Kootenay Silver Inc.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Kootenay Silver Inc. is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico. Supported by one of the largest junior portfolios of silver assets in Mexico, Kootenay continues to provide its shareholders with significant leverage to silver prices. The Company remains focused on the expansion of its current silver resources, new discoveries and the near-term economic development of its priority silver projects located in prolific mining districts in Sonora State and Chihuahua State, Mexico, respectively.

Projects in Hand

Columba Silver Project, Chihuahua State, Mexico

The current diamond drill exploration program was designed to step out on mineralized veins along strike and to depth within the Columba Silver Project. Based upon the reported Phase 4 results, Kootenay has initiated design of an expanded drill program to target high priority veins to assess the large magnitude of the mineralized system at Columba. The F, D and B Veins will be targeted with step out along strike and to depth and numerous untested high-priority areas at Columba. Nearly all drill results across the project remain open to expansion.

Phase 4 Drilling Program

D Vein

CDH-22-122

• 3.9 m of 574 g/t silver, 0.19% lead and 0.66% zinc

CDH-22-125:

• 34.45 m of 540 g/t silver, 0.26 g/t gold, 0.37% lead and 1.56% zinc, including:
• 9.7 m of 1,746 g/t silver, 0.88 g/t gold, 1.11 % lead and 5.2% zinc
• 2.45 m of 5,840 g/t silver, 3.0 g/t gold, 3.08% lead and 17.25% zinc, a project best intercept to date

F Vein

CDH-22-121

• 1.63 m of 2,330 g/t silver, 0.06% lead and 0.80% zinc

B Vein

CDH-22-134

• Intersected broad zone of mineralization through the B Vein corridor including 1.5 meters of 251 g/t silver, 0.1% lead and 0.15% zinc
• Extends B Vein to the southeast

(See news releases dated September 1 & 8, 2022)

La Cigarra Silver Project, Chihuahua State, Mexico

Build new geological model to optimize grade with intent to:

• advance to updated resource and
• PEA decision

Resource Statement for the La Cigarra Silver Project (Effective Date January 14, 2015)

(San Gregorio and Las Carolinas zones)

Note:* Mineral resources are reported in relation to a conceptual pit shell at a 35 g/t silver cut-off grade and a $22/oz silver price.

Promontorio Silver Project, Sonora State, Mexico

Promontorio Mineral Belt

• Concessions hosts two major silver discoveries: Promontorio & La Negra
• Numerous additional targets within a 6.5 km x 15 km area
• Optioned to Pan American from 2016 to June 2019
• PAAS spent US$ 3.6 million in expenditures to advance the project
• KTN to establish initial mineral resource calculation for La Negra

La Negra – High Grade Silver Discovery

• Low-Cost open pit potential
• 17,000 m over 95 holes drilled
• High-grade silver intercepts to 300 m vertically from surface
• Metallurgy indicates potential for leach extraction in 80 to 90% range
• 2022: Finalize geologic model in preparation of resource estimate

Resource Statement for the Promontorio Deposit (Effective Date March 31, 2013)

Cervantes Gold-Copper Project, Sonora State, Mexico

• Aztec Minerals 100% owner (August 2022), Kootenay retains 10M common shares ($0.25) in Aztec Minerals and 0.5% Net Smelter Return Royalty
• Several mineralized zones provide good potential to host a large gold/copper deposit
• 2022 Phase 2 drilling completed
• 1.49 g/t Au over 136.8 m including 3.42 g/t Au over 51.7 m
• 1.0 g/t Au over 167 m including 4.2 g/t Au over 24.4 m
• 1.5 g/t Au over 136.8 m including 3.4 g/t Au over 52 m

Investment Highlights

• Quality silver assets
• Aggressive drill program for 2022
• Excellent discovery potential for high grade deposits
• Acquiring assets at favorable prices
• Excellent leverage to silver price
• 136 Million ounces Ag equivalent M+I and 35 Million ounces Ag equivalent Inferred (La Cigarra and Promontorio Projects)
• High grade drill discoveries
• Columba Silver Property – Large drilling program to define and expand high grade for maiden resource
• Properties with resource base
• Promontorio – Resource work advancing at La Negra silver discovery
• La Cigarra – Geological Modeling Underway
• Successful generative portfolio
• Strong management with track record of success
• Potential for value re-rating

Management

Management and Directors

James M. McDonald, P.Geo., President, CEO & Director

Mr. McDonald has more than 30 years of combined technical and financial experience in mining sector. He co-founded and successfully developed National Gold (which merged with Alamos Minerals) to form Alamos Gold for which he was a Director and served on numerous committees until June 2012. Mr. McDonald also served as President of Genco Resources which operated the La Guitarra Silver Mine located in Mexico. Mr. McDonald is a founder of Kootenay Silver Inc. and a co-founder and director of Northern Vertex Mining Corp.

Kenneth E. Berry, B.Comm, Chairman & Director

Mr. Berry has over 30 years of experience in finance and venture capital markets. Mr. Berry is a founder of Kootenay Silver and was President & CEO of Northern Vertex Mining Corp.

Rajwant Kang, CPA, CMA, Chief Financial Officer & Corporate Secretary

Mr. Kang has over 25 years of financial experience and has held various senior financial positions within public and private companies including, Salares Lithium, Gryphon Gold, Star Shipping and Steppe Gold.

Dr. Tom Richards, BSc, PhD, Vice President of Exploration

An accomplished author and co-author of numerous publications involved in the science of Geology through central British Columbia. Dr. Richards was a Research Scientist with the Geological Survey of Canada. He conducted regional exploration in Canada, United States and Mexico to the early 1990's as an independent geologist/prospector with junior and major mining companies (including Teck, Inco, Esso, Newmont, Falconbridge and Union Carbide) and throughout NW Argentina until 2007. He has been involved with Kootenay Gold in Mexico from 2007 to present.

Dale Brittliffe, BSc., P.Geo.

Is an accomplished geologist dedicated to exploration and discovery of precious, base and technology metals. A 1997 graduate of Western Australia’s Curtin University of Technology, Mr. Brittliffe has worked for junior exploration or small producers throughout his career. He has explored for and defined gold/silver deposits in Australia, Canada, and Mexico, and was involved in exploration for copper and nickel in several Australian States. In the early 2000’s he was tasked with identification and evaluation of Tantalum/Niobium occurrences across Australia to meet growing global demand. In 2006 he relocated to Canada and has been active in junior exploration, including with Kootenay Gold (2009-2010) ever since. In 2016 he co-founded Silver Viper Minerals Corp., a TSX .V listed company. Mr. Brittliffe returned to Kootenay Silver in early 2022.

Jon Morda, CA, Director

Tony Reda, Director

Advisors

Tiziano Romagnoli

Hans Smit, P.Geo.

News Update

On October 17, 2023, Kootenay Silver Inc. has released results from the first three holes of the continuing diamond drilling at the Columba silver project in Chihuahua, Mexico. The current program comprises a 12-to-15-hole campaign for a total of approximately 3,000 metres, designed to extend known mineralization on the D vein target area at Columba. Drill highlights are as follows:

CDH-23-138:

13.56 metres core-length averaging 599 grams per tonne (g/t) silver (Ag), 0.5 per cent lead (Pb) and 1.2 per cent zinc (Zn) from 182.94 metres downhole, including:

Eight metres of 858 g/t silver, 0.78 per cent lead and 1.88 per cent zinc;

One metre of 2,060 g/t silver, 3.2 per cent lead and 4.29 per cent zinc.

CDH-23-137:

Four metres core-length of 340 g/t silver, 0.06 per cent lead and 0.08 per cent zinc from 122 metres downhole, including:

 One metre of 864 g/t silver, 0.17 per cent lead and 0.16 per cent zinc.

CDH-23-136:

2.97 metres core-length of 335 g/t silver and anomalous lead and zinc from 76.03 metres downhole.

Drilling continues to advance at Columba and additional assay results will be announced as they are received, after verification and interpretation by the company.

On October 12, 2023, Kootenay Silver Inc. has provided an updated mineral resource estimate at the Promontorio/La Negra project in Sonora, Mexico. The resource estimate is an update of the Promontorio deposit and a maiden mineral resource estimate for the La Negra deposit seven kilometres to the north. The two deposits are part of the Promontorio mineral belt and are considered a single project.

The mineral resource estimates (MREs) have been prepared by Sue Bird, MSc, PEng, geological and mining engineer of by Moose Mountain Technical Services (MMTS), in accordance with NI 43-101 standards (May 9, 2016) and CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Definition Standards (May 19, 2014), with guidance from CIM Best Practice Guidelines (Nov. 29, 2019).

Highlights from the 2023 mineral resource estimate include:

• Increased grades of the Promontorio deposit of 24 per cent for silver, 21 per cent for gold and 22 per cent and 21 per cent for lead and zinc, respectively (see attached table);
• A resulting 68-per-cent increase in measured and indicated (M+I) silver equivalent (AgEq) metal content at the Promontorio deposit (see attached table);
• Promontorio M+I (measured and indicated) mineral resources of 140.8 million ounces AgEq contained in 42.1 million metric tonnes averaging 104 grams per tonne;
• Promontorio inferred mineral resources of 39.8 million ounces contained in 14.6 million tonnes averaging 84.9 g/t; these results are calculated using 25 g/t AgEq cut-off and are contained within a potentially economically minable pit shell (see attached table);
• La Negra indicated mineral resources of 22 million ounces AgEq contained in 5.3 million tonnes averaging 129 g/t;
• La Negra inferred mineral resources of 4.6 million ounces contained in 1.2 million tonnes averaging 115 g/t; these results are calculated using 40 g/t AgEq cut-off and are contained within a potentially economically minable pit shell (see attached tables).

於2023 年 8 月 28 日，Kootenay Silver Inc. 提供了 Columba 計畫鑽石鑽探的最新進展。 本月稍早宣布的正在進行的計劃旨在沿著礦化良好的 D-Vein 的已知範圍及其下方進行開採，預計總共鑽 12-15 個孔，長度約為 3,000 公尺。

目前計劃的前四個鑽孔的鑽探深度是計劃中最西端的兩個部分。 CDH-23-136 至 CDH-23-139 洞代表距 D-Vein 已知截距 50 公尺的台階，D-Vein 是迄今為止在該礦區遇到的最好的礦化礦脈之一。

分析仍在等待中，但測井地質學家已在模型預測的迄今為止的孔中報告了 D-Vein 典型礦化和脈紋的目視確認。 觀察到每個孔鑽孔長度內的脈絡和相關網狀礦化，測量CDH-23 孔中約5.0 m 脈/網狀結構、8.2 m 脈狀結構和23 m 網狀結構、10 m 脈狀結構和26 m 網狀結構以及1.0 m 脈狀結構、3.0 m 網狀結構分別為-136至CDH-23-139。

Kootenay總裁兼執行長James McDonald 表示：「我們對迄今為止所取得的進展感到非常滿意。看到這些孔中所遇到的強烈礦化的D 礦脈以及顯著寬闊的網狀礦化光環，我感到很鼓舞，這增加了挖掘潛力的潛力。 」「沿著這個結構更快地增加已知的礦化。我們正在等待化驗結果，並將在收到和編譯後報告結果。”

於2023 年 9 月 22 日，多倫多證券交易所創業板已接受提交有關 2023 年 5 月 1 日宣布的經紀私募的文件。

單位數量：37,725,000 單位

購買價格：10加分/單位

認股權證：37,725,000股認股權證，可購買37,725,000股股份

認股權證行權價格：三年期14加分

承配人數：53 位承配人

現有內部人員參與總數：300 萬人（一名內部人員）

現有職業組參與總數：145 萬（四個職業組）

代理費/中間人費：225,090加元和 1,963,500 張認股權證

On September 06, 2023, Kootenay Silver Inc. has resumed drilling at Columba high-grade silver project, located 25 kilometres south of the township of Nueva Casas Grandes, Chihuahua, Mexico. To date, Kootenay has drilled 135 holes for just over 27,000 metres on the project.

The current campaign will drill a minimum of 3,000 metres comprising of 12 to 15 holes focused on expanding on impressive, wide high-grade intercepts hit to date in the west-northwest-trending D vein. The D vein has intercepted high grades in drilling over a horizontal length of 400 metres and to a maximum depth of about 300 metres. Mineralization on the D vein is open to depth and along strike.

Favourable results from the initial program would warrant an additional 7,000 metres in 19 holes to aggressively step out on the D vein toward its projected intersection with similarly mineralized B vein.

On August 09, 2023, Kootenay Silver Inc. has filed the first technical report on its 100-per-cent-owned Columba project located in Chihuahua state, Mexico. The report, titled "Technical Report for the Columba Silver Property", was prepared by independent consultants Moose Mountain Technical Services and was authored by Sue Bird P.Eng., with an effective date of March 17, 2023, and an issue date of July 28, 2023. The Technical Report was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and is available under the Company's SEDAR profile and on the Kootenay website.

The report summarizes work done to date which entails just over 27,000 meters of drilling in 135 holes, detailed and regional geologic mapping and sampling over five principal veins and numerous subsidiary veins. The report recommends further drilling on the principal veins with both an increase of drill density to 50-meter spacing and exploratory drilling along undrilled and under drilled veins. It also recommends a metallurgical program on the principal areas of mineralization.

On August 01, 2023, Kootenay Silver Inc. has provided an update on continued progress at the Columba project. Of the three land access agreements due for renewal this year, two are now signed with a third in the final stages of negotiation. Completion of these agreements will provide Kootenay access to drill vein targets out to the edges of the inferred mineralized system. During 2023 surface exploration has continued to refine targets, drilling is anticipated to recommence upon completion of the land access agreements.

Kootenay's President & CEO, Mr. James McDonald elaborates, "The ongoing surface mapping and prospecting at Columba continues to increase our understanding of this caldera hosted, silver-dominant epithermal vein system. Our team continues to identify and refine extensions of known mineralized veins and our work has also identified new veins, as yet undrilled. The renewal of existing land access agreements which provide framework for both exploration and exploitation is an important step which will provide confidence as we step out aggressively to find the outer extents of this mineralized system."

On June 13, 2023, Kootenay Silver Inc. now holds 100-per-cent ownership of the Columba high-grade silver project. The final payment of US$215,000 was made paid in cash on May 12, 2023. The company has paid a total of US$3,290,000 in staged payments (of which US$215,000 was paid in common shares of the Company, see April 6, 2023, news release) commencing November 2018 to earn 100% ownership. The vendor retains a 2% royalty of which 1% can be purchased by the Company for $US750,000.

James McDonald President and CEO states, "We are very pleased to have earned our way into 100% ownership of the Columba property concessions. It is very exciting to be in the midst of what looks like the recognition of a brand new, high grade silver vein district in Mexico. Given there has been virtually no erosion of the silver bearing part of the system, the extent of the veins mapped to date and numerous wide and high grade hits across the property we certainly believe we have the potential for the discovery of in excess of 100 million ounces of silver."

On May 24, 2023, Kootenay Silver Inc. has closed its previously announced brokered private placement offering of units of the company for gross proceeds of approximately $2.1-million with a non-brokered portion for gross proceeds of approximately $1.6-million, at a price of 10 cents per unit, for aggregate gross proceeds of $3,772,500. The company intends to use the net proceeds from the offering for working capital requirements and other general corporate purposes. The offering is subject to the final acceptance of the TSX Venture Exchange.

On May 5, 2023, Kootenay Silver Inc. sold common shares of Aztec Minerals Corp. in several market transactions.

Prior to the sale of the Aztec shares, Kootenay beneficially owned and had control over approximately 11.85 per cent of the outstanding Aztec shares. As a result of the disposition, Kootenay's ownership of the Aztec shares decreased to 7,601,500 Aztec shares, representing approximately 8.02 per cent on a non-diluted basis. As a result, Kootenay ceased to be an insider of Aztec. Total gross consideration received by Kootenay was $962,445. Funds from the sale will be used for working capital purposes.

On May 01, 2023, Kootenay Silver Inc. has entered into an agreement with Research Capital Corp., as co-lead agent and sole bookrunner, and together with Red Cloud Securities Inc. as co-lead agent, on behalf of a syndicate of agents, including Canaccord Genuity Corp., in connection with a best efforts private placement of units of the company at a price of 10 cents per unit for gross proceeds of up to $4-million. The company intends to use the net proceeds from the offering for working capital requirements and other general corporate purposes.

On April 24, 2023, The TSX Venture Exchange has accepted for filing a settlement agreement dated March 31, 2023, between the company and an arm's-length party to resolve conflicting property interests. By way of consideration, the company will issue 2,018,710 shares at a deemed price of 10.64 cents per share.

On April 06, 2023, Kootenay Silver Inc. has amended the terms for the Columba option agreement to allow for 50 per cent of the April, 2023, payment of $430,000 (U.S.) plus 16 per cent IVA to be paid in common shares of the company. The payment is due on April 12, 2023, and will be paid as follows: $215,000 (U.S.) cash and $215,000 (U.S.) (plus 16 per cent IVA) in Kootenay common shares calculated at the volume-weighted average price of Kootenay for the previous 20 trading days with that price converted to U.S. dollar value using the Bank of Canada's exchange rate over the 20-day period. The final payment of $215,000 (U.S.), which will be paid in cash, is due on May 12, 2023, after which the company will own 100 per cent of the Columba project.

Additionally, the company has reached an agreement with an arm's-length party dated March 31, 2023, to resolve conflicting property interests, pursuant to which Kootenay will issue 2,018,710 in common shares in consideration of $135,000 (U.S.) plus 16 per cent IVA, based on the 20-day volume-weighted average price prior to the agreement of 10.64 cents per common share, converted by the U.S. dollar to Canadian dollar average exchange rate for the 20-day period prior to March 31, 2023, of $1.3715.

On January 13, 2023, Kootenay Silver Inc. has appointed Joseph Giuffre as a director of the company. Mr. Giuffre is a lawyer with over 30 years of legal experience in private practice with Vancouver and national law firms and as in-house general counsel. Mr. Giuffre advises private and public companies in complex corporate, commercial, securities legal and business transaction matters, including mergers and acquisitions, joint ventures, private and public debt and equity financings, regulatory compliance, corporate governance, and capital project development.

On December 01, 2022, Kootenay Silver Inc. has appointed Dale Brittliffe, PGeo, to the position of vice-president of exploration. Mr. Brittliffe is an accomplished geologist with over 25 years experience in exploration for precious and base metals deposits in Canada, Mexico and Australia. He has extensive experience in early-stage to late-stage precious and base metals exploration in a variety of geological settings. Mr Brittliffe will be directly involved in the advancement of Kootenay's Mexican projects, most notably the Columba Silver Project in Chihuahua, Mexico.

On November 2, 2022, Kootenay Silver Inc. announced that it has increased the size of its previously announced private placement (as detailed in the Company's news releases dated Oct. 18, 2022, and Oct. 24, 2022) from $4-million to $4,347,826 through the sale of up to 48,309,179 units of the Company at a price of nine cents per unit.

On November 1, 2022, Kootenay Silver Inc. is saddened to announce the passing of Brian Groves, who has been a director of Kootenay for the past 13 years.

On October 24, 2022, Kootenay Silver Inc. announced that it has amended certain terms of its private placement offering that was previously announced on Oct. 18, 2022. Pursuant to the amended terms, the offering of units of the Company will be conducted at a price of nine cents per unit for gross proceeds of up to $4-million.

On October 18, 2022, Kootenay Silver Inc. announced private placement of units of the Company at a price of $0.10 per unit for gross proceeds of up to $4,000,000.

On September 8, 2022, Kootenay Silver Inc. announced the final batch of results from its Phase 4 drilling program at Columba Silver Project in Chihuahua State, Mexico. Results from eleven drill holes are reported including seven from D Vein and four holes testing B Vein.

Drill Highlights:

D Vein

CDH-22-125

• 34.45 m of 540 g/t silver, 0.26 g/t gold, 0.37% lead and 1.56% zinc, including:
• 9.7 m of 1,746 g/t silver, 0.88 g/t gold, 1.11 % lead and 5.2% zinc
• 2.45 m of 5,840 g/t silver, 3.0 g/t gold, 3.08% lead and 17.25% zinc, a project best intercept to date
• Extends wide high grade 90 meters directly beneath previously announced high grade intercept (CDH-21-110) with 17.8 meters of 650 g/t silver, 0.98% lead and 2.2% zinc within 29 meters of 453 g/t silver, 0.6% lead and 1.43% zinc.
• Total vertical extent of D Vein mineralization now 300 meters.

CDH-22-127

• 0.98 m of 788 g/t silver, 0.64% lead and 1.33% zinc.

CDH-22-128

• 2.0 m of 520 g/t silver within 20 meters of 136 g/t silver.

CDH-22-131

• 4.86 m of 311 g/t silver within 150 g/t silver over 16 m.
• Extends D Vein 100 meters along strike to the southeast from previous drilling.

B Vein

CDH-22-134

• Intersected broad zone of mineralization through the B Vein corridor including 1.5 meters of 251 g/t silver, 0.1% lead and 0.15% zinc
• Extends B Vein to the southeast, provides a test of the upper levels of the interpreted epithermal system.

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