Shares Outstanding: 70,110,683
VANCOUVER, Nov. 17, 2014 /CNW/ - Kootenay Silver Inc. (TSX VENTURE: KTN.V) ("Kootenay") is pleased to announce the completion of its Phase I drill program on its new La Negra Breccia Silver Discovery, situated approximately 6.5 kilometers north of Kootenay's flagship Promontorio Silver Resource in Sonora, Mexico.
Current drilling included 18 additional HQ diameter core holes that were drilled along an approximate 400 meter strike length, for a total of 25 holes drilled in the Phase I program. An announcement on assay results will be made once results are received and compiled. The Company anticipates announcing results from the remaining 18 holes of the Phase I program by the end of November 2014.
States Kootenay President and CEO James McDonald "We are very pleased to conclude the final 18 holes of our Phase I drill program on La Negra. Our goal is to continue to fast-track drilling and development on La Negra. Once current assays results are received, the next step will be to collate and interpret the additional results in a 3D model and design. Once concluded, we plan to immediately proceed to a Phase II drill program with the objective of producing a NI 43-101 resource on La Negra at the earliest opportunity."
Phase I Drill Program
Drilling in the Phase I program was conducted in widely spaced fences along 400 of 500 meters of La Negra's length to provide information on the sub-surface grade, continuity and geometry of the mineralized Breccia system. Current holes were broadly spaced as single holes or fences of holes from the same platforms in 50 to 115 meter spacings along strike. Breccia and stockwork were encountered along the strike length and dips seem to vary from steep northerly dips to moderate southerly dips. The Phase I drill program included approximately 3100 meters of core drilling. A total of 25 HQ diameter core holes were drilled and completed.
La Negra Silver Discovery
The La Negra Beccia prospect is situated approx. 6.5 kms north of Kootenay's flagship Promontorio Silver Resource in Sonora, Mexico and is contained within a 25 x 15 km mineralized corridor, the 'Promontorio Mineral Belt.' The current Phase I drill program on La Negra follows a highly successful trenching and surface sampling program that confirmed widespread silver mineralization exists over a large 100 to 200 meters by 500 meters area on surface. (See news releases from May 28th and June 5th, 2014 for more details). Recently, each of the first seven holes of its current Phase I drill program on La Negra returned significant intervals and high grades of widespread silver mineralization extending from surface to depth, confirming a substantial new silver discovery. (See news release, 'Drill Results' Oct. 15, 2014 for more details)
To View Full Results of Sampling and drill Program Visit: www.kootenaysilver.com
Core is being detailed logged and sampled with half the core being bagged, tagged, catalogued, sealed and sent to an accredited assay lab for analysis. A quality control program including blanks, standards and replicates is being used similar to that used on the Promontorio drill program. Geotechnical data such as recovery, RQD and density are being recorded also. All drilling has been with HQ core and is being done by BD Drilling from 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 14, 2014. 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 403-238-6986; Ken Berry, Chairman at 604-601-5652; 1-888-601-5650 or visit: www.kootenaysilver.com