Silver Tiger Provides Update on Pre-Feasibility Study Mineral Resource Drilling

Rhea-AI Summary

Silver Tiger Metals Inc. (SLVTF) provides an update on the ongoing Pre-Feasibility Study drilling program on the Stockwork gold deposit in Sonora, Mexico. The company has completed 23,000 meters of a 25,000-meter drilling program, focusing on expanding the Mineral Resource, upgrading classification, and completing metallurgical test work. The PFS progress is on schedule for publication in H2-2024, with promising assay results confirming and expanding the near-surface Stockwork gold deposit.

Positive

• Expanding known mineralization by 10 to 15% in the footwall, hanging wall, and higher-grade 'keel' zones at the El Tigre and SK Veins.
• Converting Indicated Mineral Resource to Measured in the potential 'Starter Stockwork Zone'.
• Converting a significant portion of the Inferred Mineral Resource to Indicated.
• Completion of enhanced PFS Metallurgical Drilling and Geotechnical Drilling.
• Positive assay results confirming and expanding the Stockwork gold deposit.
• CEO Glenn Jessome highlighting the promising results and de-risking of the project.
• New intersections in the Footwall and Keel Zones showing significant gold and silver grades.

Negative

• None.

HALIFAX, NS / ACCESSWIRE / 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 an 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 the 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 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 12^th, 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 1^st, 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 23,000 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 hole 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

FAQ

What is the update provided by Silver Tiger Metals Inc. (SLVTF)?

Silver Tiger Metals Inc. (SLVTF) provided an update on the ongoing Pre-Feasibility Study drilling program on the Stockwork gold deposit in Sonora, Mexico.

How much of the drilling program has Silver Tiger completed?

Silver Tiger Metals Inc. (SLVTF) has completed 23,000 meters of a 25,000-meter drilling program.

What are the main areas being targeted in the drilling program?

The main areas being targeted are the footwall, hanging wall, and bottom 'keel' zones of the Stockwork gold deposit.

Who is the CEO of Silver Tiger Metals Inc. (SLVTF) and what did he state?

The CEO of Silver Tiger Metals Inc. (SLVTF) is Glenn Jessome. He stated that the assay results continue to confirm and expand the Stockwork gold deposit, helping to de-risk the project.

What are some of the highlights from the Pre-Feasibility Study drilling program?

Highlights include expanding known mineralization, converting mineral resources, and completing enhanced metallurgical and geotechnical drilling.