Silver Tiger Metals (SLVR) - $23M; Aggressive High-Grade Drilling

Silver Tiger Metals Inc. is a Canadian company whose management has over 25 years of experience in discovering, financing, and building large hydrothermal silver projects in Mexico. The company has 100% ownership of the Historic El Tigre Mining District, which is spread across a land area of 28,414 hectares. 

We met with Glenn Jessome, President and CEO, Silver Tiger Metals. He is the founding shareholder of the company. Glenn is a securities lawyer with over 25 years of experience in the resource sector capital markets. He is also a member of the TSXV National Advisory Committee. He is also the Corporate Secretary and a founding shareholder at GoGold Resources Inc. Glenn is also the largest shareholder at Silver Tiger Metals. 

Company Overview

Silver Tiger Metals was founded in 2010 and is headquartered in Nova Scotia, Canada. The company is listed on the Toronto Stock Exchange (TSX-V: SLVR). El Tigre Silver Corp. and Lunar Gold Holdings Incorporated are the company's subsidiaries. The company's flagship asset is the Historic El Tigre Mining District in Sonora, Mexico.

El Tigre Mining District

The El Tigre Mining district is a 28,000+ hectare gold and silver project located in Sonora, Mexico. In 2017, The company acquired 100% ownership of this asset along with land rights for $11M.

The company was able to raise $23M in a bought deal through 4-5 top global institutions at a price of $0.60. Since the company has fully paid off the property, the overall G&A (General and Administrative Expense) is low. The raised capital is being utilized towards an extensive drilling program. The company previously raised funds at a price of $0.30, along with a half warrant at $0.50. The next round of financing was carried out at $0.60 without any warrants. 

Exploration findings

Silver Tiger Metals has discovered mineralization across the Sooy, Benjamin, and Seitz Kelley sites, discovering wide zones with high grades. The company's technical team has over 30 years of mining experience in Mexico operating 3 major mines in the region. 

The drilling program is being carried out at a historic mine at the site, where the company has found high-grade quartz veins that spans tens of kilometers. The company drilled 15m deep and discovered silver equivalent deposits ranging between 750g-1kg with a mine cut-off of 1.2kg. The overall distribution features wide zones with high-grade silver. 

Silver Tiger Metals has previously built mines in Sonora, Chihuahua, and Durango. These deposits are located 100km from the US border. They strongly believe that this asset is an economically viable deposit. The company acquired a public company in 2017 to gain a 35km area at the Sierra Madre, spread across 30,000 hectares. So far, the drilling program has demonstrated that the veins expand up to 30km. 

The old Tigre mine has a historical supply of 100Moz silver equivalent with an average grade of over 2kg/t. The company has discovered veins that continue 5km on each side. Towards the north end, there's a 10km stretch of gold and silver. The company has found a Tigre-like vein structure over multiple regions in the 6,000-hectare area. 

At the Chispas site, historic mining was done up to 1930, before the Great Depression hit and the mines haven't been explored in the past 80-90 years. 

The company has an extensive drilling program planned across 3 phases. Since February, they have drilled their first hole at the Benjamin deposit and the Seitz Kellow deposit where they found a strike length of 3km. The capital raised by the company will allow the drilling operations to continue through 2022 and deliver a resource estimate.

The company stepped out 1.5km from their first drill hole at the Sooy deposit and discovered extensive mineralization. They plan to start drilling holes at the Seitz Kelley site by the end of 2021. The company currently has 4 drill rigs on the ground with 2 additional rigs planned for a resource estimate and getting a PEA.

At the Sooy deposit, the company went down-dip and stepped out. They found wide deposits close to the surface. At a depth of 120m, the company found 12m of 700g, and 22m of 381g silver reserves. Stepping out 25m, they found 3m of 2kg deposits. 

Silver Tiger Metals also has an open pit at the El Tigre formation with an indicated supply of 1Moz, that has already been drilled off. This resource is 43-1010 compliant and the majority of the resources at the old mine are indicated. 

The company has stepped out 700m-800m from the discovery hole at the Sooy deposit, with 25m increments to discover strong mineralization located 100m from the surface. The indicated deposits here are 4m of 700g, 11m of 325g, and 0.5m of 5kg. The previous mining operations mostly explored the quartz veins while a major part of the high-grade veins remains unexplored. 

At the Benjamin deposit, the company drilled multiple holes and discovered 3m of 1.3kg deposits at a 100m depth from the surface. These deposits feature wide veins with super high grades of silver deposits. By December 2021, the company plans to carry out infill drilling across a 3km area at this deposit. 

Drilling Program 

Silver Tiger Metals plans to drill between 75,000m - 100,000m by the end of 2021. The company plans to consistently drill over an area of 3km which features super high-grade silver deposits spread across wide zones. They are focused on adding ounces, improving the economics of the project, and eventually building a mine. 

The company has a resource update planned in 2021 and a PEA (Pre-Economic Assessment) in 2022. The company also has a PFS (Pre-Feasibility Study) planned before building a mine. The company's major focus is on drilling off ounces before going for economic studies.

To find out more, go to the Silver Tiger Metals Website