Glenn Jessome, president and CEO, stated: “In 2021, El Tigre [Sonora, Mexico] took another important step towards becoming a world-class silver asset. In 2021, the first-ever drill results on the Sooy, Benjamin and Seitz Kelly veins delivered wide high-grade silver intercepts in quartz veins within a black shale horizon that could prove to be transformational. Our exploration success has delivered significant return for our shareholders. We look forward to continuing that success in 2022.”
At the Sooy, Benjamin and Seitz Kelly veins, 2021 drilling results highlights included 667.9 g/t silver equivalent over 11.75 metres within a broader interval of 22.2 metres grading 381.9 g/t silver equivalent in new discovery in drill hole ET-20-202 in the Sooy vein. Other assays included 2,025.7 g/t silver equivalent over 1.7 metres within a broader interval of 7.2 metres grading 870.3 g/t silver equivalent in drill hole ET-21-236 in the Sooy vein; 3,856.2 g/t silver equivalent over 0.5 metre within a broader interval of 7.5 metres grading 491.1 g/t silver equivalent in drill hole ET-21-244 in the Sooy vein. Other holes also returned very good assays.
2021 milestones included new wide high-grade silver discoveries on the Sooy, Benjamin and Seitz Kelly veins. Mapping and sampling were conducted across the 100%-owned 28,414-hectare historic El Tigre district to prepare for future drilling.
Silver Tiger completed a $23-million bought deal institutional financing at 60 cents led by a syndicate of underwriters, including Sprott Capital Partners LP, Stifel GMP, Echelon Capital Markets Inc., Eight Capital, Beacon Securities Ltd. and Red Cloud Securities Inc. Analyst coverage has been initiated by Sprott Capital Partners, Stifel, Echelon Capital Markets, Beacon Securities and Red Cloud Securities.
Glenn Holmes, the current CFO and a founding shareholder of Silver Tiger, is retiring January 1, 2022. Keith Abriel, current board chair and a former CFO of several Toronto Stock Exchange, TSX Venture Exchange and Nasdaq-listed issuers, has accepted the CFO position at Silver Tiger. Wade Anderson, a director since January, 2017, and is currently the vice-chairman, will assume the role of chairman.
On December 30, 2021, Silver Tiger granted 2.9 million stock options at an exercise price of 70 cents with a term of 10 years expiring on December 29, 2031, and 1,595,000 RSU (restricted stock units) that will vest over three years to directors, officers, employees and consultants, pursuant to the corporation’s omnibus incentive plan.
After acquiring El Tigre, Silver Tiger drilled 12,500 metres to define the wide halo of near-surface gold mineralization around the mined high-grade veins of the historic El Tigre mine. This allowed Silver Tiger to deliver a maiden resource estimate for the El Tigre property to a depth of 150 metres containing indicated resources of 661,000 gold equivalent ounces at 0.77 g/t (21 g/t silver and 0.51 g/t gold) and inferred resources of 341,000 gold equivalent ounces at 1.59 g/t (88 g/t silver and 0.52 g/t gold).