NEV-V new 52 week high, $1.44 "Who said from the kitchen resource plays in the doghouse?"
Pilot Gold (PLG-T) June 5, '14 step-out drilling at Kinsley Mountain's Right Spot target has returned long runs of predominantly oxide gold mineralization. The Right Spot target is located along the two-kilometre-long north-northeastern Western Flank trend, one kilometre south of the recently discovered high-grade zone. The company holds approximately 79.1 per cent of Kinsley. Intor Resources Corp., a subsidiary of Nevada Sunrise Gold (NEV-V) is the company's joint venture partner at Kinsley. Highlights from the Right Spot area include:
- 3.35 grams per tonne gold over 41.1 metres in PK144, including 5.11 grams per tonne gold over 4.6 metres;
- 3.08 grams per tonne gold over 19.8 metres in PK138;
- 2.43 grams per tonne gold over 19.8 metres in PK139;
- 1.75 grams per tonne gold over 22.9 metres in PK142.
"We are at a tipping point in the evolution of Kinsley Mountain, with compelling near-surface oxidized mineralization complementing the high-grade Western Flank zone," stated Matt Lennox-King, president and chief executive officer of Pilot Gold.
Right Spot geology
Mapping and rock sampling at the Right Spot identified a 250-metre northeast-trending zone of jasperoids returning one to five grams per tonne gold in grab samples and two grams per tonne gold over 15 metres in road cut samples. This zone of surface mineralization, hosted in the Candland shale and Big Horse limestone (the primary ore hosts at the historic Kinsley mine), extends under shallow cover to the northeast. Other stratigraphic host units, including the Clark Springs limestone, Secret Canyon Shale and Hamburg limestone, are modelled at depth.
Drilling at Kinsley is continuing with two RC and one diamond core rig. Targets currently being tested include extensions to high-grade mineralization in the Western Flank target area and an initial test of near-surface and deeper targets in the Secret Spot target area, located one kilometre to the southwest of the Right Spot. Since inception of the summer drilling program, 5,018 metres in four core and 13 RC holes have been drilled, with assays pending for 10 holes.
In late May, 2014, Pilot Gold leased five patented claims (66 acres) located to the south of the historic Kinsley mine where prior operators intersected gold mineralization at and near surface within the Candland shale. Pilot also conducted surface mapping and sampling to refine targets in the southern portion of the property.
For a table of 2014 Kinsley Mountain drill results to date, including non-reportable intercepts, please see the company's website.
For a drill map outlining the Western Flank/Right Spot area, please see the company's website.
Dr. Moira Smith, PhD, PGeo, 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, and has reviewed and validated that the information contained in the release is accurate. Drill composites were calculated using a cut-off of 0.20 gram per tonne. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30 and 90 per cent of the reported lengths. Drill samples were assayed by ALS Chemex (ISO9001:2000) in Reno, Nev., for gold by fire assay of a 30-gram (one-assay-ton) charge with an AA finish, or if over five grams per tonne were reassayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 part per million an addition cyanide leach analysis is done where the sample is treated with a 0.25-per-cent sodium cyanide solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS. Quality assurance/quality control for all drill samples consists of 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. Selected holes are also analyzed for a 51-multielement geochemical suite by ICP-MS.
About Kinsley Mountain
Kinsley Mountain hosts near-surface mineralization similar to other Carlin-style, sediment-hosted gold systems. The property consists of 460 claims and 8,720 acres (3,529 hectares) on U.S. Bureau of Land Management land and hosts a past-producing mine with an extensive exploration database and numerous, untested gold targets.
Kinsley Mountain is an early stage exploration project and does not contain any mineral resource estimates as defined by National Instrument 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 being delineated as a mineral resource.
Further information is available in the technical report entitled, "Technical Report on the Kinsley Project, Elko County, Nevada, USA," effective Feb. 15, 2012, and dated March 26, 2012, prepared by Michael M. Gustin, CPG, of Mine Development Associates, and Dr. Moira Smith, PhD, PGeo, and Kent Samuelson, of Pilot Gold, under Pilot Gold's issuer profile on SEDAR. |
