“These results are very significant because they change the complexion of the Kinsley Project and may indicate the presence of a widespread gold system that extends well beyond the limits of historical mining,” stated Matt Lennox-King, President and CEO.
NEW DRILL RESULTS
Western flank of Kinsley Range: Ongoing RC drilling approximately 550 metres northwest of the nearest historic pit is testing a prospective area with limited historic drilling. To date, results have been received for two holes:
-- 1.73 g/t gold over 15.2 metres in PK056 -- 2.30 g/t gold over 19.8 metres in PK057
-- 1.08 g/t gold over 10.7 meters in PK039.
-- 3.20 g/t gold over 6.1 metres in PK051(100 metre step out north of PK014C); and -- 3.13 g/t gold over 3.0 metres in PK052 (150 metre step out north of PK014C).
-- 0.41 g/t gold over 13.7 metres in PK011 (within the dolomite); and -- 0.72 g/t gold over 4.6 metres in PK036 (in limestone below the dolomite).
For a map highlighting recent drilling, please click: http://www.pilotgold.com/sites/default/files/KinsleyDrillMap1215.pdf
Regional program and other activities
In conjunction with the 2012 drill program regional exploration, data compilation and modeling, and environmental studies are underway. A Plan of Operations permit application was submitted to U.S. Bureau of Land Management (BLM) in June, which will allow for expanded drilling activities beyond the previously disturbed areas.
The regional mapping and sampling program has identified a large number of new structures that host jasperoid alteration, a hallmark of Carlin-style sediment-hosted mineralization. Jasperoid alteration can be found within mineralization, but commonly extends to areas above, and lateral to, mineralization. Jasperoids highly enriched in the gold-associated pathfinder elements such as arsenic, antimony and thallium have been recognized up to eight kilometres north of the mine. At the completion of the regional program, drill targets in these areas will be selected. Jasperoid samples from closer to the mine in strata interpreted as immediately overlying mineralized horizons at the mine have returned up to 3.34 g/t gold.
Nevada Sunrise Gold Corporation is Pilot Gold’s 49% joint venture partner on Kinsley Mountain. Pilot Gold is currently earning a 65% interest in the project.
The Company has been informed that the Turkish Ministry of Environment and Urban Planning (the “Ministry”) has been served a legal petition by certain claimants in Turkey to annul the Ministry’s recent approval of a baseline Environmental Impact Assessment report (the “EIA”) prepared in relation to the Halilaga copper-gold project in Turkey. The EIA contemplates a small-scale copper-gold test mining scenario as part of an ongoing effort to advance understanding of the project.
The Company’s interest in Halilaga is held through a 40% shareholding in Truva Bakir Maden Isletmeleri A.S. (“Truva Bakir”), a Turkish joint stock company. Teck Resources Limited’s Turkish subsidiary, Teck Madencilik Sanayi Ticaret A.S., is Pilot Gold’s 60% joint venture partner and project operator at Halilaga.
The Company believes the petition is without merit, and even if the petition is successful, and the EIA is annulled, the ability to continue the planned 2012 exploration program on Halilaga is unaffected. Should the EIA be annulled, the shareholders of Truva Bakir would revisit the EIA process in order to address identified issues, and update for the result of ongoing economic and environmental studies. The Company has also been advised that there is no direct threat to the underlying tenure on the licenses that comprise Halilaga.
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