SPROTTToday’s step outs 25-50m south of the Benjamin Vein discovery (3.0m @ 1,310 g/t AgEq in January) continue to show good continuity of high-grade over healthy intervals well over 1.5m minimum mining widths, including 5.6m @ 1010g/t AgEq within a broader interval of 14m @ 519g/t AgEq. In our view, today’s results (i) continue to point to Benjamin as a mineable vein with ounce upside, (ii) bulks out the proof-of-concept that the deeper Flat Formation is mineralized, opening up regional targets and also (iii) supports our thesis that down-dip of old mine (>95Moz @ ~1,300g/t Ag and 7.5g/t Au), which only went to 200-450m in the higher El Tigre Formation, represents an exciting undrilled target. We don’t know how Benjamin and the new Footwall zone discovery at Sooy are connected yet, but more drilling should enable the team to hone in on stronger mineralization within the Flat Formation. Specifically, the old mine was one of the highest grades in Mexican history at ~2kg/t AgEq, indicating an extremely strong regional system. We maintain our BUY rating and C$1.20/t PT based on US$1.50/oz AgEq on the existing resource, and same again for a nominal 85Moz. Stepping back, this is all about discovery in a region where a 1Moz AuEq HG silver vein commands billion, or even multi-billion, dollar valuations.
Why we like Silver Tiger Regionally exceptionally strong mineralisation system with historic ~100Moz @ ~2.5kg/t AgEq Existing pittable 80Moz bulk-mineralisation provides ‘base load’ scale Northern extensions never systematically explored, highlights of 0.8m @ 8,326g/t AgEq Old mine only mined to 250-450m, with deeper formations mineralised elsewhere Team adept at discovering and digitising old mine records to speed drill targetin