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Wednesday, 4 September 2013
Kootenay Silver starts next phase of drilling at Promontorio with focus on new high grade zone
Kootenay Silver (CVE:KTN) is carrying on with the next phase of drilling at its flagship Promontorio silver project in Sonora, Mexico, with a minimum of 5,000 metres planned as part of this year's resource expansion program at the site.
Core drilling will focus on a series of high grade silver intercepts recently found within a new breccia zone of silver mineralization between the Pit and NorthEast zones, the company said.
"Supported by recent analysis of data from our ongoing work programs, the current phase of drilling has emerged as a much anticipated event for Promontorio," said president and CEO James McDonald in a statement Wednesday.
"The newly identified high-grade silver zone, situated between the Pit and NE Zones, remains open, both peripheral to, and at depth, to the known calculated resource."
He added that the new zone also falls within the parameters of the project's single optimized Pit model -- as opposed to two smaller pits -- offering potential to add additional ounces to the existing silver resource and boost economics.
In August of last year, the company announced a measured and indicated resource estimate for the project, which was updated with the inclusion of the gold resource potential at Promontorio earlier this year. The current resource stands at 92.4 million ounces of silver equivalent in the measured and indicated category, with another 24.3 million ounces in the inferred resource category.
Since the resource report last year, the precious metals explorer has undertaken an expansive drill program of 30,000 metres, with an updated resource estimate expected when the campaign is finished, sometime in the third quarter.
In June, shares of the silver exploration and development company rose after it released drill results from the new high grade silver zone between the Pit and the Northeast zones, with highlights including 301 grams per tonne (g/t) silver equivalent over 31.7 metres, including 1,046 g/t silver equivalent over 5 metres in hole 186.