STIFFEL GMPThis morning, Silver Tiger announced it has discovered the continuation of the historically mined Sooy vein north of the Espuelas Canyon offset fault. It is at this structure where miners 100 years ago lost the high grade vein Silver Tiger has found it. Today's release includes five drill holes along the Sooy vein, two of which are located north of the Espuelas Canyon Fault (seen in Figure 1 below) with the rest infilling known mineralized zone for the upcoming resource south of the offsetting structure. Assay highlights from the new discovery include: 2,239 g/t AgEq over 9.2m directly adjacent to 9.8m of 33 g/t AgEq at ONLY 27m down hole 1,024 g/t AgEq over 1.5m within 420 g/t AgEq over 6.5m from 30m down hole Drilling is continuing along strike to the north from these two discovery drill holes. The property hosts a significant amount of untested vein strike length along multiple features which we expect to add ounces to the project's global resource base for years to come. Impact: Positive These results include impressive grade-thicknesses near surface and clearly show the continuation of the Sooy vein north of the fault. Previously, the Benjamin vein had been thought to be the continuation of Sooy so todays discovery and alteration to the structural interpretation provides an additional high grade vein structure for further drill targeting. We look forward to the inaugural high grade vein resource on the El Tigre property and estimate it could add 75-100Moz AgEq to the global resource base. Using our in-situ valuation for a target LOM resource of 187Moz AgEq, SLVR trades at spot P/NAV of only 0.38x. This is well below its two-year high watermark of 0.57x and the 0.90x target we use to derive our target price of C$1.55/sh. We maintain our Buy rating for the stock and see it as the best blue sky exploration potential name under coverage.