Drill Results
Columba drilling returns 10 meters of 503 gpt silver, 0.1% lead, 0.6% zinc and 9.88 meters of 319 gpt silver, 0.1% lead and 0.6% zinc from the Columba Drill Program
Kootenay Silver’s Columba drill expansion accelerates as high-grade silver intercepts mount and funding runway expands toward a La Cigarra PEA
Executive Summary
- 2026-03-02: Columba drilling results released from the Columba High-Grade Silver Project show multiple high-grade intercepts, including 10 meters of 503 gpt silver with associated Pb/Zn, and 9.88 meters of 319 gpt silver with Pb/Zn in the Lupe/B2 system. The company noted that nine additional drill holes contributed to expanding a 60,000-meter program, with two rigs currently active and plans to add rigs upon completion. Approximately 17,000 meters have been drilled in the current 50,000-meter program, with 24 holes reported. Drilling targets include expanding the resource base detailed in the recent 43-101 Mineral Resource Estimate; D Vein and Lupe/B2 Vein systems remain open to depth and strike.
- 2026-02-25: 3D-IP and AMT geophysical survey at Columba commences, testing over 1,250 hectares to aid discovery of concealed mineralization. The survey is expected to take about 8 weeks. Two drills are active, about 15,000 meters into the 50,000-meter program, and financing allows for another 10,000 meters beyond the current program. The measure also notes a modest upward revision to silver-equivalent ounces in M&I and inferred categories on the company website/presentation.
- 2026-02-23: The company announced PDAC Core Shack showcase for Columba, highlighting a 54.1 Moz inferred MRE at 284 gpt Ag (5.92 Mt), and an intensive 50,000-meter drill program to expand resource bodies.
- 2026-02-10: Closing of a Bought Deal LIFE Private Placement for gross proceeds of C$18 million, with common shares issued at C$2.25; proceeds planned for Columba and La Cigarra advancement, working capital, and general corporate purposes.
- 2026-02-20: Marketing agreement with Gold Standard Media, LLC, for marketing services with a three-month term totaling USD 1,000,000; a separate marketing extension with Sideways Frequency LLC extending into a 3-month term for USD 250,000.
- 2026-02-25: 3D-IP/AMT geophysics update indicates continued emphasis on Columba expansion and broader-scale potential, with the company continuing a 50,000-meter plan and a near-term objective to identify additional high-grade targets while the current drill program focuses on extending known high-grade veins.
- 2026-01-20 to 2026-01-22: PEA commissioning for La Cigarra (to deliver in Q2 2026) and continued aggressive Columba drilling to push maiden resource toward 100 Moz Ag, with a closer look at Columba’s resource expansion potential.
- 2026-01-08 and earlier: Ongoing drill results from Columba confirm high-grade intercepts and vein system expansion; drilling updates emphasize the D Vein and Lupe/B2 vein systems with open-ended potential; marketing and ATM-related updates accompany drilling news.
- 2025-11-19 onward: First results from Columba drilling confirm continued positive results and ongoing expansion of mineralized veins; multiple high-grade intercepts reported; company reiterates a 50,000-meter program with depth- and strike-open veins.
- 2025-06 to 2025-07: Maiden Resource Estimate for Columba released (June 17, 2025) showing 54 Moz silver at 284 gpt Ag, along with 0.19% Pb and 0.50% Zn across 5.92 Mt (Inferred). The company then pursued financing to fund further expansion (bought deal and ATM financings) and began the next phase of drilling (Stage One of next 50,000 meters announced July 21, 2025).
- 2025-03 to 2025-11: Columba updates include ongoing drill results, 43-101 reporting preparations, and exploration updates; La Cigarra PEA planning and Columba expansion drilling discussed.
- 2025-03-12 and 2025-03-18 onward: OTCQX listing continuation and 43-101 technical reporting progress for Columba; La Cigarra PEA anticipated in 2026.
Material Impact
- The most recent news (2026-03-02) confirms continued high-grade drill results at Columba and signals a deliberate intensification of drilling into a 60,000-meter program with two rigs and planned ramp-up of rigs upon completion. This reinforces the prior trajectory: Columba remains the flagship, with a maiden resource of 54 Moz Ag at 284 gpt, and a clear plan to grow that resource and move toward a PEA for Columba or related targets.
- The incremental intersections (e.g., 10 m of 503 gpt Ag and 9.88 m of 319 gpt Ag) are materially positive in their own right, given the scale of Columba’s vein system and the open-ended nature of the resource at depth and along strike. The signal that the lupe/B2 and D Vein zones remain open to depth adds optionality to future resource growth.
- The accompanying expansion of the drill program and addition of rigs, funded by recent financing (LIFE private placement; bought deals; ATM activity), reduces near-term execution risk by ensuring adequate drilling capacity and cash runway. However, dilution concerns persist given ongoing equity financings and warrants outstanding.
- In context, the news is positive and aligns with multi-quarter expectations: Columba remains on track to expand the resource, La Cigarra is advancing toward a PEA, and the company is funding both programs with new equity.
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Company Overview
- Company overview:
- Canadian mining company focused on silver exploration with Columba Silver Project in Chihuahua, Mexico as the flagship.
- La Cigarra Silver Deposit in Chihuahua is a second project with a PEA planned in 2026.
- Columba has a maiden MRE (Inferred) of 54 Moz Ag at 284 gpt Ag, plus Pb and Zn credits, across 5.92 Mt (as of May 29, 2025).
- The Columba system is a classic high-grade epithermal vein system with multiple veins (D Vein, Lupe, B2, J-Z) and substantial open-pit/down-dip and strike potential.
- Flagship project: Columba Silver Project (Chihuahua, Mexico) with a 50,000-meter drill program aimed at expanding resources and potentially supporting a PEA.
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Jun 15, 2026 · 10:29