Otis Commences Exploration Program at Oakley
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 7, 2017) - Otis Gold Corp. (TSX VENTURE:OOO)(OTC PINK:OGLDF) (the "Company" or "Otis") is pleased to announce the commencement of field work at its Oakley Project ("Oakley"), Cassia County, Idaho. The phase one program consists of geologic mapping and surface sampling at Matrix Creek, an emerging exploration target at Oakley. Prior Otis field work (see Otis news release dated September 18, 2014) at Matrix Creek identified a detachment-related silver-gold system on the west flank of the Albion metamorphic core complex believed to be several miles long. In 2015, 14 rock-chip samples collected and assayed from a large, prominent outcrop, produced an average of 70.4 g/t Ag and 0.55 g/t Au contained within a black matrix breccia believed to be part of a large mineralized detachment system. Preliminary 48-hour bottle-roll results performed by ALS Chemex Labs in Vancouver, B.C., suggest that the gold is up to 82% recoverable and that the silver is up to 93% recoverable.
The current program consists of 1,350 soil and rock-chip samples which are being collected on a 200 metre by 25 metre grid in addition to approximately 40 stream sediment samples. The Company plans to use this information to develop a first phase drill program at Matrix Creek. Additionally, the Company is developing a plan to conduct a broader geophysical program to help better define exploration targets at Blue Hill Creek, Matrix Creek and Cold Creek, and potentially new targets that may require the expansion of the Company's land position. Results of the mapping and sampling program will be released shortly after the program has been completed.
About the Oakley Project
The Oakley Project targets a classic epithermal hot spring-type gold exploration setting with three primary geologic targets: Blue Hill Creek, Matrix Creek and Cold Creek. The Oakley Project contains a NI 43-101 Technical Report (dated August 8, 2016) on the Blue Hill Creek and Matrix Creek targets, which includes an Inferred Resource of 163,000 oz Au in 9.97 million tonnes at a grade of 0.51 g/t Au (see Otis news release dated September 23, 2016). Blue Hill Creek occurs within a north-trending, five-mile-long by one-mile-wide zone of low-sulfidation, hot spring-type gold occurrences along the western margin of the Albion Range metamorphic core complex. Matrix Creek is distinctive from Blue Hill Creek in terms of mineralization, host lithology and structure. Matrix Creek is located southeast and south of Blue Hill Creek and is named because it is characterized by a distinctive carapace of breccia up to 12 metres thick which consists of quartzite fragments separated by black to dark grey matrix of extremely fine-grained quartz and pyrite.
Oakley has district-sized potential for gold and silver mineralization but has received only limited historic drilling. Numerous drill targets have been identified at both Blue Hill Creek and Cold Creek from a CSAMT survey completed in 2008. Historic drilling at both targets confirm the presence of significant thicknesses of bulk-tonnage, epithermal hot-spring-type gold mineralization along strike and at depth of the deposits.
The Qualified Person under National Instrument (NI 43-101) Standards of Disclosure for Mineral Projects for this News Release is Paul D. Gray, P. Geo, who has reviewed and approved its technical content.
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.
Contact
Mr. Tony Perri
Corporate Development
Tel: (604) 424-8100
Email: tony@otisgold.com