VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 16, 2014) – El Tigre Silver Corp. (“El Tigre” or the “Company”) (TSX VENTURE:ELS)(OTCQX:EGRTF)(FRANKFURT:5RT) is pleased to announce additional strong assay results of a recently completed extensive underground and surface sampling exploration program at its El Tigre Silver and Gold Project (the “Project”) in northern Sonora, Mexico. El Tigre is reporting assay results from the Protectora vein area (Figure 1) that include 0.8 meters of 1,148 g/t silver equivalent (“AgEq”)-10.50 g/t Au and 518 g/t Ag. A total of 126 surface and 30 underground samples were collected from the Protectora vein area.
“We have now received all of the assays from our exploration program undertaken in the fall of 2013. It was comprised of a total of 173 underground and 393 surface samples collected as channel samples from outcrops, as well as 25 stream samples and 27 regional samples from the main El Tigre vein district. This program has assisted in the delineation of the extent of the El Tigre vein system and we are extremely pleased and encouraged with the results,” said Stuart Ross, El Tigre’s President and CEO. “The initial resource calculation was published in a preliminary feasibility study prepared in accordance with NI 43-101 in August 2013 and was based on a 1.2 kilometer section of the Southern vein system at the EL Tigre property. The results of our program have given us the confidence that the vein system remains open to exploration to the north and south beyond the initial 1.2 kilometers in the report filed August 2013. Receiving these recent positive assay results from both the surface and the adit samples from the Protectora vein in the Northern vein area combined with the work in the Southern vein area reiterates the geologic interpretation that the complete vein system extends over approximately 5.3 kilometers with anomalous silver and gold encountered in sampling.”
This program concentrated on the main El Tigre vein district consisting of the El Tigre Viejo canyon, Gold Hill area and the Espuelas Canyon area in the area of the Southern vein system, and the Protectora vein at the Northern vein area. On May 30, 2014 assay results from the El Tigre Viejo canyon and Gold Hill area were reported and on June 9, 2014 assay results from the Espuelas canyon area were reported.
The following map shows the assay areas in relation to the current resource (shown in purple) as defined by National Instrument 43-101 (“NI 43-101”).
To view Figure 1 – Map of Main El Tigre Vein District-Northern and Southern Veins, click on the following link:http://media3.marketwire.com/docs/952074-F1.pdf
From 1981 to 1984, Anaconda Minerals Company (“Anaconda”) completed an extensive district scale exploration program that included 13 drill holes (4,629 meters) and 400 meters of exploration drifts with mineralized samples in the Northern vein area of the main El Tigre vein system. The results of Anaconda’s exploration in the Northern vein area are not included in the Company’s Preliminary Feasibility Study for the El Tigre Silver & Gold Project, Municipio De Nacozari De Garcia, Sonora, Mexico (“PFS”) filed on SEDAR August 15, 2013.
The intention of the sampling program at the Protectora vein was to confirm Anaconda´s drilling program and gain a better understanding of the near surface portion of the vein, as Anaconda’s drill intercepts and underground sampling are only at depth. The Protectora sampling carried out confirmed the existence mineralization in the upper extents of the vein, and the underground sampling provided evidence of the continuity of mineralization over vein depths of up to 200 meters in the down dip direction. This work represents only a minimum part of the total extension of this vein. Continued exploration efforts along the upper portions of the northern vein system are necessary to confirm the extent, thickness, and grades of the northern vein system.
The Mineral Resources for the Project, are estimated by Hard Rock Consulting, LLC of Lakewood Colorado (“HRC”) to be 9.875 million tonnes grading an average of 0.630 g/t Au and 39.7 g/t Ag totaling 24.713 million ounces of EqAg classified as Indicated Mineral Resources with an additional 7.042 million tonnes grading an average of 0.589 g/t Au and 31.1 g/t Ag totaling 16.075 million ounces of EqAg classified as Inferred Mineral Resources. The base case estimated mineral resource is based on a 50 g/t AgEq cut-off grade.
The Mineral Resources are reported in accordance with NI 43-101 and have been estimated in conformity with generally accepted Canadian Institute of Mining, Metallurgy and Petroleum “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted into Mineral Reserves.
The following tables summarize the most notable assay results (greater than 30 g/t AgEq) in the Espuelas Canyon area in the Southern vein system at El Tigre (widths reported are not true widths):
|PROTECTORA VEIN SIGNIFICANT RESULTS|
|165352||0.50||0.03||46.2||48||Tuff (El Tigre Formation)|
|165364||0.65||0.27||44.8||61||Tuff (El Tigre Formation)|
|165412||0.50||0.21||25.6||38.2||Tuff (El Tigre Formation)|
|165416||1.00||0.14||27||35.4||Tuff (El Tigre Formation)|
|165418||0.80||10.50||518||1148||Tuff (El Tigre Formation)|
|165419||1.00||0.43||8.4||34.2||Tuff (El Tigre Formation)|
|165421||0.60||0.14||123.2||131.6||Tuff (El Tigre Formation)|
|165423||1.00||0.82||219||268.2||Tuff (El Tigre Formation)|
|165424||0.70||0.17||106.8||117||Tuff (El Tigre Formation)|
|165426||1.00||0.24||25.6||40||Tuff (El Tigre Formation)|
|165430||0.60||0.24||43.6||58||Tuff (El Tigre Formation)|
|165431||0.65||1.32||205||284.2||Tuff (El Tigre Formation)|
|165432||0.40||0.14||38.8||47.2||Tuff (El Tigre Formation)|
|165434||0.65||0.07||26.8||31||Tuff (El Tigre Formation)|
|165435||1.00||0.17||25.2||35.4||Tuff (El Tigre Formation)|
Note 1: All intervals reported as core length in metres.
Note 2: Silver Equivalent (AgEq) is calculated using a 60 to 1 ratio of the dollar value of Ag and Au (Ag + Au*60).
The sampling program was undertaken in the 3rd quarter of 2013 and focused on obtaining horizontal channel samples by cutting a two inch (5 cm) wide channel in the rock, and then chiseling out the rock with a hammer to collect samples. This method of sampling is done to collect a series of continuous samples similar to a horizontal drill hole and will assist in defining any surface mineralization that could correlate with the underlying drill intercepts. The sampling program by El Tigre was designed to build upon the work reported in the PFS as well as providing guidance for geological work necessary to identify drill targets. The sample results are not representative of the true thickness at the locations sampled. The results support the conclusion that the El Tigre vein system continues to the north of the mineral resource area with significant silver and gold intercepts within a zone of alteration/stockwork and support further work in exploring and developing the 5.3 kilometer El Tigre vein system.
Quality Assurance-Quality Control: The quality assurance-quality control (QA-QC) of El Tigre and their contractors is as follows: Samples are collected and handled only by authorized Company personnel, who collect them utilizing the methods described above in the second paragraph. Samples are bagged and labeled with unique sample numbers. Numbered sample data is recorded on site. Commercially produced standard and blank samples are inserted into the sample stream at a rate of 1 QA/QC sample per 20 assay samples. Samples are then transported by El Tigre personnel to the El Tigre handling facility and stored for shipment.
El Tigre personnel transport samples bagged six to a bag and sealed to Skyline Assayers & Laboratories (“Skyline”) personnel. Skyline authorized personnel load and transport the samples through the U.S.-Mexico border to their Tucson, Arizona sample preparation and assaying facility.
The technical content of this news release has been approved by Zachary J. Black, SME-RM (No. 4156858RM), Director – Geology and Resources for HRC, a Qualiﬁed Person as deﬁned in NI 43-101.
About El Tigre
The Company, through its subsidiaries, holds the rights to 100% of nine mineral concessions, eight comprising of 215 square kilometres located in north-eastern Sonora, Mexico (the “El Tigre Property”), and approximately 90 kilometres south of the US-Mexico border. El Tigre also holds one additional 32 hectare claim separate from the El Tigre Property. A NI 43-101 Technical Report Preliminary Feasibility Study has been prepared for the El Tigre Silver Project 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 future plans to implement and maintain financial systems and controls. 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.
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.