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News Releases
| | May 03, 2007
JOINT VENTURE - Drill Program Commences on Jumping Josephine
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| | Vancouver, BC -- Kootenay Gold Inc. ("Kootenay" or the "Company"), TSX-V KTN, is pleased to announce that Astral Mining Corporation has commenced a Phase One 30-hole 2,000m diamond drill program on the Company's 11,785-hectare Jumping Josephine (JJ) Gold Project in southeastern British Columbia. Initially the drill program will focus on the JJ Main target where trenching in 2006 defined a gold-bearing quartz stockwork zone up to 10m wide over a strike length of at least 270m. Assay results from trench channel sampling included: 31.19 g/t* gold over 7m, including 133.91 g/t gold over 1m from Trench 02a, 25.24 g/t gold over 4m from Trench 02c, and 14.1 g/t gold over 5m from Trench 03a (see December 14th 2006 News Release).
This Phase One program will test 3 targets including: 1) 1100m in 20 holes at the JJ Main Zone, 2) 400m in 5 holes at the historical Albion and Dubrovnik targets and 3) 500m in 2 holes at the Bonanza Pass Zone. Surface work in 2006 identified high-grade gold mineralization at all three targets. The Phase I drill program is the first ever drilling to test JJ Main and Bonanza Pass targets.
At JJ Main the Phase I drilling will test the sub-surface extent of the stockwork zone along a strike length of 200m down to a vertical depth of 150m. Due to previously identified nuggety gold in channel samples (see the November 14, 2006 news release), Astral is utilizing HQ sized core to maximize the sample size. All mineralized intervals will be assayed with the metallic gold assay method. Drilling at JJ Main will be completed in fences along 40m-spaced section lines.
The Albion prospect is within the historical Granville Mountain Mining Camp and hosts a north striking quartz vein up to 2m wide containing pyrite, chalcopyrite, galena and sphalerite. Between 1939 and 1962, sporadic work produced 4,418g gold and 25,255g silver from 541 tonnes at a recovered grade of 8.17g/t gold and 46.68g/t silver. Also produced from this ore was 365kg lead and 337kg zinc. The Dubrovnik vein is located 300m east of the Albion vein and shares a similar orientation, though no production is recorded. Both the Albion and Dubrovnik veins will be tested by 6 holes adjacent to and along strike from the historical workings.
The Bonanza Pass prospect is located to the south of the Granville Mountain Camp and was discovered by Kootenay Gold in 2003. A number of 1-5cm wide quartz-sulphide veins, spaced several centimetres to tens of metres to apart, cut altered diorite exposed along an outcrop on the upslope side of a recently constructed forestry road. Prospecting identified visible gold in the veins and grab samples collected from them returned assays of up to 558 g/t gold. A 2006 soil sampling grid identified three coherent gold anomalies coincident with the observed orientation of these mineralized veins with values up to 1.48g/t gold in soils (see September 26, 2006 News Release). A total of 500m in 2 drill holes are planned to test below one strong soil anomaly coincident with the projected orientation of the main corridor of gold-bearing quartz veins.
After receipt and interpretation of the results of the Phase I drill program a Phase II program will be planned and carried out in 2007. Once remaining snow clears in mid-May a comprehensive surface exploration program will commence on the JJ Project comprising geological mapping, prospecting, soil sampling, trenching and geophysics all aimed at identifying further drill targets to test later in 2007.
Astral is earning a 60-per-cent interest from Kootenay Gold Inc. in the 11,785-hectare JJ Gold Project. To fulfill the terms of the option agreement Astral must spend $2.1 million on exploration and issue 400,000 shares to Kootenay over 5 years. This release has been reviewed by James McDonald CEO and director of Kootenay, a Qualified Person as defined by National Instrument 43-101.
About Kootenay
Kootenay is an emerging exploration Company actively developing a suite of premier gold and silver projects in British Columbia, Canada and Mexico. The Company's top priority remains the ongoing aggressive development of its rich Promontorio Silver project, which encompasses the former producing Promontorio Silver Mine in Northwest Mexico. Supported by an experienced and accomplished technical team, over the past four years Kootenay has substantially grown its mineral asset base through key acquisitions, while successfully achieving four new mineral discoveries in the Rossland Republic Gold Trend of British Columbia.
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For additional information, please contact:
James McDonald, CEO at 403- 238-6986
or
Ken Berry, President at 604-683-2214; 1-888-268-8688; www.kootenaygold.ca
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. |
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| | You can view the Next News Releases item: Thu May 24, 2007, <html><FONT COLOR="FF6600"><b>PROMONTORIO - </b></font></html>Surface Sampling Returns 19 Meters Grading 480 Grams per Tonne Silver and 2.51 Grams per Tonne Gold at Promontorio
You can view the Previous News Releases item: Mon Apr 30, 2007, <html><FONT COLOR="0066CC"><b>GENERATIVE - </b></font></html> AeroTEM Helicopter-borne Geophysical Survey has Commenced on the Chenier Copper-Gold Project
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