Pilot Gold Inc. (PLG - TSX) (“Pilot Gold” or the “Company”) is pleased to report a new gold discovery at its 100% owned Brik Project in southeast Nevada. The first holes drilled on the Hidden Treasure Target have intersected wide intervals of near surface oxide gold mineralization from a sub-horizontal zone that remains open in all directions.
Highlights from the Hidden Treasure target area include:
- 2.41 g/t gold over 16.7 metres, including 14.95 g/t gold over 1.5 metres, and
0.99 g/t gold over 18.3 metres, from surface in hole PB-24;
- 1.30 g/t gold over 19.8 metres from surface in hole PB-17;
- 0.82 g/t gold over 35.0 metres from surface in hole PB-25;
- 0.98 g/t gold over 10.6 metres from 47 metres in hole PB-19.
Intervals were calculated using a 0.20 g/t cut-off and maximum 3 metres of internal waste. True thickness of intercepts varies, but in most cases is believed to represent 70 to 80% of true thickness, as holes were angled across mineralized structures.For a PDF of comprehensive drill results, please click: http://www.pilotgold.com/sites/default/files/BrikDrillResults1113.pdf
Gold intercepts at Hidden Treasure are from a near-surface, sub-horizontal mineralized zone characterized by massive silicification, as well as a deeper, higher-grade, southwest-dipping zone. All drill holes bottomed in strong chalcedonic alteration and quartz veining.
“These results from Brik demonstrate the potential for new discoveries in Nevada and the Stateline District,” says Matt Lennox-King, President and CEO of Pilot Gold. “We intend to aggressively follow up the discovery zone at Hidden Treasure.”
An additional four target areas at Brik also saw their first round of drill testing as part of a recently completed 27 hole, 3,481 metre (11,400 feet) RC drill program. Encouraging oxide gold mineralization was intersected in eight of these holes including a shallow gold intercept of 1.00 g/t over 7.6 metres at the Sinter Target, which has the potential to be expanded in all directions with additional drilling.
For a map highlighting drilling, please click:
The Brik area has seen little historic mineral exploration, and the 2011 Pilot Gold effort represents the first comprehensive modern exploration program on the property. The Brik property consists of 135 unpatented lode claims located on BLM ground covering 1,123 hectares (2,774 acres).
Brik lies within an underexplored but highly prospective part of Nevadacalled the Stateline District. Pilot Gold has assembled a dominant land package of approximately 6,600 hectares in this emerging district which, in addition to Brik, includes the Gold Springs, Easter and Stateline projects.
For a location map of the Stateline District, please click:
A second phase program is underway at Brik, consisting of CSAMT geophysical surveys and geologic mapping, with Phase 2 drilling expected to commence shortly.
All technical information contained in this release has been reviewed and approved by Vance Spalding, Nevada Exploration Manager for Pilot Gold and a “qualified person” within the meaning of National Instrument 43-101. Intervals were calculated using a 0.20 g/t cut-off and maximum 3 metres of internal waste. True thickness of intercepts varies, but in most cases is believed to represent 70 to 80% of true thickness, as holes were angled across mineralized structures. Pilot Gold employs a rigorous quality control system by inserting a blank, standard or duplicate into the sample stream for every 10 drill samples. All gold values reported are 30 gram Fire Assay with Atomic Absorption finish. All assays were performed by ALS Chemex at their Reno and Vancouver labs following preparation in the Elko lab.
ABOUT PILOT GOLD
Pilot Gold is a gold exploration company focused on advancing Halilağa, TV Tower and our pipeline of projects in Nevada. For more information, visit www.pilotgold.com or contact:
Matt Lennox-King, President & CEO
Patrick Reid, VP Corporate Development
Phone 604-632-4677 or Toll Free 1-877-632-4677
Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking information" within the meaning of applicable Canadian securities laws. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “planning”, “planned”, “expects” or “looking forward”, “does not expect”, “continues”, “scheduled”, “estimates”, “forecasts”, “intends”, “potential”, “anticipates”, “does not anticipate”, or “belief”, or describes a “goal”, or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking information, including, but not limited to, information with respect to exploration results, the timing and success of exploration activities generally, permitting timelines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, potential quantity and/or grade of minerals, potential size of mineralized zone, potential expansion of mineralization, potential type of mining operation, timing and possible outcome of any pending litigation, timing and results of future resource estimates or future economic studies and the timing and results of any future development programs involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Pilot Gold to be materially different from any future results, performance or achievements expressed or implied by such forward looking information. Such factors include, among others, risks related to the interpretation and actual results of current exploration and development activities; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company’s Amended Annual Information Form for the year ended December 31, 2010 dated May 12, 2011 (amended June 7, 2011), which is available under Pilot Gold’s SEDAR profile at www.sedar.com. Although Pilot Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Pilot Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking information.