Otis Announces Kilgore Drill Program
VANCOUVER, British Columbia, Oct. 02, 2019 (GLOBE NEWSWIRE) -- Otis Gold Corp. (“Otis” or the “Company”) (TSX-V: OOO) (OTC: OGLDF) is pleased to announce the initiation of a planned 3,250 metre reverse circulation (“RC”) drill program at its flagship Kilgore Project, Clark County, Idaho. The drilling will be conducted under an approved Plan of Operation, and is the first phase of a larger 25,000 metre exploration program planned for Kilgore. The first phase will comprise of up to 14 holes averaging approximately 230 metres in length, and are designed to step-off open-ended mineralization at the margins of the Kilgore Deposit. Road and drill site construction are scheduled to commence on October 4, 2019, with drilling to begin on, or around, October 9, 2019.
The drilling, expected to take approximately 45 days, will be conducted by Alford Drilling, LLC of Butte, Montana, using an Explorer 1500 tire mounted “buggy” reverse circulation drill rig; results will be released when available.
In keeping with Otis’ philosophy of implementing best exploration practices, the Fall 2019 drill program has been designed to keep environmental disturbance to a minimum. This includes the selection of state-of-the-art reverse circulation technology that reduces the water requirement as well as reducing additive use, while the use of face-sampling center return drill bits will maximize and optimize sample quality. Three-dimensional modeling software was used to review and relocate drill holes to reduce the need for additional new road construction; since filing the original Plan of Operation, the relocation of drill sites resulting from advanced modeling has removed several hundred metres of new road construction.
Otis President & CEO, Craig Lindsay, stated: “We are very excited to have recently raised $1.3 million in an oversubscribed private placement to fund this drill program. The imminent start of exploration drilling is the beginning of a new phase at Kilgore that will be marked by extension and expansion of the current resource, combined with ongoing targeting of newly discovered areas of near surface gold occurrences.”
About the Kilgore Project
The Kilgore Project lies on the north-eastern margin of the Miocene-Pliocene Kilgore Caldera complex in the Eastern Snake River Plain, Idaho. The Kilgore Project contains the Kilgore Deposit with a current NI 43-101 Indicated Resource of 825,000 ounces Au in 44.6 million tonnes at a grade of 0.58 g/t Au and an Inferred Resource of 136,000 ounces Au in 9.4 million tonnes at a grade of 0.45 g/t Au. The Kilgore Deposit is a low-sulphidation, gold bearing, quartz-adularia epithermal system hosted in Tertiary volcanic rocks, local Tertiary intrusive rocks, and basement Late Cretaceous, Aspen Formation sedimentary rocks.
Alan Roberts, MSc, CPG, Vice President of Exploration, serves as the Qualified Person for this news release and has reviewed and approved the technical content contained herein.
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 Project, located in Clark County, Idaho and the Oakley Project, located in Cassia County, Idaho.
ON BEHALF OF THE BOARD
“Craig T. Lindsay”
President & CEO
For additional information, please contact:
Mr. Tony Perri – Corporate Development
Tel: (604) 424-8100 Email: tony@otisgold.com
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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.
