Otis Releases Complete Kilgore 2011 Drill Results; Mine Ridge Deposit Continues to Expand
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/12/12 -- Otis Gold Corp. (TSX VENTURE: OOO)(OTCQX: OGLDF) ("Otis" or the "Company") is pleased to announce that it has received the final results from the Company's 2011 drill program. The 2011 drill program comprised 41 core holes totaling approximately 9,200 metres. In total, 28 of the 41 holes were mineralized (Table 1). The remaining holes were condemnation holes and serve to delimit the outer boundary of the deposit. An additional 2 holes were drilled as metallurgical test holes. Highlights of the 2011 drill program include:
Of the final 10 holes reported, the most significant intercepts are from the Central Block and include hole 11 OKC-288 with 41.1 metres (m) of 0.68 grams per tonne gold (g/t Au), and hole 11 OKC-289 containing two significant intercepts of 22.9 m (at) 0.74 g/t Au and 32.0 m (at) 0.62 g/t Au. Additional interesting intercepts from the South Block, outside the area of the known resource, were received for holes 11 OKC-270 and 11 OKC-276, along with previously reported intercepts, suggesting that the deposit remains open in a southerly direction. Hole 11 OKC-283, located at the north edge of the drill pattern, contains an almost 100-metre-thick intercept of anomalous gold mineralization and validates the Company's premise that the deposit is completely open toward the northwest along the trace of the Northwest Fault. Nineteen (19) holes were reported in previous news releases (Sept. 7th, Oct. 6th, and Dec. 8th 2011).
Otis' President and CEO, Craig Lindsay, states, "The Company's 2011 drill program has been a huge success in that Otis has clearly grown the Kilgore resource with the results obtained from this years' drill program. The Mine Ridge deposit is not closed off; the gold mineralization is still open toward the north along the controlling Northwest Fault and throughout much of its southern margin. I am excited about the prospect of adding additional ounces via expansion drilling, and am confident that our 2012 drill program will be successful in further growing the resource."
A map showing the location of the fourth and final set of nine holes reported in this news release, as well as their corresponding assay intercepts, is displayed on the Otis Gold Corp. website at .
Analysis and Otis QA/QC Program
All assay work was performed by ALS Chemex Labs, Reno, 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 drill 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 project's 2011 HQ3-size core drilling, completed October 15, was 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
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
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.
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.
Contacts:
Otis Gold Corp.
Craig Lindsay
(604) 683-2507
(604) 683-2506 (FAX)
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Datum: 12.01.2012 - 13:30 Uhr
Sprache: Deutsch
News-ID 103575
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VANCOUVER, BRITISH COLUMBIA
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Mining & Metals
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