VANCOUVER, BRITISH COLUMBIA–(Marketwire – Nov. 29, 2012) – El Tigre Silver Corp. (the “Company” or “El Tigre”) (TSX VENTURE:ELS)(OTCQX:EGRTF)(FRANKFURT:5RT) is pleased to report on exploration progress at its El Tigre silver and gold project. El Tigre is located on concessions that are part of the Company’s 431 square kilometer concession ownership in Sonora, Mexico. The El Tigre mine was operated from 1903 to 1938, and it is estimated to have produced 70 to 75 million ounces of silver and 325,000 and 350,000 ounces of gold.
The Company’s geologists have made advances in several important areas since the last technical press release published on August 22, 2012. This new information updates activities at the project where field work focused on channel sampling available tunnels and new roads, sampling previously unsplit drill core, and conducting a full review of the geology of the project for new targets.
Part of this work was to obtain information that would be available for a planned revision to the Company’s 43-101 technical report which is expected to contain a new resource model. It is scheduled for completion in the second quarter of 2013.
Besides the past drilling results and scheduled drilling program, work is focusing on obtaining horizontal channel samples where a portable diamond blade rock saw cuts a two inch (5 cm) wide slot in the rock, this is then broken out by a hammer for sampling. These particular samples produce results similar to a horizontal drill hole and will assist in defining any surface mineralization that would connect with any underlying drill intercepts. This channel sampling has been completed on several road cuts in the Gold Hill area.
These horizontal diamond saw cuts have also been completed in the underground at the Level 4 tunnel and sampling of the Johnny Cross Cut tunnel. The assays from the Level 4 have not yet been received, but new results are in hand for the Johnny Cross Cut, and these are summarized in the following table.
|Meters from entrance||Interval|
|Average Ag |
|0 to 10||10.0||0.65||2.18|
|23.7 to 114.21||90.51||0.92||14.84|
|Including 23.7 to 45.6||21.9||1.28||4.10|
|Including 57.1 to 70.6||13.5||1.16||6.40|
|Including 81.75 to 94.2||12.45||2.13||24.0|
One of the new roads on Mula Mountain was channel sampled and it returned 62 meters of 0.45 g/tonne gold and 13.67 g/tonne silver. This road was built in the hanging wall and parallel to the El Tigre vein. The assay results are significant in that this work proves that mineralized zones in the hanging wall are also continuous in the north south direction. These results also very similar to many of the other assay intervals found in drill core and channel sampling across the zone.
A full review of the drill core obtained in the 2011 and 2012 drilling campaigns was conducted to determine if some intervals require new sampling. New assay results from the first two holes sampled, ET-28 and ET-30, find some isolated low grade gold values, which may add to already established mineralized intervals. Additional review and sampling of other holes are underway.
Work has been underway to better understand the geology and mineralization of the overall El Tigre mining district. One of the more important aspects to this was determining that silver mineralization occurs equally in all volcanic units. Previously, it was understood that better grades occur in just the El Tigre Formation, but that appears not to be the case. We now believe that a high grade vein target is found below Mula Mountain and below Level 7, which has not been previously mined or explored. A second aspect of this work has determined that Gold Hill is uplifted about 75 meters more than Mula Mountain by a newly recognized “Cross Over Fault”. This fault may have offset the El Tigre vein and better exposed low grade gold mineralization in the foot wall of the El Tigre. This new information obtained during the last two months will have a significant impact on where and how we explore and develop the low grade gold mineralization on the property.
Stuart Ross President and CEO stated: “We are very pleased with the progress on the El Tigre project as it continues to produce excellent results from our ongoing evaluation program. Our drilling program will start again very soon and the work our team has completed in the past few months will enhance our success with this drill program.”
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. All reported assays and their intervals were done by Inspectorate Labs in Reno Nevada.
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 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 timing for revisions and updates to the existing technical report, drill program, review and sampling of drill cores, targets, 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 of 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.
Historical resources – a qualified person has not done sufficient work to classify any historical estimate at El Tigre as current mineral resources. The Company is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
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.