PGS170: 32.0 m grading 0.72 g/t Au and PGS188: 22.9 m grading 0.86 g/t Au
VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce additional drill results from the Main and Aggie zones, as well as from the new Dip Slope and Warrior zones, located north and west respectively, of the Main Zone, at the 100% controlled Goldstrike Project in southwestern Utah. The primary target is shallow Carlin-style, oxide gold mineralization within the 14 km2 “Historic Mine Trend”, between and down-dip of historic open pits.
Highlights from the New Dip Slope Zone include:
- 0.51 grams per tonne gold (g/t Au) over 41.1 metres (m) including 1.24 g/t over 6.1 m in PGS142
- 1.14 g/t Au over 6.1 m in PGS144
- 0.58 g/t Au over 21.3 m in PGS153
- 2.81 g/t Au over 3.0 m in PGS161
Highlights from the New Warrior Zone include:
- 0.59 g/t Au over 25.9 m in PGS166
- 0.86 g/t Au over 22.9 m including 1.45 g/t Au over 4.6 m in PGS188
- To date, a total of three holes have been drilled in the Warrior Zone. The discovery hole, PGS126, returned 0.84 g/t Au over 10.7 m and 0.83 g/t Au over 10.7 m.
Highlights from the existing Main and Aggie Zones include:
- 0.53 g/t Au over 22.9 m including 1.03 g/t over 4.6 m in PGS131
- 0.63 g/t Au over 10.7 m in PGS165
- 0.48 g/t Au over 24.4 m in PGS168
- 0.72 g/t Au over 32.0 m including 2.07 g/t Au over 4.6 m in PGS170
- 0.84 g/t Au over 27.4 m including 1.55 g/t Au over 10.7 m in PGS175
* Note that due to having two drills on the property, assay results for the holes are not necessarily received in sequence.
- The 2017 drill program commenced today, with two drills on the property. Initially, the drills will focus on the Peg Leg, Warrior and Dip Slope targets in order to include these areas in a resource estimate, projected for completion in Q2, 2017.
- The Dip Slope target covers an area approximately 2.5 km long and up to 800 m wide directly north of the Main Zone. The Dip Slope area hosts several historic pits, as well as unmined gold intercepts in historic holes adjacent to the pits. Approximately 85% of the target area is still undrilled, or only very sparsely drilled.
- The objective of the 17-hole, first-pass test of the Dip Slope was to identify areas where the host basal Claron Formation extends beyond the immediate pit areas under shallow cover. The results suggest that significant additional drilling is warranted. Drill testing of outlying areas will commence following receipt of the Plan of Operations.
- The Warrior target is located in the western Goldstrike Graben approximately 350 m west of the Aggie Zone. To date, Pilot Gold has tested this new zone with three drill holes. All three holes contain significant thicknesses of oxide gold mineralization. Follow-up drilling in 2017 will be focused on extending this zone where it is open to the north and west.
- Results from five follow-up drill holes at Peg Leg and 12 holes from the Covington Pit area to the west, are still pending.
For a complete table of drill results for the current holes, please click here:
For a complete table of results for all drilling by Pilot Gold at Goldstrike in 2015 and to date in 2016, please click here: http://pilotgold.com/sites/default/files/GS_Intercepts2015to02012017.pdf
For a map of drill collars and traces for the current release, please click here:
For a map showing the areas of new drilling and the location of historic hits at Goldstrike, please click here:
Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend. Like Kinsley Mountain and Newmont’s Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin. The historic Goldstrike Mine operated from 1988 to 1994, with 209,000 ounces of gold produced from 12 shallow pits, at an average grade of 1.2 g/t Au.
Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, 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 ("NI 43-101") 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 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 and 100% of the reported lengths due to varying drill hole orientations, but are typically in the range of 60 to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed 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 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS. Metallic screen techniques may be employed where the presence of coarse free gold is suspected. Approximately 1000 grams of coarse reject material are pulverized and screened. Two splits of the fine fraction are assayed, as well as all material that does not pass through the screen (the coarse fraction). The final gold assay reported is a weighted average of the coarse and fine fractions.QA/QC 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 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.
Goldstrike is an early-stage exploration project and does not contain any mineral resource estimates as defined by NI 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. Further information on Goldstrike is available in the technical report entitled "Technical Report on the Goldstrike Project, Washington County, Utah, U.S.A.", effective April 1, 2016 and dated October 7, 2016, prepared by Michael M. Gustin, C.P.G. and Moira Smith, Ph.D., P.Geo. found at the top of this page or under Pilot Gold's issuer profile in SEDAR (www.sedar.com).
ABOUT PILOT GOLD
Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our core projects are Goldstrike in Utah, Black Pine in Idaho and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US projects characterized by large land positions and district-wide potential that can meet our growth needs for years to come.
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Pilot Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, timing and likelihood of deployment of additional drill rigs, successful delivery of results of metallurgical testing, the release of an initial resource report, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Pilot Gold and there is no assurance they will prove to be correct.
Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 17, 2016 in the section entitled "Risk Factors", under Pilot Gold’s SEDAR profile at www.sedar.com.
Although Pilot Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Pilot Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
Liberty Gold Corp. ("Liberty Gold") has taken all reasonable care in producing and publishing information contained on this website, and will endeavor to do so regularly. Material on this site may still contain technical or other inaccuracies, omissions, or typographical errors, for which Liberty Gold assumes no responsibility. Liberty Gold does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Liberty Gold be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material on this site. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express permission. The Toronto Stock Exchange has not reviewed the information on this website and does not accept responsibility for the adequacy or accuracy of it.
All statements on this website, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable Canadian securities laws, including statements that address future mineral production, resource potential including the release of an initial resource report at Goldstrike, exploration drilling, the future prices of gold, silver, copper and molybdenum, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, the timing of a preliminary economic assessment or other study, proposed exploration and development of our exploration properties, the estimation of mineral resources, the amenability of mineralization to produce a high-grade concentrate at Kinsley (as there can be no assurances as to the results of the metallurgical testing and no inferences should be drawn therefrom), and the accuracy of any metallurgical testing completed to date. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", " continue", " planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Liberty Gold to differ materially from those anticipated in such forward-looking information. Such forward-looking information, including, but not limited to, Liberty Gold’s ability to fully fund cash-calls made by its joint venture partner for ongoing expenditure at Halilağa, proposed exploration and development of Liberty Gold’s exploration properties, estimated future working capital, uses of funds, future capital expenditures, exploration expenditures and other expenses for specific operations, future issuances of Liberty Gold’s common shares for the advancement or acquisition of exploration properties, information with respect to exploration results, the timing and success of exploration activities generally, the costs and timing of the development of new deposits, potential quantity and/or grade of minerals, potential size of mineralized zone, potential expansion of mineralization, potential type of mining operation, the timing and possible outcome of any pending litigation, permitting timelines, the ability to maintain or convert the underlying licenses for the Halilağa and TV Tower properties in accordance with the requirements of Turkish Mining Law, the impact of archaeological, cultural, or environmental studies within the property area, government regulation of exploration and mining operations, environmental risks, including satisfaction of requirements relating to the submissions of Environmental Impact Assessments, title disputes or claims, and limitations on insurance coverage involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Liberty Gold to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks related to the interpretation and actual results of historical production at certain of our exploration properties, as well as specific historic data associated with and drill results from those properties, reliance on technical information provided by our joint venture partners or other third parties, assumed parallels of the Goldstrike and Kinsley Mountain properties to the Long Canyon property; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; political instability, hostilities, military coups or attempts thereof, insurrection or acts of war or terrorism; expropriation of property without fair compensation; adverse determination or rulings by governmental authorities; adverse actions by governmental authorities; changes in policy relating to the extractive industries or in the personnel administering them; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the section entitled "Risk Factors" in Liberty Gold’s Annual Information Form for the year ended December 31, 2016, dated March 28, 2017, which is available under Liberty Gold’s SEDAR profile at www.sedar.com. Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements.
Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Except as otherwise indicated by Liberty Gold, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Liberty Gold does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers should not place undue reliance on forward-looking information.
The mineral resource estimates contained herein are only estimates and no assurance can be given that any particular level of recovery of minerals will be realized or that an identified resource will ever qualify as a commercially mineable or viable deposit which can be legally and economically exploited. In addition, the grade of mineralization ultimately mined may differ from the one indicated by drilling results and the difference may be material. The estimated resources described herein should not be interpreted as assurances of mine life or of the profitability of future operations.
Statements relating to mineral reserves and resources are deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the mineral reserves and resources described exist in the quantities predicted or estimated and may be profitably produced in the future. Estimated values of future net revenue do not represent fair market value. There is no certainty that it will be commercially viable to produce any portion of the resources.
Moira Smith, Ph.D., P.Geo, Liberty Gold Vice President, Exploration & Geoscience, is the Company's designated Qualified Person for the purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) and has reviewed, approved and verified that the scientific and technical information contained in this website is accurate.
As to Halilağa and for TV Tower through to the effective date of the TV Tower Agreement, all drill samples and analytical data were collected under the supervision of Teck Madencilik Sanayi Ticaret A.S. (“TMST”), a Turkish subsidiary of Teck Resources Limited (“Teck”), using industry standard QA-QC protocols. Dr. Smith is responsible for compiling the technical information contained in this MD&A but she has not verified all the assay data generated by TMST as project operator at Halilağa, or as previous operator at TV Tower, and has not necessarily had access to individual assay certificates. However, the grades and widths reported here agree with the Company’s past results on the projects and TMST has given her no reason to doubt their authenticity. Dr. Smith also visits Halilağa and TV Tower regularly during the active drilling season and during those visits, was given complete freedom to review drill core and technical data on site, and to discuss the ongoing program and results with TMST staff. She is satisfied that TMST is meeting industry standards for all levels of exploration work being carried out on the property.
The Revised Halilağa PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves at this time, and as such there is no certainty that the preliminary assessment and economics set forth in the PEA will be realized. The authors of the Technical Report believe that Halilağa should be taken to the next level of engineering study and economic assessment, typically a Pre-Feasibility Study. Mineral resources that are not mineral reserves do not have demonstrated economic viability. For further details on Halilağa , please view the related technical report entitled "Revised Preliminary Economic Assessment Technical Report for the Halilağa Project, Turkey," dated February 16, 2015, and filed to SEDAR under Liberty Gold’s Issuer Profile at www.sedar.com.
For further details on the KCD resource estimate at the TV Tower Project, please see the NI 43-101 technical report entitled “Updated Technical Report for the TV Tower Exploration Property, Canakkale, Western Turkey", effective January 21, 2014 and dated February 27, 2014, co-authored by Casey M. Hetman, P.Geo. with SRK Consulting (Canada) Inc.; James N. Gray, P. Geo. of Advantage Geoservices Ltd.; and Gary Simmons, BSc, Metallurgical Engineering, of GL Simmons Consulting LLC., filed under Liberty Gold’s Issuer Profile on SEDAR at http://www.sedar.com
Further details on the Kinsley Project can be found in the NI 43-101 technical report entitled “Updated Technical Report on the Kinsley Project, Elko and White Pine Counties, Nevada, U.S.A.” effective October 15, 2015 and dated December 11, 2015, co-authored by Michael Gustin, C.P.G, of Mine Development Associates, Inc., Gary Simmons, MMSA QP of GL Simmons Consulting LLC and Moira Smith, Ph.D., P.Geo., filed under Liberty Gold’s Issuer Profile on SEDAR at www.sedar.com.
The Goldstrike resource estimate was completed by James N. Gray, P.Geo. of Advantage Geoservices Ltd., an Independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. Further details of the estimation methods and procedures will be available in a NI 43-101 technical report, to be co-authored and released by SRK Consulting (Canada) Inc. (“SRK”), which will be filed on SEDAR (www.sedar.com) by March 26, 2018.
Cautionary Note regarding mineral properties on which a resource has not yet been determined
Black Pine (formerly Mineral Gulch) and portfolio projects disclosed on this website or in press released prepared by Liberty Gold are early stage exploration projects and do not contain any mineral resource estimates as defined by NI 43-101. The potential quantities and grades disclosed on such projects 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.
Further information on Goldstrike is available in the technical report entitled "Technical Report on the Goldstrike Project, Washington County, Utah, U.S.A.", effective April 1, 2016 and dated October 7, 2016, prepared by Michael M. Gustin, C.P.G. and Moira Smith, Ph.D., P.Geo. found under Liberty Gold's issuer profile in SEDAR (www.sedar.com).
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources
The terms "Measured", "Indicated" and "Inferred" Resources are used herein. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration, however, under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource will ever be converted into reserves or be economically or legally mineable. Liberty Gold is not an SEC registered company.