Kootenay Silver announces 30,000 meter, multi-phase drilling and resource expansion program slated to commence on Promontorio Silver project, Sonora,
Thursday, Nov 08, 2012VANCOUVER, British Columbia, November 7, 2012 /PRNewswire/ -- Kootenay Silver Inc. (TSX VENTURE: KTN.V) (the "Company") is pleased to announce that, further to its press release dated October 31, 2012, announcing that the Company had closed a fully subscribed, $8,253,000 brokered private placement financing, it has secured drilling contracts and has begun mobilizing drill rigs to commence a major, multi-phase, 30,000 meter drill and resource expansion program on its flagship Promontorio Silver Project in Sonora, Mexico. The upcoming drill and resource expansion program is expected to employ up to five drill rigs at full capacity, representing the single largest drilling campaign conducted on the Promontorio project to date.
States Kootenay CEO James McDonald "We could not be more pleased to close our financing and to proceed with the next major step in the advanced development of Promontorio. The multi-phase drill and resource expansion program will focus on continuing to expand the known silver resource to the NE and SW of the main deposit, and on five adjacent, high-priority, mineralized stockwork breccia targets that offer significant potential for further resource expansion. The overall objective of the multi-phase program will be to continue to define the continuity and parameters of the contained silver deposit, and to drive the overall size of the silver resource to upwards of 100 million silver equivalent ounces by the conclusion of the program."
Upcoming 30,000 Meter, Multi-Phase Drill and Resource Expansion Program
The Company is currently mobilizing drill rigs, expanding camp facilities and coordinating personnel in preparation for the multi-phase drill and resource expansion program. Slated to commence by mid Nov 2012, initial drilling will focus on systematically expanding the known silver resource, beginning with the unconfined portions of the higher-grade resource located in the Pit and NE zones, as defined by previous drilling. Multiple core holes will also be drilled to offset significant intercepts located along strike and between the two primary zones. Multi-phase drilling will include several oriented triple-wall diamond core holes located in the conceptual pit walls to obtain sufficient data to support a preliminary pit slope design. Drilling will also focus on five high-priority, mineralized stockwork breccia targets defined by surface exploration and limited drilling.
Kootenay Silver Inc. is actively developing mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada. Its flagship property is the former producing Promontorio Silver mine in Sonora State, Mexico. Kootenay's objective is to develop near term discoveries and long-term sustainable growth. Its management and technical team are proven professionals with extensive international experience in all aspects of mineral exploration, operations and venture capital markets. Multiple, ongoing J/V partnerships in Mexico and Canada maximize potential for additional, new discoveries while maintaining minimal share dilution.
Source: Kootenay Silver Inc.