VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 2, 2013) - Pilot Gold Inc. (TSX:PLG) ("Pilot Gold" or the "Company") is pleased to report that the 2013 drilling campaign at the TV Tower property in northwestern Turkey commenced March 23. A total of 30,000 metres of drilling property-wide is planned for 2013, including 15,000 metres on the KCD target and 7,500 metres each on the Kayali and Columbaz targets.
Currently, three diamond core drills are in operation. One additional reverse circulation (RC) drill may be activated later in the season.
"We were very pleased with the 2012 results at KCD and look forward to further testing and defining the gold and silver zones at this target in 2013," said Moira Smith, Chief Geologist, Pilot Gold. "We have performed extensive geophysics, mapping, and geochemical sampling work property-wide and have defined solid, drill-ready targets at Kayali and Columbaz, with additional areas in the target-definition stage."
KCD drilling and metallurgical testing
TV Tower drilling in 2012 and early 2013 focused entirely on testing the high-grade KCD target in the northeastern part of the property. Drilling confirmed the presence of a 250 by 400 metre gold zone, which remains open down-dip to the north, and established the presence of a large, 400 by 600 metre stratabound silver zone that overlies the gold zone and is open to the west and northwest.
The 2013 drill program includes down-dip holes on the gold zone within the footprint of previously drilled mineralization, and aggressive step-out drilling to the north and west of the drilled footprint, primarily on the silver zone. A permit application has been submitted to allow for drill access to areas up to 1.5 kilometres west of the presently defined KCD target, with plans for intensive drilling over an area extending up to 500 metres to the west.
In addition, a staged metallurgical testing program is being implemented at KCD. The program is designed to characterize the metallurgical response of the variable mineralization types at the KCD target, including gold, silver and copper oxide, transitional and sulphide material. Database validation, check assaying, 3D geological modeling and other activities pursuant to resource estimation are also underway.
For a comprehensive table of results related to gold mineralization, please click: http://pilotgold.com/sites/default/files/TVTowerGoldDrillResults1310.PDF
For a comprehensive table of results related to silver mineralization, please click: http://pilotgold.com/sites/default/files/TVTowerSilverDrillResults1310.PDF
For a property map showing areas proposed for 2013 drilling, please click: http://pilotgold.com/sites/default/files/TVTowerDrillMap1310.jpg
Kayali drilling over 400-metre target
The Kayali high-sulphidation, shallow oxide gold target is located approximately eight kilometres south of the KCD target.
The Kayali target was discovered in 2010 with drill hole KYD-01, which returned 0.87 g/t gold over 114.5 metres from a depth of 4.5 metres, including 2.85 g/t Au over 15.4 metres. The Kayali zone consists of a thick blanket of silica-altered volcaniclastic rocks cut by east-west-trending structures (silicified ribs) with elevated gold. Other parallel structures may be present in the general area. A drill will be mobilized to the Kayali zone targeting the gold-bearing structures as soon as the weather and road conditions allow, with 7,500 metres of drilling planned for this area over a 400-metre-long strike length.
Columbaz drilling targets low-sulphidation gold and silver veins
The Columbaz target is located approximately two kilometres south of the KCD target. This target consists of low-sulphidation gold-silver bearing veins that have been traced discontinuously over an east-northeast strike length of up to 1,000 metres. Veins are up to 10 metres thick in some locations. Float samples of the vein have returned up to 92 g/t gold and up to 396 g/t silver. Approximately 7,500 metres of drilling are planned for the Columbaz target in 2013. Work is set to commence upon receipt of permits for construction of roads and drill sites.
Work ongoing at pipeline targets
A number of other targets are currently the subject of additional surface geological work and drill site permitting. These include:
- The Kestanecik low sulphidation gold-silver target, consisting of several parallel quartz veins up to several metres thick and several hundred metres long.
- The Kartaldag West target, a one-kilometre-long sheared zone of high sulphidation vuggy silica with inclusions of low sulphidation quartz vein material, argillic alteration and rock and soil samples with elevated gold.
- The Gumusluk target, a one-kilometre-long zone of elevated gold in soil samples (up to 6130 ppb) developed over basement serpentinite. Examination of outcrop reveals the presence of quartz, green mica, carbonate minerals and limonitic gossan associated with elevated gold, consistent with a listwaenite lode-gold model.
Some or all of these targets may be the subject of drill testing in 2013.
Property Wide target definition
As the project operator since June 2012, Pilot Gold designed and conducted a comprehensive, systematic, property-wide exploration program composed of grid-based soil sampling, regional prospecting and rock sampling, airborne electromagnetic and magnetic surveys, and geological mapping. The program was implemented to refine and discover new targets on the TV Tower property, and has been successful to date. Pilot Gold will continue to extend geological mapping and sampling to all parts of the property in 2013 and to identify and refine new drill targets.
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 June 21, 2012 for full details of the agreement terms.)
Located on the Biga Peninsula in northwest Turkey, TV Tower encompasses 71 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).
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 technical information contained in the release is accurate. Dr. Smith has consented to the inclusion of the technical information in the form and context in which it appears in this news release. Drill composites were calculated using cut-offs of 0.3, 3.0 and 10.0 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. 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). Metallic screen techniques were used to assay a high-grade gold interval in KCD-50. 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.
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.
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 assets featuring strong grades, meaningful size and mining-friendly addresses. Our three key assets include interests in the TV Tower and Halilaga projects in Turkey, and the Kinsley Mountain project in Nevada, each of which has the ability to become a foundational asset. We also have a pipeline of projects characterized by large land positions and district-wide potential that can meet our growth needs for years to come.
For more information, visit www.pilotgold.com.
Further information is available in the technical report entitled "Updated Technical Report on the TV Tower Exploration Property, Çanakkale, Western Turkey", effective July 15, 2012 and dated August 3, 2012, prepared by Paul Gribble, B.Sc., C.Eng., FIMMM, UK Manager, Geology of Tetra Tech WEI Inc., under Pilot Gold's Issuer Profile on SEDAR (www.sedar.com).
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, including, but not limited to, statements that address reserve or resource potential, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, proposed timing of exploration and development plans at the Company's mineral projects, and the estimation of mineral reserves and resources involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Pilot Gold to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Such factors include, among others, risks related to the interpretation of results at certain of our exploration properties, reliance on technical information provided by our joint venture partners or other third parties as related to any of our exploration properties; changes in project parameters as plans continue to be refined; successfully completing the earn-in on the TV Tower project, including the ability to incur the minimum annual Expenditure Requirements and future issuance of common shares as consideration 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 the 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; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form for the year ended December 31, 2012, dated March 27, 2013 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. Accordingly, readers should not place undue reliance on forward-looking information. Further details relating to Pilot Gold are also available in our Annual Information Form, available under Pilot Gold's SEDAR profile at www.sedar.com.