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Pilot Gold Highlights Drill Results of Near-Surface Silver Zone at KCD Target

Pilot Gold Inc. is pleased to highlight drill results focused on a substantial, near-surface zone of silver-only mineralization that overlies the high-grade gold-silver-copper zone at the KCD target at TV Tower described in previous Pilot Gold news releases.

While Pilot Gold continues to prioritize the gold-silver-copper zone, a significant silver zone has been identified in drill holes extending over an area measuring more than 500 metres by 300 metres, and up to 100 metres thick.

Silver drill highlights include:

  •   69.8 g/t silver (Ag) over 110.6 metres in KCD-66, including
  •        87.1 g/t Ag over 71.0 metres
  •   52.1 g/t Ag over 111.8 metres in KCD-68, including
  •        150 g/t Ag over 8.3 metres
  •   71.2 g/t Ag over 53.8 metres in KCD-43
  •   63.8 g/t Ag over 76.5 metres in KCD-74

"While shallow, silver-only mineralization was identified in some of the earliest drill holes at the KCD target, the potential size and significance of this zone is only now being recognized," said Moira Smith, Pilot Gold's Chief Geologist. "Many of the drill holes targeting the gold zone passed through the silver zone. Drilling will now include further attention to the silver zone itself, in order to understand its full extent and significance."

The silver zone partially overlaps and overlies the gold-silver-copper zone of mineralization (as described in previous press releases). The silver zone consists of a gently north-dipping, tabular zone of mineralization that has been tested by holes spaced 50 to 100 metres over an area measuring approximately 500 by 300 metres. It is exposed on surface along the southern margin of the zone, and under shallow cover further to the north. The zone is open to the west, east and down dip to the north. The upper portion of the zone and near-surface areas are extensively oxidized.

Silver mineralization is hosted in fluvial-lacustrine strata including reworked volcaniclastic rocks, siltstone, mudstone and overlying andesite, and consists of very fine-grained disseminated to semi-massive and vein-hosted pyrite and lesser enargite, accompanied by variable silicification of the host rocks. Silver-bearing minerals have not been conclusively identified and await further study by thin section.

Silver mineralization may slightly pre-date gold mineralization based on paragenetic relationships. Silver grade appears to be related to sulphide content, with semi-massive zones often hosting individual assay intervals returning 100 g/t Ag to 300 g/t Ag or more. Some low-grade copper mineralization is also associated with this zone. Pilot Gold has commenced a metallurgical program to characterize the nature of the silver mineralization and identify appropriate extraction methods for both the oxide and sulphide silver mineralization.

"We are very pleased with TV Tower's gold drill results to date and the recent expansion of our high-grade gold target through step-out drilling," said Matt Lennox-King, President & CEO, Pilot Gold. "While gold will continue to be our priority, we are also seeing strong silver results that could help unlock further value for TV Tower going forward."

All true widths are 50-100% of reported widths unless otherwise stated. All intervals of no sampling have been assigned zero grade for the purposes of compositing. For a comprehensive table of results related to silver mineralization, please click: http://www.pilotgold.com/sites/default/files/TVTowerDrillResults1306.pdf. The attached table contains intervals referenced specifically to silver for all holes drilled to date in 2012. These results have not been released in this form previously, and represent newly calculated intervals for 54 drill holes.

For a map highlighting recent drilling, please click: http://www.pilotgold.com/sites/default/files/TVTowerDrillMap1306.pdf.

The drill results form part of an aggressive exploration program consisting of 16,000 metres of diamond core drilling, property-wide airborne magnetic/EM geophysics and ongoing surface mapping and geochemical sampling. Approximately 14,000 metres in 69 holes at KCD have been completed since the program started in June 2012, with assays pending for 14 holes. Drilling in the near-term will continue to focus on infill and step-out drilling in the KCD target area.

Pilot Gold plans to undertake 25,000 to 30,000 metres drilling (total) at the KCD, Kayali and Sarp/Columbaz targets in 2013.

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

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