Pilot Gold Reports 6.16 g/t Gold Over 45.7 Meters
VANCOUVER, BC - Pilot Gold Inc. reported highlights from ongoing drilling and an update on other activities at the Kinsley Mountain Project in eastern Nevada.
Since the kick-off of the summer drilling program, a total of 16,772 metres in 16 core and 29 RC holes has been drilled to date, with assays pending for 5 holes. The Kinsley land package has increased, with the Company adding five patented claims (66 acres / 26 Ha) and an additional 40 federal lode claims (800 acres / 324 Ha). Pilot Gold has also secured 1,080 acre feet of water rights, and initiated metallurgical studies at the Western Flank.
Highlights from recent drilling in the Western Flank area include: 6.19 g/t (grams per tonne) gold over 45.7 metres in PK175CA, including; 13.8 g/t gold over 19.2 metres; 3.91 g/t gold over 18.3 metres in PK159C, including 8.15 g/t gold over 7.6 metres; 2.89 g/t gold over 19.1 metres in PK162C, including 10.5 g/t over 2.8 metres.
"A successful project is more than just our high-grade drill intercepts," stated Matt Lennox-King, President & CEO of Pilot Gold. "At Kinsley Mountain we continue building value beyond the drill bit by adding to our land package, securing water rights, advancing permits, and getting a head-start on metallurgy."
Step-out drilling at the Western Flank has continued to target high-grade mineralization in the Secret Canyon / Clark Springs formations, and the near-surface Candland Shale unit. The high-grade Western Flank footprint now covers 250 by 200 metres and remains open to the south, north-northeast and southeast. Mineralization in the Candland Shale trends north-northeast and is open to the south. Drilling at the Western Flank has not encountered any groundwater, which may simplify permitting in a development scenario.
Drilling at the Secret Spot target, located two kilometres to the south of the Western Flank target, resulted in the discovery of a thick zone of gold mineralization in the Secret Canyon shale, which is the same host for high-grade mineralization in the Western Flank. The existence of gold mineralization in the same unit two kilometres from the Western Flank suggests that mineralization could be wide-spread in this unit; follow up drilling is planned to test the extent of gold mineralization in this area.
Pilot also reported that it has acquired Cadillac Mining Corporation pursuant to a Court-approved plan of arrangement. "The acquisition of Cadillac Mining and its 100%-owned Goldstrike project is an attractive and strategic addition for Pilot Gold. At Goldstrike, the address, large land position, prospective geology, and extensive historic databases represent key building blocks for future growth and value creation," said, Lennox-King. "The transaction provides Cadillac exposure to Pilot Gold's Kinsley, TV Tower and Halilaga projects, as well as our leading exploration and development team."
The Goldstrike project is a past producing sediment-hosted gold project located in Western Utah, and represents part of a growing class of Carlin-type gold targets located off the main Carlin and Cortez Trends.
Pilot Gold has begun the organization and compilation of the extensive database of historic information, and plans to initiate permitting activities on the property later in the year. The Com-pany is focused on project incubation, synthesizing, and interpreting over 50 years of mining and exploration data on Gold-strike, leading into a comprehensive targeting campaign.
Lennox-King said, “Our three key assets include interests in the Kinsley 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, including Goldstrike, that are characterized by large land positions and district-wide potential that can meet growth needs for years to come.”