VANCOUVER, BRITISH COLUMBIA–(Marketwired – April 18, 2013) – El Tigre Silver Corp. (the “Company” or “El Tigre”) (TSX VENTURE:ELS)(OTCQX:EGRTF)(FRANKFURT:5RT) is pleased to report that the drilling program targeting the stockwork zone that was started in January 18, 2013 was concluded on April 12, 2013 with 38 holes completed and 4,862 meters drilled. El Tigre is drilling on concessions that are part of the Company’s 431 square kilometer ownership in Sonora, Mexico.
The third round of assays from nine more drill holes (ET13-58 to 66) has been received. These drill holes were located on Mula Mountain both north and south of the historic Brown Shaft over a strike length of 450 meters. El Tigre believes that the property hosts a classic caldera-related, epithermal low sulphide vein system that extends 5.3 kilometers along strike. The drilling program is focusing on the southern 1.2 kilometer zone that has potential for bulk mineable gold associated with the historic high grade silver gold veins. All the gold and silver intercepts are oxidized to a reddish brown color after pyrite and base metal minerals.
The highest gold and silver assay that was reported was in Hole ET13-66 with 0.4 meters of 3,030 g/t Ag (88.5 opt Ag) and 235 g/t Au (6.86 opt Au). This interval was followed by 1 meter of 2,920 g/t Ag and 5.34 g/t Au. The lab is currently reassaying this and other intervals from new pulp samples to confirm these high gold and silver values. The company also reports these intervals as “core length” and is not “true width” because not enough information exists at this time to determine true width.
The following table identifies the most notable intervals in each hole while the assay summary table lists all intervals for these holes. Please note that the gold equivalent column (“Au Equiv”) is calculated using the conversion ratio of 50 to 1, silver to gold.
|Assay Interval Highlights:|
|ET13-58 with 28.05 meters of 0.87 g/t Au equivalent-28.1 g/t Ag and 0.31 g/t Au|
|ET13-62 with 23.25 meters of 1.93 g/t Au equivalent- 75.2 g/t Ag and 0.43 g/t Au|
|ET13-64 with 42.0 meters of 1.75 g/t Au equivalent- 32.4 g/t Ag and 1.1 g/t Au|
|ET13-66 with 80.1 meters of 0.79 g/t Au equivalent- 21.1 g/t Ag and 0.37 g/t Au|
|And with 1.4 meters of 115.34 Au equivalent-2057.5 g/t Ag and 74.19 g/t Au|
|Summary of mineralized intervals for these seven holes:|
|Hole Num.||From (m)||To (m)||Interval (m)||Ag g/t||Au g/t||Au Equiv 50:1|
|Note 1: Assay cutoffs are 0.2 g/t Au and 10 g/t Ag with g/t as gram per tonne.|
|Note 2: Drill hole direction, angle and depth.|
|Note 3: * Did not meet cut-off grade. ** Voids or poor recovery|
|Note 4: All intervals reported as core length in meters.|
El Tigre’s objective for this drilling program was to obtain 5,000 meters of diamond core to provide enough information to develop a resource model over the 1.2 kilometer long mineralized zone centered on Gold Hill and Mula Mountain. This objective was met and with the drill holes from 2011 and 2012, the Company has what it needs to complete a resource model and new technical report. Any potential quantity and grade is conceptual in nature. There has been insufficient exploration at the El Tigre Property to define a mineral resource. It is uncertain if further exploration will result in discovery of a mineral resource.
The Company currently has core from 12 holes (ET13-67 to 78) in the assay laboratory and another 4 (ET13- 79 to 82) in camp waiting for transport to the assay laboratory. The Company now anticipates all assays to be completed in early May.
Stuart Ross, President and CEO stated, “We are very pleased with the continued strength of the assay results from this drilling program. These results continue to confirm the strong mineralization in the 1.2 kilometer area of focus that is part of El Tigre’s 5.3 kilometer strike zone. Once the final 16 holes are assayed and reported we will be summarizing all the new information into a NI 43-101 compliant technical report. We anticipate this will provide the first resource model for the El Tigre property.”
Quality Control-Quality Assurance: Drilling was performed by Major Drilling de Mexico, SA de CV from Hermosillo, Sonora. 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 during the assaying process. Prepared samples are then transported by El Tigre geologists to Hermosillo to the Skyline Laboratories, Inc. shipment facility. From there they are transported by Skyline personnel to Tucson Arizona where they are crushed and pulped for assaying in the Skyline lab. Gold is derived from a 30 gram charge, fire assayed and determined by gravimetric methods. Silver is determined by first dissolving the sample in aqua regia followed by Atomic Absorption (AA). Over limits are determined by fire assay and gravimetric methods.
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 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, expected drilling programs, timing for technical report 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.
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.