Oct 5 2013
Pilot Gold Inc. ("Pilot Gold" or the "Company") is pleased to report that KCD drilling focused on extensions to the silver zone and the new upper oxide gold zone to the north continue to yield strong results and expand the area of silver and gold mineralization.
Silver results include 112.5 g/t silver (Ag) over 70.5 metres in KCD-169R and 47.8 g/t Ag over 75.3 metres in KCD-168, expanding the area of KCD silver mineralization to approximately 600 metres by 650 metres. KCD-169R bottomed out at 143.8 g/t Ag over 25.5 metres, and then was abandoned due to poor ground conditions.
KCD-169R also returned 0.56 g/t gold (Au) over 10.5 metres and 1.15 g/t Au over 7.5 metres, both within a 24.5 metre interval. The results extend newly discovered oxide gold mineralization exposed in surface outcrops at the top of KCD ridge down dip over 200 metres to the northeast1. Both the oxide/sulfide silver zone and the oxide gold zone remain open for expansion to the north.
Silver Zone step-out highlights:
- 112.5 g/t Ag over 70.5 metres in KCD-169R, including 143.8 g/t Ag over 25.5 metres
- 47.8 g/t Ag over 75.3 metres in KCD-168, including 158.4 g/t Ag over 13.5 metres
Upper Gold Oxide Zone highlights:
- 0.56 g/t Au, 7.9 g/t Ag over 10.5 metres in KCD-169R, and 1.15 g/t Au, 24.4 g/t Ag over 7.5 metres
"As the 2013 KCD drilling program winds down and we move into the modeling phase, we are encouraged to see continued strong silver results, a new oxide gold discovery and mineralization extending to the edge of permitted drilling in multiple directions," said Matt Lennox-King, President and CEO, Pilot Gold. "Silver results in KCD-168 and KCD-169R suggest a zone of elevated silver borders the northeast margin of the silver zone, which we look forward to drill-testing in upcoming programs."
Two additional holes in the new oxide gold zone will test for gold mineralization and strong silver mineralization down-dip up to 130 metres to the northwest. The zone is open down-dip to the north and along strike to the west. The Company plans additional step-out drilling at KCD to test the gold and silver zones.
Pilot Gold is advancing KCD towards initial resource definition while continuing to develop the district-scale potential across the TV Tower property by defining and testing additional high quality targets. Drilling is in progress at the oxide gold Kayali target and the KCD drill will be mobilized to the Karaayi tenure, which is on-strike with Kayali. Pilot Gold plans to complete 2,000 metres at the Kayali and Karaayi targets through the fall.
New zone of gold mineralization:
Several recent drill holes also discovered near-surface, oxidized gold mineralization from four drill sites spaced approximately 100 metres apart, overlying the silver zone and north of the high-grade sulfide gold zone. These oxide intercepts are related to a silicified tuff horizon exposed for over 300 metres along a WNW-ESE trending ridge at the top of the KCD ridge (see map link). Previous surface rock sampling in this area returned up to 1.1 g/t Au. The zone is open to the northwest. The same stratigraphic sequence is exposed as an up-thrown fault block on a ridge 0.5 kilometres north of the drill sites. Mapping and sampling of this sequence is in progress.
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://media3.marketwire.com/docs/TV%20TowerDrillResultsAg1321.pdf
For a comprehensive table of results related to gold mineralization, please click: http://media3.marketwire.com/docs/TV%20TowerDrillResultsAu1321.pdf
For a map highlighting recent drilling, please click: http://media3.marketwire.com/docs/TV%20TowerMap1321.pdf
Core and RC drilling, geologic modeling and ongoing surface work form an aggressive exploration program at KCD. Seventy drill holes and 16,411 metres have been completed at KCD this year, with assays pending for 4 holes. At the nearby Kayali bulk tonnage, oxide gold target, approximately 3,096 metres have been completed in 11 drill holes, with assays pending for all holes. A surface program is underway at the Karaayi property to define drill targets to be tested before year-end.
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 ("Teck"). Pilot Gold is project operator at TV Tower and can increase its interest in the project to 60%, through sole funding of exploration over a three-year period. (See press release dated September 12, 2012 for full details of the deal terms.)
Located on the Biga Peninsula of northwest Turkey, the TV Tower project encompasses 90 square kilometres. It contains a large number of targets ranging from high- and low-sulphidation epithermal gold-silver to porphyry gold-copper. The project has an extensive road network and targets to date all lie on land administered by Turkey's Ministry of Forestry. It is located immediately west of the Kirazli gold project (Alamos Gold) and approximately 10 kilometres northwest of the Halilaga copper-gold project (Teck/Pilot Gold).
TV Tower is an early stage exploration project and does not contain any mineral resource estimates as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("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 yielding a mineral resource.
- The newly discovered oxide zone was first reported in Pilot Gold's September 10, 2013 media release.
Vance Spalding, CPG, VP Exploration, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of NI 43-101 and has reviewed and validated that the information contained in the release is accurate. Drill composites were calculated using cut-offs of 10, 50 and 100 g/t Ag. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 50-100% 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. Metallic screen techniques were employed to assay a 12-metre interval in KCD-50. Approximately 500 grams of coarse reject material are pulverized and screened. Two splits of the fine fraction are assayed, as well as all material that does not pass through the screen (the coarse fraction). The final gold assay reported is a weighted average of the coarse and fine fractions. Ag and Cu were determined by aqua regia 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 (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.