Pilot Gold Inc. (PLG-T) June 19, '14 is pleased to announce the results of four diamond core holes at the Hilltop (Karaayi) porphyry target at TV Tower. Hilltop is centred along the 4 kilometre-long K2 oxide gold trend, and approximately 1.5 kilometres northeast of the newly discovered Valley porphyry target (see press release dated June 11, 2014). “These results provide further confirmation that the southern portion of TV Tower hosts a rapidly emerging copper-gold porphyry district,” stated Matt Lennox-King, President and CEO. “The mineralized footprint continues to grow as does the confidence in the continuity of both grades and widths.”
Drill highlights include:
Hole (Az / Dip)
| Interval (m)
| Au (g/t)
| Cu (%)
| AuEq1 (g/t)
| KRD006 (45/-70)
| 261.3
| 0.22
| 0.26
| 0.67
| including
| 57.8
| 0.54
| 0.36
| 1.16
| KRD007 (225/-60)
| 185.9
| 0.16
| 0.24
| 0.57
| including
| 47.7
| 0.27
| 0.47
| 1.08
| KRD008 (45/-65)
| 63.2
| 0.58
| 0.01
| 0.60
| including
| 35.5
| 0.68
| 0.01
| 0.70
| KRD009 (45/-65)
| 199.2
| 0.13
| 0.16
| 0.40
| including
| 35.3
| 0.14
| 0.25
| 0.57
|
Hilltop Cu-Au porphyry target
The oxide gold-bearing silica cap at K2 extends approximately 4km from east to west. Porphyry Cu-Au mineralization at K2 was first noted by previous operators in surface outcrops adjacent to and under the silica cap. Pilot Gold drilled confirmation hole KRD002 in late 2013, intercepting 0.30% Cu and 0.13 g/t Au over 224.8 metres including 0.59% Cu and 0.18 g/t Au over 37.0 metres from shallow depth (see press release dated January 21, 2014).
New step-out holes KRD006 and KRD007 at Hilltop were fanned from the same pad as KRD002 and returned similar grades and widths. Hole KRD008, drilled from a site located 120 metres to the west, returned a significant shallow gold intercept. KRD009, a 250 metre step out to the northeast of KRD002, encountered encouraging alteration and mineralization, indicating that there is room to expand the footprint of mineralization. All holes exhibit strong phyllic alteration and variable quartz stockwork development, giving way to weakly potassic altered rocks at depth. Visible copper mineralization includes chalcocite and “black copper”.
A second porphyry target, named the Valley Porphyry, is located 1.5 km to the southwest of the Hilltop Porphyry with the discovery hole, KRD-10, intercepting 153.1 metres of 0.99 g/t Au and 0.39% Cu, 1.65 g/t AuEq1.
1gold equivalency calculated using $1,200/oz Au and $3.00/lb Cu and assuming 100% recovery
For a table of all porphyry target drill results to date, including historical data please click here: pilotgold.com
For a drill map of the Hilltop porphyry target, please click here: pilotgold.com
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 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). 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 (“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.
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 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).
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 of TV Tower, 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 K2 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 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:
Patrick Reid, VP Corporate Affairs
Phone: 604-632-4677 or Toll Free 1-877-632-4677
info@pilotgold.com |
