Don't have an account yet? SIGNUP
Forgot password? Reset here
 Remember me!
Writers contribute your articles for FREE! - Companies select your writer by reading their articles HERE!

El Tigre completes $2.27 million financing for 2013 drilling program

121

VANCOUVER, Nov 30 (Financial Press) – El Tigre Silver Corp. announced significant exploration progress at its El Tigre silver and gold project yesterday.

The company currently owns 100 per cent of nine mining concessions, eight comprising 431 square kilometers located in the Sierra El Tigre, northeastern Sonora State in Mexico (The El Tigre Property).

“We are very pleased with the progress on the El Tigre project as it continues to produce excellent results from our ongoing evaluation program,” says Stuart Ross, president and CEO of El Tigre Silver Corp.

“Our drilling program will start again very soon and the work our team has completed in the past few months will enhance our success with this drill program.”

The El Tigre mine was operated from 1903 to 1938, and it is estimated to have produced 70 to 75 million ounces of silver and 325,000 and 350,000 ounces of gold.

“The exploration program is confirming that the exploration potential of the project may be larger than we expected with expansion into new areas of the property,” says Ross.

The company’s geologists have made advances in several important areas since the last technical press release published in August.

Part of the exploration work was to obtain information that would be available for a planned revision to the company’s 43-101 technical report which is expected to contain a new resource model. It is scheduled for completion in the second quarter of 2013.

The funding is in place for El Tigre to continue with the exploration program as the company announced completion of a $2,227,000 financing earlier this month.

“I have been happy with the progress we have made,” says Ross. “We have been able to move the project forward in difficult market conditions. I am confident that the team that that we have has the ability to continue to move our plans in a timely manner.”

The latest information updates activities at the project where field work focused on channel sampling available tunnels and new roads, sampling previously unsplit drill core, and conducting a full review of the geology of the project for new targets.

The horizontal diamond saw cuts have also been completed in the underground at the Level 400 tunnel and a second sampling round of the Johnny Cross Cut tunnel. Some of the assays have not yet been received, but new results are in hand for the Johnny Cross Cut.

Besides the past drilling results and scheduled drilling program, work is focusing on obtaining horizontal channel samples where a portable diamond blade rock saw cuts a 5 centimetre wide slot in the rock, this is then broken out by a hammer for sampling.

These particular samples are treated like a horizontal drill hole and will assist in defining any surface mineralization that would connect with any underlying drill intercepts. The channel sampling has been completed on several road cuts in the Gold Hill area.

Operating in a mining-friendly jurisdiction, El Tigre Silver Corp has permitting in place for the roads it has constructed to the drill pads. Most of the road construction has been done already and there is very little to do.

One of the new roads on Mula Mountain was channel sampled and it returned 62 metres of 0.45 g/tonne gold and 13.67 g/tonne silver. This road was built in the hanging wall and parallel to the El Tigre vein.

The assay results are significant in that this work proves that mineralized zones in the hanging wall are also continuous in the north south direction. These results also very similar to many of the other assay intervals found in drill core and channel sampling across the zone.

A full review of the drill core obtained in the 2011 and 2012 drilling campaigns was conducted to determine if some intervals require new sampling.  New assay results from the first two holes sampled, ET-28 and ET-30, find some isolated low grade gold values, which may add to already established mineralized intervals. Additional review and sampling of other holes are underway.

Work has been underway to better understand the geology and mineralization of the overall El Tigre mining district. One of the more important aspects to this was determining that silver mineralization occurs equally in all volcanic units.

Previously, it was understood that better grades occur in just the El Tigre Formation, but that is not the case as mineralization occurs in all volcanic units and over a dip length of 450 metres

“Basically, we now believe that an excellent high grade vein target is found below Mula Mountain and below Level 7, which has not been previously mined or explored,” says Ross. “A second aspect of this work has determined that Gold Hill is uplifted about 75 meters more than Mula Mountain by a newly recognized ‘Cross Over Fault’.”

The fault may have offset the El Tigre vein and better exposed low grade gold mineralization in the foot wall of the El Tigre.

“This new information obtained during the last two months will have a significant impact on where and how we explore and develop the low grade gold mineralization on the property. We are looking forward to having the drill turning on the property soon,” says Ross.

Steven D. Craig, CPG and Vice President of Exploration for El Tigre is the Qualified Person as defined in NI 43-101 for El Tigre.

Legal Disclaimer/Disclosure: A fee has been paid for the production and distribution of this Report. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. No information in this article should be construed as individualized investment advice. A licensed financial advisor should be consulted prior to making any investment decision. Financial Press makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of the author’s only and are subject to change without notice. Financial Press assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this article and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Furthermore, we assume no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information, provided within this article.

Rate this article:
Would you like to hire this writer for your own article?

Leave a Reply

Your email address will not be published. Required fields are marked *

*