Vancouver, BC (PRWEB) August 21, 2012
(Financial Press) –El Tigre Silver Corp. is advancing towards becoming Mexico’s newest Silver producing Company. El Tigre recently announced that it will continue exploration drilling and also begin construction of the tailings recovery production facility in Mexico this fall.
The Company’s current plan is to construct a scalable production facility; it will be started at 250 tonnes per day and will increase to 350 tonnes per day in the first six months of production. El Tigre’s plans are to supplement the tailings production with material from the historic 700 level waste dump, at a later date.
“The tailings are a key element of our project. Development of the tailings will allow us to continue with exploration of the property using any revenues in excess of cost to pay for exploration, while minimizing dilution of the Company’s share capital”. Mr. Ross, President and CEO of El Tigre Silver Corp. emphasizes to investors that, “we have done the expert analysis, assays and metallurgy on the tailings, we can now proceed to production”.
“We believe the exploration potential at the El Tigre property is significant, the drilling to date has confirmed our expectations , I am very pleased with our progress to date,” said Stuart Ross. “We have maintained our exploration drilling and advanced our tailings recovery project as quickly as expected in the midst of difficult market conditions.” said Mr. Ross.
El Tigre currently owns nine mining concessions, eight comprising 431 square kilometers located in the Sierra El Tigre, northeastern Sonora State in Mexico. The mining concessions are found at the northern end of the prolific Sierra Madre Gold/Silver Belt which is home to numerous producing mines; La Caridad Copper Mine, San Francisco Gold Mine and the Dolores Gold/Silver Mine which are all producing world class mines.
Historically the mine operated from 1903, to 1938, with total production during that time estimated to be 70-75 million ounces of silver and 325,000-350,000 ounces of gold, extracting ore from four primary veins known as El Tigre, Sooy, Combination and Seitz-Kelly. The Company believes that the political risk in Mexico is minimal, there was a recent election and the new President is reportedly friendly to mining.
Also important to note is that Mexico is now the largest silver producing country in the world and silver production in Mexico increased by 13% in 2011 to 152.8 million ounces. Theincrease was mainly due to the start of production at both the Peñasquito mine operated by Goldcorp Inc, and the Palmarejo mine operated by Coeur d'Alene Mines Corp. The company believes that new mining projects scheduled to begin production in 2012,and 2013, should continue to increase Mexico’s gold and silver production.
In the current 5,000 meter phase of the core drilling program started in 2012, El Tigre completed 12 holes for a total of 2293 meters. The Company is currently preparing to begin the next phase of the drilling program on the southern flank of Mule Mountain with some in-fill holes on Gold Hill. See website and news releases for table of drill results.
“Drilling is focused on the southern 1.2 kilometers of the El Tigre vein system and is centered on Gold Hill, our drilling program to date is confirming the existence of a disseminated low grade gold zone in the southern portion of the historic 2.5 kilometer long El Tigre vein system,” said Mr. Ross. “With the continuation of the 2012 drill program in the southern 1.2 kilometer portion of the vein system, we expect that we will continue to find mineralization in the halo of the El Tigre vein system along with some un-mined high grade vein material.” “Once the last phase of drilling is completed, the Company will proceed to develop a compliant resource model.”
The drilling program to date has continued to experience good core recoveries. Assays for the eleven holes completed in this first phase of drilling reported tested the potential for disseminated gold mineralization associated with the El Tigre vein system and for high grade silver and gold values found in the El Tigre vein.
The Company aims to have a NI 43-101 compliant resource estimate for Gold Hill in the fourth quarter.
Drilling was performed by Landdrill International Mexico, SA de CV. The core was retrieved by El Tigre geologists and taken to the secure core storage building for measuring, logging, splitting and bagging.
Standards and blanks were inserted randomly every 20 samples to ensure a high standards of quality assurance-and quality control. These samples were then transported by El Tigre geologists to Hermosillo to the Inspectorate de Mexico S.A. de C.V. sample prep lab where they were crushed and pulped before being shipped to the Reno, Nevada to the Inspectorate assaying lab.
Steven D. Craig, CPG and Vice President of Exploration for El Tigre is the Qualified Person as defined in NI 43-101 for El Tigre.
A feasibility study has not been completed and there is no certainty the proposed operation will economically viable.
El Tigre Silver Corp. is a publicly-traded company committed to becoming a leader in mineral exploration and development while optimizing shareholder value. http://www.eltigresilvercorp.com
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