Kootenay Resources Announces Airborne ZTEM Geophysical Survey at Moyie Anticline Property and Announces Private Placement
Kootenay Resources Announces Airborne
ZTEM Geophysical Survey at Moyie Anticline
Property and Announces Private Placement
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
./
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.
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For further information:
For additional information, please contact: James McDonald, Director at
403-880-6016; Raj Kang, Director at 604-601-5650
CO: Kootenay Resources Inc.
CNW 07:00e 17-OCT-24