Jun 2 2017
Otis Gold Corp. is pleased to announce that it has recently increased its land position at the Kilgore Gold Project, Clark County, Idaho, by staking 52 federal lode mining claims adjacent to and interior to its current land holdings.
The newly acquired ground increases the Kilgore to 9,080 acres (36.7 km2). Otis controls a 100% ownership interest in the entire land package, which is subject to no underlying royalties or other encumbrances.
The claims were staked to secure a 300-metre by 180-metre structural corridor on the edge of the Company's current land holdings where Otis' recent magnetic survey (see April 12, 2017 News Release) and fieldwork identified a silica-flooded breccia and altered sulfide stockwork. The interpreted trend of mineralization is thought to be related to a radial caldera structure. Otis also located several claims that closed small interior fractions occurring within its existing claim group. The Company continues to review additional opportunities to expand its Kilgore land position as a result of continuing regional exploration efforts.
The Qualified Person under National Instrument (NI 43-101) Standards of Disclosure for Mineral Projects for this News Release is Paul Gray, P. Geo, who has reviewed and approved its technical content.
About the Kilgore Gold Project
The Kilgore Gold Project contains a current NI 43-101 (dated September 12, 2012) Indicated Resource of 520,000 ounces (oz.) Au in 27.4 million tonnes at a grade of 0.59 g/t Au and an Inferred Resource of 300,000 oz. Au in 20.2 million tonnes at a grade of 0.46 g/t Au (the "Deposit"). The Deposit is part of an extensive low-sulfidation quartz-adularia epithermal hydrothermal system hosted in Tertiary volcanic rocks and basement Aspen Formation calcareous siltstone, shale, and sandstone of Late Cretaceous age. Gold mineralization is of the traditional disseminated, bulk-tonnage type similar to that comprising the classic volcanic-hosted gold deposits at Round Mountain, Nevada and McDonald Meadows, Montana. The Deposit features attractive metallurgy with excellent gold recovery averaging greater than 80% at 1.5" crush size based on column leach test results (see Otis News Release dated June 5, 2012).
Source: http://www.otisgold.com/