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Pilot Gold Inc
Symbol PLG
Shares Issued 107,235,497
Close 2014-12-08 C$ 0.79
Market Cap C$ 84,716,043
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Pilot Gold drills 39.6 m of 10.1 g/t Au at Kinsley

2014-12-09 06:41 ET - News Release

Mr. Matt Lennox-King reports

PILOT GOLD REPORTS 10.1 G/T GOLD OVER 39.6 METRES AT WESTERN FLANK TARGET, KINSLEY MOUNTAIN

Pilot Gold Inc. has released highlights from drilling and has provided an update on other activities at the Kinsley Mountain project in eastern Nevada.

Two thousand fourteen has been a landmark year at Kinsley Mountain, with the discovery of the high-grade zone at the Western flank, and subsequent recognition of the propertywide potential for gold mineralization in the Candland shale and Secret Canyon shale host formations.

Highlights from recent infill drilling at the Western flank include:

  • 10.1 grams per tonne gold over 39.6 metres in PK186C, including 17.4 grams per tonne gold over 21.6 metres (Secret Canyon shale host);
  • 6.05 grams per tonne gold over 30.5 metres in PK187C (Secret Canyon shale host);
  • 4.39 grams per tonne gold over 29.2 metres in PK188C (Secret Canyon shale host);
  • 6.88 grams per tonne gold over 6.1 metres in PK177C, including 11.0 grams per tonne gold over three metres (Candland shale host).

Racetrack

The Racetrack area is located 1,200 metres south of the Western flank along a potential parallel north-northeast-trending structure where surface mineralization in the Candland shale was intersected over a 250-metre-by-300-metre area by prior operators. Pilot Gold drilled six holes, with PK180 returning mineralization in both the shallow oxide Candland shale unit and the deeper Secret Canyon shale.

Highlights from the Racetrack area include:

  • 2.69 grams per tonne gold over 7.6 metres (shallow oxide in the Candland shale host);
  • 1.25 grams per tonne gold over 10.7 metres (Secret Canyon shale host) in PK180.

"Our 2014 results support our concept that gold mineralization at Kinsley Mountain is widespread in two stratigraphic units -- the Secret Canyon and Candland shales, both emerging as a viable propertywide targets," stated Matt Lennox-King, president and chief executive officer of Pilot Gold. "These latest results not only demonstrate continuity of the high grade at Western Flank target, but also the broader potential as gold was detected in widely spaced drill holes over the two-kilometre Western flank trend."

Other targets tested along the Western flank in 2014 include the Right Spot, where shallow oxide gold mineralization was intersected in multiple drill holes; and the Secret Spot, where shallow oxide mineralization and deep mineralization in the Secret Canyon shale were encountered. Gold was also encountered in the area between the Western flank and the historical mine in three stratigraphic units.

Recent highlights from the Secret Spot include:

  • 2.03 grams per tonne gold over 7.6 metres (shallow oxide in the Candland shale) in PK182.

Permitting: Kinsley North

Pilot Gold is pleased to announce that the amendment to its plan of operations for conducting surface drilling and other activities was approved by the U.S. Bureau of Land Management. The amendment permits up to 20.5 acres of drill roads and pads in the northern two-thirds of the Kinsley property, with access to a number of high-priority targets defined by geochemically anomalous pathfinder elements in surface samples and intersections of north-northeast- and northwest-trending faults. The Kinsley North claims are underlain by the same highly prospective geology and structural framework as the historic Kinsley mine and the Western flank, and have never been drilled.

Metallurgy

Composite samples from the Western flank zone are currently undergoing metallurgical testing at Hazen Laboratory in Golden, Colo. This work is addressing the amenability of high-grade mineralization from the Secret Canyon host to produce a high-grade concentrate.

Targeting

Surface mapping and sampling, continued modelling of historical blast hole and drill data, and drilling in 2014 have refined the company's targeting efforts to find additional gold on the property. It is clear that the Secret Canyon shale, host to the high-grade mineralization in the Western flank, is a viable target, with gold greater than one gram per tonne over significant widths also drilled at the Racetrack area and in the Secret Spot target up to two kilometres to the south. Over the length of the property, this horizon is virtually untested, and it is unlikely that the Western flank is the only high-grade zone. Data support the concept that gold is concentrated at the intersections of northwest- to west-northwest- and north-northeast- to north-trending high-angle structures.

Dr. Moira Smith, PhD, PGeo, chief geologist, Pilot Gold, is the company's designated qualified person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects, and has reviewed and validated that the information contained in the release is accurate. Drill composites were calculated using a cut-off of 0.20 gram per tonne. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30 and 90 per cent of the reported lengths. Drill samples were assayed by ALS Chemex (ISO9001:2000) in Reno, Nev., for gold by fire assay of a 30-gram (one-assay-ton) charge with an AA finish, or if over five grams per tonne were reassayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 part per million an additional cyanide leach analysis is done where the sample is treated with a 0.25-per-cent-NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS. Quality assurance/quality control for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51-multielement geochemical suite by ICP-MS.

About Kinsley Mountain

Kinsley Mountain hosts near-surface mineralization similar to other Carlin-style, sediment-hosted gold systems. The property consists of 469 claims on U.S. Bureau of Land Management land plus six leased patents totalling 9,520 acres (3,853 hectares) and hosts a past-producing mine with an extensive exploration database and numerous, untested gold targets.

The company holds approximately 79.1 per cent of Kinsley. Intor Resources Corp., a subsidiary of Nevada Sunrise Gold Corp., is the company's joint venture partner at Kinsley.

Kinsley Mountain is an early stage exploration project and does not contain any mineral resource estimates as defined by National Instrument 43-101. The potential quantities and grades disclosed herein are conceptual in nature and there has been insufficient exploration to define a mineral resource for the targets disclosed herein. It is uncertain if further exploration will result in these targets being delineated as a mineral resource.

We seek Safe Harbor.

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