Kootenay Silver (CVE:KTN) reported Wednesday that drill hole analysis from over 40,000 metres of drilling at its Promontorio project in Mexico has now been forwarded to a third-party consulting company for the preparation of an updated NI 43-101 compliant resource estimate.
SRK Consulting received the
analysis and geologic modeling from drilling on the Northeast zone, the
Southwest zone and the Pit zone.
The analysis was done by Kootenay VP of Exploration, Dr. Tom Richards, in conjunction with the company's technical team.
data included the separation and re-logging of core from a total of 191
individual drill holes, and an in-depth geological interpretation of
previous results and how these results pertain to a diatreme system.
recent definitive recognition of Promontorio as a silver, gold, lead
and zinc diatreme system led to this completed work by the company.
A diatreme is a breccia-filled volcanic pipe or concave body that was formed by a gaseous explosion or hydrostatic forces.
makes a diatreme system exciting is the upside potential, as some of
the world’s largest precious metal deposits are hosted in diatremes,
such as Goldcorp’s (TSE:G) Penasquito Mine in Mexico.
Diatreme systems can also keep producing new discoveries over a long period of time.
said that the analysis shipped off determined that the gold component
from the results at Promontorio represents a "significant" part of the
diatreme system, and therefore needs to be quantified and evaluated.
are very pleased to conclude the resource modeling and in-depth
analysis of drill core from Promontorio," said CEO James McDonald.
on our findings, it is apparent the prospects for multiple, additional
precious metal discoveries within Promontorio's diatreme system and
lengthy mineralized trend are substantial."
Indeed, the company
said several high priority existing and new drill targets have been
identified within the diatreme system. This includes the Dorotea Zone,
which is situated roughly 1,600 metres to the northwest of
Promontorio's Pit resource.
The Dorotea Zone has been traced for
more than 2 kilometres, and surface sampling and trenching indicate
mineralization along at least 1,000 metres of its length.
from limited step-out drilling in 2009 included hole KP-56-08 that
returned 34.5 metres grading 1.73 grams per tonne (g/t) gold and 74.83
g/t silver and 2.42% lead+zinc, including 9 metres grading 3.28 g/t
gold and 173.40 g/t silver and 5.24% lead+zinc.
As a result of
some brief delays from Kootenay's recent core analysis and geologic
interpretation of Promontorio's diatreme system, the company said
results from the SRK resource estimate are now expected to be completed
in mid to late August.
The company also said that a recent
regional exploration program on the 80,000 hectare Promontorio
concession block resulted in new drill targets forming part of the 25 by
15 kilometre northwest trending Promontorio Belt.
Priority targets include the Nopalera, the Tordillo, the La Negra and the Leona zones.
Nopalera area is comprised of 10 showing areas, five of which are at or
near drill ready, the company said. In the zone, 19 grab samples
averaged 4.78 g/t gold with values to 56 g/t gold and 197 g/t silver.
La Negra zone, meanwhile, represents a diatreme breccia noted during a
regional reconnaissance program, which gave values of 72, 29, 22, g/t
silver with anomalous lead, and zinc, Kootenay said.
breccias are very similar to the Promontorio diatreme breccias and
airborne geophysics suggests it could be similar in size," it added.
is developing mineral projects in the Sierra Madre region of Mexico
and in British Columbia, Canada, with its flagship property being the
Promontorio mine in Sonora State.
Currently, Promontorio itself
hosts an NI 43-101-compliant resource containing 8.9 million indicated
ounces of silver plus 1.17 million ounces of inferred silver, 99.3
million indicated pounds of lead plus 13.4 million inferred pounds of
lead, and 110.8 million indicated pounds of zinc plus 14.3 million
inferred pounds of zinc.