El Tigre Silver says sampling continues to build confidence Moving forward- https://www.proactiveinvestors.com/companies/news/56674/el-tigre-silver-says-sampling-continues-to-build-confidence-in-projects-potential-56674.html
(CVE:ELS) (OTCQX:EGRTF) has posted what it says are encouraging sampling results from its year-round exploration program at its and gold project in Mexico.
The company reported Tuesday assay results from the southern vein area, where a total of 110 surface and 57 underground samples were collected. Results from four samples of underground backfill material ranged from 1.28 grams per tonne (g/t) to 4.32 g/t gold and 262 g/t to 468 g/t of silver.
"The exploration program continues to advance our understanding of the El Tigre vein system and we are extremely encouraged with the results," said president and chief executive offcier, Stuart Ross, in the company's statement.
"The initial resource calculation on the project was published in a preliminary feasibility study prepared in accordance with NI 43-101 in August 2013 and was based on a 1.2 kilometre section of the southern vein system at the EL Tigre property.
"The ongoing exploration program continues to build our confidence in the potential at El Tigre. We look forward to the fall of 2014 being a bellwether period for the company," Ross added.
The company said the latest results help form the conclusion that the El Tigre vein system within the mineral resource area still has unmined material with significant silver and gold intercepts.
The goal of the sampling program in the southern vein area is to define drill targets, and support an extension to the resource from the prefeasibility study released last year.
Currently, the project is estimated to hold some 24.7 million ounces of silver equivalent in the indicated mineral resource category, with an additional 16.07 million ounces in inferred mineral resources.
The junior precious metals developer said it will continue to map and sample the material underground to better understand the grade and quantity of material residing within the historic mine workings.
The El Tigre property, which stretches across 215 square km in the Sierra El Tigre of northeastern Sonora, Mexico, will be advanced with the help of cash flow from the company’s planned processing facility, which will recover silver and gold from El Tigre’s historical tailings pile. The tailings pile is the result of an estimated 70 to 75 million ounces of silver production and 325,000 to 350,000 ounces of gold.
The company’s eventual goal is to produce enough cash from its tailings facility to bring its in-situ resource to production, with the aim of increasing share value.