Silver Tiger Provides Update on Progress of Pre-Feasibility Study

HALIFAX, NS / ACCESSWIRE / February 22, 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. The Company continues to advance and de-risk the Stockwork Deposit. A 25,000 metre drilling program focused on Mineral Resource expansion and classification, metallurgical and geotechnical as it progresses from an exploration to a development project. The value-added PFS progresses on schedule for publication in H2-2024.

Goals of the PFS drilling programs are to:

During the PEA review, it was observed that three main areas of the Stockwork mineralization lacked adequate drilling and had potential for expansion: a) the footwall, b) the hanging wall and c) bottom ‘keel'. Now, after releasing the first 15 drill holes of the program, the Company is pleased to announce conversion, expansion and de-risking of the potential ‘Starter Pit'.

Silver Tiger's CEO, Glenn Jessome, stated, "We are excited to announce that initial results are both confirming and expanding the near-surface potential ‘Starter Pit'. These promising assay results help to further de-risk the project in conjunction with the underway PFS-level geotechnical and metallurgical studies." Mr. Jessome further stated, "We also continue the work to deliver a PEA for the permitted underground MRE during H2-2024."

Near-surface, Stockwork Zone, seen in below highlighted intercepts:

• Drill hole ET-23-479: 54.0 metres grading 0.85 g/t gold equivalent or 63.7 g/t silver equivalent or from 22.0 metres to 76.0 metres, consisting of 10.1 g/t silver and 0.71 g/t gold and 53.5 metres grading 110.0 g/t 1.47 g/t gold equivalent or silver equivalent from 96.5 metres to 150.0 metres consisting of 19.5 g/t silver and 1.21 g/t gold including 22.1 metres grading 2.06 g/t gold equivalent or 154.4 g/t silver equivalent from 97.9 metres to 120.0 metres consisting of 5.9 g/t silver and 1.98 g/t gold in the Stockwork Zone;
• Drill hole ET-23-486: 79.0 metres grading 0.86 g/t gold equivalent or 64.5 g/t silver equivalent from 104.0 metres to 183.0 metres, consisting of 31.3 g/t silver and 0.44 g/t gold including 26.0 metres grading 1.60 g/t gold equivalent or 119.7 g/t silver equivalent from 158.0 metres to 184.0 metres consisting of 85.2 g/t silver and 0.46 g/t gold in the Stockwork Zone;
• Drill hole ET-23-489: 89.5 metres grading 0.89 g/t gold equivalent or 67.1 g/t silver equivalent from 101.0 metres to 190.5 metres, consisting of 22.3 g/t silver and 0.60 g/t gold including 10.0 metres grading 1.50 g/t gold equivalent or 112.6 g/t silver equivalent from 110.0 metres to 120.0 metres consisting of 4.1 g/t silver and 1.45 g/t gold in the Stockwork Zone; and
• Drill hole ET-23-494: 78.1 metres grading 0.75 g/t gold equivalent or 56.5 g/t silver equivalent from 0.0 metres to 78.1 metres, consisting of 22.9 g/t silver and 0.45 g/t gold including 15.3 metres grading 0.93 g/t gold equivalent or 70.1 g/t silver equivalent from 3.0 metres to 18.3 metres consisting of 28.1 g/t silver and 0.56 g/t gold in the Stockwork Zone.

Figure 1 : Stockwork Zone - Plan View

Figure 2: Stockwork Zone-Cross Section 4100N

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

• Expanding known mineralization by 10-15%; 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 three years of material in the potential ‘Starter Pit' from Indicated Mineral Resource to Measured;
• Converting a significant portion of the 2km strike length ‘ultimate' PEA pit-constrained Inferred 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 ("P&E") of Brampton, Ontario completed the intial MRE in 2017. In late 2023, P&E released an the updated El Tigre Project MRE with 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 Pit which contains 5.7 million tons of ore material (see PEA press release dated November 1^st 2023). Recommendations of the PEA-level study included increasing Mineral Resource confidence in potential ‘Starter Pit' 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 17,000m of the program complete (Figure 1). Complete and final assay results from the first fifteen (15) drill holes are listed in Table 1.

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

• Drill hole ET-23-479: Confirms higher-grade Tiger Vein area in starter pit, and expands HW and FW (Fig. 2);
• Drill hole ET-23-486: Downhole intersection expands ‘keel' associated with Tiger and SK veins at bottom of PEA pit floor;
• Drill hole ET-23-489: Downhole intersection expands ‘keel' associated with Tiger and SK veins at bottom of PEA pit floor; and
• Drill hole ET-23-494: Shows at surface in ‘Starter Pit'.

Metallurgical Studies

The Company retained D.E.N.M. Engineering Ltd. (DENM), of Burlington, Ontario for the PFS-level metallurgical test work. After review of the PEA-level metallurgical studies completed, DENM recommended drilling six (6) new PQ-sized drill holes over a one-kilometre strike length of the designed PEA Stockwork (Figure 1). DENM selected McClelland Laboratories Inc. of Sparks, Nevada complete the independent PFS metallurgical testing of the gold and silver mineralization at the El Tigre project. Over 3,000 kg of mineralized material from six (6) 85 mm PQ drill holes were shipped to the laboratory for metallurgical testing with column leach testing underway. All metallurgical holes were subsequently assayed were appropriate to be included in PFS-level updated MRE with results listed in Table 2.

Geotechnical Studies

The company retained Golder/WSP for the PFS-level Stockwork design criteria. After an extensive desktop review and site visit, Golder recommended drilling thirteen (13) HQ-sized oriented drill holes in the western and eastern slopes over a two-kilometre strike length of the designed PEA Stockwork (Figure 1). Geotechnical drilling is completed with point load testing underway. All geotechnical holes will be assayed were appropriate to be included in PFS-level updated MRE.

Upcoming Mining Conference Attendance

• Silver Tiger will also be attending the BMO Global Metals, Mining and Critical Metals Conference from February 25 to February 28, 2024 in Hollywood, Florida.
• Silver Tiger will also be attending PDAC in Toronto from March 3 to March 6, 2024. Our booth number will be 3206.

Underground Mineral Resource to Preliminary Economic Assessment - H2-2024

The Corporation will also continue to work on this substantial, permitted underground Mineral Resource Estimate and advance this towards a Preliminary Economic Assessment by H2-2024. The Indicated Out-of-Pit Mineral Resource at El Tigre is 21 Moz AgEq grading 279 g/t AgEq contained in 2.3 Mt and the Inferred Mineral Resource is 70 Moz AgEq grading 235 g/t AgEq contained in 9.2 Mt. For higher grade sensitivity cases refer to the Company's updated MRE press release dated September 12, 2023.

Table 1-Mineral Resource Drill Hole Results