first 95 drill
holes for the Company’s ongoing Pre-Feasibility Study (“PFS”) drilling program on the Stockwork deposit
on its El Tigre Project in Sonora, Mexico. These new results are highlighting the high-grade mineralization
beneath the floor of the 2023 PEA Open Pit in the Keel Zone and expansion of the PEA Starter Pit to the
north.
Drill hole ET -24-568 cut 16.0 metres grading 875.6 g/t silver equivalent or 11.67 g/t gold equivalent
from 155.0 to 171.0 metres, consisting of 409.9 g/t silver and 6.21 g/t gold and INCLUDING 1.0 metres
grading 12,851.5 g/t silver equivalent or 171.35 g/t gold equivalent from 161.0 to 162.0 metres consisting
of 6,034.0 g/t silver and 90.90 g/t gold and in the Keel Zone (Figures 1 & 2). The hole passed through the
El Tigre vein located some 15m beneath the floor of the PEA Open Pit and is referred to as the Keel Zone.
Figure 1 : Stockwork Zone Cross Section 4325N
Figure 2 : Keel Zone – Isometric View
New intersections through the Stockwork deposit, comprised of the Footwall, Hanging Wall and high-grade
Keel Zones, are highlighted below, shown on Figure 3 and listed in Table 1.
• Drill hole ET-24-570: 59.3 metres grading 1.92 g/t gold equivalent or 144.1 g/t silver equivalent from
100.3 to 159.6 metres, consisting of 1.63 g/t gold and 21.8 g/t silver AND 9.5 metres grading 1.32 g/t
gold equivalent or 99.2 g/t silver equivalent from 173.5 to 183.0 metres consisting of 1.32 g/t gold and
0.5 g/t silver. These intersections are located approximately 150 metres past the northern end of the
2023 PEA Starter Pit as shown in Figure 3.
• Drill hole ET-23-563: 45.0 metres grading 1.17 g/t gold equivalent or 87.6 g/t silver equivalent from
4.0 to 49.0 metres, consisting of 0.70 g/t gold and 35.0 g/t silver INCLUDING 15.0 metres grading
2.20 g/t gold equivalent or 164.7 g/t silver equivalent from 11.0 to 26.0 metres consisting of 1.01 g/t
gold and 89.0 g/t silver gold in both the Hanging Wall and Footwall Zones.
• Drill hole ET-23-552: 35.5 metres grading 0.92 g/t gold equivalent or 68.7 g/t silver equivalent from
107.0 to 142.5 metres, consisting of 0.83 g/t gold and 6.2 g/t silver INCLUDING 7.0 metres grading
1.68 g/t gold equivalent or 126.3 g/t silver equivalent from 135.5 to 142.5 metres consisting of 1.66
g/t gold and 1.9 g/t silver in the Hanging Wall Zone.
Silver Tiger’s CEO, Glenn Jessome, stated, “As we continue receiving promising assay results, it is
apparent that the developing “Starter Pit” and “Keel Zone” show excellent grade and continuit y.” Mr.
Jessome further stated, “The results may increase the updated MRE associated with the PFS -level study
which we expect to deliver by September 2024, which will also further de-risk the project.” Mr. Jessome
continued, “We contemplate being able to make a build decision based on our upcoming PFS.”
Silver Tiger has completed 24,500 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.
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 which contains 5.7 million tonnes of
mineralized material (see PEA press release dated November 1st, 2023). Recommendations of the PEA -
level study included increas ing 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 24,500 metres
of the program completed as of May 15, 2024 . 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-23-563: Confirms location and grade of the Hanging Wall Zone, and downhole, the
Footwall Zone, and high-grade SK vein;
• Drill hole ET-23-552: Confirms location and grade of the Hanging Wall Zone, and downhole,
expands the Footwall Zone 25m to the east over 2023 MRE;
• Drill hole ET-24-568: Expands depth and strike of Keel Zone over the 2023 MRE; and
• Drill hole ET-24-570: Confirms location and grade of the Hanging Wall Zone associated with El
Tigre Vein.
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-23-552 STOCKWORK ZONE3 107.0 142.5 35.5 0.83 6.2 0.92 68.7
Mining VOID 121.7 123.8 2.1 * * * *
including 135.5 142.5 7.0 1.66 1.9 1.68 126.3
STOCKWORK ZONE 156.5 176.0 19.5 0.44 0.5 0.45 33.4
ET-23-553 STOCKWORK ZONE 85.5 97.0 11.5 0.32 0.6 0.33 24.4
STOCKWORK ZONE 131.0 155.0 24.0 0.42 1.4 0.44 33.1
including 183.0 201.0 18.0 0.22 172.4 2.52 189.1
ET-23-554 STOCKWORK ZONE4 138.0 183.0 45.0 0.52 3.9 0.57 42.6
including 159.0 171.0 12.0 0.88 5.9 0.96 72.0
Mining VOID 171.0 174.0 3.0 * * * *
STOCKWORK ZONE 219.6 235.6 16.0 0.91 4.3 0.97 72.5
ET-23-557 STOCKWORK ZONE 24.0 32.0 8.0 0.48 3.3 0.52 39.3
STOCKWORK ZONE 113.0 125.0 12.0 0.37 1.2 0.39 29.1
STOCKWORK ZONE 148.0 179.0 31.0 0.33 11.8 0.48 36.3
including 173.0 178.0 5.0 0.63 40.4 1.17 87.8
ET-23-558 STOCKWORK ZONE 108.5 141.0 32.5 0.72 1.7 0.75 56.0
including 116.5 134.0 17.5 1.04 1.9 1.07 80.1
El Tigre HW 162.1 163.0 0.9 0.20 224.0 3.19 239.1
Mining VOID 163.0 165.0 2.0 * * * *
El Tigre FW 165.0 165.9 0.9 0.22 362.0 5.05 378.5
STOCKWORK ZONE 181.0 207.0 26.0 0.17 13.6 0.35 26.3
ET-23-560 STOCKWORK ZONE 153.0 157.0 4.0 1.40 7.9 1.50 112.7
STOCKWORK ZONE 164.9 168.0 3.1 0.94 1.4 0.96 72.0
STOCKWORK ZONE5 205.5 225.0 19.5 0.36 4.1 0.41 30.9
including 211.5 216.5 5.0 0.63 6.0 0.71 53.0
Mining VOID 221.2 223.2 2.0 * * * *
ET-23-563 STOCKWORK ZONE 4.0 49.0 45.0 0.70 35.0 1.17 87.6
including 11.0 26.0 15.0 1.01 89.0 2.20 164.7
including 24.0 26.0 2.0 1.43 634.0 9.89 741.5
STOCKWORK ZONE 64.0 70.0 6.0 0.68 2.0 0.71 53.1
ET-24-564 STOCKWORK ZONE 15.0 40.5 25.5 1.30 24.3 1.63 122.1
including 16.0 24.0 8.0 2.76 71.4 3.71 278.4
STOCKWORK ZONE 73.9 99.0 25.1 0.18 2.3 0.22 16.2
ET-24-565 STOCKWORK ZONE 103.0 150.9 47.9 0.32 1.9 0.35 26.0
STOCKWORK ZONE 182.0 190.0 8.0 0.33 1.3 0.34 25.7
STOCKWORK ZONE 204.0 225.0 21.0 0.84 3.7 0.88 66.4
including 219.0 225.0 6.0 1.94 7.8 2.04 153.4
ET-24-566 STOCKWORK ZONE 12.0 43.5 31.5 0.39 12.5 0.56 41.9
including 18.0 31.5 13.5 0.60 13.8 0.79 59.0
STOCKWORK ZONE 112.0 121.5 9.5 1.02 0.6 1.03 76.9
ET-24-567 STOCKWORK ZONE6 31.5 106.5 75.0 0.35 16.6 0.57 43.0
including6 80.0 92.0 12.0 0.51 70.8 1.46 109.1
ET-24-568 KEEL ZONE 155.0 171.0 16.0 6.21 409.9 11.67 875.6
including 161.0 162.0 1.0 90.90 6034.0 171.35 12851.5
ET-24-569 STOCKWORK ZONE 71.4 111.7 40.3 0.36 24.0 0.68 51.2
including 71.4 83.0 11.6 0.57 78.4 1.61 121.1
ET-24-570 STOCKWORK ZONE 100.3 159.6 59.3 1.63 21.8 1.92 144.1
Mining VOID 168.0 173.5 5.5 * * * *
STOCKWORK ZONE 173.5 183.0 9.5 1.32 0.5 1.32 99.2
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 2.1m of Mining void
4. Excludes 3.0m of Mining void
5. Excludes 2.0m of Mining void
6. Excludes 1.1m of Mining void
Table 2—Drill Hole Locations
Hole ID Easting Northing Elevation Azimuth Dip Length
ET-23-552
671,057.8
3,384,293.5 1976.5 90 -45 191.0
ET-23-553
671,020.6
3,384,046.9 1937.5 90 -45 220.0
ET-23-554
671,014.1
3,384,293.7 1985.2 90 -45 276.0
ET-23-557
671,047.4
3,384,494.1 2070.0 90 -65 230.8
ET-23-558
671,031.0
3,384,121.0 1920.9 90 -45 222.0
ET-23-560
671,046.9
3,384,493.9 2070.0 90 -80 261.0
ET-23-563
671,201.7
3,383,902.6 1903.7 90 -45 90.0
ET-24-564
671,212.7
3,384,050.0 1944.7 90 -47 117.0
ET-24-565
671,223.4
3,383,425.5 1977.2 90 -45 253.5
ET-24-566
671,211.0
3,384,093.9 1977.8 90 -45 140.0
ET-24-567
671,093.5
3,384,273.4 1965.7 90 -48 150.0
ET-24-568
671,046.7
3,384,314.9 1983.4 90 -60 258.0
ET-24-569
671,307.9
3,383,304.6 1917.9 90 -50 175.5
ET-24-570
671,044.5
3,384,587.4 2099.3 90 -70 200.4
Note: Holes ET-23-551, 555, 556, 559, 561, and 562 are geotechnical holes with assays pending
Figure 4: El Tigre – Conceptual Cross-Section Showing Mineralization Styles
Figure 5: 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 zo nes 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.