Otis Commences 6,000 Metre Drill Program at Kilgore
June 10 2010 - 8:30AM
Marketwired
Otis Gold Corp. ("Otis" or the "Company") (TSX VENTURE: OOO) is
pleased to announce start-up of a 6,000-metre, 30-core hole
drilling program at its flagship Kilgore Gold Project, Clark
County, Idaho. Drilling will be on-going throughout the entire 2010
field season, with program completion slated for early December.
Drilling will be conducted on a 24-hour basis and will be spread
between a minimum of 30 holes located throughout four quadrants
encircling the deposit's central Mine Ridge deposit area. The
program is designed, in part, to convert inferred resource material
into the drill indicated category and to drill in-fill and step-out
holes to both upgrade the current resource and to test for further
resource expansion, as well as closure, where the deposit remains
open. Part of the drilling will also focus on in-filling and
off-setting higher-grade historic intercepts near and along the
Cabin Fault and its contact with an adjacent Tertiary rhyolite
dome, the possible source of mineralization for the Kilgore gold
system. The program will also concentrate on off-setting and
extending to the south higher-grade intercepts found by Otis during
its 2008 and 2009 drilling of the Kilgore deposit Mine Ridge core
target area.
Approval of the Company's drill plan was granted by the U.S.
Forest Service - Caribou-Targhee National Forest on May 6, 2010,
only two weeks after the date of its submission. Timberline
Drilling Inc., Coeur d'Alene, Idaho, will be conducting the HQ-size
core drilling employing two Sandvik DE140 core drills, with the
first drill scheduled to arrive on site June 14 and the second to
arrive approximately one week thereafter. The program is budgeted
at US$2.0 million. Results from the drilling will be released as
they become available, and a new Mine Ridge resource estimate will
be prepared following completion of the drill program.
Drilling at the adjacent Dog Bone Ridge target area is currently
in the assessment and permitting stage. Details of this drill
program will be released as they become available.
Otis is currently working to earn a 75% interest in the property
by fulfilling the terms of an agreement dated June 4, 2008 between
Otis and its joint venture partner Bayswater Uranium Corporation
(see Otis News Release dated June 10, 2008 for further
information).
John R. Carden, Ph.D., P. Geo., a Qualified Person (QP) as
defined by National Instrument Policy 43-101, is responsible for
the technical information contained in this news release.
About the Company
Otis is a resource company focused on the acquisition,
exploration, and development of precious metal deposits in Idaho
and Nevada, USA. Otis is currently developing its flagship
property, the Kilgore Gold Project, Clark County, Idaho.
ON BEHALF OF THE BOARD
Craig T. Lindsay, President and CEO
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
"U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF
THE CONTENTS HEREIN.
Contacts: Otis Gold Corp. Craig Lindsay 604.683.2507
craig@otisgold.com Otis Gold Corp. Kevin Arias 604.683.2507
kevin@otisgold.com
Otis Gold (TSXV:OOO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Otis Gold (TSXV:OOO)
Historical Stock Chart
From Jul 2023 to Jul 2024