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Friday, 22 February 2013
Kootenay Silver shares rise as investors look to new project management at Promontorio, and more drill results
Shares of Kootenay Silver (CVE:KTN) shot up over 11 per cent Wednesday, as investors look forward to more drill results from its Promontorio silver project under the guidance of its newly appointed project manager, Kristian Whitehead.
Last week, the company bolstered its management team with the appointment of Whitehead, who has more than 10 years of experience as a project geologist, specializing in the implementation and management of drilling and advance staged programs.
Kootenay said Whitehead has "extensive experience working in Mexico", having worked on several regional projects that include the Santa Lucia in Sonora, Mexico, Golconda in Sonora, and Comacho in Zacatecas.
He will be responsible for overseeing the company's current 30,000 metre, multi-phase drill and resource expansion program now in progress on the Promontorio project, where Kootenay last month unveiled the results from the first 8 holes, which revealed values as high as 199 grams per tonne (g/t) silver.
The 30,000 metre drill program is the largest drill campaign conducted on Promontorio so far, and Kootenay said it is designed to “substantially increase” the overall size of its contained silver resource and to fast track the path to a production decision.
A preliminary economic assessment (PEA) study is planned for the end of the drilling campaign, and will include an updated resource estimate with results from the latest drilling. The report will then form the basis for the pre-feasibility study at Promontorio.
In August this past year, Kootenay announced it had nearly tripled the resource size at Promontorio. In total, the updated measured and indicated mineral resource contained an estimated 61.679 million ounces of silver equivalent, with another 14.469 million ounces of silver equivalent categorized as inferred.
The company’s shares were lately up nine cents, trading at 90 cents.