Kootenay Silver Inc. [KTN-TSXV; KOOYF-OTC] on Tuesday October 27 released promising results from the first ever drill program completed at its Copalito silver-gold project in Sinaloa, Mexico. The program consisted of 4,153 metres in over 40 holes.
Results released are holes five to 33. They are being announced after holes one to 4 were released in July, 2020. The earlier results were highlighted by hole BDH-20-004 that returned 3.2 metres of 1,297 g/t silver and 0.285 g/t gold.
Highlights from the new batch of drill holes include 95.4 g/t silver equivalent (AgEq); 63 g/t silver, 0.15 g/t gold and 0.47% lead plus zinc over 18 metres, including 1,047 g/t AgEq, 936 g/t silver, 0.29 g/t gold and 3.31% lead plus zinc over 1.0 metre.
Kootenay shares eased 3.7% or $0.015 to 38.5 cents and trade in a 52-week range of 54 cents and 11.5 cents.
Kootenay Silver is a Canadian and Mexico-based silver exploration company, actively engaged in the development of several major silver projects in Mexico, including the Columba and La Cigarra projects in Chihuahua, the Promontorio and La Negra silver projects in Sonora, and the Copalito high grade silver project in Sinaloa.
The Copalito Project is a classic low sulphidation epithermal vein system which has numerous small old workings and no evidence or reports of historic exploration drilling. The property consists of seven concessions covering 3,700 hectares, and is located 35 km east of McEwen Mining Inc.’s [MUX-TSX, NYSE] El Gallo Mine complex along the western fringes of the Sierra Madre Occidental in northwestern Mexico.
Kootenay can acquire a 100% ownership in the concessions by making staged payments over 4 years totaling US$985,000. Upon earn-in, the vendors will retain a 0.5% net smelter return royalty on the property.