Kootenay Silver {TSX: V. KTN} have released further drill results from their Promontorio La Negra project in Sonora, Mexico.
These results, from 7 drill holes, confirm the potential for a medium-High grade open pittable mine, and to add substantial silver resources to the mine.
Kootenay Silver Inc. {TSX: V. KTN} has announced more results from drilling on its Promontorio La Negra Diatreme silver discovery in Sonora, Mexico.
The latest batch of results are from seven drill holes that were designed to extend the known areas of mineralisation along strike, down dip and to fill in large gaps.
“Results continue to affirm La Negra’s potential for the delineation of a high-medium grade, open-pittable silver resource and for adding substantial additional silver resources at depth,” the company said in a press release.
Kootenay shares were unchanged at 53 cents on Thursday, leaving a market cap of $39.6 million, based on 74.8 million shares outstanding. The 52-week range is 54 cents and 25 cents.
La Negra is located approximately 6.5 kilometers north of the company’s flagship Promontorio Silver Resource, which is contained within a mineralised corridor, which in turn is part of a geological structure known as the Promontorio Mineral Belt.
Believing that the La Negra project can evolve into a near-surface, open pit resource, the company has said it wants to fast track development through an aggressive Phase 11 drilling program that began earlier this year.
“We are very pleased with results from seven holes of our Phase 11 program,’’ said Kootenay President and CEO James McDonald.
“Drilling continues to return consistent intervals of high-grade silver, further underscoring La Negra’s potential as a growing silver resource that clearly displays attributes with potential to evolve into a substantial low-cost, open pit operation,’’ he said.
McDonald said he is “excited that holes LN-34, 37, and 38-15 successfully confirm the excellent depth potential of the La Negra diatreme breccia, hitting mineralised breccia 250 to 300 meters vertically from surface, which is a full 100 to 150 meters deeper than previous drill holes“.
The Phase 11 program at La Negra follows a successful Phase 1 program, which returned significant and consistent intervals of high grade, widespread silver mineralisation extending from surface to depth, confirming a substantial new silver discovery.