El Tigre Silver Corp.

El Tigre Silver Corp.

May 04, 2011 09:01 ET

El Tigre Drill Hole ET-27 Intercepts 2.8 Metres of 242 g/T Silver and 3.17 g/T Gold Including 0.7 Metres of 919 g/T Silver and 0.7 Metres 8.01 g/T Gold

Encounters New Veins and Disseminated Silver Gold Mineralization along the El Tigre Vein System in Sonora, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2011) - El Tigre Silver Corp. (The "Company") (TSX VENTURE:ELS)(PINK SHEETS:EGRTF)(FRANKFURT:5RT) is pleased to announce additional assay results were received from diamond drilling on the company's 43,000 hectare El Tigre mining concessions in Sonora, Mexico (the "El Tigre Property").

Stuart Ross El Tigre's President and CEO, stated, "The results of the drilling in Espuelas Canyon are very encouraging for us not only because we encountered the low-grade disseminated silver mineralization in ET-24 that we knew was there, but also because of the higher than expected gold grades that are present. There are significant intercepts of higher grade mineralization in ET-24 and ET-27 ( 2.8 metres of 242 grams per metric ton ("g/T") silver and 3.170 g/T gold) along the El Tigre vein in areas that we believed were mined out, we are all now anxiously awaiting assays from each new hole."

Assays were received from Diamond Drill Holes ET-23, 24, 25 and 27 that flank the Level 4 Crosscut in Espuelas Canyon. The Level 4 Crosscut intersected 37 metres of 156 g/T silver (5.0 ounces silver per ton) in historic data. It defines the first of four exploration targets drilled by the "Company" during February and March along 2.5 kilometers of the El Tigre Vein system (El Tigre Drill Plan).

Highlights from each hole are described below and assay intercepts tabulated in detail in ET-23, ET-24, ET-25, ET-27 Assay Results. Drill hole ET-26 previously encountered five new veins in the hanging wall of the El Tigre vein that assayed 11.69 metres true width of 180 g/T silver and 0.217 g/T gold and was the subject of the April 13, 2011 Press Release. The location and spacial relation between ET-26 and diamond drill holes ET-23, 24, 25, and 27 is shown on Espuelas Canyon Geology Plan.

All Espuelas Canyon drill holes were located along the length of the Level 4 Crosscut to further explore disseminated stromeyerite (Ag, Cu S) and galena mineralization intersected by the Level 4 Crosscut and samples on surface. The drill holes are shown on the detailed plan of Espuelas Canyon above and the Level 4 Crosscut Drill Section.

Espuelas Canyon Drilling Highlights

Drill holes ET-23 and ET-24 are shown cross-cutting one another on the Level 4 Crosscut Drill Section.

Drill hole ET-24 advanced east to west and encountered Level 4 disseminated mineralization before crossing hole ET-23. ET-24 encountered 5.92 metres true width of 136 g/T silver with 0.217 g/T gold that included 0.80 metres of 751 g/T silver and 1.010 g/T gold in the hanging wall of the El Tigre vein. ET -23 was drilled in the opposite direction, west to east and passed 15 to 40 metres beneath the Level 4 drill target. Assays show the hole encountered only inconsistent silver–gold values.

Drill hole ET-25 was collared east of the El Tigre vein as shown on the Level 4 Crosscut Drill Section and drilled east to explore the Sietz Kelly vein at the elevation of the Level 7 Crosscut. From 40 to 50 metres the hole advanced through 5.70 metres true width of 188 g/T silver and 0.346 g/T gold mineralization that represents a new discovery previously unseen in surface mapping and sampling, underground workings or in previous drilling by the Anaconda Company. The intercept includes 1.14 metres true width of 713 g/T silver and 0.681 g/T gold. Assays have yet to be received from 114 metres through the Sietz Kelly vein to the bottom of the hole at 214.5 metres.

Drill hole ET-27 was drilled from the site of ET-26 south 75 west inclined 45 southwest. ET-26 encountered the strongest mineralization to date and is the subject of the April 13, 2011 Press Release. ET-27 was drilled to offset that mineralization(ET-27 Drill Section).

Rock cliffs prevented positioning a drill pad perpendicular to the new veins encountered in drill hole ET-26.T herefore it was oriented at a 60 angle to the El Tigre Vein. ET-27 failed to encounter new veins, however, the hole did encounter 2.8 metres (true width) of 242 g/T silver and 3.170 g/T gold from 107 to 111 metres along the hole that included 0.70 metres of 919 g/T silver, 0.70 metres of 8.010 g/T gold and 0.70 metres of 4.38 g/T gold (ET-23, ET-24, ET-25, ET-27 Assay Results).

Methods of sample collection and analysis as well as quality assurance-quality control procedures are described in the attached document: Sample Collection, Quality Assurance and Control.

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 The Company

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 2313 metre drill program and is expecting additional assay results shortly. Diamond Drilling 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 and 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.

Please note that safe harbour statements have to be property specific to protect the Company. They must also change over time as the risks change

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