STIFFEL GMPSilver Tiger released drill results from 3 areas at the El Tigre property. The company is doing systematic drilling at the Sooy and Benjamin vein areas ahead of maiden resource at these areas (expected mid-Q1) and getting positive results (155 g/t AgEq over 4.3m incl 965 g/t over 0.5m). Drilling stepped out 1km to the south end of the Sooy vein and hit 491 g/t AgEq over 7.5m incl 3,856 g/t over 0.5m, highlighting this as a potential new high grade center. Drilling has also started on the Seitz-Kelly vein, exploring down dip from areas of historical high grade production. SLVR trades at a spot P/NAV of just 0.40x - we maintain our BUY rating and C$1.30 target price. Key Points Building resources This morning, Silver Tiger has released additional drill results from its 100% owned El Tigre property in Sonora, Mexico. The company is drilling to build ounces for the upcoming resource update in 2 main areas the Sooy Vein area and the Benjamin vein 1km to the north. Drilling is hitting the sort of material the kind of material we like to see in grid drilling ahead of a resource (expected mid-Q1). Assay highlights from these areas include: 965 g/t AgEq over 0.5m incl 155 g/t over 4.3m at Benjamin 421 g/t AgEq over 0.5m at Sooy New high grade zone emerging The company has also started focusing more on an area 1km to the south, at the south end of the historically mined Sooy vein. Drilling in this new, emerging area hit 7.5m of 491 g/t AgEq including 0.5m of 3,856 g/t. We would expect the team to continue to dedicate drill meters at this third zone with results of this tenor. Exploration targets moving through the pipeline Silver Tiger has also started drilling on the historically mined Seitz-Kelley vein, exploring down dip from areas of past high grade, underground production. This is a similar strategy to what the company has been doing at portions of the Sooy vein (with great success). No results have been reported yet for this new area, but it has potential to be an entirely new center from which to build resources. Impact: Positive Todays release highlights some of the things we like most about Silver Tiger and the El Tigre deposit: 1. Its combination of ultrahigh narrow vein grades surrounded by broad mineralized zones making it a very attractive orebody from a mineability perspective 2. The multiple centers of high grade mineralization along main 5km of trend, allowing for operational flexibility when it does come time to turn this into a mine 3. Excellent potential for discovering additional high grade zones on the extensive property The stock currently trades at a spot P/NAV of 0.40x. We have a BUY rating and C$1.30 target.