Vancouver, British Columbia - August 22, 2012 (Investorideas.com newswire) El Tigre Silver Corp. (the "Company" or "El Tigre") (TSXV: ELS) (Frankfurt: 5RT) (OTCQX: EGRTF) is pleased to report new assay results from its ongoing sampling program at its El Tigre silver project. El Tigre is located on concessions that are part of the Company's 431 square kilometer concession ownership in Sonora , Mexico . 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.
El Tigre geologists received assays from samples collected over two historic waste dumps. The first is located in Tigre Viejo Canyon on the northern flank of Gold Hill and the second is the Level 4 dump located in Espuelas Canyon one kilometer to the north. It is believed that both dumps were derived from development of the El Tigre Vein in the early life of the mine before the Level 7 haulage tunnel was built.
Assay results show that the Gold Hill and Level 4 dumps are highly mineralized, but at the time they were mined and dumped, the material did not meet the 15 ounce per ton silver cut off grades (514 g/tonne) required by the early miners. This "waste" material was not economic in the past but is probably economic today and could provide additional mill feed for El Tigre's proposed processing facility.
The following table summarizes the silver and gold values that were found on the two dumps.
Location
Number of Sample
Average Silver Gram/tonne
Average Gold Gram/Tonne
High/Low Silver Values
High/Low Gold Values
Level 4
19
254.5
0.95
914/123
3.47/0.29
Gold Hill
7
325.1
2.72
510/185
**34.0/1.73
**Note 1. The 34 gram per tonne gold assay was not included in the average of 2.72 g/t Au column
The assay results from Level 4 and Gold Hill dumps are similar to the results from the Level 7 dump, which was reported in a press release dated April 12, 2012. The average assay values of the 44 Level 7 dump samples was 230 g/tonne silver, which was within a range of 16.3 to 937 g/tonne. Gold averaged 0.89 g/tonne within a range of 0.064 to 5.3 g/tonne.
Stuart Ross President and CEO stated: "We are encouraged that the El Tigre project continues to produce excellent results from our ongoing evaluation program to identify silver and gold resources."
El Tigre Silver's geologists are continuing an ongoing surface sampling program that is focused on advancing known and new target areas of the property. Because the weather in August can be less predictable, this type of work is highly productive in advance of a resumption of drilling in the fall.
The technical content of this news release has been approved by Steven D. Craig, CPG and Vice President of Exploration for El Tigre, a Qualified Person as defined in NI 43-101.
The Company, through its subsidiaries, holds the rights to 100% of nine mineral concessions, eight comprising of 431 square kilometers located in north-eastern Sonora , Mexico (the “El Tigre Property”). El Tigre also holds one additional 32 hectare claim separate from the El Tigre Property. A technical report has been prepared for the El Tigre Property 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.
Cautionary Statements:
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 assay results and future plans. 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 of 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.
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.
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