Otis Announces Kilgore Drill Program
02 Oktober 2019 - 2:30PM
Otis Gold Corp. (“
Otis” or the
“
Company”) (
TSX-V:
OOO) (
OTC: OGLDF) is pleased to
announce the initiation of a planned 3,250 metre reverse
circulation (“RC”) drill program at its flagship Kilgore Project,
Clark County, Idaho. The drilling will be conducted under an
approved Plan of Operation, and is the first phase of a larger
25,000 metre exploration program planned for Kilgore. The first
phase will comprise of up to 14 holes averaging approximately 230
metres in length, and are designed to step-off open-ended
mineralization at the margins of the Kilgore Deposit. Road and
drill site construction are scheduled to commence on October 4,
2019, with drilling to begin on, or around, October 9, 2019.
The drilling, expected to take approximately 45
days, will be conducted by Alford Drilling, LLC of Butte, Montana,
using an Explorer 1500 tire mounted “buggy” reverse circulation
drill rig; results will be released when available.
In keeping with Otis’ philosophy of implementing
best exploration practices, the Fall 2019 drill program has been
designed to keep environmental disturbance to a minimum. This
includes the selection of state-of-the-art reverse circulation
technology that reduces the water requirement as well as reducing
additive use, while the use of face-sampling center return drill
bits will maximize and optimize sample quality. Three-dimensional
modeling software was used to review and relocate drill holes to
reduce the need for additional new road construction; since filing
the original Plan of Operation, the relocation of drill sites
resulting from advanced modeling has removed several hundred metres
of new road construction.
Otis President & CEO, Craig Lindsay, stated:
“We are very excited to have recently raised $1.3 million in an
oversubscribed private placement to fund this drill program. The
imminent start of exploration drilling is the beginning of a new
phase at Kilgore that will be marked by extension and expansion of
the current resource, combined with ongoing targeting of newly
discovered areas of near surface gold occurrences.”
About the Kilgore ProjectThe
Kilgore Project lies on the north-eastern margin of the
Miocene-Pliocene Kilgore Caldera complex in the Eastern Snake River
Plain, Idaho. The Kilgore Project contains the Kilgore Deposit with
a current NI 43-101 Indicated Resource of 825,000 ounces Au in 44.6
million tonnes at a grade of 0.58 g/t Au and an Inferred Resource
of 136,000 ounces Au in 9.4 million tonnes at a grade of 0.45 g/t
Au. The Kilgore Deposit is a low-sulphidation, gold bearing,
quartz-adularia epithermal system hosted in Tertiary volcanic
rocks, local Tertiary intrusive rocks, and basement Late
Cretaceous, Aspen Formation sedimentary rocks.
Alan Roberts, MSc, CPG, Vice President of
Exploration, serves as the Qualified Person for this news release
and has reviewed and approved the technical content contained
herein.
About the Company Otis is
a resource company focused on the acquisition, exploration, and
development of precious metal deposits in Idaho, USA. Otis is
currently developing its flagship property, the Kilgore Project,
located in Clark County, Idaho and the Oakley Project, located in
Cassia County, Idaho.
ON BEHALF OF THE BOARD
“Craig T. Lindsay”
President & CEO
For additional information, please contact:
Mr. Tony Perri – Corporate Development
Tel: (604) 424-8100 Email: tony@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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