Nov 4 2013
Pilot Gold Inc. ("Pilot Gold" or the "Company") is pleased to report that the Company's first drill test at Kayali, TV Tower intersected high-grade gold, and also demonstrated strong continuity of oxide gold mineralization over a strike length of 450 metres.
Drill highlights include:
- 15.9 g/t gold (Au) over 3 metres, within an interval grading 1.35 g/t Au over 45 metres, in KYD-46
- 0.60 g/t Au over 81.0 metres, within an interval grading 0.41 g/t Au over 147.7 metres, in KYD-39
- 0.85 g/t Au over 40.6 metres in KYD-43, including
- 2.30 g/t Au over 8.8 metres
- 0.56 g/t Au over 52.5 metres in KYD-44, including
- 1.78 g/t Au over 7.5 metres
- 0.62 g/t Au over 42.0 metres and 0.42 g/t Au over 16.9 metres and 0.33 g/t Au over 37.6 metres in KYD-42
"We are excited about the drill results we are seeing to date as they verify that the geological model for this oxidized, high-sulphidation gold system is similar to those at the nearby Agi Dagi and Kirazli projects, which our team helped explore, drill and advance to the cusp of development," stated Dr. Moira Smith, Chief Geologist, Pilot Gold. "Other prominent systems of this type include the Yanacocha, Pierina, and Alto Chicama oxide systems in Peru, and are distinguished by low operating costs, low capital intensity and straightforward processing1."
Pilot Gold has drilled 3,585 metres in 17 holes in Kayali in 2013, with assays for four holes pending.
The Company is also conducting its initial drill program at Karaayi, a target adjacent to Kayali. Karaayi has previously been tested by a number of historic drill holes, returning shallow oxide gold intercepts with similar grade and thickness to those at Kayali. A comprehensive geological mapping and surface soil and rock sampling program is currently underway at Karaayi.
K2 geology:
Oxide gold mineralization along the K2 trend, which includes the Kayali and Karaayi targets, is hosted in a thick sheet of massive and vuggy quartz-altered volcaniclastic rocks (or 'ledges') cut by west-northwest striking, steeply south-dipping, hematite-cemented breccia zones and fractures (or 'ribs') hosting elevated gold grades. Surface mapping and sampling suggests that Kayali gold mineralization extends westward through the Karaayi target for a total length of over four kilometres, making the K2 trend the most extensive Au-in-soil anomaly at TV Tower (see press release dated October 22, 2013).
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 gold mineralization at Kayali, including drilling by Teck Madencilik Sanayi Ticaret A.S., Pilot Gold's joint venture partner at TV Tower, please click: http://www.pilotgold.com/sites/default/files/Kayali_AuComp.pdf
For a map highlighting drilling at Kayali, please click:
http://www.pilotgold.com/sites/default/files/KYDfinal.pdf
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.
Located on the Biga Peninsula of northwest Turkey, the TV Tower project encompasses 91 square kilometres containing more than a dozen 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.
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 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 0.2, 0.5, 1.0 and 3.0 g/t Au. 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. 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.
1 There are no assurances that the geological similarities to Alamos Gold's Agi Dagi or Kirazli projects or the Yanacocha, Pierina, and Alto Chicama projects in Peru will result in the establishment of any resource estimates at TV Tower, or that the TV Tower project can be advanced in a similar timeframe or with similar results.