[Marinir] {Disarmed} Otis Gold (TSX-V: OOO) Drills 100-Metre-Plus Gold Intercepts
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Thu Oct 6 16:32:30 CEST 2011
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OTIS DRILLS 100-METRE PLUS GOLD INTERCEPTS; DISCOVERS NEW EXTENSION TO
MINE RIDGE DEPOSIT
Otis Gold Corp. (TSX Venture Exchange: OOO
http://www.stockwatch.com/Quote/Detail.aspx?action=go&symbol=OOO®ion=C&lookup=symbol&snapshot=default
) is pleased to announce that it has encountered new ore-grade
intercepts in excess of 100-metres thick from its most recent round of
drilling at the Kilgore Gold Project ("Kilgore"), Clark County, Idaho.
These results are groundbreaking as collectively they define a
significant extension of bulk-tonnage gold mineralization at the Kilgore
Mine Ridge deposit. These intercepts (see Table 1), the thickest and
some of the shallowest and stronger ones drilled by Otis since acquiring
the project in 2008, are all open-ended and collectively extend the
deposit an additional 150 metres to the northwest. Intercepts include:
114.3 metres (m) @ 0.89 grams per tonne gold (g/t Au), that includes
80.8 m @ 1.10 g/t Au in hole 11 OKC-258, and
118.8 m @ 0.89 g/t Au, that includes 36.5 m @ 1.65 g/t Au in hole 11
OKC-25
The new intercepts defining the new Mine Ridge northwest extension of
mineralization are shallow, beginning at depths between 6 metres and 35
metres, and as such further enhance the potential mineability of the
Kilgore Mine Ridge bulk-tonnage deposit. Of the five holes reported in
this news release, four of them, 11 OKC-256, 258, 259, and 260, are
located in this new extension area, and the fifth hole, 11 OKC-257,
which contains 50.3 m @ 0.70 g/t Au, was drilled as an infill in the
central part of the deposit.
Otis' Chief Geologist Mitch Bernardi states, "These intercepts represent
the thickest and shallowest part of the Mine Ridge deposit encountered
to date in an area previously thought to represent the boundary or edge
of the deposit. The intercepts found in holes 11 OKC-256, 258, 259, and
260, along the northwestern edge of the deposit, are associated with a
thick dike or sill and suggest a new area of significant open-ended gold
mineralization has been discovered with economics that can only improve
those of the overall deposit, which is already good."
Table 1: Otis Gold 2011 Kilgore Gold Project Drill Highlights - Second
Round of Five holes
Hole
Number From
(metres) To
(metres) Thickness
(metres) Grade
(g/t Au)
11 OKC-256 22.9 57.9 35.0 0.88
includes 22.9 39.6 16.7 1.03
85.3 88.4 3.1 3.49
11 OKC-257 29.3 79.6 50.3 0.70
includes 61.3 79.6 18.3 1.13
11 OKC-258 6.1 120.4 114.3 0.89
includes 6.1 86.9 80.8 1.10
11 OKC-259 35.1 153.9 118.8 0.89
includes 35.1 132.6 97.5 1.01
includes 93.0 129.5 36.5 1.65
11 OKC-260 155.4 185.9 30.5 0.81
Note: The gold grade calculation is a weighted mean with a 0.350 g/t top
and bottom cutoff. The grade calculation includes internal waste and
low-grade sections. The orientation of these drill holes is a 230°
azimuth to intercept the general strike of the deposit and structural
features (i.e. Northwest Fault) at right angles so as to provide a close
approximation to true thickness.
Based on these new results, Otis expects that there is a strong
probability to increase the overall size and economic viability of the
Kilgore Mine Ridge Deposit. The Company is allocating additional time
for the preparation of its ongoing independent NI 43-101 resource
estimate to consider the inclusion of these new results in the resource
estimate, to allow a comprehensive review and vetting of the historic
drill results and for completion of a new geologic interpretation of the
controls on gold mineralization at Mine Ridge. This extended timeframe
will ensure that the Kilgore resource estimate adheres to CIM Best
Practice Guidelines, and complies with NI 43-101 reporting requirements.
The five holes reported in this news release, which total 1,173 metres
of drilling, and their corresponding assay intercepts, are shown in a
drill-hole location map available on the Otis Gold Corp. website at
http://www.otisgold.com/_resources/kilgore/kilgore_drill_map.pdf
http://www.otisgold.com/_resources/kilgore/kilgore_drill_map.pdf
.
Analysis and Otis QA/QC Program
All assay work was performed by ALS Chemex Labs, Elko, Nevada, which has
ISO 9001:2008 quality management system certification and ISO 17025:2005
technical capability accreditation. A 50-gram pulp of all samples was
assayed for gold by Fire Assay/AA finish methods. Certified reference
materials, duplicates and blanks were inserted into the sample stream
for quality control and approximately 10% of the samples are sent out to
a second lab for check assays.
True bulk-tonnage thicknesses are estimated to be between 80% and 100%
of the drilled interval, based on their estimated dip, association with
diking, and continuity of mineralization between drill holes. The
HQ3-size core drilling is being performed by Timberline Drilling, Inc.,
Coeur d'Alene, Idaho, employing two Sandvik DE-140 core drills outfitted
with a triple-tube core recovery system and face-discharge bits.
Drilling continues on a full-time, around-the-clock basis. Currently,
due to the high volume and backlog of samples submitted to geochemical
labs as a result of intense drilling activity for gold in the United
States, ALS Chemex is running at about 25 to 30 days turnaround time.
Therefore, the results for the projected 28 remaining holes drilled in
2011 will be reported as they are received through the fall of 2011 and
into the early winter of 2012.
The Qualified Person under National Instrument (NI 43-101) Standards of
Disclosure for Mineral Projects for this News Release is John R. Carden,
PhD, Lic. Geo., and Consulting Geologist for Otis Gold Corp., who has
reviewed and approved its technical contents.
About The Company
Otis Gold Corp. is a Canadian-based mineral exploration company focused
on the acquisition and development of quality precious metal deposits in
Idaho, USA. Otis is currently developing its flagship property, the
Kilgore Gold Project, located in Clark County, Idaho (approx. 60 miles
north of Idaho Falls).
ON BEHALF OF THE BOARD
"Craig T. Lindsay"
President & CEO
For additional information, please contact:
Craig Lindsay
Tel: (604) 683-2507
craig at otisgold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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.
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