Jun 25 2015
Pilot Gold Inc. ("Pilot Gold" or the "Company") is pleased to report results from the initial 2015 drill program at the Kinsley Mountain Project in eastern Nevada.
Drill results from an area approximately 150 metres northeast of the high-grade Western Flank intercepted high-grade gold in two key stratigraphic horizons, indicating the presence of a new mineralized zone that remains open to the east and west.
Drill highlights include:
- 2.34 grams per tonne ("g/t") gold over 9.1 metres (Dunderberg shale host), AND
- 3.46 g/t gold over 18.3 metres (Secret Canyon Shale host) in PK208 including
- 13.7 g/t Au over 3.0 metres
- 2.95 g/t Au over 13.7 metres (Secret Canyon Shale host) in PK210
The new intercepts are from the Dunderberg (Candland) Shale and the Secret Canyon Shale units which contain most of the known gold mineralization at Kinsley and are believed to underlie a significant portion of the Kinsley property.
"We are very excited to kick-off the 2015 program at Kinsley on a high note with the discovery of a new high-grade zone 150 metres northeast of the high-grade Western Flank Zone," stated Matt Lennox-King, President and CEO. "It is our belief that the Western Flank Zone is not an isolated occurrence and there is a high probability of ongoing discoveries at Kinsley. These results confirm our exploration model for the discovery of new areas of mineralization."
2015 PROGRAM
The initial 2015 field program at Kinsley is currently budgeted at US$2.0 million and will include up to 10,000 metres of RC and 1,000 metres of diamond core drilling. Thus far, 4,300 metres have been completed in 9 holes (and one lost hole), including three that were drilled for the purpose of conducting an IP survey. The remaining program will focus on following up the new discovery and will also test a number of high-priority targets across the property. Exploration of this nature is drill-intensive and iterative; the program will be continually evaluated in light of data and interpretations from each and every drill hole.
On the basis of these results the exploration program is being modified to expand and connect the new zone to the Western Flank and target the 'high-grade' northwest trending structures in the historic mine trend.
For a table of 2015 Kinsley Mountain drill results to date, please click here:
http://pilotgold.com/sites/default/files/NR1513drillresults.pdf
For drill maps outlining the Western Flank and new discovery area, please click here:
http://pilotgold.com/sites/default/files/NR1513drillmap2a.jpg
http://pilotgold.com/sites/default/files/NR1513drillmap2b.jpg
Moira Smith, Ph.D., P.Geo., Chief Geologist, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-90% of the reported lengths. Drill samples were assayed by ALS Chemex (ISO9001:2000) in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NACN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS.
ABOUT KINSLEY MOUNTAIN
Kinsley Mountain hosts near-surface mineralization similar to other Carlin-style, sediment-hosted gold systems. The property consists of 469 claims on U.S. Bureau of Land Management land plus 6 leased patents totalling 9,520 acres (3,853 hectares) and hosts a past-producing mine with an extensive exploration database and numerous, untested gold targets. The Company owns approximately 79.1% of Kinsley. Intor Resources Corporation ("Intor"), a subsidiary of Nevada Sunrise Gold Corp., is the Company's joint venture partner at Kinsley.
Kinsley Mountain is an early-stage exploration project and does not contain any mineral resource estimates as defined by NI 43-101. The potential quantities and grades disclosed herein are conceptual in nature and there has been insufficient exploration to define a mineral resource for the targets disclosed herein. It is uncertain if further exploration will result in these targets being delineated as a mineral resource.
Further information on Kinsley is available in the technical report entitled "Updated Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A.", effective March 1, 2015 and dated March 19, 2015, prepared by Michael M. Gustin, CPG, Moira Smith, Ph.D., P.Geo. and Gary L. Simmons, MMSA under Pilot Gold's Issuer Profile on SEDAR (www.sedar.com).
ABOUT PILOT GOLD
With a proven technical team and strong treasury, Pilot Gold continues to discover and advance high-quality projects featuring strong grades, meaningful size and mining-friendly locales. Our cornerstone assets include interests in the TV Tower and Halilaga projects in Turkey and the Kinsley project in Nevada, each a foundational asset. The Company also has a pipeline of projects defined by strong gold occurrences, large land positions and district-scale potential.
Source: http://www.pilotgold.com/