“As we progress to a PFS in September 2024, this release marks the last of the promising drill results from the PFS Drilling Program.”

– Glenn Jessome, President & CEO, Silver Tiger Metals

Silver Tiger Metals Inc. (TSX-V:SLVR) (OTCQX:SLVTF) is pleased to provide an update on the last remaining  (geotechnical) holes of the Company’s Pre-Feasibility Study drilling program on its El Tigre Project in Sonora, Mexico. These new results are highlighting the near surface, consistent mineralization present.

Drill hole ET-23-513 intersected the Stockwork Zone with 126.6 metres grading 0.77 g/t gold equivalent or 57.5 g/t silver equivalent from 7.4 to 134.0 metres, consisting of 0.55 g/t gold and 16.6 g/t silver INCLUDING 19.6 metres grading 1.68 g/t gold equivalent or 126.2 g/t silver equivalent from 94.0 to 113.6 metres, consisting of 1.03 g/t gold and 48.8 g/t silver (Figure 1). This hole highlights the confirms the strong, near-surface mineralization footprint of the Stockwork Zone and expands the Footwall Zone by 50 metres to the east over the 2023 MRE.

Figure 1: Stockwork Zone Cross Section 4325 N

Highlighted Intersections

New intersections through the Stockwork gold deposit, comprised of the Footwall, Hanging Wall and high-grade Keel Zones, are highlighted below, shown on Figure 2 and listed in Table 1.

• Drill hole ET-23-531: 23.4 metres grading 1.30 g/t gold equivalent or 97.6 g/t silver equivalent from 121.4 to 144.8 metres, consisting of 0.29 g/t gold and 75.7 g/t silver INCLUDING 2.2 metres grading 11.75 g/t gold equivalent or 881.5 g/t silver equivalent from 140.0 to 142.2 metres consisting of 1.20 g/t gold and 791.4 g/t silver.  The hole highlights the un-mined high-grade veins still present with the Stockwork Zone.

  •    Drill hole ET-23-555: 69.1 metres grading 0.73 g/t gold equivalent or 54.8 g/t silver equivalent from 79.9 to 149.0 metres, consisting of 0.57 g/t gold and 12.2 g/t silver INCLUDING 7.0 metres grading 2.13 g/t gold equivalent or 160.0 g/t silver equivalent from 82.0 to 89.0 metres consisting of 2.12 g/t gold and 0.7 g/t silver. The hole confirms Hanging Wall Zone mineralization 200 metres south of Starter Pit and expands mineralization profile 25 metres to the west.

  •    Drill hole ET-23-562: 118.7 metres grading 0.51 g/t gold equivalent or 38.3 g/t silver equivalent from 55.9 to 174.6 metres, consisting of 0.46 g/t gold and 3.5 g/t silver INCLUDING 9.6 metres grading 1.18 g/t gold equivalent or 88.6 g/t silver equivalent from 165.0 to 174.6 metres consisting of 0.80 g/t gold and 28.3 g/t silver. The hole highlights the un-mined high-grade SK veins still present with the Stockwork Zone.

Silver Tiger’s CEO, Glenn Jessome, stated, “As we progress to a PFS in September 2024, this release marks the last of the promising drill results from the PFS Drilling Program” Mr. Jessome further stated, “These results further de-risk the project and, coupled with the advantageous geotechnical and metallurgical results, increase the confidence and size of the El Tigre Project.”

On May 20th, Silver Tiger has completed PFS Drilling, totalling 24,550 metres focused on expanding the Mineral Resource, upgrading the classification, completing metallurgical testwork and geotechnical studies as it progresses from an exploration to a development project. The value-added PFS progress is on schedule for publication in H2-2024.

Figure 2: Stockwork Zone – Plan View

Highlights from the concluded Pre-Feasibility Study Drilling Program include the following:

•    Expanding known mineralization by 10 to 15%, to the footwall and hanging wall zones, as well as the         higher-grade ‘Keel’ at PEA pit bottom associated with the El Tigre and SK Veins;
•    Converting first two to three years of mineralized material in the potential ‘Starter Stockwork Zone’             from Indicated Mineral Resource to Measured;
•    Converting a significant portion of the 2 km strike length ‘ultimate’ PEA pit-constrained Inferred                   Mineral Resource to Indicated;
•    Completion of enhanced PFS Metallurgical Drilling and analysis; and
•    Completion of enhanced PFS Geotechnical Drilling and analysis

Mineral Resource Drilling

P&E Mining Consultants Inc. of Brampton, Ontario completed the initial MRE in 2017. On Oct 27, 2023, P&E released an updated El Tigre Project NI 43-101 and NI 43-01 F1 compliant MRE technical report titled “Technical Report and Updated Mineral Resource Estimate of the El Tigre Silver-Gold Project, Sonora, Mexico” authored by William Stone, Ph.D., P.Geo.,Yungang Wu, P.Geo., Fred H. Brown, P.Geo., Jarita Barry, P.Geo., David Burga, P.Geo., D. Grant Feasby, P.Eng., Eugene Puritch, P.Eng., FEC, CET and David Salari, P.Eng. The MRE has a pit-constrained Indicated Mineral Resource totaling 43.0 million tonnes containing 818 thousand ounces AuEq grading 0.59 g/t AuEq; and a pit-constrained Inferred Mineral Resource of 11.5 million tonnes containing 267 thousand ounces AuEq grading 0.72 g/t AuEq (see update MRE press release dated September 12th 2023).

PEA-level bench optimization of the pit-constrained Mineral Resource highlighted the higher-grade (~0.80 gpt AuEq), low strip ratio (~0.3) potential Starter Stockwork Zone (see PEA press release dated November 1st, 2023). Recommendations of the PEA-level study included increasing Mineral Resource confidence in potential ‘Starter Stockwork Zone’ and additional exploratory drilling to target the 1) Footwall, 2) Hanging Wall and 3) ‘Keel’ areas of the Stockwork Zone. P&E were again retained to lead the current El Tigre PFS-level study. Complete and final assay results are listed in Table 1.

Below, highlighted intersections are enumerated with reference to the three (3) zones targeted (Figure 2):

•    Drill hole ET-23-513: This hole highlights the confirms the strong, near-surface mineralization footprint       of the Stockwork Zone some 200 metres north of the PEA ‘Starter Pit’;
•    Drill hole ET-23-531: The hole highlights the un-mined high-grade veins still present with the   Stockwork Zone;
•    Drill hole ET-23-555: The hole confirms Hanging Wall Zone mineralization 200 metres south of Starter  Pit and expands mineralization profile 25 metres to the west; and
•    Drill hole ET-23-562: The hole highlights the un-mined high-grade SK vein still present with the   Stockwork Zone

Table 1— Geotechnical Drill Hole Results

The above holes were drilled to assess geotechnical characteristics of future pit walls, thus not all holes intercepted mineralization as they were drilled distal from the hanging wall or footwall.

Table 2—Drill Hole Locations

Figure 4: El Tigre – Conceptual Cross-Section Showing Mineralization Styles

Figure 5: El Tigre—Longitudinal Projection Showing Exploration Potential

“These results further de-risk the project and, coupled with the advantageous geotechnical and metallurgical results, increase the confidence and size of the El Tigre Project.”
– Glenn Jessome, President & CEO, Silver Tiger Metals

About the El Tigre Historic Mine District

Silver Tiger Metals Inc. is a Canadian company whose management has more than 25 years’ experience discovering, financing and building large hydrothermal silver projects in Mexico. Silver Tiger’s 100% owned 28,414 hectare historic El Tigre Mining District is located in Sonora, Mexico.  Principled environmental, social and governance practices are core priorities at Silver Tiger.

The El Tigre historic mine district is located in Sonora, Mexico and lies at the northern end of the Sierra Madre silver and gold belt which hosts many epithermal silver and gold deposits, including Dolores, Santa Elena and Las Chispas at the northern end.  In 1896, gold was first discovered on the Property in the Gold Hill area and mining started with the Brown Shaft in 1903.  The focus soon changed to mining silver veins in the area with production coming from 3 parallel veins the El Tigre Vein, the Seitz Kelley Vein and the Sooy Vein.  Underground mining on the middle El Tigre Vein extended 1,450 metres along strike and was mined on 14 levels to a depth of approximately 450 metres.  The Seitz Kelley Vein was mined along strike for 1 kilometre to a depth of approximately 200 metres.  The Sooy Vein was only mined along strike for 250 metres to a depth of approximately 150 metres.  Mining abruptly stopped on all three of these veins when the price of silver collapsed to less than US20¢ per ounce with the onset of the Great Depression.  By the time the mine closed in 1930, it is reported to have produced a total of 353,000 ounces of gold and 67.4 million ounces of silver from 1.87 million tons (Craig, 2012).  The average grade mined during this period was over 2 kilograms silver equivalent per ton.

The El Tigre silver and gold deposit is related to a series of epithermal veins controlled by a north-south trending structure cutting across the andesitic and rhyolitic tuffs of the Sierra Madre Volcanic Complex within a broad silver and gold mineralized prophylitic alteration zone developed in the El Tigre Formation that can be up to 150 metres wide. The veins dip steeply to the west and are typically 0.5 metre wide; however, locally can be up to 5 metres in width. The veins, structures and mineralized zones outcrop on surface and have been traced for 5.3 kilometres along strike in our brownfield exploration area.  Historical mining and exploration activities focused on a 1.6-kilometre portion of the southern end of the deposits, principally on the El Tigre, Seitz Kelly and Sooy veins. The under explored Caleigh, Benjamin, Protectora and the Fundadora exposed veins continue north for more than 3 kilometres.  Silver Tiger has delivered its updated NI 43-101 compliant Mineral Resource Estimate and PEA and is currently drilling to update its Mineral Resource Estimate and publish a PFS.

VRIFY Slide Deck and 3D Presentation – Silver Tiger’s El Tigre Project

VRIFY is a platform being used by companies to communicate with investors using 360° virtual tours of remote mining assets, 3D models and interactive presentations. VRIFY can be accessed by website and with the VRIFY iOS and Android apps.

Access the Silver Tiger Metals Inc. Company Profile on VRIFY at: https://vrify.com

The VRIFY Slide Deck and 3D Presentation for Silver Tiger Metals Inc. can be viewed at: https://vrify.com/decks/14479 and on the Company’s website at:  www.silvertigermetals.com

Procedure, Quality Assurance / Quality Control and Data Verification 

The diamond drill core (HQ size) is geologically logged, photographed and marked for sampling. When the sample lengths are determined, the full drill core is sawn with a diamond blade drill core saw with one half of the drill core being bagged and tagged for assay. The remaining half portion is returned to the drill core trays for storage and/or for metallurgical test work.

The sealed and tagged drill core sample bags are transported to the Bureau Veritas facility in Hermosillo, Mexico. Bureau Veritas crushes the samples (Code PRP70-250) and prepares 200-300 gram pulp samples with ninety percent passing Tyler 200 mesh (Code PUL85). The pulps are assayed for gold using a 30-gram charge by fire assay (Code FA630) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code FA530). Silver and multi-element analysis is completed using total digestion (Code MA200 Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed using a gravimetric finish (Code FA530).

Quality assurance and quality control procedures monitor the chain-of-custody of the samples and includes the systematic insertion and monitoring of appropriate reference materials (certified reference materials, blanks and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data.  All results stated in this announcement have passed Silver Tiger’s QA/QC protocols.

Qualified Person

David R. Duncan, P. Geo., V.P. Exploration of the Corporation, is the Qualified Person for Silver Tiger as defined under National Instrument 43-101.  Mr. Duncan has reviewed and approved the scientific and technical information in this press release.