Silver Tiger Provides Update ON Progress of Pre- Feasibility Study
NEWS RELEASE
SILVER TIGER PROVIDES UPDATE ON PROGRESS OF PRE-
FEASIBILITY STUDY
HALIFAX, NOVA SCOTIA – February 22, 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 . The Company continues to advance and de-risk the Stockwork Deposit. A
25,000 metre drilling program focused on Mineral Resource expansion and classification, metallurgical and
geotechnical as it progresses from an exploration to a development project. The value-added PFS progresses
on schedule for publication in H2-2024.
Goals of the PFS drilling programs are to:
a) de-risk the project with enhanced metallurgical and geotechnical review;
b) increase confidence of the Mineral Resource with in-fill drilling in the near-surface ‘Starter Pit’;
and
c) expand the known Mineral Resource through targeted drilling.
During the PEA review, it was observed that three main areas of the Stockwork mineralization lacked
adequate drilling and had potential for expansion: a) the footwall, b) the hanging wall and c) bottom ‘keel’.
Now, after releasing the first 15 drill holes of the program, the Company is pleased to announce conversion,
expansion and de-risking of the potential ‘Starter Pit’.
Silver Tiger’s CEO, Glenn Jessome, stated, “ We are excited to announce that initial results are both
confirming and expanding the near -surface potential ‘Starter Pit’. These promising assay results help to
further de -risk the project in conjunction with the underway PFS-level geotechnical and metallurgical
studies.” Mr. Jessome further stated, “We also continue the work to deliver a PEA for the permitted
underground MRE during H2-2024.”
Near-surface, Stockwork Zone, seen in below highlighted intercepts:
• Drill hole ET-23-479: 54.0 metres grading 0.85 g/t gold equivalent or 63.7 g/t silver equivalent
or from 22.0 metres to 76.0 metres, consisting of 10.1 g/t silver and 0.71 g/t gold and 53.5 metres
grading 110.0 g/t 1.47 g/t gold equivalent or silver equivalent from 96.5 metres to 150.0 metres
consisting of 19.5 g/t silver and 1.21 g/t gold including 22.1 metres grading 2.06 g/t gold
equivalent or 154.4 g/t silver equivalent from 97.9 metres to 120.0 metres consisting of 5.9 g/t
silver and 1.98 g/t gold in the Stockwork Zone;
• Drill hole ET-23-486: 79.0 metres grading 0.86 g/t gold equivalent or 64.5 g/t silver equivalent
from 104.0 metres to 183.0 metres, consisting of 31.3 g/t silver and 0. 44 g/t gold including 26.0
metres grading 1.60 g/t gold equivalent or 119.7 g/t silver equivalent from 158.0 metres to 184.0
metres consisting of 85.2 g/t silver and 0.46 g/t gold in the Stockwork Zone;
• Drill hole ET-23-489: 89.5 metres grading 0.89 g/t gold equivalent or 67.1 g/t silver equivalent
from 101.0 metres to 190.5 metres, consisting of 2 2.3 g/t silver and 0. 60 g/t gold including 10.0
metres grading 1.50 g/t gold equivalent or 112.6 g/t silver equivalent from 110.0 metres to 120.0
metres consisting of 4.1 g/t silver and 1.45 g/t gold in the Stockwork Zone; and
• Drill hole ET-23-494: 78.1 metres grading 0.75 g/t gold equivalent or 56.5 g/t silver equivalent
from 0.0 metres to 78.1 metres, consisting of 22.9 g/t silver and 0.45 g/t gold including 15.3 metres
grading 0.93 g/t gold equivalent or 70.1 g/t silver equivalent from 3.0 metres to 18.3 metres
consisting of 28.1 g/t silver and 0.56 g/t gold in the Stockwork Zone.
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 -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 three years of material in the potential ‘Starter Pit’ from Indicated Mineral Resource
to Measured;
• Converting a significant portion of the 2km strike length ‘ultimate’ PEA pit -constrained Inferred
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 (“P&E”) of Brampton, Ontario completed the intial MRE in 2017. In late 2023,
P&E released an the updated El Tigre Project MRE with 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 Pit which contains 5.7 million tons of ore
material (see PEA press release dated November 1st 2023). Recommendations of the PEA-level study
included increasing Mineral Resource confidence in potential ‘Starter Pit’ 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 17,000m of the program complete (Figure
1). Complete and final assay results from the first fifteen (15) drill holes are listed in Table 1.
Below, highlighted intersections are enumerated with reference to the three (3) zones targeted:
• Drill hole ET-23-479: Confirms higher-grade Tiger Vein area in starter pit, and expands HW and
FW (Fig. 2);
• Drill hole ET-23-486: Downhole intersection expands ‘keel’ associated with Tiger and SK veins
at bottom of PEA pit floor;
• Drill hole ET-23-489: Downhole intersection expands ‘keel’ associated with Tiger and SK veins
at bottom of PEA pit floor; and
• Drill hole ET-23-494: Shows at surface in ‘Starter Pit’.
Metallurgical Studies
The Company retained D.E.N.M. Engineering Ltd. (DENM), of Burlington, Ontario for the PFS -level
metallurgical test work. After review of the PEA -level metallurgical studies completed, DENM
recommended drilling six (6) new PQ-sized drill holes over a one-kilometre strike length of the designed
PEA Stockwork (Figure 1). DENM selected McClelland Laboratories Inc. of Sparks, Nevada complete the
independent PFS metallurgical testing of the gold and silver mineralization at the El Tigre project. Over
3,000 kg of mineralized material from six (6) 85 mm PQ drill holes were shipped to the laboratory for
metallurgical testing with column leach testing underway . All metallurgical holes were subsequently
assayed were appropriate to be included in PFS-level updated MRE with results listed in Table 2.
Geotechnical Studies
The company retained Golder/WSP for the PFS-level Stockwork design criteria. After an extensive desktop
review and site visit, Golder recommended drilling thirteen (13) HQ-sized oriented drill holes in the western
and eastern slopes over a two -kilometre strike length of the designed PEA Stockwork (Figure 1) .
Geotechnical drilling is completed with point load testing underway. All geotechnical holes will be assayed
were appropriate to be included in PFS-level updated MRE.
Upcoming Mining Conference Attendance
• Silver Tiger will also be attending the BMO Global Metals, Mining and Critical Metals
Conference from February 25 to February 28, 2024 in Hollywood, Florida.
• Silver Tiger will also be attending PDAC in Toronto from March 3 to March 6, 2024. Our booth
number will be 3206.
Underground Mineral Resource to Preliminary Economic Assessment – H2-2024
The Corporation will also continue to work on this substantial , permitted underground Mineral Resource
Estimate and advance this towards a Preliminary Economic Assessment by H2-2024. The Indicated Out-
of-Pit Mineral Resource at El Tigre is 21 Moz AgEq grading 279 g/t AgEq contained in 2.3 Mt and the
Inferred Mineral Resource is 70 Moz AgEq grading 235 g/t AgEq contained in 9.2 Mt. For higher grade
sensitivity cases refer to the Company’s updated MRE press release dated September 12, 2023.
Table 1—Mineral Resource Drill Hole Results
AuEq
Total (2)
AgEq
Total (2) Drill Hole
ID Comment From To Length(1) Gold Silver
m m m g/t g/t g/t g/t
ET-23-479
STOCKWORK
ZONE 22.0 76.0 54.0 0.71 10.1 0.85 63.7
STOCKWORK
ZONE 96.5 150.0 53.5 1.21 19.5 1.47 110.0
including 97.9 120.0 22.1 1.98 5.9 2.06 154.4
including 132.0 147.0 15.0 0.96 29.9 1.36 101.8
and 166.9 173.5 6.6 0.18 172.5 2.48 186.0
ET-23-482
STOCKWORK
ZONE 44.0 120.0 76.0 0.30 14.8 0.50 37.3
including 56.0 65.0 9.0 0.29 56.6 1.04 78.3
including 93.0 120.0 27.0 0.49 11.0 0.64 47.7
ET-23-483
STOCKWORK
ZONE3 18.0 70.5 52.5 0.58 16.4 0.79 59.6
Including 12.0 29.0 17.0 0.70 16.3 0.92 68.9
STOCKWORK
ZONE 121.0 129.0 8.0 0.49 1.1 0.50 37.9
STOCKWORK
ZONE 157.5 170.0 12.5 0.76 1.4 0.78 58.3
ET-23-484
STOCKWORK
ZONE 45.0 110.5 65.5 0.34 32.0 0.77 57.4
Including 91.5 107.5 16.0 0.58 104.3 1.97 147.6
ET-23-485
STOCKWORK
ZONE 65.0 136.0 71.0 0.72 2.8 0.76 56.9
Including 114.0 136.0 22.0 0.89 3.3 0.93 69.9
Mining VOID 136.9 141.0 4.1 * * * *
ET-23-486
STOCKWORK
ZONE4 104.0 183.0 79.0 0.44 31.3 0.86 64.5
Mining VOID 155.0 158.0 3.0 * * * *
Including 158.0 184.0 26.0 0.46 85.2 1.60 119.7
ET-23-487
STOCKWORK
ZONE 0.0 23.0 23.0 0.35 15.7 0.56 42.2
STOCKWORK
ZONE 45.0 49.0 4.0 1.80 7.3 1.89 141.9
STOCKWORK
ZONE5 62.0 84.5 22.5 0.20 15.2 0.40 30.1
Mining VOID 69.5 70.5 1.0 * * * *
ET-23-488
STOCKWORK
ZONE 4.5 23.4 18.9 0.59 3.1 0.63 47.2
STOCKWORK
ZONE 36.0 100.1 64.1 0.40 15.0 0.60 45.1
including 49.5 61.5 12.0 0.74 29.9 1.14 85.5
Mining VOID 100.1 102.0 1.9 * * * *
STOCKWORK
ZONE 114.6 142.5 27.9 0.68 12.8 0.85 63.7
ET-23-489
STOCKWORK
ZONE6 101.0 190.5 89.5 0.60 22.3 0.89 67.1
Including 110.0 120.0 10.0 1.45 4.1 1.50 112.6
Including 142.5 151.4 8.9 1.69 14.3 1.88 141.0
Mining VOID 173.9 174.6 0.7 * * * *
ET-23-490
STOCKWORK
ZONE 1.3 45.0 43.7 0.45 27.8 0.83 61.9
Including 32.0 43.5 11.5 0.49 75.8 1.50 112.4
STOCKWORK
ZONE 66.0 94.5 28.5 0.09 36.3 0.57 43.0
Including 83.5 90.5 7.0 0.19 103.0 1.56 117.3
ET-23-491
STOCKWORK
ZONE7 20.0 101.0 81.0 0.50 9.5 0.62 46.7
Mining VOID 95.2 96.7 1.5 * * * *
STOCKWORK
ZONE 118.1 130.1 12.0 0.59 59.8 1.39 104.3
ET-23-492
STOCKWORK
ZONE 16.0 67.5 51.5 0.53 8.2 0.63 47.6
Including 36.5 49.1 12.6 0.86 2.0 0.88 66.2
Including 59.0 67.5 8.5 0.91 6.3 1.00 74.9
ET-23-493 Footwall Vein 8.2 12.0 3.8 0.17 22.4 0.47 35.1
El Tigre Vein 48.0 53.0 5.0 1.03 2.4 1.07 79.9
SK Vein 67.5 73.5 6.0 1.21 53.8 1.92 144.2
ET-23-494
STOCKWORK
ZONE 0.0 78.1 78.1 0.45 22.9 0.75 56.5
including 3.0 18.3 15.3 0.56 28.1 0.93 70.1
including 67.0 75.0 8.0 0.67 69.8 1.60 120.2
Mining VOID 78.1 81.7 3.6 * * * *
ET-23-495
STOCKWORK
ZONE 0.0 27.0 27.0 0.29 15.9 0.50 37.6
Mining VOID 61.5 62.8 1.3 * * * *
STOCKWORK
ZONE 62.8 77.1 14.3 0.16 38.8 0.68 50.9
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 2.7m of Mining VOID
4. Excludes 3.0m of Mining VOID
5. Excludes 1.0m of Mining VOID
6. Excludes 0.7m of Mining VOID
7. Excludes 1.5m of Mining VOID
Table 2—Metallurgical Drill Hole Results
AuEq
Total (2)
AgEq
Total (2) Drill Hole
ID Comment From To Length(1) Gold Silver
m m m g/t g/t g/t g/t
ET-23-475
STOCKWORK
ZONE 37.0 51.0 14.0 0.34 2.4 0.37 27.8
STOCKWORK
ZONE 101.0 104.0 3.0 0.63 2.5 0.66 49.8
STOCKWORK
ZONE 121.3 143.3 22.0 0.25 25.1 0.59 44.1
including 121.3 123.2 1.9 1.03 80.4 2.10 157.8
including 141.2 143.3 2.1 0.36 155.9 2.44 183.1
Mining Void 153.5 156.2 2.7 * * * *
ET-23-476
STOCKWORK
ZONE 33.0 40.1 7.1 0.28 5.8 0.36 27.1
STOCKWORK
ZONE 66.5 92.4 25.9 0.28 11.2 0.43 32.5
including 69.5 88.5 19.0 0.33 13.4 0.51 38.3
Mining Void 92.4 94.5 2.1 * * * *
STOCKWORK
ZONE 106.5 173.0 66.5 0.56 1.9 0.59 44.0
including 106.5 126.0 19.5 1.19 1.6 1.22 91.2
including 119.0 126.0 7.0 2.52 2.0 2.55 191.2
Mining Void 142.5 143.7 1.2 * * * *
ET-23-477
STOCKWORK
ZONE 45.0 109.0 64.0 0.33 15.1 0.53 40.0
including 92.5 108.0 15.5 0.50 34.6 0.96 72.2
including 92.5 96.7 4.2 1.24 7.7 1.34 100.8
and 169.2 175.0 5.8 0.09 134.7 1.88 141.1
ET-23-478
STOCKWORK
ZONE 0.0 34.7 34.7 0.77
14.3 0.96 72.4
including 4.5 28.2 23.7 0.95
18.2 1.19 89.1
STOCKWORK
ZONE 57.7 130.2 72.5 0.40
10.7 0.54 40.5
including 58.7 93.0 34.3 0.64
5.8 0.72 53.8
including 128.2 130.2 2.0 0.36
72.5 1.32 99.2
ET-23-480
STOCKWORK
ZONE 19.0 65.0 46.0 0.32 3.5 0.37 27.6
STOCKWORK
ZONE 86.0 117.3 31.3 0.40 14.5 0.59 44.6
including 88.0 113.0 25.0 0.47 16.4 0.69 51.4
ET-23-481
STOCKWORK
ZONE 139.0 162.0 23.0 0.88 43.8 1.46 109.5
including 140.0 145.5 5.5 1.36 43.7 1.94 145.6
including 151.0 152.9 1.9 3.14 301.0 7.16 536.9
Notes:
1. Not true width.
2. Silver Equivalent (“AgEq”) ratios are based on a silver to gold price ratio of 75:1