Initial 2013 drill results strengthen continuity of silver zone, intersect gold mineralization down-dip
VANCOUVER, B.C. – Pilot Gold Inc. (PLG – TSX) (“Pilot Gold” or the “Company”) is pleased to report that the first 10 holes of the 2013 drill campaign at TV Tower’s KCD target returned exceptional results from the silver zone and indicate extension of the stratiform gold zone down-dip to the north.
The 2013 program at KCD is primarily focused on infill and step-out drilling of the silver zone, and testing the gold zone down-dip to the north and along strike to the west-northwest. Initial highlights include KCD-108, the second best silver hole drilled at KCD to date based on grams by metres, and KCD-109, which encountered high-grade gold of 9.75 g/t gold (Au) over 3.0 metres down-dip along the footwall fault zone.
Drill highlights
Silver zone:
- 93.0 g/t silver (Ag) over 122.7 metres in KCD-108
- 51.5 g/t Ag over 82.6 metres in KCD-115
- 31.8 g/t Ag over 107.7 metres in KCD-114
Gold zone:
- 1.63 g/t Au over 40.7 metres in KCD-109, including
- 9.75 g/t Au over 3.0 metres
- 1.89 g/t Au, 26.4 g/t silver (Ag) and 0.21% copper (Cu) over 4.0 metres in KCD-112;and
- 3.53 g/t Au, 15.6 g/t Ag and 0.28% Cu over 7.6 metres
“We are extremely pleased that the 2013 drill program is building on last year’s campaign, revealing consistently strong mineralized runs in the silver zone and encouraging results in the gold zone,” said Matt Lennox-King, President and CEO, Pilot Gold. “We look forward to the results from the step-out drilling now underway at KCD.”
Gold has been encountered in drilling over an area measuring approximately 400 by 250 metres at the KCD target. The silver zone partially overlaps and overlies the gold-silver-copper zone of mineralization, and consists of a gently north-dipping, tabular zone of mineralization over an area measuring approximately 600 by 400 metres. It is exposed on surface along the southern margin of the zone, and under shallow cover further to the north.
Pilot Gold has budgeted for 30,000 metres of drilling at TV Tower in 2013. Drill results released today form part of an extensive second-year exploration program consisting of 15,000 metres of diamond core drilling at the KCD target. Approximately 6,500 metres in 24 holes at KCD have been completed, with assays pending for 14 holes. The KCD program was launched on March 23, 2013, and three diamond core drills are currently in operation.
Pilot Gold plans to drill 7,500 metres in 2013 at both Kayali and Columbaz, two high-priority TV Tower projects. The Kayali high sulphidation, shallow oxide gold target is located approximately eight kilometres south of the KCD target. The Columbaz Target is located approximately two kilometres south of the KCD target, and consists of low sulphidation gold-silver veins that have been traced discontinuously over an east-northeast strike length of up to 1,000 metres.
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 information contained in the release is accurate. 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 projects 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 or contact:
Investors:
Patrick Reid, VP, Corporate Affairs
Phone: 604-632-4677 or Toll Free 1-877-632-4677
[email protected]
