CORRECTION: Kootenay Hits Multiple High Grade Intercepts on La Negra Including 156 gpt Silver Over 200 Meters, 442 gpt Silver Over 50 Meters and 1337 gpt Silver Over 6 Meters
VANCOUVER, British Columbia, November 26, 2014 /PRNewswire/ --
/C O R R E C T I O N from Source -- Kootenay Silver Inc./
In the news release, "Kootenay hits multiple high grade intercepts on La Negra including 240 gpt silver over 200 meters, 442 gpt silver over 50 meters and 1337 gpt silver over 6 meters", issued 26-Nov-2014 by Kootenay Silver Inc. over PRNewswire, we are advised by the company that the headline and and first bullet point under 'Highlights include:' has changed. '240 gpt' should have read '156 gpt.' The complete, corrected release follows:
Shares Outstanding: 70,110,683
Kootenay Silver Inc. (TSX VENTURE: KTN.V) ("Kootenay") is pleased to announce results on 16 additional drill holes from 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.
To date, a total of 25 holes have been drilled and completed in the inaugural discovery drill program on La Negra. Results from the final 2 holes of the program are pending and are expected to be released in the near future.
States Kootenay President and CEO, James McDonald "We are extremely pleased with assay results from the current 16 holes of the program. La Negra is rapidly evolving into an exciting new silver discovery that is ideally situated and continues to yield multiple high-grade results. The mineralization is outcropping on a hill top and drill results show both consistency of mineralization and demonstrated potential for continued high grades, as shown in holes such as LN 21-14 that returned 1337 gpt silver over 6 meters. Combined, these factors indicate strong potential for developing a significant low cost silver operation."
Highlights include:
- 200 meters from surface of 156 gpt Silver in LN 21-14 including the bottom 50 meters grading 442 gpt Silver. This hole bottomed in 492 gpt over 17 meters.
- 6 meters of 1337 gpt Silver in LN 21-14, the highest grade interval to date.
- 34 meters from surface of 265 gpt Silver in LN 22-14 with 18 meters of 467 gpt Silver
- 30 meters from surface of 250 gpt Silver in LN 23-14 with 13 meters of 459 gpt Silver
- 33 meters from surface of 179 gpt Silver with 11 meters of 412 gpt Silver in LN 14-14.
- 49 meters from 13 meter depth of 92 gpt Silver with 34 meters of 251 gpt Silver in LN 8-14.
- 140 meters from surface of 61 gpt Silver with 47 meters of 79 gpt Silver and 8 meters of 355 gpt Silver in LN 13-14.
Details of the intercepts are in the following table:
From To Interval Silver Gold Lead Rock
Drill Hole (m) (m) (m) (gpt) (ppb) % Type
LN-08-14 -45/180 Az 13 62 49 91.89 15.14 0.26 Breccia/+Andesite
Including 30 41 11 251.00 34.54 0.15 Breccia
Including 53 62 9 59.70 8.55 0.53 Breccia
137m EOH
LN-09-14 -60/180 Az 9 37 28 60.00 38.19 0.32 Breccia
Including 9 23 14 64.57 44.00 0.39 Breccia
105m EOH
LN-10-14 -90/360 Az 5 40 35 87.08 37.34 0.51 Breccia/+Andesite
Including 10 35 25 116.56 45.48 0.60 Breccia
Including 14 35 21 135.52 53.00 0.65 Breccia
70 78 8 37.25 5.25 0.24 Breccia
157 163 6 38.83 63.00 0.27 Breccia
191m EOH
LN-11-14 -60/360 Az 6 11 5 56.33 9.66 0.33 Breccia
27 29 2 32.50 2.50 0.01 Stockwork
131m EOH
LN-12-14 -45/360 Az 13 28 15 29.76 8.88 0.44 Stockwork/Breccia
Including 17 28 11 37.33 9.94 0.47 Breccia
117m EOH
LN-13-14 -60/090 Az 0 140 140 61.43 47.75 0.38 Breccia/Stockwork
Including 24 71 47 79.00 52.00 0.31 Breccia
Including 12 19 7 95.57 49.85 0.22 Stockwork
Including 24 34 10 83.33 50.00 0.10 Breccia
Including 54 64 10 136.50 57.40 0.73 Breccia
Including 66 71 5 120.20 13.20 0.74 Breccia
Including 112 120 8 355.16 118.30 2.97 Breccia
Including 132 140 8 52.75 89.37 0.19 Breccia
183.5m EOH
LN-14-14 -60/270 Az 0 33 33 179.65 33.21 0.33 Breccia
Including 13 24 11 412.11 61.77 0.24 Breccia
Including 26 30 4 181.00 55.25 0.72 Breccia
48 60 12 31.50 8.18 0.13 Stockwork
92m EOH
LN-15-14 77m EOH No Significant Results Argillic Andesite
LN-16-14 60m EOH No Significant Results Argillic/Propylitic
LN-17-14 51m EOH No Significant Results Argillic/Propylitic
LN-18-14 156m EOH No Significant Results Argillic/Propylitic
LN-19-14 -45/180 Az 70 82 12 289.58 39.66 1.42 Breccia
Including 74 82 8 421.37 50.50 1.93 Breccia
193m EOH
LN-20-14 -45/180 Az 51 61 10 33.70 29.85 0.40 Stockwork
97 133 36 79.05 64.92 0.24 Breccia/Stockwork
Including 105 133 28 99.35 88.57 0.24 Breccia/Stockwork
Including 111 133 22 107.66 100.00 0.16 Breccia
192m EOH
LN-21-14 -45/290 Az 0 200 200 156.47 102.67 0.18 Breccia/Stockwork
Including 41 57 16 114.31 9.03 0.21 Breccia
Including 119 128 9 392.11 218.44 0.15 Breccia
Including 150 158 8 258.37 155.37 0.07 Breccia
Including 164 169 5 476.20 294.20 0.14 Breccia
Including 150 200 50 420.34 182.91 0.23 Breccia
Including 174 180 6 1337.66 475.00 0.28 Breccia
Including 183 200 17 492.30 128.23 0.50 Breccia
200m EOH
LN-22-14 -90/360 Az 0 34 34 265.31 114.37 0.75 Breccia/Stockwork
Including 16 34 18 467.77 200.97 1.11 Breccia
82m EOH
LN-23-14 -45/180 Az 0 30 30 239.92 53.13 0.41 Breccia/Stockwork
Including 17 30 13 459.76 89.65 0.59 Breccia
Including 17 23 6 899.50 160.50 1.15 Breccia
Including 18 19 1 3040.00 426.00 4.53 Breccia
78m EOH
To view cross sections of the drill holes visit: La Negra Cross Sections LN 01 to LN 23-14. To view a drill plan outlining the location of the La Negra drilling visit: La Negra Drill Plan Map.
OCTOBER 15, 2014 News Release (Previously Announced)
From To Interval Silver Gold Lead Rock
Drill Hole (m) (m) (m) (gpt) (ppb) % Type
LN-01-14 -45/180 Az 3 44 41 110.46 67.71 0.126 Breccia
Including 18 37 19 177.1 112.78 0.056 Breccia
Including 18 31 13 223.23 129.38 0.07 Breccia
95m EOH
LN-02-14 -60/180 Az 0 50 50 141.28 107.72 0.215 Breccia
Including 0 40 40 161.25 121.15 0.256 Breccia
Including 19 47 28 212.64 149.14 0.144 Breccia
Including 19 34 15 323.13 197.8 0.216 Breccia
100m EOH
LN-03-14 -90/360 Az 0 144 144 82.57 57.93 0.309 Breccia
Including 0 27 27 108.32 77.3 0.618 Breccia
Including 0 106 106 98.03 62.19 0.373 Breccia
Including 0 78 78 114.63 66.04 0.383 Breccia
Including 53 78 25 195.84 107.4 0.144 Breccia
Including 54 67 13 229.38 103.61 0.166 Breccia
144m EOH
LN-04-14 -60/360 Az 0 114 114 78.54 66.4 0.311 Breccia
Including 0 92 92 92.98 79.68 0.351 Breccia
Including 0 67 67 118.93 83.39 0.409 Breccia
Including 0 20 20 149.43 73.21 0.85 Breccia
Including 43 74 31 146.38 95.67 0.103 Breccia
152m EOH
LN-05-14 -45/360 Az 0 119 119 91 46.44 0.576 Breccia
Including 0 88 88 108.85 39.95 0.625 Breccia
Including 89 119 30 40.4 64.55 0.427 Breccia
Including 51 91 40 182.87 70.97 1.171 Breccia
Including 51 65 14 367.85 111.42 1.84 Stockwork
147m EOH
LN-06-14 -60/090 Az 3 101 98 92.79 104.37 0.153 Breccia
Including 3 55 52 124.36 88.59 0.224 Breccia
Including 3 24 21 168.33 125.8 0.416 Breccia
Including 3 16 13 214.3 131.3 0.618 Breccia
101m EOH
LN-07-14 -60/270 Az 5 64 59 132.49 85.34 0.26 Breccia
Including 5 48 43 149.60 78.96 0.27 Breccia
Including 31 48 17 185.35 153.18 0.23 Breccia
Including 5 116 111 83.89 52.49 0.23 Breccia/Stockwork
Including 65 116 51 17.06 7.42 0.19 Stockwork
Including 106 116 10 41.90 12.80 0.47 Stockwork
130m EOH
These results highlight the importance of the La Negra discovery and the potential for finding and developing additional high grades. Drilling has tested and encountered Breccia and stockwork mineralization along a strike length of 400 meters to vertical depths of over 190 meters. Due to faulting and possibly the nature of the breccia contact itself the width of the breccia body is undetermined at this time. Thus far minimum drilled widths are varying from about 60 to 100+ meters within a broader 200 by 500 meter area of breccia outcrop exposures.
The breccia is cut by two northwest trending faults across which the dip of the breccia changes from near vertical dips to moderate southerly dips. This is evidenced by holes LN 11, 12, 14, 18, 19 and 20, which were drilled through the breccia into the footwall or directly within the footwall thus missing the bulk of the breccia body. The last hole LN 25-14 (assays pending) drilled to the north confirms a southerly dip encountering 60 meters of breccia from surface followed by about 50 meters of stockwork.
Holes LN 15 to 18 were drilled at the western edge of the breccia and seem to define the western extent of the main breccia body. However outcropping breccia does occur about another 50 meters further west of these holes so a western extension or a separate breccia body is implied.
Breccia characteristics indicate the La Negra Breccia is a in the vent facies of a diatreme. Diatreme breccias have extensive depth potential in the order of 100's of meters. The La Negra Breccia also appears to have a steep northeast plunge to the system.
Current 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 115 to 75 meter spacings along strike. Extensive zones of 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: http://www.kootenaysilver.com
QA/QC
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. Sample lengths are one meter in breccia or stockwork zones and 2 meters in other zones. 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.
ABOUT 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 25, 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.
James McDonald, CEO and President at 403-238-6986; Ken Berry, Chairman at +1-604-601-5652, +1-888-601-5650 or visit: http://www.kootenaysilver.com
