VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 9, 2014) – El Tigre Silver Corp. ("El Tigre" or the "Company") (TSX VENTURE:ELS)(FRANKFURT:5RT)(OTCQX:EGRTF) is pleased to announce strong assay results from El Tigre's continuing year round exploration program at its El Tigre Silver and Gold Project (the "Project") in northern Sonora, Mexico. El Tigre is reporting assay results from the Southern vein area (Figure 1) where a total of 110 surface and 57 underground samples were collected. Assay results from four samples of underground backfill material ranged from 1.28 gpt Au to 4.32 gpt Au and 262 gpt Ag to 468 gpt Ag.
"We are very pleased to report additional assay results from El Tigre's spring of 2014 exploration activity. Jose Velazquez, the Company's Country Manager, supervises a year round work camp at the site and we look forward to reporting on continued exploration activity from the El Tigre project. The exploration program continues to advance our understanding of the El Tigre vein system and we are extremely encouraged with the results," said Stuart Ross, El Tigre's President and CEO. "The initial resource calculation on the Project was published in a preliminary feasibility study prepared in accordance with NI 43-101 in August 2013 and was based on a 1.2 kilometre section of the Southern vein system at the EL Tigre property. The ongoing exploration program continues to build our confidence in the potential at El Tigre. We look forward to the fall of 2014 being a bellwether period for the company."
This ongoing program is concentrated on the main El Tigre vein in the area of the Southern vein system. On May 30, 2014 assay results from the El Tigre Viejo canyon and Gold Hill area were reported; on June 9, 2014 assay results from the Espuelas canyon area were reported; and on June 16, 2014 assay results from the Protectora vein area were reported.
The current results assisted in understanding the grade of the historical backfill material encountered in the upper levels of the existing mine workings and helped to form the conclusion that the El Tigre vein system within the mineral resource area still has unmined material with significant silver and gold intercepts. This mineralization is defined both by narrower (high Ag/Au ratio) veins within a broader (low Ag/Au ratio) zone of alteration/stockwork.
The Company will continue to map and sample this material underground to better understand the grade and quantity of material residing within the mine workings by continuing to rehabilitate the historic mine workings as a part of the exploration strategy.
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, please visit the following link:http://media3.marketwire.com/docs/tigre1.jpg.
The intention of the sampling program of the Southern vein area is to define drill targets and further support the belief in an extension to the resource from 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 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 gpt Au and 39.7 gpt 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 gpt Au and 31.1 gpt Ag totaling 16.075 million ounces of EqAg classified as Inferred Mineral Resources. The base case estimated mineral resource is based on a 50 gpt Ag Eq 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 from the sampling program in the Southern vein system at El Tigre (widths reported are not true widths):
JOHNNY CROSSCUT BULK BACKFILL SAMPLE SIGNIFICANT RESULTS
The sampling program was undertaken in the 1st quarter of 2014 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.
Samples collected from the El Tigre stope backfill material were collected with the use of a pick and shovel. Each sample was transported out of the underground workings with a wheelbarrow and laid out on a tarp. At the completion of each day the samples were homogenized, split, and quartered using industry standard methods to obtain an approximate 8 kg sample. This process was repeated to combine a week's worth of daily samples into a single 6 kg composite sample for analysis. A total of 4 samples representing 4 weeks of backfill sampling were analyzed.
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.
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 43-101Technical 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.