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

El Tigre Silver Corp.

February 03, 2015 09:15 ET

El Tigre Silver Provides Progress Report and Assay Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 3, 2015) - El Tigre Silver Corp. ("El Tigre" or the "Company") (TSX VENTURE:ELS)(OTCQX:EGRTF)(FRANKFURT:5RT) is pleased to present the results of our 2014 3rd and 4th quarter exploration program on the El Tigre Exploration Project (the "Project") located within the Company's 215 square kilometre concession ownership in Sonora, Mexico. The 2014 3rd and 4th quarter exploration program focused on the rehabilitation of the underground workings in the El Tigre Vein including the bulk sampling of backfilled material within the historical stopes; expanding surface sampling along road-cuts to test the extents of the surface mineralization in the Tigre Viejo area; underground sampling of the southern extents of the northern El Tigre Vein system to gain a better understanding of the mineralization and extent of the northern veins; and submitted previously unsampled intervals from the Company's drilling programs to confirm lower grade gold stockworks mineralization near known vein intercepts. The program included a total of 263 samples submitted to Skyline Assayers & Laboratories ("Skyline") for analysis from the project area along the 5.3 kilometre known vein system. The sampling was completed during the last two quarters of 2014 distributed as follows:

  • 20 underground bulk backfill samples;
  • 93 surface channel samples;
  • 72 underground channel samples; and
  • 61 diamond core hole samples.

El Tigre's co-CEO Stuart Ross stated, "2014 was a year of significant progress for El Tigre. Jose Velazquez, El Tigre's Country Manager and his team have continued to advance the exploration of the project through the operation of the Company's year round work camp. The results summarized within this press release represent the most recent results from these efforts and will assist in the definition of the Company's 2015 drill targets and strategy for the long-term viability of the project."

The El Tigre Vein System has known strike length of 5.3 kilometres with drill hole intercepts at depths of up to 400 metres down dip. The mineralization occurs in discontinuous lenses of elongated high-grade sulfides along the veins and as low-grade impregnations in the vein gangue material defined both by narrower (high Ag/Au ratio) veins within a broader (low Ag/Au ratio) zone of alteration/stockwork. Higher grade zones of mineralization encountered within the historical mine was often much longer along strike than down dip. The Company's exploration program was designed to gain a better understanding of the grade and quantity of the underground historical backfill material, identify areas of the known veins that have not been mined, and expand the understanding of the surface mineralization in the southern portion of the system.

The bulk sampling assay results from the underground rehabilitation program in the El Tigre Vein from the Johnny Cross-Cut continue to support the company's understanding of the grade and quantity of the historical backfill material encountered in the upper levels of the existing mine workings. During the final half of 2014, the Company collected 20 bulk samples representing the historical backfill. A total 120 tonnes with an average silver equivalent grade of 374 gpt (269 gpt Ag and 1.757 gpt Au), where silver equivalent is calculated using a 60 to 1 ratio of the dollar value of Ag and Au (Ag + Au x 60), were stockpiled for additional testing.

Johnny Crosscut Bulk Backfill Sample Significant Results
Sample
Num.
Au
(gpt)
Ag
(gpt)
AgEq
(gpt)
Description
166072 0.72 305 348.2 Historical Backfill Material
166073 0.86 211 262.6 Historical Backfill Material
166074 1.15 376 445 Historical Backfill Material
166075 1.08 322 386.8 Historical Backfill Material
166076 0.72 328 371.2 Historical Backfill Material
166077 0.48 168 196.8 Historical Backfill Material
166078 0.75 179 224 Historical Backfill Material
166079 0.53 220 251.8 Historical Backfill Material
166080 0.35 56 77 Historical Backfill Material
166081 0.86 126 177.6 Historical Backfill Material
166082 0.55 257 290 Historical Backfill Material
166083 0.51 190 220.6 Historical Backfill Material
166084 0.41 160 184.6 Historical Backfill Material
166085 0.48 104 132.8 Historical Backfill Material
166086 0.51 127 157.6 Historical Backfill Material
166087 0.31 113 131.6 Historical Backfill Material
166088 0.49 89 118.4 Historical Backfill Material
166089 0.34 91 111.4 Historical Backfill Material
166090 0.69 154 195.4 Historical Backfill Material
166091 0.43 184 209.8 Historical Backfill Material
166092 0.33 47 66.8 Historical Backfill Material
Note 1: All intervals reported as core length in metres.
Note 2: Silver Equivalent (Ag Eq) is calculated using a 60 to 1 ratio of the dollar value of Ag and Au (Ag + Au x 60).

The surface sampling carried out along the road cuts was intended to complement the previous sampling along the road cuts to test the extents of the known mineralization and mapped alteration. The results from these assays have continued to expand the Company's understanding of the lower grade gold stockwork and alteration related mineralization identified on the surface and encountered in the drilling programs.

Road Cut Sampling Significant Results
Location ID From
(m)
To
(m)
Interval
(m)
Au
(gpt)
Ag
(gpt)
AgEq
(gpt)
Road to Holes ET10 36 & 37 ET-CHN24 18.00 26.75 8.75 0.805 --- 48.30
32.25 35.25 3.00 0.606 --- 36.36
Road to hole ET13-45 ET-CHN25 4.00 11.85 7.85 0.695 --- 41.70
Note 1: All intervals reported as core length in metres.
Note 2: Silver Equivalent (Ag Eq) is calculated using a 60 to 1 ratio of the dollar value of Ag and Au (Ag + Au x 60).

Additional samples were collected from surface exposures of the Protectora Vein in the northern portion of the vein system. Sampling of the northern veins was focused on the southern extents of these veins in an attempt to identify the relationship between the northern and southern vein systems. The sampling in this area confirms the continuity of mineralization to the south of the known Protectora Vein, however there is over 250 m of clear ground with no outcrops between the known Protectora Vein and this new outcrop which has different orientation and is shifted eastward. This may be a newly identified vein that trends toward the Protectora vein further north. Additional sampling and drilling are required to expand the understanding and exploration potential of this area.

Significant Results from the Protectora Vein Samples
Sample
Num.
Width
(m)
Au
(gpt)
Ag
(gpt)
AgEq
(gpt)
Description
165987 0.70 0.55 20 53.00 Protectora Vein Quartz and Gauge
165989 0.50 0.58 170 204.80 Protectora Vein Massive Quartz
165990 1.20 0.21 70 82.60 Protectora Vein Massive Quartz
165991 1.00 <0.03 11.4 13.20 Hanging Wall Rhyolitic Tuff with weak Iron oxides
165992 1.15 1.1 378 444.00 Protectora Vein Massive Quartz
165995 0.80 0.21 231 243.60 Protectora Vein Massive Quartz
Note 1: All intervals reported as core length in metres.
Note 2: Silver Equivalent (Ag Eq) is calculated using a 60 to 1 ratio of the dollar value of Ag and Au (Ag + Au x 60).

Underground channel samples collected from historical mine workings exposing the El Tigre, Sietz Kelly, Protectora, and Aquila veins were sampled. These samples are representative of the various types of mineralization encountered along the 5.3 kilometre strike length of the El Tigre vein system and continue to support the style of mineral deposit being explored by the Company.

The elevated gold grades in the unmined hanging wall material are indicative of the mineralization adjacent to vein intercepts identified in the drilling programs, however the known extent of the wall rock mineralization is limited to the width of the stope in the underground mine samples and does not adequately represent the thickness of the mineralized zone within the wall rock.

Adit Above Level B
Sample
Num.
Width
(m)
Au
(gpt)
Ag
(gpt)
AgEq
(gpt)
Description
165915 0.20 2.57 427 581.20 Hanging Wall El Tigre Vein Quartz Breccia
165916 0.27 1.35 259 340.00 Hanging Wall El Tigre Vein Rhyolitic Tuff with Hem veinlets.
165917 0.30 2.46 954 1101.60 El Tigre Vein massive Quartz
165918 1.00 0.07 14.6 18.80 Footwall El Tigre Vein Rhyolitic Tuff with Hem veinlets.
Note 1: All intervals reported as core length in metres.
Note 2: Silver Equivalent (Ag Eq) is calculated using a 60 to 1 ratio of the dollar value of Ag and Au (Ag + Au x 60).

The sampling conducted along the Sietz Kelley Vein confirms the presence of higher grade silver mineralization within the vein and lower grade gold and silver mineralization in the altered wall rocks.

Relevant Assays Cross Cut Seitz Kelly Vein (Level 2)
Sample
Num.
Width
(m)
Au
(gpt)
Ag
(gpt)
AgEq
(gpt)
Description
Hanging wall 166093 2.05 0.79 7.6 55.00 El Tigre Fm with pervasive silicification
166094 1.90 0.36 1.2 22.80 El Tigre Fm with pervasive silicification
166095 2.00 0.99 0.8 60.20 El Tigre Fm with pervasive silicification
166096 2.00 0.22 17 30.20 El Tigre Fm with pervasive silicification
166098 2.00 0.14 10.4 18.80 El Tigre Fm with pervasive silicification
166099 1.90 0.1 22.6 28.60 El Tigre Fm with moderate silicification
166101 1.65 0.38 17 39.80 Hanging Wall, El Tigre Fm with pervasive silicification Hem + Lim veinlets
Vein 166102 0.23 0.92 1090 1145.20 Brecciated Qtz, Seitz Kelly Vein
166103 0.20 0.82 967 1016.20 Brecciated Qtz, Seitz Kelly Vein
166104 0.24 1.94 3760 3876.40 Brecciated Qtz, Seitz Kelly Vein
Footwall 166105 1.10 0.07 149.4 153.60 Footwall Seitz Kelley Vein weak argillized Tuff with weak Iron Oxides
166107 1.90 <0.03 25.4 27.20 El Tigre Fm, moderate Hem in veinlets
166108 0.35 <0.03 47.8 49.60 Poor developed Bx in El Tigre Fm, W-M Hem in Fx
166109 2.00 0.27 59.8 76.00 El Tigre Fm, moderate Hem in veinlets
Note 1: All intervals reported as core length in metres.
Note 2: Silver Equivalent (Ag Eq) is calculated using a 60 to 1 ratio of the dollar value of Ag and Au (Ag + Au x 60).

The analytical results from the northern vein system confirm the presence of the mineralization in the upper extents of the veins with mineralization having been encountered in historical drilling, underground samples, and surface samples over a 200 m down dip distance. This work represents only a minimum part of the total extension of the Protectora and Aquila veins. Continued exploration efforts along the upper portions of the northern vein system are necessary to confirm the extent, thickness, and grades of the northern vein system.

South Projection Protectora Vein
Sample Num.
Sample
Num.
Width
(m)
Au
(gpt)
Ag
(gpt)
AgEq
(gpt)
Description
165934 0.70 0.41 3.8 28.40 Protectora Vein
165935 0.87 0.89 9 62.40 Protectora Vein
165937 0.70 0.64 7.4 45.80 Gauge & Bx. Protectora Vein
165939 0.70 0.89 1 54.40 Qtz Bx, Protectora Vein
165941 0.75 0.21 6 18.60 Hanging Wall Protectora Vein, white Tuff with weak Hem veinlets
165942 0.73 1.06 1.6 65.20 Protectora Vein
165946 0.60 0.68 1.2 42.00 Protectora Vein
165948 0.88 0.21 1.6 14.20 Protectora Vein
165950 0.50 0.41 1.4 26.00 Protectora Vein
165952 0.30 2.98 6.8 185.60 Protectora Vein
165954 0.80 0.38 2 24.80 Protectora Vein
165956 0.34 0.72 1.6 44.80 Protectora Vein
165957 0.87 0.21 0.6 13.20 Hanging Wall Protectora Vein, white Tuff with weak Hem veinlets
165973 0.37 0.34 4.6 25.00 Protectora Vein
165985 1.00 0.21 5.4 18.00 Protectora Vein
Note 1: All intervals reported as core length in metres.
Note 2: Silver Equivalent (Ag Eq) is calculated using a 60 to 1 ratio of the dollar value of Ag and Au (Ag + Au x 60).
South Projection Aguila Vein, Relevant assays
Sample
Num.
Width
(m)
Au
(gpt)
Ag
(gpt)
AgEq
(gpt)
Description
165921 0.30 <0.03 12 13.80 Aguila Vein
165922 0.60 0.14 13.4 21.80 Hanging wall Aguila Vein
165924 0.30 0.1 38.4 44.40 Aguila Vein
165925 0.80 0.07 41.2 45.40 Footwall Aguila Vein
165926 0.47 0.14 54.4 62.80 Aguila Vein
165927 1.03 0.1 12.4 18.40 Footwall Aguila Vein
165928 1.00 0.1 11.2 17.20 Hanging wall Aguila Vein
165929 1.10 0.1 27 33.00 Aguila Vein
165931 0.80 <0.03 147 148.80 Hanging wall Aguila Vein
165932 0.80 <0.03 25.4 27.20 Aguila Vein
Note 1: All intervals reported as core length in metres.
Note 2: Silver Equivalent (Ag Eq) is calculated using a 60 to 1 ratio of the dollar value of Ag and Au (Ag + Au x 60).

During the construction of the resource model, as reported in 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, areas of potentially mineralized material were not originally assayed. As a result of this discovery the Company resubmitted intervals from a selection of diamond core holes that had not been assayed, but displayed geologic characteristics similar to those identified in the surface and underground samples with elevated gold and silver grades outside of the veins. The results are similar to those encountered in the underground and surface sampling of the wall rocks. Additional sampling of the unassayed intervals is necessary to support the assumptions about the wall rock mineralization.

Core Sampling Relevant Results
Hole
Num.
From
(m)
To
(m)
Interval
(m)
Au
(gpt)
Ag
(gpt)
AgEq
(gpt)
ET10-30 10.80 12.30 1.50 0.580 1.2 36.00
ET12-36 120.50 122.00 1.50 0.450 204 231.00
ET12-39 92.50 94.00 1.50 0.380 0.4 23.20
ET12-39 191.5 199.00 7.50 0.730 1.5 45.30
ET12-39 200.25 201.50 1.25 0.240 1.0 15.40
ET12-40 164 165.50 1.50 0.270 0.6 16.80
ET12-40 166.5 167.50 1.00 0.310 1.6 20.20
ET13-65 24.00 26.00 2.00 0.480 0.8 29.60
ET13-76 62.85 64.35 1.50 0.270 3.6 19.80
ET13-76 64.35 65.85 1.50 0.270 2.6 18.80
ET13-76 65.85 66.95 1.10 0.140 2.2 10.60
ET13-81 104.00 108.50 4.50 0.640 1.8 40.20
ET13-81 109.50 110.55 1.05 0.440 1.0 27.40
ET13-81 112.10 113.50 1.40 0.480 1.0 29.80
Note 1: All intervals reported as core length in metres.
Note 2: Silver Equivalent (Ag Eq) is calculated using a 60 to 1 ratio of the dollar value of Ag and Au (Ag + Au x 60).

To view accompanying map, visit the following link: http://media3.marketwire.com/docs/02032015_Map.jpg

The intention of the 2014 sampling program at the Project was to define drill targets and further delineate exploration targets for a planned 2015 drilling program and to build upon the work reported in 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 sampling program 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 are 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. 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 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 amount and use of proceeds from the offering. 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.

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