Otis Provides 2018 Kilgore Exploration Update
10 September 2018 - 9:00PM
Otis Gold Corp. (“
Otis” or the
“
Company”) (
TSX-V:
OOO) (
OTC: OGLDF) is pleased to
provide an update to its 2018 exploration program at the Kilgore
Project, Clark County, Idaho. As part of the ongoing exploration
plan, a soil sampling survey over the emerging Gold Knob and Cathy
claim targets, a newly-discovered area located in the northwest
portion of the Kilgore Project, is underway. Approximately 1,700
soil samples are to be collected over a 200 metre (m) x 50m spaced
grid (see Gold Knob/Cathy Claims Geochem Block map). The
geochemistry block will encompass areas that were covered by 2017
reconnaissance sampling and ground magnetic surveys. Reconnaissance
stream, soil and rock sampling from 2017 and the ongoing 2018
program, have indicated geochemical anomalies associated with a
number of silica and calcareous sinters, as well as silicified
volcanic rocks. The goal will be to constrain the area of interest
for future field and drilling campaigns in the Gold Knob and Cathy
claim blocks. The soil sampling program may be extended based upon
the results of reconnaissance geologic mapping and sampling
programs.
Additional exploration work planned for this
fall includes a project-wide LiDAR (Light Detection & Ranging)
and orthophoto survey to supplement existing geochemical and
geophysical surveys and to assist in identifying structural
controls of the location and host of potential mineralization. This
will be supported by a project-wide effort to update the geologic
map at Kilgore with a concentration on Dog Bone Ridge, Prospect
Ridge, Mine Ridge (an area around existing Kilgore Deposit), Gold
Ridge, Gold Knob and Cathy claim areas.
Additionally, with new permits received, a
25-hole drill program totaling up to 7,500m of mixed RC and diamond
core exploration and development drilling is in the planning
stages. The planned drill program’s goal is to directly add ounces
to the Kilgore Deposit via drill holes placed within and
immediately adjacent to the deposit and via step-out drilling into
outlying prospective target areas including Prospect Ridge to the
south and northwards to what is known as Kilgore North.
Further details of this drill program will be announced
shortly.
Exploration field work and the upcoming drill
program will be coordinated from Otis’ new field office in the town
of Dubois, Idaho. The new office will centralize Otis’ exploration
office, core logging and core storage needs into one convenient
location, significantly simplifying logistics and decreasing
occupancy costs. Dubois is the county seat of Clark County,
Idaho and is located approximately 27 miles from the Kilgore
Project. As a result of this move, Otis will not be renewing its
lease in Spokane, Washington.
The qualified person under National Instrument
(NI 43-101) Standards of Disclosure for this News Release is Alan
Roberts, CPG, and Vice President of Exploration, who has reviewed
and approved its technical content.
About the Kilgore ProjectThe
Kilgore Project lies on the north-eastern margin of the
Miocene-Pliocene Kilgore Caldera complex in the Eastern Snake River
Plain, Idaho. The Kilgore Project contains the Kilgore Deposit with
a current NI 43-101 compliant resource: Indicated Resource of
825,000 ounces Au in 44.6 million tonnes at a grade of 0.58 g/t Au
and an Inferred Resource of 136,000 ounces Au in 9.4 million tonnes
at a grade of 0.45 g/t Au (the “Deposit”). The Kilgore Deposit
is a low-sulphidation, gold bearing, quartz-adularia epithermal
system hosted in Tertiary volcanic rocks, local Tertiary intrusive
rocks, and basement Late Cretaceous, Aspen Formation sedimentary
rocks.
About the CompanyOtis 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 Project,
located in Clark County, Idaho and the Oakley Project, located in
Cassia County, Idaho.
ON BEHALF OF THE BOARD
“Craig T. Lindsay”
President & CEO
For additional information, please contact:
Mr. Tony Perri – Corporate DevelopmentTel:
(604) 424-8100 Email: tony@otisgold.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy
of this release.
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 “US Securities Act”) or any State securities laws, and
may not be offered or sold within the United States or to US
Persons unless registered under the US Securities Act and
applicable State securities laws, or an exemption from such
registration is available.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/4de4b759-2d98-4de5-8c86-f141f333d322
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