Otis Gold Corp. ("Otis" or the "Company") (TSX VENTURE: OOO)(PINK
SHEETS: OGLDF) is pleased to announce the receipt of significant
drill results from the fifth and final grouping of its 2010,
35-core hole, 6,657-metre, Mine Ridge drill program located at its
Kilgore Gold Project in Clark County, Idaho (see Table 1).
Highlights of the 2010 Mine Ridge drill program include:
-- 31 of 35 holes contain significant ore-grade intercepts;
-- The deposit remains wide open to the north, northwest, south, and east,
resulting in significant potential for resource expansion;
-- The length of the deposit has increased by nearly 30 percent to 460
metres in a north-south direction; and
-- Mineralized thicknesses and average grades are generally greater than
those achieved in historic drilling.
"Otis' 2010 Mine Ridge drill results are exceptional," says Otis
President & CEO Craig Lindsay. "Twelve of the thirty-five holes
drilled lie along and help define the current known boundaries of
the Mine Ridge deposit, indicating that it is open in a number of
directions with excellent potential to expand the resource. Otis'
2011 work concerning Mine Ridge will concentrate on drill
evaluation of these open-ended areas and the production of an
updated NI 43-101 resource estimate that should enhance the
qualified resource base for the deposit."
The fifth and final grouping of seven holes includes intercepts
of 41.1 metres (m) of 1.00 grams per tonne gold (g/t Au) that
includes 12.2 m @ 1.86 g/t Au in hole 10 OKC-231, 21.3 m at 0.72
g/t Au in 10 OKC-233, 13.7 m at 1.86 g/t Au in 10 OKC-234, and 27.4
m at 0.86 g/t Au in 10 OKC-236. Complete results from the Mine
Ridge 2010 drill program are presented in Table 1 below.
Table 1. 2010 Kilgore Mine Ridge Drill Results Summary and
Highlights - Fifth Grouping Core Drill Holes Indicated by Asterisk
and Shading
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Inter-
Azimuth Angle T.D. From To cept Au
(degr- (degr- (met- (met- (met- (met- (g/
Hole No. ees) ees) res) res) res) res) tonne) Status
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10 OKC-207 - -90 280 10.1 23.8 13.7 2.17 N.R. 1
9/8/10
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10 OKC-208 230 -75 213 69.8 85.0 15.2 1.15 N.R. 1
9/8/10
--------------------------------
130.8 186.3 55.5 1.36
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10 OKC-209 270 -75 228 95.4 109.0 13.6 0.65 N.R. 1
9/8/10
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10 OKC-210 230 -65 118 86.3 116.7 30.4 2.53 N.R. 1
9/8/10
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10 OKC-211 195 -75 308 120.1 127.7 7.6 0.85 N.R. 2
10/13/10
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10 OKC-212 - -90 115 51.2 60.3 9.1 0.82 N.R. 1
9/8/10
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10 OKC-213 90 -75 244 95.1 121.0 25.9 1.10 N.R. 2
10/13/10
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10 OKC-214 135 -65 169 89.3 101.5 12.2 0.62 N.R. 2
10/13/10
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10 OKC-215 230 -60 242 63.7 77.4 13.7 2.00 N.R. 2
10/13/10
--------------------------------
110.9 152.0 41.1 1.30
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10 OKC-216 - -90 150 N.R. 2
No significant intercepts 10/13/10
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10 OKC-217 - -90 262 107.9 123.1 15.2 0.71 N.R. 2
10/13/10
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10 OKC-218 230 -55 259 138.1 168.6 30.5 1.28 N.R. 3
12/16/10
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10 OKC-219 230 -75 204 182.3 183.8 1.5 1.47 N.R. 3
12/16/10
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10 OKC-220 230 -70 199 33.2 63.7 30.5 2.81 N.R. 4
2/1/11
--------------------------------
175.0 190.2 15.2 1.00
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10 OKC-221 - -90 183 80.5 147.5 67.0 0.77 N.R. 4
2/1/11
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10 OKC-222 - -90 225 157.9 203.6 45.7 1.32 N.R. 2
10/13/10
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(i)10 OKC- 230 -75 180 No significant intercepts This
223 N.R.
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10 OKC-224 - -90 164 87.8 103.0 15.2 1.08 N.R. 2
10/13/10
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(i)10 OKC- 230 -75 181 No significant intercepts This
225 N.R.
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10 OKC-226 340 -75 267 214.3 260.0 45.7 1.22 N.R. 3
12/16/10
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10 OKC-227 - -90 207 87.8 118.3 30.5 1.24 N.R. 3
12/16/10
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10 OKC-228 50 -75 175 11.9 99.7 87.8 1.26 N.R. 3
12/16/10
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10 OKC-229 230 -75 94 60.4 93.9 33.5 0.58 N.R. 3
12/16/10
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(i)10 OKC- 230 -70 182 No significant intercepts This
230 N.R.
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(i)10 OKC- 230 -75 152 86.6 127.4 41.1 1.00 This
231 N.R.
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10 OKC-232 230 -70 121 No significant intercepts N.R. 4
2/1/11
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(i)10 OKC- 230 -70 140 69.8 91.1 21.3 0.72 This
233 N.R.
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(i)10 OKC- 90 -75 167 92.4 106.1 13.7 1.86 This
234 N.R.
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10 OKC-235 - -90 168 71.3 114.0 42.7 1.37 N.R. 4
2/1/11
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(i)10 OKC- 230 -50 182 112.2 139.6 27.4 0.86 This
236 N.R.
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10 OKC-237 90 -75 153 94.2 109.4 15.2 1.27 N.R. 4
2/1/11
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10 OKC-238 200 -75 149 95.4 147.2 51.8 1.30 N.R. 4
2/1/11
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10 OKC-239 - -90 213 91.1 120.1 29.0 0.95 N.R. 4
2/1/11
---------------------------------------------------------------------------
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10 OKC-245 270 -75 178 2.4 29.9 27.5 1.72 N.R. 3
12/16/10
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10 OKC-246 - -90 186 99.4 114.6 15.2 1.02 N.R. 4
2/1/11
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Of the 35 holes drilled in 2010, 31 contain significant gold
mineralization (see Table 1). Collectively, results of Otis' 2010
drilling show the deposit has increased by nearly 30 percent in
length to over 460 metres in a northerly/northwesterly direction
throughout the core of the Mine Ridge target area and remains wide
open to the north, northwest, south, and east. Examples of open
intercepts to the north/northwest, where consistent thicknesses and
grades exist, include 30.5 m @ 2.81 g/t Au in 10 OKC-220, 30.4 m @
2.53 g/t Au in 10 OKC-210, 30.5 m @ 1.28 g/t Au in 10 OKC-218, and
27.4 m @ 0.86 g/t Au in 10 OKC-236. Examples of open intercepts to
the south include 41.1 m @ 1.00 g/t Au in 10 OKC-231, 51.8 m @ 1.30
g/t Au in 10 OKC-238, and 42.7 m @ 1.37 g/t Au in 10 OKC-235. Open
intervals also exist around the northern perimeter of the rhyolite
dome immediately east of and proximal to the deposit and include
67.0 m @ 0.77 g/t Au including 13.7 m @ 2.88 g/t Au in 10 OKC-221
and 15.2 m @ 1.08 g/t Au in 10 OKC-224.
Locations of the fifth grouping of seven holes, which total
1,144 metres of drilling, and their corresponding assay intercepts,
along with those for all of the Company's other 2010 Mine Ridge
holes and its sixteen 2008 and 2009 holes, are shown in a
drill-hole location map available on the Company's website,
www.otisgold.com/projects/kilgore/.
Although approximately 25 percent of the 2010 project's 35 holes
were drilled as condemnation holes (i.e., holes drilled with the
intention of closing off and defining the outer limits of the
deposit), only four holes, 10 OKC-216, 10 OKC-223, 10 OKC-225, and
10 OKC-230, are devoid of mineralization and fall into this
category. All other holes drilled for condemnation purposes contain
significant gold grades and thicknesses.
Based on results to date, Otis expects that there is a strong
possibility to increase the overall size and economic viability of
the Kilgore Mine Ridge deposit. The Company will be completing an
updated NI 43-101 resource estimate on the deposit in 2011 that
will reflect historical drilling by past operators as well as the
drilling completed by Otis from 2008 through 2010. Additionally,
three-dimensional computer modeling of the deposit is being
initiated and is expected to be completed in 2011 after all the
2010 drill results have been incorporated into the database.
Currently, assays from 5 core holes drilled at Dog Bone Ridge
are pending and will be available shortly.
Analysis and Otis QA/QC Program
All assay work was performed by ALS Chemex Labs, Vancouver,
B.C., which has ISO 9001:2008 quality management system
certification and ISO 17025:2005 Vancouver Lab technical capability
accreditation. A 50-gram pulp of all samples was assayed for gold
by Fire Assay/AA finish methods. Certified reference materials,
duplicates, and blanks were inserted into the sample stream for
quality control.
True bulk-tonnage widths are estimated to be between 90% and
100% of the drilled interval, based on their estimated dip,
association with diking, and continuity of mineralization between
drill holes. The HQ3-size core drilling was performed by Timberline
Drilling, Inc., Coeur d'Alene, Idaho, employing two Sandvik DE-140
core drills outfitted with a triple-tube core recovery system and
face-discharge bits.
John R. Carden, Ph.D., Lic. Geo., a Qualified Person 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,
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 and CEO
The forward-looking information contained in this press release
is made as of the date hereof and the Company undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Otis Gold Corp. Craig T. Lindsay President and CEO
604.683.2507 604.683.2506 (FAX) craig@oitsgold.com
www.otisgold.com
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