Kootenay Silver to drill 3,000 m at La Negra
2014-05-06 07:06 ET - News Release
Mr. James McDonald reports
KOOTENAY DRILL PROGRAM SLATED FOR PROMONTORIO'S LA NEGRA PROSPECT
Kootenay Silver Inc.'s plans are under way for an anticipated 3,000-metre drill program on its emerging La Negra silver prospect, situated seven kilometres north of the Promontorio diatreme breccias, in Sonora, Mexico. The La Negra prospect is one of five identified discoveries within a 25km x15 km northwest trending corridor, termed the "Promontorio Mineral Belt."
The Company reports recent processing of airborne geophysical data, compilation of all geochemical sample data and petrographic analysis have highlighted the importance of the La Negra discovery and are the impetus for advancing the prospect to a drilling phase. Silver mineralization has been identified across the entire exposure of the mineralized breccia along a general exposure of 100 by 500 meters. Average of all 50 rock samples (grabs and chips) taken is 77 gpt Ag. Nineteen of these were chip samples that averaged 107 gpt silver with a single high of 512 gpt Ag (see the Company's February 25, 2014 news release for more detail).
Processing of airborne geophysics has been successful in defining the breccia limits where it is exposed and indicates the mineralized breccia may be significantly larger than the existing outcrop exposure.
States Kootenay Silver President and CEO James McDonald "The La Negra is the most advanced prospect of the five discoveries contained within the Promontorio Mineral Belt. We are very excited to drill test this prospect. Not only has La Negra returned consistent silver grades from sampling over a broad area, but it also has distinct characteristics to potentially evolve into a very large, low-cost, open-pittable scenario. This includes the Prospect's outcropping nature and the extensive areas of silver mineralization indicated at surface. The La Negra will be the first of several anticipated satellite mineral systems to be drilled. In concert with this program, we will continue to prioritize the strategic expansion of the high-grade areas of our Promontorio resource, located in the Central corridor and the Northeast Zone."
Drilling dates and budgets will be reported in a future news release.
QA/QC
All sample results reported were analyzed by ALS Chemex using ME ICP 61 which is a four acid analysis using a 30 g fire assay with gravimetric finish for silver and for gold. More QA/QC procedures are posted on the 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.
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.
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