Post by
666999 on Sep 10, 2021 2:16am
STIFFEL
Summary
Silver Tiger released more of the high quality drill results we’ve come to expect this morning from the Sooy and Sooy Footwall veins. Results
this morning are from systematic drilling over 50 m step out to the north of the Sooy Footwall discovery hole and continue to show excellent
continuity of the ultra-high grade veins within broad zones of high grades. Assays returned up to 2,026 g/t AgEq over 1.7m within 7.2m grading
870 g/t in the Sooy Footwall zone. At $0.56 g/t, SLVR trades at a spot P/NAV of just 0.40x and provides an excellent entry point into the next
major high grade silver system in Mexico.
Key Points
• This morning, Silver Tiger released more of the high quality drill results we’ve come to expect this morning from the Sooy and Sooy Footwall
veins. Results this morning are from systematic drilling over 50 m step out to the north of the Sooy Footwall discovery hole (Figure 1) and
continue to show excellent continuity of the ultra-high grade veins within broad zones of high grades. Assay highlights include:
• 2,026 g/t AgEq over 1.7m within 7.2m grading 870 g/t in the Sooy Footwall zone
• 1,039 g/t AgEq over 0.8m within 5.7m of 428 g/t in the Sooy Vein
• 2,036 g/t AgEq over 1.3m within 5.4m of 834 g/t in the Sooy Footwall zone
• This is in line with our thesis that the mineralized system at the El Tigre property shows excellent continuity of both the high grade veins
and broad surrounding zones. This combination at relatively shallow depths and bulk mining potential should coalesce into a mine with
very attractive economics. The team is systematically drilling off the high grade extensions of the past producing El Tigre mine with the
goal of publishing an inaugural resource in Q1 2022.
Impact: Positive
• We are very encouraged by today's results which continue to highlight the continuity of the high grade and geometry of the orebody. We
look forward to the publication of a small, initial resource next year but expect that to grow significantly as the company continues to ramp
up its drill program over the next few years.
• At $0.56/sh, SLVR trades at a spot P/NAV of just 0.4x. We have a $1.30 target and think the current level provides an excellent entry point
to own the next SilverCrest at an early stage