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VANCOUVER, BC, Oct. 17,
2024 /CNW/ - Kootenay Resources Inc.
(TSXV: KTRI) (the "Company" or "Kootenay") is
pleased to announce a helicopter-borne ZTEM geophysical survey at
its flagship Moyie Anticline Property in southeastern British Columbia has commenced.
The survey was designed and implemented by Geotech Ltd. and is
planned to cover 16,500 hectares at the large Moyie Anticline
project (the "Moyie Anticline Project"), prospective for discovery
of a large base metal +/- silver deposit.
The airborne geophysical survey is follow-up to refine and
expand on very successful results from two previous
Magnetotellurics ("MT") surveys and detailed surface limonite
sampling that identified several targets with Tier One discovery
potential. The purpose of the survey is to provide sufficient
detail and resolution to assist in prioritizing drill targets on
our quest to make a Tier One discovery.
The Moyie Anticline Project extends from just east of the
historical St Eugene Mine (Teck) on the shores of Moyie Lake
southward to the US border. The Company's exploration concept
is to utilize new cutting-edge applications of old and new
technologies to evaluate fertile, yet under-explored mineral belts
with the potential to host giant "Tier One" metal deposits.
The Moyie Anticline and Purcell Basin in general is a region long
considered prospective for the discovery of large base metal
deposits, evidenced by such deposits as the world-famous Sullivan
deposit, to the north in Kimberley, BC.
Kootenay continues to develop and utilize its innovative
limonite geochemical data program to complement MT targets and the
property as a whole. The method employs hand-held XRF technology in
analysing oxide coatings on fracture planes from rock samples. The
resulting dataset provides a novel method for defining geochemical
signatures and anomalies in areas where overlying rocks may
otherwise mask or return zero values for pathfinder and indicator
elements.
Additionally, the Company is pleased to announce that it intends
to complete on a best-efforts basis, a non-brokered private
placement (the "Private Placement") for aggregate gross proceeds of
up to $200,000. The Private
Placement will consist of a combination of non-flow-through and
flow-through common shares.
Under the Private Placement, the Company will offer,
non-flow-through common shares at a price of $0.075 per share and flow-through common shares
at a price of $0.10 per share,
raising aggregate combined gross proceeds of up to $200,000. Proceeds received from the Private
Placement will be used for the development of the Company's Moyie
Anticline Project, other resource properties (eligible for
"Canadian exploration expenses, which are flow-through mining
expenditures) and general working capital requirements.
The securities to be issued under the Private Placement will be
offered by way of private placement in each of the provinces of
Canada, other than Quebec, and such other jurisdictions as may be
determined by the Company, in each case, pursuant to applicable
exemptions from the prospectus requirements under applicable
securities laws.
The Private Placement is anticipated to close on or before
November 22, 2024 ("Closing") and is
subject to certain conditions including, but not limited to, the
receipt of all necessary regulatory approvals. The common shares to
be issued under the Private Placement will have a hold period of
four months and one day from Closing.
In connection with the Private Placement, arms-length finders
may receive a cash fee in respect to their subscribers equal to
6.0% of the gross proceeds.
The securities described herein have not been, and will not be,
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities laws,
and accordingly, may not be offered or sold within the United States except in compliance with
the registration requirements of the U.S. Securities Act and
applicable state securities requirements or pursuant to exemptions
therefrom. This press release does not constitute an offer to sell
or a solicitation to buy any securities in any jurisdiction.
Background
Kootenay Resources Inc explores for and advances early-stage
mineral exploration properties with the potential to host Tier One,
(large to very large) mineral resources. The company is exploring
its flagship Moyie Anticline property in southern British Columbia and on its generative program
including several promising gold-silver-copper properties in the
Nechako plateau of central British Columbia. Kootenay
welcomes partners for exploration projects and currently has two
mineral properties under option to Thompson River Metals Company, a
fully owned subsidiary of Centerra Gold Inc. and three early-stage
exploration projects under option to fellow junior exploration
company Rokmaster Inc.
Qualified Persons
The Kootenay technical information in this news release has been
prepared in accordance with the Canadian regulatory requirements
set out in National Instrument 43-101 (Standards of Disclosure for
Mineral Projects) and reviewed and approved on behalf of Kootenay
by Dale Brittliffe, P.Geo, V.P. Exploration for Kootenay, a
Qualified Person.
About Kootenay Resources Inc.
KTRI is an exploration company actively engaged in the
exploration and discovery mineral projects in British Columbia, Canada. The Company was
formed as a spin-out of Kootenay Silver Inc in which prospective
Canadian assets were transferred to Kootenay Resources Inc. The
transaction was completed in October of 2021, Kootenay Silver
currently holds 3.2 million common shares of Kootenay
Resources.
On behalf of the board of directors of the
Company:
James McDonald,
Director
No Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS:
The information in this news release has been prepared as at
October 16, 2024. Certain statements
in this news release, referred to herein as "forward-looking
statements", constitute "forward-looking statements" under the
provisions of Canadian provincial securities laws. These statements
can be identified by the use of words such as "expected", "may",
"will" or similar terms.
Forward-looking statements are necessarily based upon a
number of factors and assumptions that, while considered reasonable
by Kootenay as of the date of such statements, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies. Many factors, known and unknown,
could cause actual results to be materially different from those
expressed or implied by such forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date made. Except as
otherwise required by law, Kootenay expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any such statements to reflect any change in Kootenay
's expectations or any change in events, conditions or
circumstances on which any such statement is based. More
particularly, this news release contains statements concerning the
anticipated Private Placement. Accordingly, there is a risk that
the Private Placement will not be completely sold, or the Private
Placement will be completed within the anticipated time or at
all.
SOURCE Kootenay Resources Inc.
