Otis Expands Land Package at Kilgore
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/01/17 -- Otis Gold Corp. (TSX VENTURE: OOO)(OTC PINK: OGLDF) (the "Company" or "Otis") is pleased to announce that it has recently increased its land position at the Kilgore Gold Project ("Kilgore"), Clark County, Idaho, by staking 52 federal lode mining claims adjacent to and interior to its current land holdings. The newly acquired ground increases the Kilgore to (36.7 km2). Otis controls a 100% ownership interest in the entire land package, which is subject to no underlying royalties or other encumbrances.
The claims were staked to secure a 300-metre by 180-metre structural corridor on the edge of the Company''s current land holdings where Otis'' recent magnetic survey (see April 12, 2017 News Release) and fieldwork identified a silica-flooded breccia and altered sulfide stockwork. The interpreted trend of mineralization is thought to be related to a radial caldera structure. Otis also located several claims that closed small interior fractions occurring within its existing claim group. The Company continues to review additional opportunities to expand its Kilgore land position as a result of continuing regional exploration efforts.
The Qualified Person under National Instrument (NI 43-101) Standards of Disclosure for Mineral Projects for this News Release is Paul Gray, P. Geo, who has reviewed and approved its technical content.
About the Kilgore Gold Project
The Kilgore Gold 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 deposits at Round Mountain, Nevada and McDonald Meadows, Montana. The Deposit features attractive metallurgy with excellent gold recovery averaging greater than 80% at 1.5" crush size based on column leach test results (see Otis News Release dated June 5, 2012).
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.
ON BEHALF OF THE BOARD,
Craig T. Lindsay, President & CEO
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.
Contacts:
Otis Gold Corp.
Mr. Tony Perri
Corporate Development
(604) 424-8100
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Datum: 01.06.2017 - 06:50 Uhr
Sprache: Deutsch
News-ID 1507031
Anzahl Zeichen: 2273
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Mining & Metals
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