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VANCOUVER, BC, April 30, 2024 /CNW/ - Kootenay Resources Inc. ("Kootenay" or the "Company") announces that further to its March 13, 2024 and April 26, 2024 press releases regarding receipt of conditional approval to list on the TSX Venture Exchange (the "Exchange"), the Company has received final approval to list the Company's common shares on the Exchange. Under the policies of the Exchange, the Company will be classified as a Tier 2 Mining Issuer.
The Company expects that its common shares will commence trading on the Exchange at the opening of the market on May 1, 2024 under the symbol "KTRI".
The Company is also pleased to announce that Mr. Christopher Curran has been appointed as a new member of the Company's board of directors, as well as the audit committee of the Board, effective immediately. James McDonald, President & CEO stated "We are pleased to have Chris join the board as we commence trading on the TSXV. Chris brings over 20 years of experience in business development, communications and capital markets that includes working with several publicly listed junior mining and exploration companies."
Kootenay Resources Inc. is an exploration company actively engaged in the exploration and discovery of tier one mineral deposits in British Columbia, Canada. The Company was formed as a spin-out of Kootenay Silver Inc. (TSXV: KTN) in which prospective Canadian assets were transferred to Kootenay Resources Inc. The transaction was completed in October 2021, Kootenay Silver Inc. currently holds ~5.4 million common shares of Kootenay Resources Inc. Exploration efforts are focused on first the Moyie Anticline project and second the Nechacko Plateau region of B.C.
The Moyie Anticline region of the Purcell basin has long been considered prospective for the discovery of tier one deposits as the Purcell basin is host to tier one deposits such as the world-famous Sullivan deposit, Kimberley, BC, the Couer D'Alene silver belt in Idaho and famous Butte copper porphyry in Montana. In the fall of 2021, Kootenay commissioned two new innovative surveys to aid in the discovery of a tier one deposit. The first was a regional style MT survey designed to find deep conductive zones. Research has demonstrated deep conductive feeders appear to be feeders to shallower large deposits around the world. Deposits such as Olympic Dam and well known gold camps in Canada's greenstone belts such as Red Lake. A survey comprising 86 MT stations dispersed across the Moyie Anticline Project area successfully identified a number of deep conductors. In 2023 Kootenay followed up with an additional 47 MT stations across the project. The surveys identified 7 conductors with tier one size potential. The second innovative approach was to conduct limonite sampling in fractures. The idea is limonites which are oxidized sulfides will reveal which areas are carrying metals of interest like silver, lead, zinc and copper and thus where tier one deposits may have formed at depth. Over 7000 samples in over 600 sites were analysed with a portable XRF machine.
The results of these surveys combined with known mineralized showings and trends have defined the first 4 high priority follow up areas to advance to drilling.
These two innovative approaches were developed by Dr. Fred Cook, Craig, Tom, Mike and Sean Kennedy and Dr. Tom Richards. We believe if the Moyie Anticline project hosts a tier one deposit this approach will discover it.
In addition to the Moyie Anticline Project, Kootenay Resources is advancing several early-stage gold-silver targets in the Nechako region of central British Columbia. Currently two properties from Kootenay's six-project portfolio are under option and being explored by Thompson River Metals Company, a fully owned subsidiary of Centerra Gold Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this news release.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, statements regarding the commencement of trading of the Company's common shares on the Exchange. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.
SOURCE Kootenay Resources Inc.
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