Company
CVE:KTN
Kootenay Silver Inc is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada. Supported by one of the largest junior portfolios of silver assets in Mexico, Kootenay continues to provide its shareholders with significant leverage to silver prices. The company remains focused on the expansion of its current silver resources, new discoveries and the near-term economic development of its priority silver projects located in prolific mining districts in Sonora, State and Chihuahua, State, Mexico, respectively.
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Under the amended terms, the offering of units of the company will be conducted at a price of $0.09 per unit for gross proceeds of up to $4 million
Research Capital Corp will act as the lead agent and sole bookrunner, on behalf of a syndicate of agents, including Red Cloud Securities Inc. Units of the company will be issued at C$0.10 each
“Having traced the vein system over an area of three-by-four kilometers and seeing continuity of high grades and widths in areas like the D Vein underscore for us the potential for 100 plus million ounces of silver,” Kootenay Silver CEO Jam
“We are seeing both the D and F Vein expanding with additional drilling and are planning additional work to evaluate the many high priority targets that remain undrilled,” Kootenay Silver CEO James McDonald said
The latest assays come from the first six holes of the previously announced 15,000-metre, phase four drilling program aimed at extending known mineralization and testing additional veins across the target-rich property
Kootenay Silver expects the first set of assay results from the 2022 drill program aimed at expanding the numerous high-grade hits in multiple veins
The company said subject to financing, it plans to conduct more magnetotelluric surveying around the stronger and larger anomalies to establish 3D imaging for drill targeting
The Canadian exploration company said that it is “eagerly” awaiting results “as additional holes may be warranted”
The drill program comprised 5,249 meters in 26 RC drill holes, testing four targets
The company said it plans to focus on several prospective zones on the property, including the F Vein, which is host to historic high-grade silver underground workings that measure over 1,000 metres in length
Kootenay Silver said the results show some very good copper and gold grades at the California target
Highlights from the results include 152.4 metres grading 0.87 gram per tonne (g/t) gold, including 33.5 metres grading 2.05 g/t gold
The latest results come from this year's reverse circulation drilling at the California target, which continue to hit both broad and high grade gold mineralized zones
The company said it intends to use the net proceeds from the offering for exploration activities, working capital requirements, and other general corporate purposes
Drill results included 3.4 grams per tonne gold over 51.7 metres from the California zone
The company said the best of three drill holes intercepted 167.2 meters (m) grading 1.002 grams per tonne (g/t) gold including 24.4m grading 4.247 g/t gold
The first reverse circulation (RC) hole at the California target on the project generated an intercept, starting from 22.9 metres (m) depth, of 88.41m at 1.1 grams per tonne (g/t) gold, revealed Kootenay
The company said it intends to use the net proceeds from the offering for working capital requirements and other general corporate purposes
Under the upsized terms of the financing, the Vancouver-based resource company is increasing the price of their units to $0.22 from $0.16
The company said it intends to use the net proceeds from the offering for working capital requirements and other general corporate purposes
