Project Description

Location

The El Tigre Project is located approximately 90 kilometers south-southeast of Agua Prieta in northern Sonora, Mexico. The Project covers a distance from north to south of approximately 35 kilometers. The old El Tigre Mine covered 1.6 kilometers in the central area of the property as illustrated in the red circle in Figure A below. There is existing road access to the Project. El Tigre is located 15 kilometers from a large water reservoir and 18 kilometers from the electrical power grid.

History

Gold and silver mineralization was first discovered at El Tigre in 1896 by James Taylor, an American prospector. Subsequently, the Lucky Tiger Combination Gold Mining Company was established and mine production from 1903 to 1938 is estimated at 325,000 to 350,000 ounces of gold and 70 to 75 million ounces of silver. Reported production through 1938 was 1.87 million tons averaging 7.54 g/t gold and 1,308 g/t silver (Craig, 2012). The underground mine was developed to 15 levels along 1.6 kilometers of strike length targeting three veins; El Tigre, Sooy, and Seitz-Kelly.

The first modern day exploration program was completed by Anaconda Minerals Company and Minera Talaman (previous concession owner) during the years 1981 to 1984. This work included surface geological mapping, underground surveying, 22 drill holes totaling 7,812 meters and 352 meters of exploration drifting at the Fundadora vein. El Tigre Silver Corp. subsequently acquired the Project and completed 59 drill holes totaling 9,411 meters during 2011 to 2013.

Oceanus Exploration Program

The map below shows the extent of Oceanus’ exploration at this time. Oceanus has only explored 6 kilometers of the 35 kilometer long El Tigre Property. In addition to the area above the old El Tigre Mine (the Main Deposit), Oceanus has carried out exploration and drilling to the south at, and beyond, Gold Hill and to the north of the El Tigre Mine at Protectora and Fundadora. Recent field mapping and prospecting surveys have identified mineralization, which has been named the La Chula vein system. La Chula is located approximately three kilometres north of the Main Deposit.

Recent Step-out Drill Results

Hole ET-17-133 – 67.6 meters of 1.49 g/t gold equivalent from 78.5 meters to 146.1 meters consisting of 1.24 g/t gold and 19.1 g/t silver, including 23.4 meters of 3.31 g/t gold equivalent consisting of 2.77 g/t gold and 40.5 g/t silver.

Hole ET-17-140 – 9.0 meters of 1.86 g/t gold equivalent from 35.0 meters to 44.0 meters consisting of 0.18 g/t gold and 125.5 g/t silver, including 1.5 meters of 9.54 g/t gold equivalent consisting of 0.43 g/t gold and 683.2 g/t silver. Hole ET-17-140 was astep out hole approximately 400 meters to the south of the Main Deposit past Gold Hill.

Hole ET-17-144 – 3.15 meters of 36.6 g/t gold equivalent from a depth of 88.25 meters to 91.40 meters consisting of 10.1 g/t gold and 1,990.9 g/t silver, including 0.85 meters of 135.1 g/t gold equivalent consisting of 37.2 g/t gold and 7,338.9 g/t silver; and 1.5 meters of 1,107.36 g/t silver and 0.024 g/t gold from a depth of 188.65 meters to 190.15 meters. Hole ET-17-144 is located 800 meters north of the Main Deposit.

Objectives of Oceanus Drilling Program

The Oceanus 2016-17 infill drilling program at El Tigre comprised 62 diamond drill holes totalling 11,923 meters. The purpose of this drill program is to support an NI 43-101 resource estimation for the El Tigre Property. The results from the Oceanus drilling, prior drilling and other data were incorporated into a resource estimation completed by P&E Mining Consultants Inc. and released in September, 2017.

In particular, the El Tigre drill program was designed to achieve the following objectives:

  • twin several legacy drill holes at the Main Deposit;
  • infill the central area of the Main Deposit;
  • infill the 500 meter gap along strike at the Main Deposit to the north between La Mula and the Camp;
  • infill the 200 meter gap along strike at the Main Deposit to the south at Gold Hill;
  • test for a southern strike extension to the south of Gold Hill; and
  • test several of the veins to the north of the Main Deposit (Fundadora and Protectora).
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