Otis Releases Complete Kilgore 2011 Drill Results; Mine Ridge Deposit Continues to Expand
January 12 2012 - 7:30AM
Marketwired Canada
Otis Gold Corp. (TSX VENTURE:OOO)(OTCQX:OGLDF) ("Otis" or the "Company") is
pleased to announce that it has received the final results from the Company's
2011 drill program. The 2011 drill program comprised 41 core holes totaling
approximately 9,200 metres. In total, 28 of the 41 holes were mineralized (Table
1). The remaining holes were condemnation holes and serve to delimit the outer
boundary of the deposit. An additional 2 holes were drilled as metallurgical
test holes. Highlights of the 2011 drill program include:
-- The core of the Mine Ridge deposit has increased by 74%, from 460 metres
to approximately 800 metres in a northwest-southeast direction;
-- The Mine Ridge deposit remains totally open to the north, northwest and
southeast, resulting in significant potential for deposit expansion;
-- 28 of 41 holes intercepted significant mineralization; and
-- A discovery hole was drilled in the Prospect Ridge target, located
immediately to the southeast of the Mine Ridge deposit area.
Of the final 10 holes reported, the most significant intercepts are from the
Central Block and include hole 11 OKC-288 with 41.1 metres (m) of 0.68 grams per
tonne gold (g/t Au), and hole 11 OKC-289 containing two significant intercepts
of 22.9 m @ 0.74 g/t Au and 32.0 m @ 0.62 g/t Au. Additional interesting
intercepts from the South Block, outside the area of the known resource, were
received for holes 11 OKC-270 and 11 OKC-276, along with previously reported
intercepts, suggesting that the deposit remains open in a southerly direction.
Hole 11 OKC-283, located at the north edge of the drill pattern, contains an
almost 100-metre-thick intercept of anomalous gold mineralization and validates
the Company's premise that the deposit is completely open toward the northwest
along the trace of the Northwest Fault. Nineteen (19) holes were reported in
previous news releases (Sept. 7th, Oct. 6th, and Dec. 8th 2011).
Table 1: Otis Gold 2011 Kilgore Gold Project Drill Results - Final Grouping
of 10 Holes Indicated by Asterisk
----------------------------------------------------------------------------
Hole From To Thickness Grade
Number (metres) (metres) (metres) (g/t Au) News Release
----------------------------------------------------------------------------
11 OKC-247 72.2 104.2 32.0 1.15 09/07/11
----------------------------------------------------------------------------
11 OKC-248 50.3 51.8 1.5 2.76 09/07/11
----------------------------------------------
70.1 73.1 3.0 0.52
----------------------------------------------
108.0 114.3 6.3 0.43
----------------------------------------------------------------------------
11 OKC-249 106.1 109.1 3.0 0.93 09/07/11
----------------------------------------------
182.3 192.9 10.6 1.20
----------------------------------------------------------------------------
11 OKC-250 48.2 80.2 32.0 0.60 09/07/11
----------------------------------------------
124.4 142.6 18.2 1.29
----------------------------------------------
192.9 194.4 1.5 2.05
----------------------------------------------------------------------------
11 OKC-251 39.0 40.5 1.5 0.78 09/07/11
----------------------------------------------
104.6 107.6 3.0 0.72
----------------------------------------------------------------------------
11 OKC-252 128.9 192.9 64.0 0.40 09/07/11
----------------------------------------------
Includes: 133.5 156.4 22.9 0.78
----------------------------------------------------------------------------
11 OKC-253 69.5 131.4 61.9 0.59 09/07/11
----------------------------------------------
Includes: 101.5 117.7 16.2 0.90
----------------------------------------------
Includes: 125.3 131.4 6.1 1.14
----------------------------------------------
206.0 239.1 33.1 1.27
----------------------------------------------------------------------------
11 OKC-256 22.9 57.9 35.0 0.88 10/06/11
----------------------------------------------
Includes: 22.9 39.6 16.7 1.03
----------------------------------------------
85.3 88.4 3.1 3.49
----------------------------------------------------------------------------
11 OKC-257 29.3 79.6 50.3 0.70 10/06/11
----------------------------------------------
Includes: 61.3 79.6 18.3 1.13
----------------------------------------------------------------------------
11 OKC-258 6.1 120.4 114.3 0.89 10/06/11
----------------------------------------------
Includes: 6.1 86.9 80.8 1.10
----------------------------------------------------------------------------
11 OKC-259 35.1 153.9 118.8 0.89 10/06/11
----------------------------------------------
Includes: 35.1 132.6 97.5 1.01
----------------------------------------------
Includes: 93.0 129.5 36.5 1.65
----------------------------------------------------------------------------
11 OKC-260 155.4 185.9 30.5 0.81 10/06/11
----------------------------------------------------------------------------
11 OKC-261 177.8 187.9 9.1 0.80 12/08/11
----------------------------------------------------------------------------
(i) 11 OKC-262 36.6 73.2 36.6 0.22 01/12/12
----------------------------------------------
126.2 129.2 3.0 1.00
----------------------------------------------------------------------------
11 OKC-263 35.1 36.6 1.5 1.39 12/08/11
----------------------------------------------
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 12/08/11
----------------------------------------------
196.6 211.8 15.2 1.39
----------------------------------------------------------------------------
(i) 11 OKC-266 29.0 112.8 83.8 0.14 01/12/12
----------------------------------------------------------------------------
11 OKC-269 7.6 18.3 10.7 1.17 12/08/11
----------------------------------------------
39.6 48.8 9.2 0.81
----------------------------------------------
202.7 224.0 21.3 0.77
----------------------------------------------------------------------------
(i) 11 OKC-270 164.3 175.6 11.3 0.64 01/12/12
----------------------------------------------------------------------------
(i) 11 OKC-272 141.9 207.3 65.4 0.16 01/12/12
----------------------------------------------------------------------------
(i) 11 OKC-273 183.5 200.3 16.8 0.34 01/12/12
----------------------------------------------------------------------------
(i) 11 OKC-275 29.0 35.1 6.1 0.76 01/12/12
----------------------------------------------------------------------------
(i) 11 OKC-276 167.6 196.6 29.0 0.27 01/12/12
----------------------------------------------------------------------------
11 OKC-280 45.7 48.7 3.0 0.71 12/08/11
----------------------------------------------
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 12/08/11
----------------------------------------------
Includes: 24.1 39.3 15.2 0.98
----------------------------------------------------------------------------
(i) 11 OKC-283 21.3 120.4 99.1 0.23 01/12/12
----------------------------------------------------------------------------
(i) 11 OKC-288 123.4 164.6 41.2 0.68 01/12/12
----------------------------------------------------------------------------
(i) 11 OKC-289 38.1 61.0 22.9 0.74 01/12/12
----------------------------------------------
100.6 132.6 32.0 0.62
----------------------------------------------
Includes: 7.7 1.27
----------------------------------------------
152.4 158.5 6.1 1.08
----------------------------------------------------------------------------
Note: The gold grade calculation is a weighted mean with a 0.33 g/t top and
bottom cutoff. The grade calculation includes internal waste and low-grade
sections.
Anomalous values are composed of an intercept using a 0.10 g/t cutoff.
Partial assays of Hole 11 OKC-283 were issued on December 8, 2011.
Otis' President and CEO, Craig Lindsay, states, "The Company's 2011 drill
program has been a huge success in that Otis has clearly grown the Kilgore
resource with the results obtained from this years' drill program. The Mine
Ridge deposit is not closed off; the gold mineralization is still open toward
the north along the controlling Northwest Fault and throughout much of its
southern margin. I am excited about the prospect of adding additional ounces via
expansion drilling, and am confident that our 2012 drill program will be
successful in further growing the resource."
A map showing the location of the fourth and final set of nine holes reported in
this news release, as well as their corresponding assay intercepts, is displayed
on the Otis Gold Corp. website at
http://www.otisgold.com/_resources/kilgore/2011_Mine_Prospect_Drill_Results.pdf.
Analysis and Otis QA/QC Program
All assay work was performed by ALS Chemex Labs, Reno, 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 drill 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
The Qualified Person under National Instrument (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.
About The Company
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.
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
