Otis Gold Corp. (TSX VENTURE: OOO)(PINK SHEETS: OGLDF) ("Otis" or
the "Company") is pleased to announce that it has intercepted a
near-surface gold interval containing 9.14 m grading 1.32 g/t Au at
a depth of 24.1 m to 33.2 m in hole OKC-242 located on the most
northerly of five large geophysical anomalies identified by the
recent CSAMT program at its Dog Bone Ridge target at the Kilgore
Gold Project, Clark County, Idaho. Otis discovery hole 10 OKC-242
is located as an offset to historic Kilgore Gold hole KG-04-02 that
contains 51.8 m grading 1.25 g/t Au from 112.8 m to 164.6 m. The
size of this target is in excess of 1,100 metres long and 200
metres wide.
Additionally, Otis hole OKC-240, drilled to test a second 1,000
metre-long CSAMT anomaly, contains 138 metres of continuous
anomalous gold mineralization. A historic Echo Bay hole, located
300 metres to the northwest of OKC-240, intercepted 3.1 m at a
grade of 1.47 g/t Au at the edge of the same anomalous dike. More
exploration drilling is slated on these two significant
kilometer-long geophysical anomalies during the 2011 Otis drill
program.
Hole OKC-242 is considered a discovery hole for Otis based on
the bulk-tonnage-style of mineralization encountered in the
interval and the distinct similarity to the mineralization found at
the Company's Mine Ridge gold deposit, located 1,300 metres to the
northeast of Dog Bone Ridge.
"These holes are significant considering the size, extent and
wide-open nature of the CSAMT anomalies that the holes are
associated with and the strong similarity to and correlation with
alteration type, mineralization style, and host rocks composing our
nearby flagship Mine Ridge gold deposit," notes Otis President
& CEO Craig Lindsay. "These are two of five anomalies to be
further explored, and three of the anomalies are larger in area by
a factor of two or more compared to the size of the existing Mine
Ridge Deposit. Holes OKC-240 and OKC-242 are first steps towards
identifying and drilling out additional deposits at the Kilgore
Gold Project, and cap off a transformational 2010 drill program for
Otis. We look forward to an extensive drill program at both Mine
Ridge and Dog Bone Ridge in 2011, as well as other emerging drill
targets at Kilgore."
As noted, Otis discovery hole 10 OKC-242 is located as an offset
to historic Kilgore Gold hole KG-04-02 drilled in 2004 that
contains 51.8 m grading 1.25 g/t Au from 112.8 m to 164.6 m. Of
importance is that KG-04-02 was drilled prior to Otis'
determination that the area is underlain by the most northerly of
five sizeable CSAMT anomalies underlying the Dog Bone Ridge sinter
cap and gold target area. Results of Otis discovery hole 10 OKC-242
are critically important because they show that mineralization is
associated with the previously unrecognized CSAMT anomaly that has
an areal extent (20.6 hectares) greater than that currently
defining Otis' nearby Mine Ridge deposit (15.0 hectares) and that
the gold mineralization occurs at much shallower depths than
previously thought possible.
Detailed logging of 10 OKC-242's mineralized interval reveals
that the gold is spatially associated with quartz microveining
within fine-grained, argillically altered tuffaceous material
directly below siliceous sinter cap material and above flow-banded
rhyolite dike or dome material. Similarly, gold mineralization in
Kilgore Gold's historic Dog Bone Ridge hole KG-04-02 and at Otis'
nearby Mine Ridge deposit is intimately associated with dikes of
rhyolitic to andesitic composition and local quartz microveining
(see Otis October 21, 2009, February 9, 2010 and September 15, 2010
News Releases for further information regarding this target).
Otis' Dog Bone Ridge gold target has experienced only a limited
amount of historic drilling. Additionally, Otis' five widely
scattered holes have only begun to initially test four of the five
CSAMT anomalies underlying the area. As a result, a substantial
area with significant potential for the discovery of additional
mineralization remains to be drill tested, particularly in the
discovery CSAMT anomaly area, which has the size potential to
contain another deposit as big as, or larger than, Mine Ridge. Otis
geologists are presently formulating an extensive, 2011 follow-up
drill program at the discovery area, the related CSAMT anomaly
underlying it, and the additional four CSAMT anomalies.
Locations of the holes drilled at Dog Bone Ridge, which total
1,144 metres of drilling, along with those for the thirty-five 2010
Mine Ridge holes and its sixteen Mine Ridge 2008 and 2009 holes,
are shown in drill-hole location and target maps available on the
Company's website at www.otisgold.com/projects/kilgore/.
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.
The true bulk-tonnage width of the mineralized interval is
estimated to be between 90% and 100% of the drilled interval, based
on its estimated dip, association with diking, and potential
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 Lindsay 604.683.2507
604.683.2506 (FAX) craig@otisgold.com www.otisgold.com
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