Business
Kuya Silver Closes Acquisition of Properties in Northern Ontario and Launches the Silver Kings Project
Vancouver, British Columbia--(Newsfile Corp. - March 1, 2021) - Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the "Company" or "Kuya") is plea
About this update from Kuya Silver Corporation
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 1, 2021) - Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the \"Company\" or \"Kuya\") is pleased to announce that pursuant to a share purchase and option agreement dated February 26, 2021 (the \"Purchase Agreement\") with First Cobalt Corp. (\"FCC\"), Cobalt Industries of Canada Inc. (\"CIC\") and CobalTech Mining Inc. (\"CobalTech\"), the Company has acquired a portion of FCC's silver mineral exploration assets (the \"Kerr Assets\" or the \"Kerr Project\") from FCC (the \"Transaction\") as previously announced on December 21, 2020. Pursuant to the terms of the Purchase Agreement, the Company has also acquired from CIC an option to acquire up to a seventy percent (70%) interest in and to the balance of FCC's silver mineral assets (\"Remaining Assets\") located in the historic Cobalt, Ontario silver mining district (the \"Option\"). Kuya's President and CEO, David Stein stated, \"This world class silver mining district has been largely abandoned for the past thirty years, and Kuya is excited to sink our teeth into this project. Kuya has identified the opportunity to follow up on recently discovered high-grade silver mineralization and plans to focus on these high-priority areas in our first phase of exploration. Our goal here is to build enough tonnage to justify a new Ontario silver mine that would be the platform to grow production in the district over time. In addition to the Kerr Project, we look forward to working with First Cobalt on the Silver Kings Joint Venture, where we will take a bigger picture approach and target the discovery of new clusters of veins, which have been the focus of the vast majority of historical production in the district.\" Dr. Quinton Hennigh, Kuya Chairman commented, \"The extremely high-grade silver veins of the Cobalt camp occur along high-angle structures that transect the Nipissing diabase sill. Best grades tend to occur in host rocks immediately above or below this sill. When this project is viewed with that model in mind, it is easy to see that most of our tenure is underlain by unexplored or poorly explored areas with potential for both hanging wall and footwall vein targets. We plan to set about building a comprehensive model of historic data as well as collect new data that will allow us to identify new structures tha...