El Tigre Silver Corp.
TSX VENTURE : ELS
PINK SHEETS : EGRTF
FRANKFURT : 5RT

El Tigre Silver Corp.

April 13, 2011 09:00 ET

El Tigre Drill Hole ET-26 Encounters 11.69 Meters 180 Grams Per Tonne Silver Including 1.28 Meters 511 Grams Per Tonne Silver at El Tigre Property, Sonora, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 13, 2011) - El Tigre Silver Corp. (the "Company") (TSX VENTURE:ELS)(PINK SHEETS:EGRTF)(FRANKFURT:5RT) is pleased to announce the first assay results from diamond drilling on the company's 100% owned 43,098 hectare El Tigre mining concessions in Sonora, Mexico (the "El Tigre Property").

Diamond Drill Hole ET-26 is located 25 meters south of the Level 4 Crosscut that intersected 37 meters of 156 grams silver per metric ton (5.0 ounces silver per ton) in historic data. The crosscut defines the Espuelas Canyon target and is the first of four targets drilled by the Company. Drill Hole ET 26 returned the strongest results to date at 11.69 meters (true width) grading 180 grams silver per metric tonne (5.3 ounces silver per ton). Additional results from the remaining holes will be reported as assays are received.

Stuart Ross, El Tigre's President and CEO states, "We are thrilled with the results of this drill hole in that we were not only able to confirm but exceed the historical grade. It is important to note that drill hole ET-26 is in an area where no workings were encountered. This indicates to us that to the original miners left substantial material with grades similar to our results. We look forward to the additional assays that are coming from this drill program and are excited to move this project forward with continued exploration of the two-and-one-half kilometer strike zone to the south."

DDH ET-26

Oriented North 75 East Inclination - 50 136.05 meters Total Depth

FromToCore Length (meters)TrueWidth (meters)Ag ppmAu ppmCu ppmPb ppmZn ppm
56.0057.001.000.641410.55028022204000
Weight Ave0.641410.55028022204000
59.0060.001.000.64440.52128012602420
60.0061.001.000.64460.0552505201400
61.0062.001.000.64190.050160380300
62.0063.001.000.64430.082180290370
63.0064.001.000.64360.060130320250
64.0065.001.000.64120.03130270550
65.0066.001.000.64360.110140420200
Weight Ave4.48340.130167494784
80.0081.001.000.64720.08220019060
81.0082.001.000.64290.02213016030
82.0083.001.000.64570.060608030
Weight Ave1.92530.05513014340
86.7087.600.900.58340.164150870260
87.6088.450.850.551330.36586055007520
Weight Ave1.13950.30257736404446
Includes0.55 m.1330.36586055007520
90.1591.000.850.551220.19347029904430
91.0091.900.900.581270.212630374022800
Weight Ave1.131420.231629384615560
Includes0.58 m.22800Zn ppm(2.3%)
94.6095.400.800.51400.22240019307120
95.4096.300.900.58340.29218014301680
96.3097.100.800.51440.4522203201560
97.1097.850.750.481660.14054046401330
97.8599.051.200.77520.021420480820
99.05100.251.200.77360.023320370110
Weight Ave3.62660.20436816232234
includes0.48 m.166 Ag ppm
102.60103.601.000.642910.291370370150
103.60104.601.000.647311.26012026050
104.60105.601.000.64440.04324040060
105.60106.701.100.71420.03215031080
106.70107.801.100.71460.031390430110
107.80108.700.900.58450.068210430120
108.70109.801.100.71350.049280300120
109.80110.901.100.71510.060320350110
110.90111.850.950.613360.325210490130
111.85112.851.000.645030.32218028060
112.85114.001.150.742400.3174018070
114.00115.001.000.64900.08113028080
115.00116.001.000.642150.1428056090
116.00117.401.400.90270.0605012070
117.40118.501.100.71220.049120250200
118.50119.300.800.512860.45960390130
119.30120.100.800.512130.2913021090
120.10120.800.700.45500.0718017060
Weight Ave11.691800.21716831898
Includes
102.60104.601.28 m. 5110.776
110.90114.001.99 m.3480.311
115.00116.000.64 m.2150.142
118.50120.101.02 m.3120.469
127.80128.801.000.64890.13825013070
Weight Ave0.64890.13825013070

Mineralized intercepts encountered in ET 26 are as follows:

FromToCore Length (Meters)
(meters
True Width (Meters)Gm Ag/m.t.Oz Ag/ton Gm Au/m.t.Oz Au/ton
56.0057.001.000.641414.10.5500.016
59.0066.007.004.48341.00.1300.004
80.0083.003.001.92531.60.5500.016
86.7088.451.751.131333.90.3650.011
90.1591.901.751.131424.10.2310.007
94.60100.255.653.62661.90.2040.006
102.60120.1015.5011.691805.30.2170.006
127.80128.801.000.64892.60.1380.004

Exploration Progress

Diamond drilling of bulk-tonnage, low-grade silver-gold mineralization, the Company's primary exploration target, advanced 2,313 meters in 10 holes during February and March. Drilling was conducted by Major Drilling de Mexico S.A. de C.V. at all four of El Tigre's initial exploration targets. Mobilization began on January 18 and was completed during March, 2011.

The 2,313 meter drill program explored low-grade silver-gold mineralization that is believed to extend for approximately two-and-one-half kilometers along the strike of the vein system from Espuelas Canyon on the north to Gold Hill on the south.

Eugene Schmidt, El Tigre's Vice President of Exploration, states, "Although mineralization is best exposed in Espuelas Canyon, it lies on the northern limit of the vein system. It is believed that it will also increase to the south. The drilling program commenced in Espuelas Canyon because mineralization is exposed on surface, however I suspect that we will find more strongly mineralized areas as we move south with the drill."

The Program

The four exploration targets and the ten drill holes drilled to explore them are shown on the attached map http://eltigresilvercorp.com/_resources/tigre_viejo_plan.pdf and described below:

  1. Disseminated argentite-galena mineralization encountered on surface and in the Level 4 crosscut in Espuelas Canyon (historic assays - 37 meters grading 5.0 ounces silver per ton (156 grams per metric ton)).
  1. Quartz-sericte-pyrite-galena stockwork, veins and veinlets in the hanging wall of the Seitz Kelly vein on Level 7 beneath Mule Mountain(historic assays - 35 meters grading 4.8 ounces silver per ton (165 grams silver per metric ton) and 0.35 ounces gold per ton (12 grams gold per metric ton)).
  1. Quartz-sericte-pyrite-galena stockwork, veins and veinlets near the intersection of the El Tigre, Seitz Kelly and Sooy veins on Level 7 beneath Tigre Viejo Canyon (historic assays - 50 meters grading 5.5 ounces silver per ton (189 grams per metric ton)).
  1. Disseminated and quartz veinlet controlled gold mineralization outcropping in Tigre Viejo Canyon, mined in the "Gold Stope" and encountered in Anaconda Holes T-2, T-3 (historic assays –mine grade of +1 ounce gold per ton grade from gold stope, 110 meters grading 0.315 grams gold per ton Anaconda DDH T-2, 80 meters grading 0.412 grams gold per ton Anaconda DDH T-3).

Four holes (ET-23, 24, 26 and 27) completed during February explored Target 1 disseminated argentite and galena mineralization encountered by the Level 4 Crosscut in Espuelas Canyon. These are shown on a detailed plan of Espuelas Canyon presented on http://eltigresilvercorp.com/_resources/pdf/PR-8_Espuelas_Canyon_Drill_Holes.pdf and a Drill section through Drill Hole ET-26 named http://eltigresilvercorp.com/_resources/pdf/PR-8_Drill_Section_ET-26.pdf.

Four additional holes ET- 25, 28 , 29 and 30 tested Targets 2 and 3 mineralization encountered in two Level 7 crosscuts driven through the El Tigre and Sietz‐Kelly veins 250 and 850 meters south of Espuelas Canyon beneath Mule Mountain and Tigre Viejo Canyon respectively (see http://eltigresilvercorp.com/_resources/tigre_viejo_plan.pdf).

Drill Holes ET 31 and 32 were drilled into the silicified and quartz-argentite stockworked hanging wall of the El Tigre vein "Gold Stope" in Tigre Viejo Canyon (see http://eltigresilvercorp.com/_resources/pdf/PR-8_Tigre_Viejo_Drill_Holes.pdf).
Core logging is complete in all drill holes. Drill sections were kept up to date with drill advance and are complete. Some samples have been shipped to ALS Global Inc. (ALS Chemex) for analysis. To date, a total of 493 samples were received from four of the first five holes drilled in Espuelas Canyon.

Method of Collection and Analysis

Core is marked during logging for sampling. Marked intervals are sawed with a diamond core saw. Half of the sample is double bagged with an inner plastic and outer olefin sample bag, tagged and labeled. Duplicates and blanks are submitted with the samples as a check procedure. The remaining half of the drill core is returned to the core boxes and stored in the core shed on site.

Samples are packed for shipment in plastic weave 'feed' sacks and transported by designated El Tigre personnel to the Company's Hermosillo office where they are picked up by ALS Global personnel and delivered to their Hermosillo sample preparation facility. Pulps are sent to ALS Global's Vancouver assay lab for analysis.

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. Sample data is recorded on individual sample tags as core is sawed. Numbered samples are then transported by El Tigre personnel to the El Tigre sample handling facility at the project core shed then stored and locked up until shipment.

A shipment consists of 60-100 samples. El Tigre personnel transport samples bagged two to four to a bag and sealed to the company's Hermosillo office. ALS Global authorized personnel load and transport the samples from El Tigre's Hermosillo office to the ALS Hermosillo sample preparation facility.

The samples are assayed from a 250 gram sample split using a HF-HNO3-HClO4 acid digestion, HCl leach and an ICP-AES ICP Scan for 33 elements. Silver overlimit is fire assayed. Gold is fire assayed by 30 gram fire assay - AA analysis. Values over 10 ppm gold are fire assayed with gravimetric finish. Pulps and rejects are returned to El Tigre's office and stored.

ALS Minerals laboratories in North America are registered to ISO 9001:2000 for the provision of assay and geochemical analytical services" by QMI Quality Registrars. In addition, ALS Minerals' main North American laboratory in North Vancouver, BC, Canada, is accredited by the Standards Council of Canada (SCC) for specific tests listed in our Scope of Accreditation No. 579 which is available at http://palcan.scc.ca/specs/pdf/677_e.pdf . ALS Global Laboratories quality assurance and assay procedures are described on their website at http://www.alsglobal.com/qa.aspx.

The technical content of this news release has been approved by Eugene K. Schmidt, RPG and Vice President of Exploration for El Tigre, 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 totaling 43,098 hectares located in north-eastern Sonora, Mexico (the "El Tigre Property"). The El Tigre Silver Mine was historically a significant producer of high grade silver in Mexico, having produced an estimated 75 million ounces of silver at an average grade of 40 ounces per ton. The Company has completed a 2,313 meter drill program and is expecting additional assay results shortly. This ongoing drill program is exploring low-grade silver-gold mineralization that is believed to extend for approximately 2.5 kilometers along the strike of the vein system. 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 on the Company's website at www.eltigresilvercorp.com.

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
    www.eltigresilvercorp.com