Silver Tiger Provides Update ON Pre-Feasibility Study Mineral Resource Drilling
NEWS RELEASE
SILVER TIGER PROVIDES UPDATE ON PRE-FEASIBILITY STUDY MINERAL RESOURCE
DRILLING
HALIFAX, NOVA SCOTIA – April 16, 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 23,000 metres of a 25,000 metre drilling program
focused on expanding the Mineral Resource, up-grading the classification, completing metallurgical test
work 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 55 drill holes of the
program, the Company is pleased to announce conversion, expansion and derisking of the potential
‘Starter Stockwork Zone’.
Silver Tiger’s CEO, Glenn Jessome, stated, “ We are pleased this new set of assay results continue to both
confirm and expand t he near-surface Stockwork gold deposit . Of particular interest is the developing
“Footwall Zone” to east that continues to show grade and continuity while expanding the mineralization
footprint.” Mr. Jessome further stated, “These promising assay results help to further de-risk the project in
conjunction with the underway PFS-level geotechnical and metallurgical studies.”
In the northern area of the PEA “starter pit”, several new intersections in the footwall side of the
Stockwork gold deposit are shown below in the highlighted intercepts:
• Drill hole ET-23-527: 74.0 metres grading 0.78 g/t gold equivalent or 58.5 g/t silver equivalent
from 0.0 to 74.0 metres, consisting of 0.55 g/t gold and 17.0 g/t silver INCLUDING 9.2 metres
grading 2.19 g/t gold equivalent or 164.0 g/t silver equivalent from 5.4 to 14.6 metres consisting of
0.90 g/t gold and 96.3 g/t silver gold in the Footwall Zone.
• Drill hole ET -23-529: 42.5 metres grading 0. 99 g/t gold equivalent or 73.9 g/t silver equivalent
from 107.0 to 149.5 metres, consisting of 0. 91 g/t gold and 5. 6 g/t silver INCLUDING 18.0 metres
grading 1.42 g/t gold equivalent or 106.2 g/t silver equivalent from 122.0 to 140.0 metres consisting
of 1.27 g/t gold and 11.2 g/t silver in the Footwall Zone.
• Drill hole ET-23-530: 56.9 metres grading 0.73 g/t gold equivalent or 54.9 g/t silver equivalent
from 44.3 to 101.2 metres, consisting of 0.68 g/t gold and 3.7 g/t silver INCLUDING 18.7 metres
grading 1.01 g/t gold equivalent or 75.8 g/t silver equivalent from 82.5 to 101.2 metres consisting of
0.93 g/t gold and 6.1 g/t silver in the Footwall Zone (Figure 2).
At the southern end of the PEA “starter pit”, a new intersection in the Keel Zone is shown below.
• Drill hole ET -23-518: 16.9 metres grading 0. 96 g/t gold equivalent or 72.3 g/t silver equivalent
from 97.7 to 114.6 metres, consisting of 0. 07 g/t gold and 66.9 g/t silver INCLUDING 2.0 metres
grading 6.7 g/t gold equivalent or 502.5 g/t silver equivalent from 108.0 to 110.0 metres consisting
of 0.20 g/t gold and 487.5 g/t silver in the Keel Zone (Figure 2)
Figure 1 : Stockwork Zone – Plan View
Figure 2 : Stockwork Zone Cross Section 4275N
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 A uEq grading 0.59 g/t A uEq; 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 b ench optimization of the pit-constrained Mineral R esource 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 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 23,000
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 h ole ET-23-518: Confirms at surface mineralization in the Hanging Wall Zone , and
downhole, expands known strike of high-grade Keel Zone to north;
• Drill hole ET-23-527: Expands Footwall Zone by 25m to east over 2023 MRE (Figure 2);
• Drill hole ET-23-529: Confirms location and grade of Hanging Wall Zone, as well as high-grade
El Tigre Vein; and
• Drill hole ET-23-530: Expands Footwall Zone by 35 m to east over 2023 MRE (Figure 1);
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-23-516 STOCKWORK ZONE 0.0 43.0 43.0 0.73 5.0 0.79 59.5
including 19.0 30.0 11.0 1.48 10.4 1.62 121.2
STOCKWORK ZONE 73.0 108.2 35.2 0.39 18.8 0.64 48.3
including 99.8 106.5 6.7 0.20 64.0 1.06 79.3
STOCKWORK ZONE 125.5 132.0 6.5 0.15 115.1 1.69 126.5
ET-23-517 STOCKWORK ZONE 57.0 70.6 13.6 0.30 13.5 0.48 35.8
Mining VOID 70.6 73.0 2.4 * * * *
STOCKWORK
ZONE 75.0 135.0 60.0 0.37 10.1 0.51 38.1
including 123.4 128.5 5.1 1.15 71.6 2.11 157.9
ET-23-518 STOCKWORK ZONE 0.0 19.0 19.0 0.69 4.9 0.76 56.8
STOCKWORK ZONE 28.0 63.0 35.0 0.40 2.0 0.43 32.2
STOCKWORK ZONE 97.7 114.6 16.9 0.07 66.9 0.96 72.3
including 108.0 110.0 2.0 0.20 487.5 6.70 502.5
and 123.0 126.0 3.0 0.08 101.7 1.44 108.0
ET-23-519 STOCKWORK ZONE 44.5 63.5 19.0 0.31 1.3 0.32 24.3
ET-23-520 STOCKWORK ZONE 103.8 154.0 50.2 0.69 4.2 0.75 56.3
including 126.5 138.0 11.5 1.01 6.4 1.09 81.8
ET-23-521 STOCKWORK ZONE 33.5 118.0 84.5 0.47 3.8 0.52 39.2
including 94.0 107.0 13.0 0.78 9.7 0.91 68.5
ET-23-523 STOCKWORK ZONE 0.0 94.5 94.5 0.26 4.1 0.32 23.9
STOCKWORK ZONE 0.0 17.5 17.5 0.25 10.2 0.39 29.0
STOCKWORK ZONE 25.5 45.0 19.5 0.35 2.7 0.39 28.9
STOCKWORK ZONE 54.8 94.5 39.7 0.32 3.1 0.36 27.2
ET-23-524 STOCKWORK ZONE3 25.0 63.2 38.2 0.45 14.8 0.64 48.4
Mining VOID 42.7 43.8 1.1 * * * *
STOCKWORK ZONE 56.2 63.2 7.0 0.88 2.4 0.91 68.6
STOCKWORK ZONE 103.2 125.0 21.8 0.62 14.0 0.81 60.4
including 103.2 119.0 15.8 0.81 18.9 1.06 79.5
ET-23-525 STOCKWORK ZONE 2.0 9.0 7.0 0.32 10.4 0.46 34.3
and 30.0 31.0 1.0 0.40 87.0 1.56 116.8
STOCKWORK ZONE 59.0 63.0 4.0 0.60 0.5 0.60 45.3
ET-23-526 STOCKWORK ZONE 113.0 161.8 48.8 0.39 2.8 0.43 32.1
including 113.0 119.0 6.0 0.91 1.6 0.93 69.5
Mining VOID 161.8 164.3 2.5 * * * *
STOCKWORK ZONE 164.3 168.0 3.7 0.37 2.8 0.41 30.4
ET-23-527 STOCKWORK ZONE 0.0 74.0 74.0 0.55 17.0 0.78 58.5
including 5.4 14.6 9.2 0.90 96.3 2.19 164.0
including 48.8 74.0 25.2 1.04 5.3 1.11 83.4
ET-23-528 STOCKWORK ZONE 5.0 15.0 10.0 0.41 1.8 0.43 32.3
STOCKWORK ZONE 32.1 36.0 3.9 0.52 1.4 0.54 40.5
STOCKWORK ZONE4 85.0 98.0 13 0.14 90.8 1.35 101.6
Mining VOID 90.6 92.0 1.4 * * * *
STOCKWORK ZONE 126.9 130.0 3.1 0.26 410.7 5.73 429.9
ET-23-529 STOCKWORK ZONE 107.0 149.5 42.5 0.91 5.6 0.99 73.9
including 107.0 140.0 33.0 1.09 6.6 1.18 88.7
including 107.0 115.0 8.0 1.57 1.3 1.58 118.7
including 122.0 140.0 18.0 1.27 11.2 1.42 106.2
ET-23-530 STOCKWORK ZONE 28.5 39.4 10.9 0.51 2.4 0.54 40.6
STOCKWORK ZONE 44.3 101.2 56.9 0.68 3.7 0.73 54.9
including 73.5 101.2 27.7 0.86 4.6 0.92 69.3
including 82.5 101.2 18.7 0.93 6.1 1.01 75.8
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 1.10m mining void
4. Excludes 1.40m mining void
Table 2—Drill Hole Locations
Hole ID Easting Northing Elevation Azimuth Dip Length
ET-23-516
671,128.6
3,383,868.3 1890.3 90 -45 150.0
ET-23-517
671,095.1
3,384,399.5 2022.0 90 -45 166.0
ET-23-518
671,101.1
3,383,862.6 1875.8 90 -45 150.0
ET-23-519
671,142.2
3,384,392.3 2012.0 90 -45 116.6
ET-23-520
671,043.0
3,384,368.6 2007.2 90 -45 166.0
ET-23-521
671,178.5
3,384,183.5 1992.4 90 -45 135.6
ET-23-522
671,195.8
3,384,569.2 2108.3 80 -60 141.0
ET-23-523
671,192.3
3,383,947.4 1879.7 90 -45 102.0
ET-23-524
671,122.2
3,384,364.5 1993.4 90 -45 130.1
ET-23-525
671,231.3
3,384,065.5 1959.1 90 -45 109.3
ET-23-526
671,042.1
3,384,368.5 2007.1 90 -55 193.0
ET-23-527
671,182.2
3,384,277.9 1992.3 90 -45 100.0
ET-23-528
671,092.7
3,383,920.0 1854.7 90 -45 140.0
ET-23-529
671,040.9
3,384,394.0 2020.3 90 -45 172.0
ET-23-530
671,181.7
3,384,218.7 1989.7 90 -45 106.3
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.