Pilot Gold Inc. (TSX: T.PLG, Stock Forum) said that the first two drill holes of the 2012 program at the TV Tower project in Turkey have returned excellent results.
TV Tower, located on the Biga Peninsula, contains a large number of targets ranging from high- and low-sulphidation epithermal gold-silver to porphyry gold-copper.
According to the press release, highlights of the drill campaign include hole KCD-39, which returned 137.1 metres grading 5.94 grams per tonne gold, 12.6 grams per tonne silver and 0.53% copper.
Also results from hole KCD-02 extend the breccia mineralization zone over 50 metres to the south.
These results mark the start of an aggressive exploration program consisting of 16,000 metres of diamond core drilling, property-wide airborne geophysics and ongoing surface mapping and geochemical sampling.
Currently, TV Tower is a joint venture between Pilot Gold, with a 40% stake and Teck Madencilik Sanayi Ticaret A.S., with a 60% stake, a Turkish subsidiary of Teck Resources Ltd.
Pilot is a gold exploration company that continues to discover and define projects at mining-friendly addresses.
On Wednesday morning, Pilot was trading at $1.32 a share. The company has a market cap of $82.5 million, based on 62.5 million shares outstanding. The 52-week high and low was $2.10 and $0.81 respectively.