VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 22, 2014) - Pilot Gold Inc. (TSX:PLG) ("Pilot Gold" or the "Company") is pleased to announce the results from the first five follow-up holes on the new Valley Porphyry discovery in northwest Turkey. All holes have returned long runs of copper and gold mineralization starting at surface.
Initial drilling of the 1,400 metre by 400 metre copper-gold soil anomaly returned 0.99 g/t gold (Au) and 0.39% copper (Cu) over 153.1 metres (see press release dated June 11, 2014). Follow-up drilling extended porphyry mineralization up to 85 metres from the discovery hole with the system remaining open in all directions.
Highlights include:
-- 1.59 g/t Au and 0.48% Cu over 130.9 metres (2.41 g/t gold-equivalent (AuEq(1))) in KRD-14C, including -- 3.12 g/t Au and 0.85% Cu over 49.9 metres (4.57 g/t AuEq(1)) (1)at $1200/oz Au and $3.00/lb Cu and 100% recovery
"While still early days in our exploration of the Valley Porphyry, we are incredibly excited with the progress at the target and the potential synergies with our PEA stage Halilaga joint venture project just 15 kilometres away," stated Matt Lennox-King, President and CEO of Pilot Gold. "TV Tower continues to be incredibly prospective with an emerging porphyry district positioning it as the leading exploration project in Turkey."
For a drill map of the Valley Porphyry, please click here:
https://www.pilotgold.com/sites/default/files/TVTowerDrillMap1423.pdf
For a table of drill results please click here:
https://www.pilotgold.com/sites/default/files/TVTDrillResults1423.pdf
About the Valley Porphyry Discovery
The Valley Porphyry is the most recent discovery at TV Tower and the third porphyry system identified by our team. The discovery was made through systematic and rapid exploration from initial concept to discovery in six months. Comprehensive soil sampling defined 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 soil samples returned up to 1,600 ppm copper and up to 830 ppb gold. Drill results to date show that the Valley Porphyry system can produce intervals of higher grades relative to most other Cu-Au porphyry systems. Drilling is continuing with assay results from four additional holes 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.
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. 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.
TV Tower is an early stage exploration project and, except for the mineral resources at the KCD deposit as summarized in the Report (as defined below), 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, 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 these or other targets at TV Tower will yield a mineral resource.
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 (the "Report") 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). Mr. Hetman, Mr. Gray and Mr. Simmons are "Qualified Persons" as defined by NI 43-101.
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 in Nevada and Utah 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.