Mar 11 2015
Pilot Gold Inc. ("Pilot Gold" or the "Company") is pleased to announce the final results from the 2014 exploration program at TV Tower. The property has delivered five gold, silver and copper-gold discoveries over the past 4 years, and hosts numerous untested targets.
Final 2014 drill highlights include:
- 0.30% copper ("Cu") and 0.15 grams per tonne ("g/t") gold ("Au") over 235.8 metres (0.66 g/t gold-equivalent (AuEq1)) in KRD029C at the Hilltop porphyry target, including:
- 0.75% Cu and 0.22 g/t Au over 58.5 metres (1.51 g/t AuEq)
- 0.21% Cu and 0.46 g/t Au over 138.7 metres (0.82 g/t AuEq) in KRD021C at the Valley porphyry target, including:
- 0.26% Cu and 0.56 g/t Au over 69.4 metres (1.00 g/t AuEq)
- 0.41% Cu and 0.15 g/t Au over 97.8 metres (0.85 g/t AuEq) in KRD037 at the K2 gold oxide target, including:
- 1.10% Cu and 0.16 g/t Au (2.06 g/t AuEq) over 19.6 m
1 at $1200/oz Au and $3.00/lb Cu and assuming 100% recovery
"2014 was a breakthrough year at TV Tower. We discovered two copper-gold porphyry systems and released a maiden resource estimate at the KCD deposit. The property boasts incredible potential and gives Pilot Gold a strategic position in a rapidly advancing mineral belt," stated Matt Lennox-King, President & CEO of Pilot Gold. "We plan to continue our dynamic exploration program in 2015 with a focus on delineating the porphyry and epithermal oxide gold systems, while continuing to explore widely across the property."
Pilot Gold completed 34 drill holes on the southern portion of TV Tower in 2014, discovering two copper-gold porphyries and advancing the 4km long K2 gold-oxide trend. The Valley and Hilltop porphyries boast large foot prints and strong grades in both copper and gold starting near surface.
The Hilltop porphyry system remains open with a drilled footprint that measures approximately 300 x 400 metres, and extends to a depth of over 200 metres. Drill holes on the southeast margin of the Hilltop intercepted a supergene chalcocite blanket with individual assays up to 2.03% copper. Three holes tested the high sulphidation gold oxide target immediately east of Hilltop. All three holes returned shallow gold intercepts, underlain by a supergene chalcocite blanket grading up to 3.16% copper in individual assay intervals.
The Valley Porphyry, the second copper-gold porphyry discovered at TV Tower, is located 750 metres south of the Hilltop Porphyry. Copper and gold have been intersected through drilling along the entire axis of the original Cu-Au soil anomaly for a distance of approximately 1,000 metres.
Biga District
TV Tower covers 90km2 in the Biga district in northwest Turkey. The Biga mineral belt stretches over 35 km from Alamos Gold's Agi Dagi project in the southeast to TV Tower in the northwest, and hosts numerous epithermal gold and porphyry copper-gold systems. In just over 10 years the district has grown from a small mineral endowment to host several large gold, silver and copper deposits. Together with our joint venture partner, Teck Resources, Pilot Gold controls ~180km2 of this rapidly growing district. Notable projects in the district are TV Tower, the PEA stage Halilaga copper-gold project (Pilot Gold & Teck Resources), and the Agi Dagi and Kirazli development stage gold projects (Alamos Gold).
For a drill map of the TV Tower results, please click here:
http://www.pilotgold.com/sites/default/files/TVTowerDrillMap1506.pdf
For a table of drill results, please click here:
http://www.pilotgold.com/sites/default/files/TVTDrillResults1506.pdf
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 verified that the information contained in the release is accurate. Drill composites were calculated using cut-offs of 0.3, 0.5, 1.0 and 2.0 g/t AuEq. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be approximately 50 to 80% of the reported lengths. Drill samples were assayed by AcmeLabs in Ankara, Turkey and Vancouver, B.C. for gold by Fire Assay of a 30 gram (1 assay ton) charge with ICP-ES or AAS finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. Ag and Cu were determined by ICP-MS, with overlimits (>100 ppm Ag or >10,000 ppm Cu) completed by fire assay with gravimetric finish (Ag) or 4-acid digestion with ICP-ES finish (Cu). QA/QC included 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.
ABOUT TV TOWER
TV Tower is a joint venture between Pilot Gold (40%) and Teck Madencilik Sanayi Ticaret A.S. (60%), a Turkish subsidiary of Teck Resources Limited. Pilot Gold is project operator at TV Tower and is nearing completion of its earn-in to 60%, through sole funding of exploration over a three-year period.
Further information is available in the technical report "Independent Technical Report for the TV Tower Exploration Property, Canakkale, Western Turkey", effective January 21, 2014 and dated February 20, 2014 (the "Report") prepared by Casey M. Hetman, P.Geo. with SRK Consulting (Canada) Inc.; James N. Gray, P. Geo. of Advantage Geoservices Ltd.; and Gary Simmons, BSc, Metallurgical Engineering, of G L Simmons Consulting, LLC, under Pilot Gold's Issuer Profile on SEDAR (www.sedar.com). Mr. Hetman, Mr. Gray and Mr. Simmons are "Qualified Persons" as defined by NI 43-101.
The proximity to Kirazli, Agi Dagi and Halilaga do not mean Pilot Gold will obtain similar results at Hilltop, Valley, K2 or other targets on the TV Tower tenure. TV Tower is an early stage exploration project and, except for the mineral resources at the KCD deposit as summarized in the Report, does not contain any mineral resource estimates as defined by NI 43-101. The potential to define a mineral resource at the Hilltop, Valley, K2 or other targets is conceptual in nature and there has been insufficient exploration to define a mineral resource thereat. It is uncertain if further exploration at these or other targets at TV Tower will yield a mineral resource.