VANCOUVER, British Columbia, November 13, 2013 /PRNewswire/ --
Shares Outstanding: 62,808,850
Kootenay Silver Inc. (TSX VENTURE: KTN.V) ("Kootenay") is pleased to announce assay results from a further three drill holes as part of its ongoing, multi-phase drill and resource expansion program on its flagship Promontorio Silver Project in Sonora, Mexico. Current drilling is focused on a series of high-grade silver intercepts recently identified within breccia silver mineralization situated between the Pit and NE Zones. (See June 4, 2013 news release). The Company reports drilling continues to encounter high-grade mineralization. At present, results are pending on 14 additional drill holes that have been completed and will be reported on as results are received and compiled.
> DH 193 Returned: 218 gpt Silver Eqv. Over 45.0 Meters (107 gpt Ag, 0.99 Au, 2.83% Pb+Zn)
- Including 415 gpt Silver Eqv. Over 22.0 Meters (209 gpt Ag, 1.78 Au, 5.42% Pb+Zn)
> DH 189 Returned: 152 gpt Silver Eqv. Over 49.0 Meters (63 gpt Ag, 0.88 Au, 2.06% Pb+Zn)
- Including 333 gpt Silver Eqv. Over 12.0 Meters (122 gpt Ag, 2.48 Au, 3.81% Pb+Zn)
States Kootenay Silver President and CEO James McDonald "We are extremely pleased with current drill results. The current drill intercepts are contained within the project's 1.5 km, Single Whittle Pit Shell and show the high-grade breccia zone extending an additional 75 meters down dip to depth in previously untested areas of the Northeast zone. The holes sit adjacent to and outside of the inferred resource blocks. The extension of this priority zone stands to play a major factor in our ongoing resource expansion, as we continue to hit high grades and build continuity of mineralization in this newly recognized corridor of mineralized breccia. "
Table of the full results follows:
*AgEq (Ag, Au, Pb, Hole ID Target From To Interval Zn) Ag Au Pb Zn Pb+Zn (m) (m) (m) (gpt) (gpt) (gpt) (%) (%) (%) DH-189-13 NE Zone 124.00 129.00 5.0 64 28 0.23 0.51 0.63 1.14 DH-189-13 NE Zone 180.00 184.00 4.0 106 59 0.08 0.85 1.26 2.10 DH-189-13 NE Zone 277.00 280.00 3.0 101 35 0.28 0.54 2.03 2.56 DH-189-13 NE Zone 338.00 345.00 7.0 69 30 0.13 0.76 0.80 1.57 DH-189-13 NE Zone 353.00 362.00 9.0 78 35 0.22 0.83 0.67 1.50 DH-189-13 NE Zone 368.00 417.00 49.0 152 63 0.88 1.09 0.97 2.06 Including NE Zone 372.00 384.00 12.0 333 122 2.48 2.08 1.73 3.81 DH-189-13 NE Zone 428.00 452.00 24.0 101 45 0.44 0.79 0.78 1.57 Including NE Zone 428.00 438.00 10.0 199 86 0.95 1.49 1.55 3.04 DH-193-13 NE Zone 285.00 291.00 6.0 144 60 0.81 0.69 1.36 2.04 DH-193-13 NE Zone 297.00 342.00 45.0 218 107 0.99 1.32 1.51 2.83 Including NE Zone 303.00 325.00 22.0 415 209 1.78 2.46 2.96 5.42 DH-194-13 NE Zone 139.00 144.00 5.0 61 31 0.09 0.49 0.72 1.21 DH-194-13 NE Zone 298.00 301.00 3.0 69 21 0.44 0.65 0.57 1.22 DH-194-13 NE Zone 306.00 311.00 5.0 122 66 0.36 0.92 0.87 1.79 Including NE Zone 309.00 311.00 2.0 262 153 0.47 2.16 1.91 4.07 DH-194-13 NE Zone 321.00 354.00 33.0 58 24 0.35 0.40 0.37 0.77 Including NE Zone 332.00 337.00 5.0 125 52 0.76 0.74 0.82 1.56 DH-194-13 NE Zone 381.00 427.00 46.0 56 22 0.36 0.43 0.30 0.72 Including NE Zone 395.00 399.00 4.0 142 68 0.48 1.53 0.82 2.36 Including NE Zone 413.00 424.00 11.0 89 23 0.93 0.42 0.40 0.82 Including NE Zone 421.00 424.00 3.0 174 23 2.53 0.40 0.41 0.81 *Assuming 100% Metallurgical Recovery *Prices used in Silver Equivalent (AgEq) Calculations: Ag dollars/Oz: $31.00 Au dollars/Oz: $1,650.00 Pb dollars/lb: $0.97 Zn dollars/lb: $0.89 *Drill hole intervals were selected using a cutoff grade of 25gpt AgEq with an internal dilution of 5m at 10gpt and edge grade of 15gpt. Results for Drill holes DH-190-13 to DH-192-13 were reported on October 23, 2013.
To view map of drill results visit: http://www.kootenaysilver.com/i/projects/Promontorio/NE_Zone_Plan_2013-11-13.pdf
All holes are reported as drill lengths. Because of the meandering nature of mineralization within breccia's and surrounding stockworks determining dimensions of mineralization is only possible after numerous holes define the boundaries of mineralized bodies.
Current NI 43-101 Compliant Silver Resource
The current mineral estimate on Promontorio effective date March 31, 2013 (See May 14, 2013 news release) contains a combined Measured and Indicated silver resource of 92,428,000 silver equivalent ounces (39.9M oz's Ag, 508K oz's Au, 394.8M lb's Pb, 462.2M lb's Zn). In addition to the measured and indicated silver resources, there are an additional 26,814,000 silver equivalent ounces in the Inferred category (12.8M oz's Ag, 147 oz's Au, 99.5M lb's Pb, 109.1M lb's Zn). Measured and Indicated resources are contained in open pit resources of 44,504,000 tonnes grading an average of 64.32 gpt silver equivalent (27.77 gpt Ag, 0.35 gpt Au and 0.87% Pb+Zn) and resources outside of the open pit of 215,000 tonnes grading an average of 56.96 gpt silver equivalent (22.89 gpt Ag, 0.28 gpt Au and 0.95% Pb+Zn). Inferred resources are within open pit resources of 14,564,000 tonnes grading an average of 51.95 gpt silver equivalent (24.95 gpt Ag, 0.28 gpt Au and 0.59% Pb+Zn) and resources outside of the open pit of 1,265,000 tonnes grading an average of 61.17 gpt silver equivalent (26.57 gpt Ag, 0.37 gpt Au and 0.74% Pb+Zn).
The current NI 43-101 Resource Estimation conducted on Promontorio by SRK Consulting Inc. (U.S.) of Lakewood, Colorado (See May 14, 2013 news release), included gold assay results in the updated resource estimation. As a result of the addition of gold, the mineral resource is now contained in a single larger optimized Whittle Pit, as opposed to two individual smaller pits as reported in the August 21, 2012 resource estimate. The decision to include gold in the resource estimation follows extensive metallurgical testing and technical analysis conducted by ALS Minerals of Kamloops, British Columbia that confirmed up to 94.5% recovery of gold from pyrite concentrates from the Promontorio resource can be achieved using a post pressure oxidation treatment process.
All drill holes reported were drilled using HQ sized diamond drill core and drilled by B.D Drilling Mexico, S.A. de C.V of Guadalajara, Mexico. Further Quality Assurance and Control procedures and details on assays procedures and laboratories used are disclosed on the Kootenay Silver Inc. website.
The foregoing geological disclosure has been reviewed and verified by Kootenay's CEO, James McDonald, P.Geo (a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects). Mr. McDonald is a director of Kootenay.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: The information in this news release has been prepared as at November 12, 2013. Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "expected", "may", "will" or similar terms.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Kootenay as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, Kootenay expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Kootenay's expectations or any change in events, conditions or circumstances on which any such statement is based.
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
This press release uses the terms "Measured", "Indicated", and "Inferred" resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.
SOURCE: Kootenay Silver Inc.
For further information:
James McDonald, CEO and President at +1-403-238-6986
Ken Berry, Chairman at +1-604-601-5652; +1-888-601-5650
or visit: http://www.kootenaysilver.com