Otis Drills 48.8 Metres of 1.05 g/t Au at Kilgore; New Intercepts Further Extend Open-Ended Mineralization
December 08 2011 - 7:30AM
Marketwired Canada
Otis Gold Corp. (TSX VENTURE:OOO)(OTCQX:OGLDF)(PINKSHEETS:OGLDF) ("Otis") is
pleased to announce the receipt of additional significant drill results
comprising potentially bulk-mineable, open-pittable intercepts from the third
set of seven holes of its 2011, 9,320-metre, Kilgore Mine Ridge Gold Project
("Kilgore") drill program located in Clark County, Idaho. Highlights include
intercepts of 48.8 metres (m) of 1.05 grams per tonne gold (g/t Au), along with
an additional 15.2 m of 1.39 g/t Au, in hole 11 OKC-265, located on the southern
margin of the deposit, and additional intercepts of 39.6 m of 0.70 g/t Au in
hole 11 OKC-281 and 30.5 m of 0.68 g/t Au in hole 11 OKC-280, both located in
the deposit's newly discovered, open-ended northwest extension where ore-grade
intercepts in excess of 100-metres thick were just recently discovered (see Otis
October 6, 2011 News Release). Of the seven holes, five are located on the
northern and southern edges of the deposit, indicating mineralization is still
open along major portions of the deposit's perimeter. The details of this third
grouping of seven holes are presented in Table 1 below.
Table 1: Otis Gold 2011 Kilgore Gold Project Drill Highlights - Third Round
of Seven holes
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Hole From To Thickness Grade
Number (metres) (metres) (metres) (g/t Au)
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11 OKC-261 177.8 187.9 9.1 0.80
---------------------------------------------------------------------------
35.1 36.6 1.5 1.39
-------------------------------------------------------
11 OKC-263 80.5 85.3 4.8 0.55
-------------------------------------------------------
110.9 139.9 29.0 0.63
-------------------------------------------------------
includes: 119.2 132.3 13.1 0.87
---------------------------------------------------------------------------
11 OKC-265 121.9 170.7 48.8 1.05
-------------------------------------------------------
196.6 211.8 15.2 1.39
---------------------------------------------------------------------------
7.6 18.3 10.7 1.17
-------------------------------------------------------
11 OKC-269 39.6 48.8 9.2 0.81
-------------------------------------------------------
202.7 224.0 21.3 0.77
---------------------------------------------------------------------------
11 OKC-280 45.7 48.7 3.0 0.71
-------------------------------------------------------
62.5 93.0 30.5 0.68
-------------------------------------------------------
includes: 71.6 88.4 16.8 0.88
---------------------------------------------------------------------------
11 OKC-281 24.1 63.7 39.6 0.70
-------------------------------------------------------
includes: 24.1 39.3 15.2 0.98
---------------------------------------------------------------------------
11 OKC-283 Greater than 70 m of anomalous values
---------------------------------------------------------------------------
Note: The gold grade calculation is a weighted mean with a 0.350 g/t top
and bottom cutoff. The grade calculation includes internal waste and
low-grade sections.
Otis' President and CEO, Craig Lindsay, states: "Along with our recent October,
2011 Kilgore drill results, these new assays continue to reveal the existence
and continuation of open-ended, bulk-tonnage intercepts along sizeable portions
of the northern and southern edges of the existing Mine Ridge deposit. This is
extremely positive as Otis continues to grow the Mine Ridge deposit, identify
new deposits and enhance shareholder value."
The seven holes reported in this news release, which total 1,510 metres of
drilling, as well as their corresponding assay intercepts, are shown in a
drill-hole location map available on the Otis Gold Corp. website at
www.otisgold.com/_resources/kilgore/kilgore_drill_map.pdf. Additional 2011 holes
will be released as they are received.
Analysis and Otis QA/QC Program
All assay work was performed by ALS Chemex Labs, Elko, Nevada, which has ISO
9001:2008 quality management system certification and ISO 17025:2005 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 and
approximately 10% of the samples are sent out to a second lab for check assays.
True bulk-tonnage thicknesses are estimated to be between 80% and 100% of the
drilled interval, based on their estimated dip, association with diking, and
continuity of mineralization between drill holes. The project's 2011 HQ3-size
core drilling, completed October 15, 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. Currently, due to the
high volume and backlog of samples submitted to geochemical labs as a result of
intense drilling activity for gold in the United States, ALS Chemex is running
at about 45 to 60 days turnaround time. As a result, assays for the remaining
holes drilled in 2011 will be reported as they are received through the end of
2011 and into the early winter of 2012.
The Qualified Person under National Instrument 43-101 ("NI 43-101") Standards of
Disclosure for Mineral Projects for this News Release is John R. Carden, PhD,
Lic. Geo. and Consulting Geologist for Otis Gold Corp., who has reviewed and
approved its technical contents.
Other Developments
Otis continues to move forward with the preparation of its ongoing independent
NI 43-101 Kilgore Mine Ridge resource estimate. The new estimate is based on a
comprehensive review and vetting of the historic drill results, re-logging and
reinterpretation of all the historic drill holes, and the completion of a new
geologic interpretation of the controls of gold mineralization at Mine Ridge.
This new interpretation and modeling of geology, mineralizing controls, and
corresponding grade shells is now nearly complete. As well, recent 2011 drill
results are being incorporated into the model. Otis President, Craig Lindsay,
states: "While this process is taking longer than expected to complete, we feel
it is critical to ensure that the new estimate adheres to CIM Best Practice
Guidelines and complies fully with NI 43-101 reporting requirements. I want to
thank our shareholders for their patience in connection with the completion of
this updated resource estimate."
Assay results from Otis' recently completed detailed soil survey (see Otis
November 1, 2011 News Release) comprising 681 samples and strategically placed
along the strike extensions of the Northwest Fault, the focus of the deposit's
diking and related gold mineralization, are being received. Results will be
released once all assays are received and the data are plotted, contoured, and
analyzed, and anomalies are interpreted and incorporated into the deposit's new
exploration model. The results of this soil survey will be used to better define
drill sites for Otis' 2012 field program.
About Otis
Otis Gold Corp. is a Canadian-based mineral exploration company focused on the
acquisition and development of quality precious metal deposits in Idaho, USA.
Otis is currently developing its flagship property, the Kilgore Gold Project,
located in Clark County, Idaho (approx. 60 miles north of Idaho Falls).
ON BEHALF OF THE BOARD
Craig T. Lindsay, President & 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 "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.
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