Vancouver, British Columbia - February 7, 2013 (Investorideas.com Mining stocks newswire) El Tigre Silver Corp. (the "Company" or "El Tigre") (TSXV:ELS) (Frankfurt: 5RT)(OTCQX:EGRTF) is pleased to report that the drilling program started on January 18, 2013 and is proceeding rapidly with 10 holes completed in a 30 to 40 hole scheduled program. El Tigre is located on concessions that are part of the Company’s 431 square kilometer concession ownership in Sonora , Mexico.
Ten holes (ET-45 to ET-54) for 1203 meters have been completed to date. These holes were centered in Tigre Viejo Canyon between Gold Hill and the southern ridge of Mula Mountain . Each hole penetrated the mineralized stockwork zone that is both in the hanging wall and foot wall of the El Tigre high-grade vein. At least two of these holes penetrated the Seitz Kelly vein, which is located to the east of the El Tigre vein.
The overall Gold Hill program is scheduled to drill 5000 meters of core in 30 to 40 holes. The first phase of this program will be 2,700 meters and will focus on the 1.2 kilometers of the El Tigre vein halo zone. This target is found on the southern portion of the claims, from the south side of Mula Mountain and continuing southward over Gold Hill. The second phase of the 2013 program consists of 2,300 meters, which will fill-in around Phase 1 holes as needed for the resource block model and test other targets northward to the Camp area.
The Company expects the first phase of the drilling program to progress quickly with assay results in hand by the end of March. Work will also be underway to update the Company’s NI-43-101 technical report, which is expected to include the first reported gold and silver resource based on this phase of drilling along with prior programs. The technical report is scheduled for completion near the end of the second quarter of 2013.
Stuart Ross President and CEO stated, "We are very pleased with the progress and professionalism of Major Drilling. They are keeping costs down, which means we will stay within budget for this very important program."
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.
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, expected drilling programs, timing for release of technical report 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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