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
NEWS RELEASE
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, NOVA SCOTIA – April 30, 2024 – Silver Tiger Metals Inc. (TSXV:SLVR and
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 R esource, up -grading the classification, completing metallurgical
testwork and geotechnical studies as it progresses from a n 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 Zone s, 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 in the Keel Zone.
• Drill hole ET-23-548: 71.0 metres grading 0.6 7 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 continuit y.” 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 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 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
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-23-532 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 ZONE3 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 ZONE4 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 ZONE5 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 kilo metre 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 kilo metres 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 kilo metres. 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.