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Pilot Gold Announces Additional Drill Results from Goldstrike Oxide Gold Project

Pilot Gold Inc. ("Pilot Gold" or the "Company") is pleased to announce additional drill results from six Reverse Circulation (RC) and one diamond core hole at the 100% controlled Goldstrike Oxide Gold Project in southwestern Utah. The primary target is Carlin-style shallow, oxide gold mineralization on the 7 km long, 2 km-wide "Historic Mine Trend", between and down-dip to the north of historic open pits.

Highlights from infill and step-out drilling include:

  • 1.15 grams per tonne gold (g/t Au) over 18.3 metres (m), and a second zone with 0.86 g/t Au over 32.0 m in PGS040
  • 1.85 g/t Au over 30.5 m in PGS041C - core hole
    • including 2.63 g/t Au over 18.3 m
  • 3.28 g/t Au over 38.1 m in PGS048
    • including 4.92 g/t Au over 22.9 m
    • including 8.27 g/t Au over 10.7 m
  • 0.87 g/t Au over 61.0 m in PGS049
    • including 2.83 g/t Au over 7.6 m

Key Points:

  • Continued drilling of the main gold host horizon, the Claron Formation, is highlighting new areas with high grade feeder structures. A more concentrated RC drill pattern will be used to define these mineralized zones.
  • The feeder structures are now confirmed to be gold bearing both in the Claron Formation and in older Paleozoic rocks. This is a new target area, and will expand the infill and step out drill program.
  • Four of the seven reported drill holes intersect mineralized feeder structures. As drilling progresses, Pilot Gold is working to define and model a network of higher-grade feeder faults in the eastern portion of the Historical Goldstrike Mine Trend.

To date, 75% of holes drilled by Pilot Gold have encountered significant gold mineralization in the basal Claron Formation, as well as a number of holes with mineralization hosted in underlying Paleozoic strata.

The mineralized intercepts in drill holes PGS041C, PGS048 and PGS049 are all separated by approximately 100 m, and are proximal to other drill holes, including PGS019, which returned 2.10 g/t Au over 35.1 m (see news release dated April 12, 2016). Additional drill holes will target extensions to this zone.

For a complete table of drill results for the current 7 holes, please click here: http://pilotgold.com/sites/default/files/GS_Intercepts05242016.pdf

For a complete table of results for all drilling by Pilot Gold at Goldstrike in 2015 and to date in 2016, please click here: http://pilotgold.com/sites/default/files/GS_Intercepts2015to05242016.pdf

For a map of drill collars and traces for the current release, please click here: http://pilotgold.com/sites/default/files/GoldStrike-PR-20160524.pdf

RC drilling is ongoing, with on average 5 RC drill holes completed per week.

2016 RC and Core Drilling Program

In addition to the ongoing RC drilling program, a 10-hole metallurgical and infill core drill program is also underway, with results pending for five additional core holes drilled to date. Eight of the core holes are, or will be, located in the eastern portion of the Historic Mine Trend (Km 6 N and Km 5 N), with two located in the western part of the Historic Mine Trend.

The objective of the 2016 RC and core drilling program is to target unmined and/or undrilled areas between and immediately below the historic pits, and to drill test down-dip to the north of, and laterally beyond, the Historic Mine Trend into areas where gold has been confirmed but not systematically drilled off. The scope of the program is open-ended and dependent on results. The core holes and metallurgical study costs are a supplement to the RC drill program budget. The metallurgical program will test the amenability of oxide material in newly-discovered areas of mineralization to leaching, over a range of particle sizes.

Goldstrike Property

Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada's Carlin trend. Like Kinsley Mountain and Newmont's Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-type systems located off the main Carlin and Cortez trends in largely underexplored parts of the Great Basin. The Goldstrike Property comprises 96 km2 of US federal lode claims, patented (private) claims and Utah State leases. Previous mining at Goldstrike occurred from 1988 to 1994, with 209,000 ounces of gold produced from 12 shallow pits, at an average grade of 1.2 g/t Au.

(1) Previous mining data sourced from: Willden, R., 2006, Goldstrike Mining District, Washington County, Utah: in bon, R.L., Gloyn, R.W., and Park, G.M., eds., Mining Districts of Utah: Utah Geological Association Publication 32, p. 458-476.

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, 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 Limited 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. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

Goldstrike is an early-stage exploration project and, except for that which is noted in the Report (as defined below), 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. NI 43-101 technical report prepared for a previous operator entitled, "Technical Report on the Mineral Mountain Property, Washington County, Utah, USA", dated February 16, 2010, prepared by Kenneth P. Puchlik, of Puchski GeoConsultants (the "Report"). As at the date of the Report, Mr. Puchlik was a "Qualified Person" as defined by NI 43-101.

Source: http://www.pilotgold.com/

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