Pilot Gold (PLG-T) June 11, '14 is pleased to announce the results of the first drill test of a new porphyry target at the TV Tower Project. Located in the southern portion of the property, the Valley Porphyry represents a completely new discovery at TV Tower.Highlights include:
0.99 grams/tonne (g/t) gold (Au) and 0.39% copper (Cu), or 1.65 g/t gold-equivalent (AuEq1), over 153.1 metres in KRD010, including 1.57 g/t Au and 0.56% Cu (2.52 g/t AuEq1) over 66.2 metres; 1 calculated using $1200/oz Au and $3.00/lb Cu and assuming 100% recovery
"This is the third Cu-Au porphyry that our technical team has discovered in the district. Along with the K2 porphyry and the neighbouring Halilaga deposit, this discovery lays the foundation for an exciting new porphyry district in northwest Turkey," stated Matt Lennox-King, President and CEO of Pilot Gold.
For a drill map outlining the Valley Porphyry, Hilltop Porphyry and Karaayi high sulphidation gold oxide target areas, please click here: pilotgold.com
For a photo of drill core from the discovery hole KRD010 please click here: pilotgold.com
The Valley Porphyry discovery was made through systematic exploration that came together from initial concept to discovery in six months. Comprehensive soil sampling over the entire tenure led to delineation of a 1,400 metre by 400 metre, northwest-trending copper and gold-in-soil anomaly located to the south of the K2 high-sulphidation, oxide gold trend. Individual samples returned up to 1,600 ppm copper and up to 830 ppb gold. Follow-up geological mapping and sampling identified scattered outcrops of phyllic and potassic altered intrusive rocks with stockwork quartz-magnetite veins with surface samples that returned up to 2 g/t Au.
Drill core over the entire length of the intercept exhibited moderate to strong pervasive potassium feldspar (potassic) and sericite (phyllic) alteration. A dense stockwork of quartz-potassium feldspar (A); quartz-sulphide (B), quartz-magnetite (M) and pyrite-quartz (D) veins is present over most of the length of this interval. Copper is present as malachite within a few metres of the surface, giving way to chalcocite and "black copper" at intermediate depths and chalcopyrite near the bottom of the hole.
| Valley Porphyry Target Drill Results | Hole ID
(Az, Dip) | From
(m) | To
(m) | Intercept
(m) | AuEq
(g/t) | Cu
(%) | Au
(g/t) | AuEq
Cut-Off
(g/t) | | KRD010 (325,-45) | 2.4 | 155.5 | 153.1 | 1.65 | 0.39 | 0.99 | 0.3 | | including | 12.7 | 139.0 | 126.3 | 1.86 | 0.43 | 1.12 | 1 | | including | 44.8 | 111.0 | 66.2 | 2.52 | 0.56 | 1.57 | 2 | | Calculated using 0.3, 0.5, 1.0 and 2.0 g/t AuEq cut-off grade and 9 metres maximum internal waste. Gold equivalency determined using $1200/oz Au and $3.00/lb Cu assuming 100% recovery. |
A second drill rig was added to the TV Tower program on June 10 to test the Columbaz low sulphidation Au-Ag vein target. Drilling is ongoing at the Valley Porphyry discovery. Assay results from drilling at the K2 Hilltop and Valley Porphyry targets are pending.
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 width of the mineralized interval is interpreted to be approximately 50% of the reported length. 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 (greater than 100 ppm Ag or greater than 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. |
