Silver Tiger Metals Inc. reported gold and silver extraction results from initial scoping-level metallurgical test work from its high-grade silver-gold El Tigre Project in Sonora, Mexico. The Corporation also expects to release an updated and expanded mineral resource estimate and Preliminary Economic Assessment (PEA) in Third Quarter 2023. Preliminary metallurgical work demonstrates excellent recoveries of silver, gold, copper, zinc and lead in the Sulphide and Black Shale Zones with silver equivalent recoveries of 95.7% and 98.1%, respectively.

The newly discovered, high-grade Sulphide and Black Shale Zones have been the focus of recent drilling and they show great exploration potential being open both laterally and at depth. Previous drilling of the Surface Stockwork Zone has indicated a mineralized zone in excess of 100 meters true width. With high recoveries of 78.1% silver equivalency in column testing, simulating a heap leaching process, the Corporation sees the potential for an open pit low-cost heap leach process.

This open pit heap leach process will be defined as part of the upcoming PEA. Results reported in this news release pertain to test work conducted by SGS Lakefield in Ontario in 2022 and 2023 on the Au-Ag mineralization from the Surface Stockwork Zone and Ag-Au-Zn-Cu-Pb mineralization from the Black Shale, Sulphide Zones and High-Grade Silver Veins. An updated and expanded mineral resource estimation and PEA for the El Tigre deposit is expected to be released during Third Quarter 2023.

Two (2) drill hole composites were sampled and shipped to SGS Lakefield for the flotation scoping test work. Shown in Figure 1, these two drill holes (ET-22-436, Black Shale Zone; ET-22-443 Sulphide Zone) were crushed, ground to 74 microns and subjected to rougher flotation to produce two (2) concentrates - copper/lead (with gold and silver) and zinc (with gold and silver). Standard flotation methods were carried out to produce the copper/lead concentrate while depressing the zinc followed by a zinc flotation.

Testing to optimize recovery and cleaner concentrate grades is underway and will be reported when finalized. This ongoing testing will confirm marketable grades and confirm associated net smelter return (NSR) of the products. The samples consisted of five (5) drill holes within the Surface Stockwork Zone and were crushed and composited for the metallurgical testing to give approximate average deposit grades.

The location and details of the holes are given in Figure 2 and Table 1. The column testing (C1 and C2) was done on these five (5) hole composites.