Silver Tiger Provides Update on Pre-Feasibility Study Mineral Resource Drilling

HALIFAX, NS / ACCESSWIRE / April 3, 2024 / Silver Tiger Metals Inc. (TSXV:SLVR)(OTCQX:SLVTF) ("Silver Tiger" or the "Company") is pleased to provide an update on the Company's ongoing Pre-Feasibility Study ("PFS") drilling program on the Stockwork gold deposit on its El Tigre Project in Sonora, Mexico. Silver Tiger has completed 22,000 metres of a 25,000 metre drilling program focused on expanding the Mineral Resource, up-grading the classification, completing metallurgical testwork and geotechnical studies as it progresses from an exploration to a development project. The value-added PFS progress is on schedule for publication in H2-2024.

Three main areas of the Stockwork mineralization are being targeted and show potential for expansion: a) the footwall, b) the hanging wall and c) bottom ‘keel'. After releasing the first 40 drill holes of the program, the Company is pleased to announce conversion, expansion and derisking of the potential ‘Starter Stockwork Zone'

Silver Tiger's CEO, Glenn Jessome, stated, "We are pleased to announce that this new set of assay results continue to both confirm and expand the near-surface potential Starter Stockwork Zone. Of particular interest is the high-grade "Keel Zone" that is being delineated." Mr. Jessome further stated, "These promising assay results help to further de-risk the project in conjunction with the underway PFS-level geotechnical and metallurgical studies."

The near-surface Stockwork Zone, and high-grade Keel Zone seen in below highlighted intercepts:

• Drill hole ET-23-497: 116.0 metres grading 0.68 g/t gold equivalent or 51.2 g/t silver equivalent from 37.0 to 153.0 metres, consisting of 0.40 g/t gold and 21.1 g/t silver INCLUDING 25.0 metres grading 0.99 g/t gold equivalent or 74.4 g/t silver equivalent from 107.0 to 132.0 metres consisting of 0.37 g/t gold and 46.8 g/t silver in the Stockwork Zone.
• Drill hole ET-23-504: 115.8 metres grading 0.61 g/t gold equivalent or 46.1 g/t silver equivalent from 37.2 to 153.0 metres, consisting of 0.49 g/t gold and 9.2 g/t silver INCLUDING 23.5 metres grading 1.09 g/t gold equivalent or 81.9 g/t silver equivalent from 37.2 to 60.7 metres consisting of 0.89 g/t gold and 15.2 g/t silver in the Stockwork Zone.
• Drill hole ET-23-506: 80.0 metres grading 1.09 g/t gold equivalent or 82.0 g/t silver equivalent from 6.0 to 86.0 metres, consisting of 0.75 g/t gold and 25.6 g/t silver INCLUDING 47.5 metres grading 1.55 g/t gold equivalent or 115.9 g/t silver equivalent from 34.5 to 82.0 metres consisting of 1.08 g/t gold and 34.7 g/t silver gold in the Stockwork Zone.
• Drill hole ET-23-514: 34.4 metres grading 1.76 g/t gold equivalent or 131.9 g/t silver equivalent from 167.0 to 201.4 metres, consisting of 0.72 g/t gold and 78.0 g/t silver INCLUDING 0.8 metres grading 30.17 g/t gold equivalent or 2,263.0 g/t silver equivalent from 188.6 to 189.4 metres consisting of 16.60 g/t gold and 1,018.0 g/t silver in the Keel Zone.

Figure 1 : Stockwork Zone - Plan View

Figure 2 : Stockwork Zone Cross Section 4100N

Figure 3 : Stockwork Zone-Cross Section 4225N

Highlights from the on-going Pre-Feasibility Study Drilling Program include the following:

• Expanding known mineralization by 10 to15%, to the footwall and hanging wall zones, as well as the higher-grade ‘keel' at PEA pit bottom associated with the El Tigre and SK Veins;
• Converting first two to three years of mineralized material in the potential ‘Starter Stockwork Zone' from Indicated Mineral Resource to Measured;
• Converting a significant portion of the 2 km strike length ‘ultimate' PEA pit-constrained Inferred Mineral Resource to Indicated;
• Completion of enhanced PFS Metallurgical Drilling, with samples underway comminution and leach testing; and
• Completion of enhanced PFS Geotechnical Drilling, with samples undergoing testing.

Mineral Resource Drilling

P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario completed the initial MRE in 2017. On Oct 27, 2023, P&E released an updated El Tigre Project NI 43-101 and NI 43-01 F1 compliant MRE technical report titled "Technical Report and Updated Mineral Resource Estimate of the El Tigre Silver-Gold Project, Sonora, Mexico" authored by William Stone, Ph.D., P.Geo.,Yungang Wu, P.Geo.,

Fred H. Brown, P.Geo., Jarita Barry, P.Geo., David Burga, P.Geo., D. Grant Feasby, P.Eng., Eugene Puritch, P.Eng., FEC, CET and David Salari, P.Eng. The MRE has a pit-constrained Indicated Mineral Resource totaling 43.0 million tonnes containing 818 thousand ounces AuEq grading 0.59 g/t AuEq; and a pit-constrained Inferred Mineral Resource of 11.5 million tonnes containing 267 thousand ounces AuEq grading 0.72 g/t AuEq (see update MRE press release dated September 12 ^th 2023).

PEA-level bench optimization of the pit-constrained Mineral Resource highlighted the higher-grade (~0.80 gpt AuEq), low strip ratio (~0.3) potential Starter Stockwork Zone which contains 5.7 million tonnes of mineralized material (see PEA press release dated November 1 ^st , 2023). Recommendations of the PEA-level study included increasing Mineral Resource confidence in potential ‘Starter Stockwork Zone' and additional exploratory drilling to target the 1) footwall, 2) hanging wall and 3) ‘keel' areas of the Stockwork Zone. P&E were again retained to lead the current El Tigre PFS-level study with 21,000 metres of the program complete (Figure 1). Complete and final assay results from the nineteen (19) drill holes are listed in Table 1.

Below, highlighted intersections are enumerated with reference to the three (3) zones targeted:

• Drill hole ET-23-497: Confirms higher-grade Tiger Vein area in starter pit, and ‘Footwall' Zone 25 metres to east over 2023 MRE:
• Drill hole ET-23-504: Expands ‘Hanging wall' and ‘Footwall' Zones by 10 and 20 metres, respectively;
• Drill hole ET-23-506: Downhole intersection expands ‘Footwall Zone' 25 metres to east over 2023 MRE (Fig. 2); and
• Drill hole ET-23-514: Confirms higher-grade SK Vein area in starter pit, and expands ‘Hanging wall' and ‘Keel' Zones (Fig. 1)

Table 1-Mineral Resource Drill Hole Results