VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 4, 2014) - Pilot Gold Inc. (TSX:PLG) ("Pilot Gold" or the "Company") is pleased to announce the results of recent step-out drilling at the Valley porphyry discovery at TV Tower. Pilot Gold has completed 13 drill holes to date at the Valley Porphyry, and has now secured permits to drill test most of the 1,400 metre length of the zone.
Recent drill highlights include:
- 0.63 g/t gold (Au) and 0.27% copper (Cu) over 134.7 metres (1.10 g/t gold-equivalent (AuEq1)) in KRD016C
- 0.41 g/t Au and 0.25% Cu over 70.2 metres (0.83 g/t AuEq1) in KRD018C.
1 at $1200/oz Au and $3.00/lb Cu and 100% recovery
These latest results from step-out drilling extend copper and gold mineralization over an area of approximately 300 metres by 200 metres. Porphyry copper-gold mineralization at the Valley porphyry starts at surface and can be traced continuously in outcrop over a distance of 200 metres. The Valley is the second copper-gold porphyry discovered at TV Tower, and is located 750 metres south of the Hilltop Porphyry.
"The Valley Porphyry continues to grow, with significant drill results supported by strong surface assays over a wide area. With our recently-acquired drill permits, we are now in a position to test the full strike extent of the Valley Porphyry target," stated Matt Lennox-King, President and CEO of Pilot Gold. "TV Tower is a highly prospective property within an emerging porphyry district that makes this one of the leading exploration projects in Turkey."
For a drill map of the Valley Porphyry, please click here: http://www.pilotgold.com/sites/default/files/TVTowerDrillMap1426.pdf
For a table of drill results, please click here: http://www.pilotgold.com/sites/default/files/TVTDrillResults1426.pdf
Surface work to date has included extensive surface rock and soil sampling over the entire Valley Porphyry target, as well as detailed geologic mapping. Continuous saw-cut channel sampling was carried out utilizing outcrop exposed in an incised creek bed and extending approximately 200 metres to the northwest of discovery drill hole KRD010, with individual samples grading up to 3.6 g/t Au and 0.9% Cu.
Copper is oxidized and leached in rock samples, suggesting the presence of higher copper grades at shallow depth. Grab, chip, and channel sampling over the entire 1,400 metre by 400 metre footprint of the copper and gold-in-soil anomaly also returned evidence of copper and gold mineralization.
On August 15, 2014 Pilot Gold received notification that its request for permission to drill from additional sites bordering the southwest side of the Valley Porphyry target was approved. Pilot Gold now has access to test the overall size of the porphyry target, and has commenced drilling on a site to the northwest of KRD010.
About the Valley Porphyry Discovery:
The Valley Porphyry is the most recent discovery at TV Tower and the third porphyry system identified by our team. The discovery was made through systematic and rapid exploration from initial concept to discovery in six months. Comprehensive soil sampling defined a 1,400 metre by 400 metre, northwest-trending copper and gold-in-soil anomaly located to the south of the property's K2 high-sulphidation oxide gold trend. Individual soil samples returned up to 1,600 ppm copper and up to 830 ppb gold. Drill results to date show that the Valley Porphyry system can produce intervals of higher grades.
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 can increase its interest in the project 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.
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 copper-gold K2 zone, including the porphyry 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.
About Pilot Gold:
Pilot Gold is a well-funded gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size and mining-friendly addresses. Our three key assets include interests in the Kinsley Mountain project in Nevada and the TV Tower and Halilaga projects in Turkey, each of which has the ability to become a foundational asset. We also have a pipeline of projects in Nevada and Utah characterized by large land positions and district-wide potential that can meet our growth needs for years to come.
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Pilot Gold within the meaning of applicable securities laws, including statements that address timing of exploration and development plans at the Company's mineral projects. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, copper, silver and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources and mineral reserves, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Pilot Gold and there is no assurance they will prove to be correct.
Such forward-looking information involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including risks related to TV Tower, reliance on technical information provided by our joint venture partner or other third parties as related to TV Tower; changes in project parameters as plans continue to be refined; successfully completing the earn-in on TV Tower, including the ability to incur the minimum annual Expenditure Requirements to complete the earn-in agreement; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; current and proposed exploration and development; the costs and timing of exploration and development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; uses of funds in general including future capital expenditures, exploration expenditures and other expenses for specific operations; the timing and success of exploration activities generally; achievement of identified tangible project milestones at TV Tower; delays in permitting; satisfaction of Turkish requirements relating to the periodic submissions of Environmental Impact Assessments; possible claims against the Company or its joint venture partners; the impact of archaeological, cultural or environmental studies within the property area, labour disputes; delays in obtaining governmental approvals or financing as well as those factors discussed in the Annual Information Form for the year ended December 31, 2013, dated March 14, 2014 in the section entitled "Risk Factors", under Pilot Gold's SEDAR profile at www.sedar.com.
Although Pilot Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Pilot Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.