Silver Tiger Metals Inc. [SLVR-TSXV; SLVTF-OTCQX] on Tuesday April 20 said it has intersected more high-grade silver near the discovery hole at the historic El Tigre Mining District project in Sonora Mexico.
The El Tigre district 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.
By the time mining stopped at the El Tigre vein, Seitz Kelley vein and the Sooy vein in 1930 due to the Great Depression, it is reported to have produced 353,000 ounces of gold and 67.4 million ounces of silver from 1.87 million tonnes averaging over 2.0 kilograms of silver equivalent (AgEq) per tonne.
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 enabled the company to deliver a maiden NI 43-101 resource estimate for the property to a depth of 150 metres of 661,000 gold equivalent (AuEq) ounces at 0.77 g/t in the indicated category and an inferred resource of 341,000 AuEq ounces at 1.59 g/t.
On January 21, 2021, Silver Tiger announced a new discovery of high-grade silver and gold mineralization on the newly discovered Benjamin Vein, approximately 900 metres north of the El Tigre mine workings.
Highlights from the first three drill holes included drill hole ET-20-193 which returned 3.0 metres of 1,310.1 g/t AgEq from 116.5 metres to 119.5 metres. Silver Tiger President and CEO Glenn Jessome said he was confident that this would be the first of many new discoveries in the Historic El Tigre District.
On Tuesday, the company said it has intersected 0.5 metres grading 4,668.5 g/t AgEq within 11.8 metres grading 325.0 g/t silver equivalent in the Sooy Vein. This hole was drilled to test the Sooy Vein 250 metres to the south along strike from the discovery hole, which intersected 0.5 metres of grade 2,693.6 g/t AgEq within 7.3 metres grading 221.2 g/t AgEq.
“These recent drill intercepts coupled with the recently announced high-grade intercepts in the Benjamin Vein, 1.2 km north of the discovery hole 202, provide multiple pierce points over 2.2 km on the Sooy Vein,” Jessome said.
Silver Tiger shares advanced on the news, rising 3.07% or $0.02 to 67 cents on volume of 134,070.