Kootenay Silver Inc. (TSX-V:KTN) announced that it now holds 100% ownership of the Columba silver project in Mexico after completing its final payment for the property.
“It is very exciting to be in the midst of what looks like the recognition of a brand new, high-grade silver vein district in Mexico,” said Kootenay CEO James McDonald in a statement.
“Given there has been virtually no erosion of the silver-bearing part of the system, the extent of the veins mapped to date and numerous wide and high-grade hits across the property we certainly believe we have the potential for the discovery of in excess of 100 million ounces of silver.”
Kootenay obtained 100% ownership of the project for a total of US$3,290,000 in staged payments commencing in November 2018, including US$125,000 paid in shares of the company.
The company made its final payment of US$215,000 in cash on May 12, 2023.
The property’s vendor retains a 2% royalty of which 1% can be purchased by Kootenay for US$750,000.
The company highlighted that, to date, 27,000 metres have been drilled at Columba in several areas of interest since 2019, including the F Vein, where the old mine shaft is located, the D Vein, B Vein, and JZ Area.
The first stage of a planned three-stage 50,000 m drill program is set to kick off this summer, the company said.
Kootenay Silver 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.
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