El Tigre Silver Corp.

El Tigre Silver Corp.

March 14, 2011 08:00 ET

Update on Drilling at the El Tigre Property, Sonora, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2011) - El Tigre Silver Corp. (the "Company" or "El Tigre") (TSX VENTURE:ELS)(PINK SHEETS:EGRTF)(FRANKFURT:5RT) is pleased to announce drilling and project advancement on the Company's 100% owned El Tigre mining concessions in Sonora, Mexico (the "El Tigre Property").

Diamond drilling of bulk-tonnage, low-grade silver-gold mineralization, the Company's primary exploration target, advanced 1578 meters in seven core holes since commencement of drilling. These holes tested three of the El Tigre Property's four exploration targets. Major Drilling de Mexico SA de CV is contracted for the first 2000 meters of the Company's drilling program. Mobilization began on January 18, 2011 and drilling commenced on January 27, 2011.

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 from Espuelas Canyon on the north to Gold Hill on the south. The mineralization has been mapped and sampled where it is exposed on surface in the Espuelas and Tigre Viejo Canyons and is thought to project 300 meters vertically from surface to Level 7 of the El Tigre mine.

The four exploration targets are shown in the following link: http://www.eltigresilvercorp.com/_resources/pdf/District_Map.pdf and are 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).

From January 27, 2011 to present, four core holes ET-23, 24, 26 and 27 were completed to test Target 1 described above. During the same period there were three holes ET-25, 28 and 29 that tested Targets 2 and 3 also described above. Three to four additional holes remain to be drilled in the program.

Core logging is complete in drill holes ET-23, ET-24, ET-25, ET-26 and ET-27. Drill holes ET-28 and ET–29 are currently being logged. Drill sections are being compiled and kept up to date with drill advance and core logging as drilling is completed. To date, 569 core samples are cut in the first four drill holes. Of these, 225 have been shipped to ALS Global Inc. (ALS Chemex) for analysis.

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 are 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 over-limit is fire assayed. Gold is fire assayed by 30 gram fire assay - AA analysis. Values over 10 parts per million gold are fire assayed with gravimetric finish. Pulps and rejects are returned to El Tigre's office and securely 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.

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