Company Reports > El Tigre Silver Corp.

 
 

Report Date :  

 February 21, 2012

Office :  

 604 639 0044 

Symbol :  

 ELS - TSX.V

Facsimile :  

 604 608 6163

Contact :  

 Rob Grace

eMail :  

 rgrace@eltigresilvercorp.com

URL :  

 www.eltigresilvercorp.com 

  

 
 

Few countries on earth offer the combination of exciting geologic prospects and low relative costs combined with a stable government as Mexico and one Vancouver-based Canadian junior mining company, El Tigre Silver Corp. (TSX-V: SLV;  OTCQX:  EGRTF;  Frankfurt: 5RT), has developed a strategy to advance their property located in the northern Mexican state of  Sonora as aggressively as possible.

 

The company currently owns 100% of eight mining concessions known as the "El Tigre Property" in the northeastern part of Sonora State, covering 431square kilometers.  The project is located within the general area known as the Sierra Madre gold/silver Belt.

 

The property which was originally discovered in 1896 was subsequently placed into production in 1903, and it is that productive history which has provided El Tigre with the opportunity to enter early production.  From 1903 through 1938 the property eventually produced an estimated 75,000,000 ounces of silver from multiple veins located over a 5.3 km strike length.  According to historic records, ore processed at the mine averaged 40 ounces of silver per short ton along with other credits for gold, copper, zinc and lead.  As a result of this production, a substantial body of tailings resulted and it is recovery from these tailings that form the first leg of El Tigre's overall strategy.

 

The company conducted a 46-hole auger drilling program at the tailings which was completed in November 2011 and which returned assay values ranging from 43 to 172 grams per tonne (g/t) Ag and averaged 88.1 g/t or 2.6 ounces per ton (opt).  This compared favourably with channel samples which returned values ranging from 54 to 157 g/t Ag and averaged 87.7 g/t Ag.  Gold values averaged 0.32 g/t in the auger samples and 0.315 g/t Au in the channel samples.

 

Company geologists are now conducting studies to determine optimum recovery methods including a wide array of metallurgical studies.

 

Based on past records and their own studies, several veins have been identified including Sooy, El Tigre, Seitz Kelly and Combination in the southern veins which were explored and then mined during previous production era and Aquila, Escondida, Fundadora and Protectora among the northern veins which were not mined and remain unexplored to date.  In addition, the company has identified the low grade zone known as "Gold Hill" which figures into current exploration plans.

 

The company's current overall working plan going forward includes continuing evaluation of the tailings with the goal of placing them into production as early as possible; exploring and developing a low-grade, open-pitable deposit at Gold Hill; and exploring and developing high-grade, underground silver-gold deposits.

 

Specific goals for the tailings deposit include using funds generated from tailings production to provide revenue to stop share dilution, develop infrastructure for future mining and develop in-house production experience.

 

El Tigre is now in the process of preparing for a 5,000 meter drill program at Gold Hill beginning in mid-March 2012 in order to develop a resource model at the inferred level.  Vein targets for future exploration include Sooy, Seitz Kelly and Combination.

 

The company has recently completed a two-phase non-brokered offering which succeeded in raising gross proceeds of $1,116,000.  Their management team is led by Stuart R. Ross, President & CEO; Grant T. Smith, CFO; Steven D. Craig, VP-Exploration; and Jose Velasquez, Country Manager.

 

A full, in-depth report will be completed following a property visit currently scheduled for mid-March, 2012.

 

 
El Tigre Silver Corp.

Suite 1000 - 355 Burrard Street
The Marine Building
Vancouver, BC V6C 2G8

Telephone :

  604 639 0044

Facsimile :

  604 608 6163
 
 

The Melman Report

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V9P 9K2
 
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F. 250.468.7027

D I S C L A I M E R
 
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