Pilot Gold Inc. (PLG - TSX) (“Pilot Gold” or the “Company”) reports that a 10,000 metre, Phase 1 drill program has commenced at the Company’s 100%-owned and operated Regent Project in southwestern Nevada.
Regent is a low sulphidation epithermal gold and silver mineralized system situated on the eastern margin of the prolific Walker Lane epithermal gold-silver belt. Walker Lane deposits include Round Mountain (7 million ounces of gold produced to date), the historical Comstock Lode (8 million ounces of gold and 192 million ounces of silver produced) and the Rawhide/Denton Mine (1.4 million ounces of gold and over 10 million ounces of silver produced between 1990 and 2004). Pilot Gold recently staked 153 new claims, bringing the overall Regent property to 263 claims totaling 1803 hectares (4456 acres).
“This drilling marks the start of an aggressive and systematic exploration program on our key Nevada property,” says Matt Lennox-King, President and CEO of Pilot Gold. “Our goal at Regent is to define a significant new epithermal gold and silver deposit by expanding the historic disseminated deposit and following up on the abundant high-grade intervals on the property.”
Gold-silver mineralization at Regent is centered on Regent Hill and is partly controlled by the Silver Hill Vein, a 1,200 metre-long vein system. Veins vary from 0.3 to 12 metres in width, with surface values up to 61.4 grams per tonne (1.79 opt) gold and 480.0 grams per tonne (14 opt) silver. Disseminated gold and silver mineralization is hosted within felsic tuffs, and stratigraphically overlies the vein hosted mineralization.
The Regent Hill area was previously explored for near-surface, disseminated gold and silver resources by Newmont Mining Corporation and Kennecott Mining Company. These programs resulted in over 580 shallow drill holes, the vast majority of which were vertical, reverse circulation holes drilled on a grid within a limited area. These holes were used to define a near-surface, bulk-mineable deposit, which included historical intercepts of:
- 2.4 grams per tonne gold over 62.48 metres in hole NRE-054;
- 1.4 g/t gold over 47.24 metres in hole RK-1918; and
- 1.1 g/t gold over 47.24 metres in hole RK-2043.
Significant high-grade intervals were also encountered, with 31 intercepts greater than 6.86 g/t gold (0.2 opt) including:
- 49.9 g/t gold over 1.52 metres in hole RK-2549;
- 12.0 g/t gold over 3.05 metres in hole NRE-080; and
- 10.7 g/t gold over 4.57 metres in hole RK-1918.
For a table of historical drill intercepts, please click:
For a map of Pilot Gold’s Nevada properties, including Regent, please click:
Past operators focused on defining bulk mineable mineralization and as a result did not incorporate the high grade intercepts into their development plans. Pilot Gold believes there exists strong potential for expansion of the bulk-tonnage deposit both down-plunge and along strike, as well as the discovery of additional high-grade, vein-hosted gold and silver mineralization at moderate depths.
Pilot Gold’s 2011 exploration program at Regent commenced in February with the collection of 142 line kilometers of ground magnetics and 780 gravity stations over the project. Pilot Gold has also acquired the majority of historic data on the Regent Project and believes this data will be instrumental in driving exploration success.
The Phase 1 drill program commenced on April 20, 2011, with 10,000 metres of reverse circulation and core drilling planned.
All technical information contained in this release has been reviewed and approved by Ian Cunningham-Dunlop, P. Eng., COO, Pilot Gold, and a “qualified person” within the meaning of National Instrument 43-101. Drill results contained in this release are historical in nature and have not been verified by Pilot Gold.
ABOUT PILOT GOLD
Pilot Gold is a gold exploration company focused on advancing Halilaga, TV Tower and Regent— three strategic gold and copper-gold projects located in Turkey and Nevada. For more information on our pathway to creating value, 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
For further details on Regent please view the NI 43-101 technical report entitled "Summary Technical Report : Regent Gold Project Mineral County, Nevada," dated January 4, 2011, Paul Klipfel Ph.D CPG #10821, Consulting Economic Geologist, Mineral Resource Services Inc. (Reno), on SEDAR (www.sedar.com) under Pilot Gold’s Issuer Profile.
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 programsinvolve 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 tothe 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 Appendix "E" of Fronteer Gold Inc.'s Management Information Circular dated March 2, 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.