El Tigre Silver Corp.

El Tigre Silver Corp.

March 08, 2011 18:01 ET

Assay Results Confirm Gold Mineralization in Tigre Viejo Canyon at the El Tigre Silver Property, Sonora, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 8, 2011) - El Tigre Silver Corp. (The "Company") (TSX VENTURE:ELS)(PINK SHEETS:EGRTF)(FRANKFURT:5RT) is pleased to announce exploration results from continued geologic mapping and surface sampling on the Company's El Tigre mining concessions in Sonora, Mexico (the "El Tigre Property").

Along the 2.5 kilometer strike of the El Tigre Vein system, two 150 meter deep canyons incise and expose vein, stockwork and disseminated silver and gold mineralization in Espuelas Canyon and Tigre Viejo Canyon 1200 meters to the south. Mineralization exposed in Espuelas Canyon is the subject of a press release dated December 16, 2010. Mineralization encountered in January, 2011 in Tigre Viejo Canyon is described below.

In January, 2011, detailed geologic mapping at 1:500 scale and sampling over Gold Hill and in Tigre Viejo Canyon encountered silicified and quartz stockworked rhyolite and dacite, ash flow tuffs of the El Tigre formation in the hangingwall of the El Tigre vein. Thirty one rock chip samples taken from these outcrops yielded the anomalous gold-silver values shown below. Results indicate gold-silver anomalous silicified and quartz stockworked tuffs crop out over a 200 meter x 70 meter area in Tigre Viejo Canyon.

Tigre Viejo Canyon Assay Results
Sample # Area Type Area Au ppb Ag ppm
ET-275 El Tigre Viejo rock-chip 1 x 3 meter 34 0.9
ET-276 El Tigre Viejo rock-chip 1 x 3 meter 698 6.6
ET-277 El Tigre Viejo rock-chip 1 x 3 meter 88 19.1
ET-278 El Tigre Viejo rock-chip 1 x 3 meter 969 412.0
ET-279 El Tigre Viejo rock-chip 1 x 3 meter 211 32.3
ET-280 El Tigre Viejo rock-chip 1 x 3 meter 2082 16.4
ET-281 El Tigre Viejo rock-chip 1 x 3 meter 3409 70.4
ET-282 El Tigre Viejo rock-chip 1 x 3 meter 16 1.9
ET-283 El Tigre Viejo rock-chip 1 x 3 meter < 5 < 0.1
ET-284 El Tigre Viejo rock-chip 1 x 3 meter 190 46.1
ET-285 El Tigre Viejo rock-chip 1 x 3 meter 130 14.4
ET-286 El Tigre Viejo rock-chip 1 x 3 meter 319 1.6
ET-287 El Tigre Viejo rock-chip 1 x 3 meter 586 1.6
ET-288 El Tigre Viejo rock-chip 1 x 3 meter 685 4.5
ET-289 El Tigre Viejo rock-chip 1 x 3 meter 1370 20.3
ET-290 El Tigre Viejo rock-chip 1 x 3 meter 445 9
ET-291 El Tigre Viejo rock-chip 1 x 3 meter 971 10.6
ET-292 El Tigre Viejo rock-chip 1 x 3 meter 1664 10.9
ET-293 El Tigre Viejo rock-chip 1 x 3 meter 5 < 0.1
ET-294 El Tigre Viejo rock-chip 1 x 3 meter 5 0.1
ET-295 El Tigre Viejo rock-chip 1 x 3 meter 7 < 0.1
ET-296 El Tigre Viejo rock-chip 1 x 3 meter 7 < 0.1
ET-297 El Tigre Viejo rock-chip 1x1 meter < 5 < 0.1
ET-298 El Tigre Viejo rock-chip 1 x 3 meter 638 0.7
ET-299 El Tigre Viejo rock-chip 1 x 3 meter 199 4.8
ET-300 El Tigre Viejo rock-chip 1 x 3 meter 404 1.2
ET-301 El Tigre Viejo rock-chip 1 x 3 meter 114 0.9
ET-302 El Tigre Viejo rock-chip 2 x 3 meter 100 0.4
ET-303 El Tigre Viejo rock-chip 1.7 x 1 meter 102 < 0.1
ET-304 El Tigre Viejo rock-chip 1 x 3 meter 291 1.5
ET-305 El Tigre Viejo rock-chip 1 x 3 meter < 5 0.3

In these samples gold assayed from trace - 3409 ppb (3.4 grams per metric ton) and was anomalous with a mean value of 508 ppb (0.5 grams per metric ton). Greater than one-third of the thirty one samples assayed 500 ppb (0.5 grams per metric ton) or better. Silver assayed from trace to 412 ppm (412 grams per metric ton) and was also anomalous with a mean value of 22.2 ppm (22.2 grams per metric ton). Copper, lead, zinc and trace element analysis have yet to be received from the laboratory. 

Planned Exploration of the Tigre Viejo Canyon Target

Two thousand (2,000) meters of surface diamond drilling was initiated in January to validate exploration targets in Espuelas Canyon and along the El Tigre Vein System to the south. An additional press release soon to follow will discuss drill advance through February. The Company, through its subsidiaries, Pacemaker Silver Mining SA de CV and Cia Minera Talaman holds this and other targets in their entirety within nine mineral concessions totalling 43,000 hectares.

Three components of area geology recommend Tigre Viejo Canyon for further exploration. First, disseminated and quartz veinlet controlled gold mineralization crops out across Gold Hill, initially encountered by the prospectors that discovered the El Tigre vein in 1895. Second, historic production records from the mine show grades of greater than 34 grams gold per metric ton (1 ounce gold per ton) were mined from a 100 x 150 meter ore shoot in the El Tigre vein that daylighted on the north slope of Gold Hill in Tigre Viejo Canyon. Lastly, in 1983 Anaconda Minerals drilled two diamond drill holes T-2 and T-3, 250 and 400 meters to the south of the "Gold Stope" on Gold Hill where they encountered true widths of 110 meters of 0.315 grams gold per metric ton and 80 meters of 0.412 grams gold per metric ton respectively.

Bulk tonnage, low grade gold-silver mineralization is El Tigre's target in Tigre Viejo Canyon. January, 2011, mapping and sampling results define the target and recommend the area for drilling.

As part of its current drill program two additional holes are planned at this location as shown on the map and section attached (http://eltigresilvercorp.com/_resources/tigre_viejo_plan.pdf) to test the Tigre Viejo Canyon gold-silver target.

Stuart Ross, President of El Tigre Silver Corp says, "We are excited about this new target and the possibility of adding gold to the silver potential already established for the district." A technical report and technical presentations have been prepared for the El Tigre Property and can be found on the Company's profile on SEDAR at http://www.sedar.com and on the Company's website http://www.eltigresilvercorp.com.

Method of Collection and Analysis

All samples were collected using rock hammers, single jacks and moils as random chips over 1 x 3 meter areas then labeled, bagged and tagged. The samples were bagged in olefin sacks. Samples averaged 2.0 to 2.3 kilograms in size.

Skyline Laboratory, Inc. ("Skyline") personnel prepared and analyzed the samples at Skyline's Tucson, Arizona laboratory. Samples were assayed for gold and silver by 30 gram fire assay with AA finish. Skyline analyzed the samples for 48 elements using aqua regia leach, Induction Coupled Plasma (ICP) and AA methods.

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. Samples are bagged and labeled with unique sample numbers. Numbered sample data is recorded on site. Samples are then transported by El Tigre personnel to the El Tigre sample handling facility and there stored and locked up until shipment.

A shipment consists of 60-100 samples. El Tigre personnel transport samples bagged in woven plastic sacks, six to a bag and sealed to the "Company's" Hermosillo office. Skyline authorized personnel pick up the samples and transport the samples through the U.S.- Mexico border to their Tucson, Arizona sample preparation and assaying laboratory.

Skyline assay procedures are described on their website at www.skylinelab.com/iso/index. Skyline is registered to ISO/IEC 17025:2005 standards and has received ISO 17025 accreditation for specific laboratory procedures.

The technical content of this news release has been reviewed and verified by Eugene K. Schmidt, RPG and Vice President of Exploration for El Tigre, a Qualified Person as defined in NI 43-101.

Cautionary Statements:

This news release contains forward-looking statements concerning the El Tigre silver property. 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.

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.

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.

Contact Information

  • El Tigre Silver Corp.
    Stuart Ross
    President and CEO
    (780) 977-7187
    El Tigre Silver Corp.
    Eugene K. Schmidt
    Vice President of Exploration
    011-521 (662) 233-7445