Drones are sweeping over the global mining industry and for good reason. The future of mining will increasingly rely on the use of drones and automated systems, slashing costs while helping mining companies find and dig up more gold, silver and other metals and minerals.
Kootenay Silver Inc. is pleased to announce that further to its press release dated November 15, 2017, it has closed the initial tranche of its non-brokered private placement and has issued an aggregate of 19,549,480 units at a purchase price of $0.20 per Unit for gross proceeds to the Company of $3,909,896. Each Unit consists of one common share and one-half of a transferable common share purchase warrant. Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.30 per share until December 13, 2020. Cash finders fees to arms length parties totaling $154,600 have been paid on this portion of the Private Placement.
The upcoming exploration program is founded on a back-to-basics review and reanalysis of the large historical database of geophysics, geochemistry and drilling on the Platosa Property, stated Ben Pullinger, Vice President Geology. This analysis has already successfully identified new prospective targets at Jaboncillo and San Gilberto, which have been confirmed by field mapping. We are confident that this methodology and the improved understanding of the regional system surrounding the Platosa Mine will lead to positive exploration results in 2018. We are also pleased to have the funding secured to execute this comprehensive exploration program as we explore for new manto and skarn discoveries on one of Mexicos most prospective mineral belts.
Thomas Atkins, President and CEO of Mammoth commented on this successful Private Placement, stating: “We’re pleased to be closing on one hundred percent of what we’d set out to raise through this financing and in fact we couldn’t accept additional investment due to the limits of our price reservation. We’re also pleased to announce that even prior to closing this financing we began diamond drilling and are pleased to so quickly be able to mobilize and start drilling relative to the announcement of our plans to fund drilling via this Private Placement. Mammoth’s VP Exploration, Richard Simpson is on site and working with the drill contractor and local laborers to advance this drill program. Results are expected early to mid January and throughout the first quarter of 2018. We’re optimistic the abundant surface work performed by the Company, and which was used in selecting the drill targets, will produce some attractive precious metal intersections from this drilling.”
“The Zacatecas Mineral Assets represent one of the largest and most historically important land packages within Mexico’s Zacatecas silver belt and we are very pleased to have reached this agreement with Contracuña which provides us greater flexibility to consolidate our mineral interests,” stated Arturo Préstamo, President and CEO of Santacruz. “In addition, our joint venture with Carrizal is an important milestone in our plan to grow our Zacatecas operations into a significant silver producer, and we look forward to its continued development as part of Santacruz’s transition into a mid-tier Mexican silver producer.”
J. Duane Poliquin, Chairman of Almadex commented, We are very pleased to report additional assays from the very northern part of the large Villa Rica geophysical and geochemical target. We believe that these results further indicate large scale porphyry potential in this part of the project. While we have demonstrated the potential for a significant deposit with our Norte drilling, todays results at Raya Tembrillo clearly show that we are dealing with a large cluster of porphyry systems all of which hold the potential to be important porphyry copper-gold deposits.
Silver Vipers President and CEO Stephen Cope states, La Virginia is a highly prospective gold-silver property aggressively explored by Minefinders, whose last reported assays, prior to their acquisition, were highly encouraging. The property may have been overlooked as a non-core asset during the transition. Silver Viper sees in La Virginia an opportunity to build a portfolio of exciting exploration projects and advance work to date in the prolific Sierra Madre Occidental.
Commenting on the drilling campaign, Azures Managing Director, Mr Tony Rovira said, The mineralised intercepts we are seeing are confirming the overall size potential and the internal continuity of the Oposura deposit. Particularly pleasing is that where we intersect massive sulphides, the high tenor of those sulphides is returning very high grades of zinc and lead, and with many of the holes intersecting large mineralised widths, the results are demonstrating positive signs for the mining studies currently underway.”
Duane Poliquin, Chairman of Almaden, commented This highly credible study is a fundamental step towards project development. We are pleased that our active community programs have accomplished the primary objective of ensuring that the local communities understand our project. With the benefit of this report, we can now turn our minds to a social investment plan to accompany the mine, which accommodates the needs identified in this process, and best ensures local people are in a position to benefit as much as possible from Ixtaca project development.
Brian Robertson, President and CEO, commented, We are very excited about the results for dike contact drilling and the high-grade intercept at Cinco Senores. The long intervals of highgrade mineralization continue to significantly increase both the tonnage and grade of the initial resource estimate for the El Dorado/Juan Bran zone. And drilling at the Cinco Senores zone has successfully extended the mineralization to 120 metres along trend, indicating the high potential of significant tonnage at this parallel zone.
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