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Tuesday, 06/14/2022 3:36:56 PM

Tuesday, June 14, 2022 3:36:56 PM

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NEWS; Kootenay Silver (TSX-V: KTN) is pleased to announce JV operator Aztec Minerals Corp. (TSX-V: AZT) has reported the final gold and multi-element results for the Cervantes Project 2021-2022 Reverse Circulation (RC) Phase 2 drill program in Sonora, Mexico. The program involved 26 RC drill holes with a combined total of 5,249 meters that tested four targets (California, California North, Jasper, and Purisima East).

The Cervantes project is a 65/35 joint venture with Kootenay holding a 35% participating interest.

Highlights from final drill results

Results for Hole CAL22-018—a deep probe to test the large IP chargeability anomaly of the California zone, reached a total depth of 264.48 meters before caving.
It penetrated the near surface oxide gold-copper mineralization and transitioned into a higher sulfide-silica alteration zone with significantly higher molybdenum and copper values.
Visible, estimated pyrite contents increased from ~ 1% to ~3-5% avg
Copper increased from a 51 ppm avg to 578 ppm avg
This zone high in pyrite is consistent with pyrite shells associated with copper porphyry mineralization.

The multi-element ICP results show good relationships between Au, Cu, Bi, Ag and As, with prospective grades and widths of Cu and Ag supporting a potential porphyry deposit at depth.

Continued intercepts of anomalous gold mineralization in the California zone
Multi-Element ICP results received for Cervantes drill holes

Results form the California target continue to return anomalous gold mineralization.

View drill section here: California Drill Section CAL22-018

Reported lengths are apparent widths, not true widths, and the observed gold mineralization appears to be widely distributed in disseminations, fractures and veinlets within quartz-feldspar porphyry, feldspar porphyry stocks, quartzites and related hydrothermal breccias.

Click to view: California Longitudinal Section and California 2022 Drill Plan Map

Holes CAL22-018, 019, 020, and 021 intersected anomalous gold mineralization, extending the known mineralized zone at depth, and to the north, east and south of the California zone. The now completed RC Phase 2 drilling program covers an area measuring approximately 900 meters long by 250 to 500 meters wide, with demonstrated, continuous anomalous mineralization up to 265 meters depth vertically. The porphyry gold-copper mineralization is open in all directions.

Table 1. Select Multi-Element Results of Cervantes Phase 2 Drill Program
Hole No. From To Interval Gold (gpT) Copper (%) Silver(gpT)

Molybdenum PPM
m m m
CAL22-001 16.72 110.96 94.24 1.038 54.72m/0.361 72.96m/4.1 12

CAL22-002 4.6 103.36 98.76 0.374 16.72m/0.153 41.04m/1.226

CAL22-003 45.6 91.2 45.6 0.422 63.84m/0.107 53.2m/2.946

CAL22-004 0 165.68 165.68 1.002 159.6m/0.065 167.2m/1.908

CAL22-005 0 136.8 136.8 1.486 118.56m/.091 118.56m/2.661

CAL22-006 16.72 117.04 100.32 0.749 138m/0.103 165.68m/3.243

CAL22-007 83.6 147.44 63.84 0.465 107.92m/0.079 89.68m/1.429

CAL22-008 0 54.72 54.72 0.884 33.4m/0.122 30.4m/2.36
59.28m/0.096 59.28m/59.65

CAL22-009 0 86.64 86.64 0.5 74.48m/0.138 76m/2.386

CAL22-010 0 138.32 138.32 0.53 95.76m/0.224 127.7m/3.567

CAL22-011 25.84 158.08 132.24 0.427 21.52m/0.053 66.88m/2.279
65.36m/0.053 65.36m/1.502

CAL22-012 41.04 193.04 152 0.872 123.12m/0.095 165.68m/3.463

CAL22-013 139.84 147.44 7.6 0.209 54.72m/0.055 74.48m/1.489

CAL22-014 0 54.72 54.72 0.484 31.92m/.0615 27.36m/1.361

CAL22-015 4.56 72.96 68.4 0.421 30.4m/.0622 21.28m/2.779

CAL22-016 0 56.24 56.24 0.475 25.84m/.0981 12.16m/2.325

CAL22-017 28.88 53.2 24.32 0.315 31.92m/0.045 12.16m/1.475 19.8m/209.8
50.2m/0.069 10.64m/2.771 74.48m/144.57

CAL22-018 24.32 48.64 24.32 0.216 53.2m/0.078 86.65m/2.174
191.52 202.16 10.64 0.273 68.4m/0.062 28.88m/1.116 39.52m/122.46

CAL22-019 153.52 167.2 13.68 0.269 16.72./0.0803 59.28m/1.549 7.6m/126.6

CAL22-020 15.2 18.24 3.04 0.321 4.56m/1.833

CAL22-021 100.32 104.88 4.56 0.409 3.04m/.0707 3.04m/2.2

JAS22-001 10.64 19.76 9.12 0.332 69.9m/0.215 65.4m/2.723 19.76m/144.92

PUR21-001 16.72 19.76 3.04 0.323 51.68m/0.069 83.6m/1.942

PUR21-002 22.8 31.92 9.12 0.334 31.9m/0.168 3.04m/1.8

PUR21-003 18.2m/0.0518 3.04m/1.5

PUR22-004 25.8m/325.35

The Aztec-Kootenay JV has now completed its Phase 2 RC program of 26 holes, totaling 5,249 meters at the Cervantes Property. Drilling commenced in December 2021. The primary objectives of the 2021 – 2022 phase 2 exploration program was to better define the open pit, heap leach gold potential of the porphyry oxide cap at California, evaluate the potential for deeper copper-gold porphyry sulfide mineralization underlying the oxide cap, test for north and west extensions of the California mineralization at California North and Jasper, and assess the breccia potential of Purisima East.

Drill samples cuttings are collected every 5 feet (1.52m) from all drill holes. The samples are analyzed by Bureau Veritas for gold with a 30-gram sample size using the method FA430 followed by MA300. Over limits, when present, are analyzed by AR404 or FA550. All holes contain certified blanks, standards, and duplicates as part of the quality control program. The QA/QC review for all drilling has been completed with excellent results showing good data integrity. The samples are shipped to and received by Bureau Veritas Minerals laboratory for the gold and multielement geochemical analysis and additional gold results will be received and reported in the next several weeks. Final multielement ICP results are expected to follow the release of the preliminary gold assays and are expected to be received during the second quarter 2022.

Aztec has recently completed drill hole collar surveying, field work for Drone Photogrammetry survey created a detailed ortho-topographic base map, and Terraspec readings on the RC drill chips. Aztec is now carrying out channel sampling and geologic mapping of the new drill roads at California, California Norte and Jasper, relogged the 2017-2018 core, expand surface sampling and mapping on the property in general to continue the 2021 phase 1 surface program, and generate Leapfrog modeling of the geology, geochemistry and geophysics.

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 James McDonald, P.Geo, President, CEO & Director for Kootenay, a Qualified Person.