Pilot Gold Augments High-Grade Gold With High-Grade Silver Mineralization at Kucukdag Target, TV Tower
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/04/11 -- Pilot Gold (TSX: PLG) ('Pilot Gold' or the 'Company') is pleased to report that step-out core drilling has intersected thick intervals of high-grade near-surface silver mineralization at the Kucukdag target and broadened the footprint of the system by an additional 100 metres to the north. Kucukdag is one of four targets currently being drill-tested on the Company's 40%-owned TV Tower project in northwest Turkey.
Highlights from recent step-out drilling at Kucukdag are as follows:
-- Hole KCD-18 returned 171.00 grams/tonne silver over 47.50 metres:
including;
-- 259.97 g/t silver over 27.90 metres;
-- Hole KCD-17 returned 45.15 g/t silver over 113.8 metres, including;
-- 95.27 g/t silver over 11.2 metres;
-- Hole KCD-16 returned 51.94 g/t silver over 74.50 metres.
Also noteworthy, hole KCD-19 was completed through the central part of the Kucukdag breccia as a PQ-core twin (large diameter) of the previously reported hole KCD-02. KCD-19 was drilled to upgrade core recoveries within the mineralized interval and provide material for metallurgical testing.
-- Hole KCD-19 returned 3.80 g/t gold, 0.82% copper, and 20.06 g/t silver
over 131.80 metres, including:
-- 9.54 g/t gold, 2.16% copper, and 43.51 g/t silver over 45.00 metres.
All true widths are 60-90% of reported widths unless otherwise stated. All intervals of no sampling have been assigned zero grade for the purposes of compositing. For a comprehensive table of drill results to date, including new and non-reportable intercepts, please click: http://www.pilotgold.com/sites/default/files/KCDDrillResults1120.pdf
For maps highlighting recent drilling, please click:
http://www.pilotgold.com/sites/default/files/KCDDrillMap1120.pdf
'These new high-grade silver intercepts, coupled with the previously reported high-grade gold intercepts, demonstrate the strong multi-element nature of the Kucukdag area and greatly enhance the overall grade potential,' stated Ian Cunningham-Dunlop, COO for Pilot Gold.
The Kucukdag target is a high-sulphidation epithermal system characterized by high-grade gold-silver-copper breccia hosted mineralization. The mineralized breccia remains open to the north, east, and west with a current drilled footprint of 300 x 400 metres.
The 2011 drill program at Kucukdag is designed to aggressively expand the mineralized breccia. Step-out drilling is planned through the remainder of 2011 with three core rigs. To date, approximately 4,200 metres have been drilled at Kucukdag with assays pending for eight drill holes.
Teck Madencilik Sanayi Ticaret A.S. ('TMST'), a Turkish subsidiary of Teck Resources Limited ('Teck'), is Pilot Gold's 60% partner and the project operator
About The TV Tower Project:
The TV Tower Project is a large, road-accessible property covering more than 65 square-kilometres located in the Biga District of northwest Turkey. Since 2004, Pilot Gold's technical team has played an important role in establishing the prospectivity and gold endowment of the Biga District, following recognition of the potential and staking of the area by Teck. Eight high-conviction targets have been identified with widespread epithermal to porphyry characteristics typical of those seen at other deposits in the Biga District.
All drill samples and analytical data for TV Tower are collected under the supervision of TMST, using industry standard QA-QC protocols. Ian Cunningham-Dunlop, P. Eng, VP Exploration and Chief Operating Officer for Pilot Gold, and a 'Qualified Person' within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ('NI 43-101'), is responsible for compiling the technical information contained in this release. Mr. Cunningham-Dunlop has not verified all of the assay data generated by TMST as project operator. However, the grades and widths reported here agree well with the Company's past results on the project and TMST has given him no reason to doubt their authenticity.
ABOUT PILOT GOLD
Pilot Gold is a gold exploration company focused on advancing Halilaga, TV Tower and our pipeline of projects in Nevada. For more information, visit www.pilotgold.com.
For further details on TV Tower, please view the NI 43-101 compliant technical report entitled 'NI 43-101 Technical Report on the TV Tower Exploration Property, Canakkale, Western Turkey,' dated February 15, 2011, as amended on June 7, 2011, prepared by Ian R. Cunningham-Dunlop, P. Eng. and VP Exploration and Chief Operating Officer, Pilot Gold (formerly VP Exploration, Fronteer Gold Inc.) under Pilot Gold's Issuer Profile on SEDAR (www.sedar.com).
Except for the statements of historical fact contained herein, certain information presented constitutes 'forward-looking information' within the meaning of applicable Canadian securities laws. Often, but not always, forward-looking information can be identified by the use of words such as 'plans', 'planning', 'planned', 'expects' or 'looking forward', 'does not expect', 'continues', 'scheduled', 'estimates', 'forecasts', 'intends', 'potential', 'anticipates', 'does not anticipate', or 'belief', or describes a 'goal', or variation of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Such forward-looking information, including, but not limited to, information with respect to exploration results, the timing and success of exploration activities generally, permitting timelines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, potential quantity and/or grade of minerals, potential size of mineralized zone, potential expansion of mineralization, potential type of mining operation, timing and possible outcome of any pending litigation, timing and results of future resource estimates or future economic studies and the timing and results of any future development programs involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Pilot Gold to be materially different from any future results, performance or achievements expressed or implied by such forward looking information.
Such factors include, among others, risks related to the interpretation and actual results of current exploration and development activities; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors discussed in the section entitled 'Risk Factors' in the Company's Amended Annual Information Form for the year ended December 31, 2010 dated May 12, 2011 (amended June 7, 2011), which is available under Pilot Gold's SEDAR profile at www.sedar.com. Although Pilot Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Pilot Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking information.
Contacts:
Pilot Gold Inc.
Matt Lennox-King
President & CEO
604-632-4677 or Toll Free 1-877-632-4677
Pilot Gold Inc.
Patrick Reid
VP Corporate Development
604-632-4677 or Toll Free 1-877-632-4677
info@pilotgold.com
www.pilotgold.com