Otis Gold Corp. (the “Company”
or “Otis”) (TSX-V:OOO) (OTC:OGLDF) is pleased to
announce assay results for the final nine core holes from its
25-hole, 8,000-metre drill program at the Kilgore Project in Idaho.
Seven holes encountered significant bulk-tonnage intercepts
highlighted by 86.8 metres (m) grading 1.05 grams per tonne
gold (g/t Au) in hole 17 OKC-366, 137.2 m grading
0.91 g/t Au in hole 17 OKC-374, 71.6 m grading
1.05 g/t Au in hole 17-OKC 376, and 118.9 m
grading 1.41 g/t Au in hole 17 OKC-377.
The primary goal of the drill program was to
follow-up on open-ended drilling at depth and laterally as infill
on drill intercepts from 2015 and 2016, primarily in the
prospective Late Cretaceous Aspen Formation (or “Aspen”)
sedimentary host unit within and along the “Aspen Corridor” (see
News Releases dated February 9, 2016, and January 19, 2017).
Timberline Drilling of Hayden, Idaho performed all the drilling
employing two Atlas Copco CS14 core rigs.
Table 1. 2017 Kilgore Drill Intercepts -
4th Release of Holes (Drill Hole location
map)
|
Hole ID |
TD(metres) |
Azimuth/Angle |
Section |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Host |
|
17 OKC-363 |
341.4 |
50˚/-75˚ |
11,600 N |
No Significant Values |
| 17 OKC-365 |
334.7 |
230˚/-65˚ |
11,700 N |
70.1 |
73.2 |
3.1 |
1.22 |
Sill |
|
93.0 |
123.4 |
30.4 |
0.68 |
Sill & Aspen |
|
134.1 |
172.2 |
38.1 |
0.69 |
Aspen |
| 17 OKC-366 |
334.7 |
-/-90˚ |
12,100 N |
16.8 |
36.6 |
19.8 |
0.47 |
Rhyolite |
|
141.7 |
151.1 |
9.4 |
1.53 |
Sill |
|
181.4 |
268.2 |
86.8 |
1.05 |
Aspen |
| 17 OKC-368 |
337.7 |
230˚/-65˚ |
12,000 N |
46.6 |
67.4 |
20.8 |
0.56 |
Tuff, Aspen |
|
123.1 |
146.0 |
22.9 |
0.48 |
Sill & Aspen |
|
187.6 |
206.7 |
19.1 |
0.59 |
Aspen |
| 17 OKC-370 |
333.1 |
230˚/-80˚ |
12,000 N |
57.3 |
64.9 |
7.6 |
0.59 |
Tuff |
|
109.1 |
121.6 |
12.5 |
0.43 |
Sill |
|
138.1 |
224.9 |
86.8 |
0.76 |
Aspen |
|
232.6 |
235.6 |
3.0 |
0.63 |
Aspen |
|
246.3 |
258.0 |
11.7 |
1.15 |
Aspen |
| 17 OKC-372 |
304.8 |
-/-90˚ |
11,900 N |
57.9 |
62.5 |
4.6 |
0.50 |
Sill & Aspen |
|
105.2 |
135.6 |
30.5 |
0.78 |
Sill & Aspen |
|
169.2 |
172.2 |
3.0 |
0.94 |
Aspen |
|
192.0 |
221.0 |
29.0 |
0.71 |
Aspen |
| 17 OKC-374 |
301.1 |
230˚/-75˚ |
11,900 N |
109.1 |
246.3 |
137.2 |
0.91 |
Sill & Aspen |
|
282.9 |
289.1 |
6.2 |
0.80 |
Aspen |
| 17 OKC-376 |
276.8 |
230˚/-75 |
12,100 N |
109.7 |
189.0 |
79.3 |
0.79 |
Sill & Aspen |
|
204.2 |
275.8 |
71.6 |
1.05 |
Aspen |
| 17 OKC-377 |
282.9 |
-/-90˚ |
12,100 N |
103.6 |
113.6 |
10.0 |
0.30 |
Sill |
|
121.3 |
240.2 |
118.9 |
1.41 |
Aspen |
Detailed Results of the
Drilling
The previous drilling conducted in 2015 and 2016
defined numerous intervals of significant thicknesses and grades in
the Aspen that subsequently remain open-ended throughout much of
the deposit, particularly throughout the “Aspen Corridor” (see News
Release February 9, 2016). Seven of the nine holes encountered
significant bulk-tonnage intercepts and were drilled as in-fills
and extensions at depth in the Aspen Corridor along the main road
in the central part of the deposit southeast of the Mine Ridge
Fault (area between 11,850N and 12,150N).
A number of the holes extended Aspen-hosted
mineralization 60 metres to 90 metres deeper into the Corridor (17
OKC-366, 370, 374 and 377). All of the drill
results in this area display excellent continuity of gold
mineralization between holes within sections and from section to
adjacent section, characteristic of a bulk-tonnage, disseminated
gold deposit. Average grades from these holes are all greater than
the overall average grade of the deposit as reported in Otis’ 2012
Kilgore NI 43-101 Technical Report (see News Release dated
September 14, 2012).
Holes 17 OKC-363 and 17
OKC-365 are located on sections 11,600N and 11,700N,
respectively. Hole 17 OKC-363 targeted the Aspen
Formation laterally and hole 17 OKC-365 targeted
it at depth in the “Segment 1 Road” area of the Aspen Corridor.
Hole 17 OKC-363 was drilled northeasterly to test
the northeastern boundary of the Corridor, while 17
OKC-365 was drilled southwesterly as an infill in the
Corridor to determine the extent of mineralization at depth in the
Aspen Formation. Hole 17 OKC-363 served to define
the limit of the Corridor and the deposit along their mutual
northeastern edge (hole contained no significant values), bounding
the mineralization to the southwest, and hole 17
OKC-365 was successful in extending mineralization deeper
into the Aspen.
Otis has now released results from 24
exploration holes drilled in 2017 (see link to complete table of
the 2017 drill results). The 25th hole drilled in the 2017 work
program was a PQ-sized core hole designed for metallurgical testing
purposes. Results of column leach and other testing on this hole
will be released upon completion of the studies. Otis is now
focused on developing drill planning activities for 2018 at both
Kilgore and the Oakley Project and the completion of an updated NI
43-101 compliant resource estimate for the Kilgore Deposit.
Otis President & CEO, Craig Lindsay, stated:
“With the support of a strong investor base, Otis made significant
strides to delineate and expand the Kilgore Deposit in 2017.
We continue to be very excited about the prospects for continued
growth at the project in 2018, and are equally enthusiastic about
exploration potential at new exploration targets beyond the
resource area. We are confident that 2018 will be another banner
year for the Kilgore Project.”
Analysis and QA/QC Program
All assay work is being performed by ALS Chemex
Labs, which has quality management system certification and
technical capability accreditation. A 50-gram pulp of all samples
is assayed for gold by Fire Assay/AA finish methods. RockLabs
certified reference material and internally generated blanks are
inserted into the sample stream every10 samples for quality
control.
True widths are estimated between 80% and 100%
of the drilled interval, based on their approximate dip,
association with diking, the orientation of sedimentary bedding,
and continuity of mineralization between drill holes.
Intercepts reported in Table 1 are calculated using a 0.20 g/t Au
cutoff grade and may include a few internal waste intervals less
than 4.5 m using this cutoff.
The qualified person under National Instrument
(NI 43-101) Standards of Disclosure for this News Release is Bruno
Barde, P. Geo, who has reviewed and approved its technical
content.
About the Kilgore Project
The Kilgore Project contains a current NI 43-101
(dated September 12, 2012) Indicated Resource of 520,000 ounces
(oz.) Au in 27.4 million tonnes at a grade of 0.59 g/t Au and an
Inferred Resource of 300,000 oz. Au in 20.2 million tonnes at a
grade of 0.46 g/t Au (the “Deposit”). The Deposit is part of an
extensive low-sulfidation quartz-adularia epithermal hydrothermal
system hosted in Tertiary volcanic rocks and basement Aspen
Formation calcareous siltstone, shale, and sandstone of Late
Cretaceous age. Gold mineralization is of the traditional
disseminated, bulk-tonnage type similar to that comprising the
classic volcanic-hosted gold deposit at Round Mountain, Nevada. The
preparation of an updated NI 43-101 compliant resource calculation
is ongoing and will include drilling completed in 2015, 2016 and
2017; this resource estimate will be released when available.
About the Company
Otis is a resource company focused on the
acquisition, exploration, and development of precious metal
deposits in Idaho, USA. Otis is currently developing its flagship
property, the Kilgore Gold Project, located in Clark County, Idaho
and the Oakley Project, located in Cassia County, Idaho. Otis owns
the largest land position of any pure play gold exploration company
in Idaho.
ON BEHALF OF THE
BOARD
“Craig T. Lindsay”
President and CEO
For additional information, please contact:
Mr. Tony Perri – Corporate Development
Tel: (604) 424-8100 Email: tony@otisgold.com
Idaho Investor Days: Toronto, April 24th
& New York City, April 25th, 2018.
Discover Idaho and the world-class mining
opportunities that exist in the “Gem State”. Join Idaho
Governor C.L. “Butch” Otter, state officials, industry experts and
mining company representatives as they discuss why Idaho is the
right place to invest.
For more details or to RSVP, please send email
to: tony@otisgold.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accept responsibility for the
adequacy or accuracy of this release.
The forward-looking information contained in
this press release is made as of the date hereof, and Otis
undertakes no obligation to update publicly or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws. This news release does not constitute
an offer to sell or a solicitation of an offer to sell any
securities in the United States. The securities have not been and
will not be registered under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”) or any state
securities laws and may not be offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
Maps accompanying this announcement are available
at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/c2d68aff-ca90-459c-ace7-ab85b1a0888d
http://www.globenewswire.com/NewsRoom/AttachmentNg/6ad807b6-3d49-4232-8a74-5b9dc1a1766a
http://www.globenewswire.com/NewsRoom/AttachmentNg/7d7b68a5-a6be-412a-9d8a-d783c13261b5
http://www.globenewswire.com/NewsRoom/AttachmentNg/5935368a-a651-4e8d-a348-6cee06f069c9
2017 Drill Results are available at:
http://resource.globenewswire.com/Resource/Download/841955b6-76f6-4afd-9aa1-e2f5b95c2e67
Otis Gold (TSXV:OOO)
Historical Stock Chart
From Jan 2025 to Feb 2025
Otis Gold (TSXV:OOO)
Historical Stock Chart
From Feb 2024 to Feb 2025
