Otis Submits Plan of Operation for Major Kilgore Exploration Program
VANCOUVER, British Columbia, Oct.23, 2017(GLOBE NEWSWIRE) -- Otis Gold Corp. (the "Company" or "Otis") (TSX-V:OOO) (OTC:OGLDF) is pleased to announce the submittal of a Plan of Operation (or the "Plan") to the U.S. Forest Service in connection with a proposed exploration program at its Kilgore Project, Clark County, Idaho.Permitting of this program will include drilling at up to 140 drill sites to further develop the Kilgore Deposit and test new exploration targets. The Plan, which will cover drilling for 2018 and beyond, is currently being reviewed by the U.S. Forest Service (or "USFS"). An Environmental Assessment (or "EA") will be completed as part of the agency review process. Otis personnel and consultants will be supporting the USFS in their review process.
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A photo accompanying this press release is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/200dfea5-13c0-481a-9248-3a165b3ba708
At the Kilgore Deposit, gold mineralization is open for extension to the northwest, southeast and at depth. Additionally, numerous high value exploration targets exist, including Gold Ridge, Prospect Ridge, Dog Bone Ridge and the Aspen Gossan, which are of significant interest to Otis and not authorized under the current approved Plan of Operations. These exploration targets have been identified by an ongoing exploration program including ground-based magnetic geophysical surveys over the land package and a detailed program of soil and stream sediment surveys. This current work is complemented by an extensive range of historical exploration work that includes an airborne magnetic survey conducted in the 1990s, a 2010 CSAMT survey, extensive soil surveys and prior regional exploration drilling conducted by Otis and other operators.
The new permit will allow a significant amount of flexibility to aggressively test these new exploration targets and to expand the gold resources at Kilgore. A specific exploration program for 2018 will be finalized after an assessment of the results from the 2017 Kilgore drill program and a compilation and review of all exploration data from this and prior year's field programs.
Craig Lindsay, Otis President & CEO, stated: "Otis is at a critical juncture in the development of the Kilgore Project. While significant growth potential exists at the current deposit, which will remain a critical focus of future drilling, exploration outside of the existing deposit area has the potential to quickly take Kilgore to the next stage. We are excited about working with the U.S. Forest Service and the local community on this newest round of permitting at Kilgore."
About the Kilgore Project
The Kilgore Project contains a current NI 43-101 (dated September 12, 2012) Indicated Resource of 520,000 ounces (oz.) Au in 27.4 million tonnes at a grade of 0.59 g/t Au and an Inferred Resource of 300,000 oz. Au in 20.2 million tonnes at a grade of 0.46 g/t Au (the "Deposit"). The Deposit is part of an extensive low-sulfidation quartz-adularia epithermal hydrothermal system hosted in Tertiary volcanic rocks and an underlying sedimentary sequence that is Late Cretaceous in age. Gold mineralization is of the traditional disseminated, bulk-tonnage type similar to that comprising the classic volcanic-hosted gold deposits at Round Mountain, Nevada and McDonald Meadows, Montana. The preparation of an updated NI 43-101 compliant resource calculation is ongoing and will be released when available.
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.
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.