Pilot Gold Inc. (PLG - TSX) (“Pilot Gold” or the “Company”) is pleased to report that ongoing core drilling at the Halilaga copper-gold porphyry project in northwest Turkey (“Halilaga”) continues to intersect significant copper-gold mineralization, including 0.27 grams per tonne gold and 0.34% copper over 306.7 metres, extending mineralization approximately 100 metres to the north. Hole HD-82D, drilled 750 metres to the east of HD-80, intersected gold and copper grades in an area that has had minimal drilling to date.
The latest drill results are from the Phase 1, four-rig, 10,000 metre exploration/delineation drill program focused on the Central Zone of the Kestane target, as well as prominent magnetic anomalies on the remainder of the property. Approximately 11,000 metres have been completed as part of this program and will form the basis of ongoing exploration and development work at Halilaga. In addition to the results stated in this news release there are another 10 completed holes for which results are pending.
Pilot Gold and its 60% joint venture partner, Teck Madencilik Sanayi Ticaret A.S. (“TMST”, a subsidiary of Teck Resources Limited), recently approved an additional 10,000 metres of drilling for the second half of 2011, which will be carried out in conjunction with ongoing metallurgical and hydrological testing. This program will be focused on infill drilling the Kestane Zone ahead of a Q4-2011 project resource estimate, compliant with National Instrument 43-101 – Standards of Disclosure for Mineral projects of the Canadian Securities Administrators (“NI 43-101”). This will be the first resource at Halilaga. Additional drill tests will be conducted on high priority exploration targets outside the main Kestane zone.
Significant recent drill results from the Central Zone at Kestane include:
- 0.27 grams per tonne gold and 0.34% copper over 306.7 metres in HD-80, including:
- 0.41 g/t gold and 0.51% copper over 112.8 metres;
- 0.37 g/t gold and 0.20% copper over 113.2 metres in HD-82, and;
- 0.44 g/t gold and 0.22% copper over 110.6 metres in HD-82D, and:
- 0.28 g/t gold and 0.25% copper over 63.50 metres, and
- 0.30 g/t gold and 0.23% Cu over 23.6 metres
All true widths are 80-90% of reported widths unless otherwise stated. All intervals of no sampling have been assigned zero grade for the purposes of compositing. Composites were calculated at 0.5, 1.0 and 2.0 g/t gold equivalent cut-offs using $1000/oz gold and $3.00/lb copper for consistency with historic reporting practice. For a PDF of comprehensive drill results to date, including new and non-reportable intercepts, please click: http://www.pilotgold.com/sites/default/files/HalilagaDrillResults1112.pdf
For a map highlighting recent drilling, please click:
Drilling to date at Halilaga has intersected mineralization over a strike length of 1,200 metres, a width of up to 850 metres, and thicknesses of up to 600 metres. Halilaga is also endowed with a shallow supergene enrichment zone that is locally up to 40 metres thickat grades of 1%-to-2% Cu.
Since 2004, Pilot Gold’s technical team has played a key role in establishing the prospectivity and gold endowment of the Biga District in northwest Turkey, and were instrumental in the discovery of the Halilaga porphyry. TMST is Pilot Gold’s 60% joint-venture partner and project operator. Pilot Gold’s share of the 2011 budget is approximately $2.0-million.
All drill samples and analytical data for Halilaga are collected under the supervision of TMST, using industry standard QA-QC protocols. Ian Cunningham-Dunlop, P. Eng, VP Exploration and Chief Operating Officer for Pilot Gold, and a “Qualified Person” within the meaning of NI 43-101, is responsible for compiling the technical information contained in this release. Mr. Cunningham-Dunlop has not verified all the assay data generated by TMST as project operator. However, the grades and widths reported here agree well with the Company’s past results on the project and TMST has given him no reason to doubt their authenticity.
ABOUT PILOT GOLD
Pilot Gold is a gold exploration company focused on advancing Halilaga, TV Tower and Regent - three strategic copper-gold and gold projects located in Turkey and Nevada. For more information on Pilot Gold, visit www.pilotgold.comor contact:
Matt Lennox-King, President & CEO
Patrick Reid, VP Corporate Development
Phone 604-632-4677 or Toll Free 1-877-632-4677
For further details on Halilaga, please view the NI 43-101 compliant technical report entitled "NI 43-101 Technical Report on the Halilaga Exploration Property, Canakkale, Western Turkey," dated February 15, 2011, as amended June 7, 2011, prepared by Ian R. Cunningham-Dunlop, P. Eng. and VP Exploration and Chief Operating Officer, Pilot Gold (formerly VP Exploration, Fronteer Gold Inc.) under Pilot Gold’s Issuer Profile on SEDAR(www.sedar.com).
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.