Kootenay Silver Inc. (TSX-V:KTN) has announced a successful amendment to the option agreement for 100% of the Columba high-grade silver project in Chihuahua State, Mexico.
The company has amended the schedule on the final payment for the property due in November 2022. The amended agreement splits the final November 2022 payment into a series of payments due in August, November, and December 2022 and January, April, and May of 2023.
Payments range from US$215,000 (August 2022 and May 2023) to US$480,000 (November 2022) and US$430,000 (December 2022, January and April 2023).
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In a statement, Kootenay president and CEO James McDonald said: "We are very pleased with the willingness of our option holder to amend the option agreement and look forward to announcing drill results from the 2022 program."
The company expects the first set of assay results from the 2022 drill program aimed at expanding the numerous high-grade hits in multiple veins. Thus far, drilling in the F and D veins have all hit veining as reported August 4, with good widths seen in very large 75 to 100-metre step outs in the D Vein.
Results will be released once final assays are received and compiled. Assay turnaround time has been longer than anticipated.
Kootenay Silver is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico. 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.
Vancouver-based Kootenay Silver 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 and Chihuahua states in Mexico.
Contact the author at susie@proactiveinvestors.com