VANCOUVER, BRITISH COLUMBIA, May 16, 2012 (MARKETWIRE via COMTEX) — El Tigre Silver Corp. (the “Company” or “El Tigre”) /quotes/zigman/585874 CA:ELS -6.82% (otcqx:EGRTF)(frankfurt:5RT) is pleased to provide a progress report along with the first assays from the ongoing Gold Hill core drilling program at its 100% owned El Tigre silver project in Sonora, Mexico.
The core drilling program commenced on March 20, 2012 with 8 holes now completed for 1702 meters. The Company is experiencing good core recoveries in the drill program. These holes are testing the potential for disseminated gold mineralization associated with the El Tigre vein system and high grade silver and gold values found in the El Tigre vein. Drilling is focusing on the southern 1.2 kilometers of the El Tigre vein system and is centered on Gold Hill.
Exploration Highlights: Drilling intercepted 1 meter (0.8 m true width) of high grade silver (1611 g/tonne – 47 opt) with high grade gold (9.73 g/tonne – 0.28 opt) in the El Tigre vein. These values are similar to historic production grade and width and occur in an area where no mining was conducted. The assay results of the first drill hole are summarized in the following table. Silver equivalent is calculated at 50 to 1.
Assay Summary Table: Hole ET-33
Core From To Core Silver Gold Equivalent
Hole (meters) (meters) Length (g/t) (g/t) (g/t)
ET-33 4.5 13.5 9.0 67.8 (i) 67.8
Includes 9.0 11.5 2.5 134.7 (i) 134.7
67.9 85.0 17.1 168.7 1.11 224.2
Includes 76.8 77.8 1.0 (ii)1611.0 9.73 2097.5
85.0 92.5 7.5 23.3 (i) 23.3
92.5 97.0 4.5 (i) 0.66 33.0
98.5 100.0 1.5 (i) 0.82 41.0
103.0 106.0 3.0 (i) 0.21 10.5
107.5 110.5 3.0 (i) 0.26 13.0
113.5 116.5 3.0 (i) 1.19 59.5
136.0 149.0 13.0 (i) 0.41 20.5
Includes 144.0 145.0 1.0 (i) 1.13 56.5
154.0 155.0 1.0 (i) 0.69 34.5
168.5 170.0 1.5 (i) 0.56 28.0
174.0 175.0 1.0 (i) 1.03 51.5
180.5 182.0 1.5 (i) 1.07 53.5
201.0 203.7 2.7 10.2 1.14 67.2
Note 1: Assay cutoffs are 0.2 g/t Au and 10 g/t Ag with g/t as gram per
Note 2: Azimuth 90 degrees, Angle -50 degrees, Depth 203 meters
Note 3: (i) Did not meet cut-off grade. (ii) El Tigre Vein
Note 4: Silver Equivalent is 50 Silver to 1 Gold.
Stuart Ross, President and CEO, stated that “These results demonstrate the continued strength of the silver and gold mineralization in the El Tigre vein system. We look forward to receiving additional assays as the drilling program expands at El Tigre.”
Sample Procedure: Drilling is being performed by Landdrill International Mexico, SA de CV. The core is retrieved by El Tigre geologists and taken to the secure core storage building for measuring, logging, splitting and bagging. Standards and blanks are inserted randomly every 20 samples to ensure a high standard of quality assurance-quality control. These samples are then transported by El Tigre geologists to Hermosillo to the Inspectorate sample prep lab where they are crushed and pulped before being shipped to the Reno, Nevada assaying lab.
The technical content of this news release has been approved by Steven D Craig, CPG and Vice President of Exploration for El Tigre, a Qualified Person as defined in NI 43-101.
About El Tigre Silver Corp.:
The Company, through its subsidiaries, holds the rights to 100% of nine mineral concessions, eight comprising of 431 square kilometers located in north-eastern Sonora, Mexico (the “El Tigre Property”). El Tigre also holds one additional 32 hectare claim separate from the El Tigre Silver Property. A technical report has been prepared for the El Tigre Property and can be found on the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.eltigresilvercorp.com .
This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include assay results and future plans. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in the Company’s public documents filed on SEDAR at www.sedar.com . Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Potential – the potential quality and grade is conceptual in nature. There has been insufficient exploration at the El Tigre silver property to define a mineral resource. It is uncertain if further exploration will result in discovery of a mineral resource.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
El Tigre Silver Corp.
President and CEO
El Tigre Silver Corp.
El Tigre Silver Corp.
(604) 608-6163 (FAX)