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Otis Gold: The Year in Review15.12.2017 | 14:30 Uhr | GlobeNewswire
VANCOUVER, British Columbia, Dec. 15, 2017 (GLOBE NEWSWIRE) -- Otis Gold Corp. (“Otis” or the “Company”) (TSX-V:OOO) (OTC:OGLDF) is pleased to provide the following review of its activities and accomplishments over the past year. Strength in the gold price early in 2017 drove interest in the junior exploration sector and allowed Otis to fund active exploration and development programs at both its Kilgore and Oakley Gold Projects. The close of the year saw a challenging trading environment as the price of gold weakened, with the result being a softening in gold company valuations, particularly at the junior end of the market. That said, Otis remains very optimistic about 2018 for gold prices and company valuations and is excited about the exploration year ahead. Development Work at Kilgore
While these results should be read in conjunction with the news releases noted above, the primary take-away from drilling results received to date is that the Aspen Formation continues to demonstrate meaningful potential to host additional mineralization and increase size and grade of the Kilgore Deposit. Assay results from the remaining holes drilled in the 2017 campaign will be released as soon as they become available. It should be noted that results from the lab have been very slow and have been out of the control of the Company. Other work at Kilgore included the development of a 3D geological model in Leapfrog, the collection of over 2,500 soil, rock chip and stream sediment samples (results pending) and a 464 line kilometer ground magnetic survey (results pending). The sampling and ground magnetic work covered areas both within and external to the existing Kilgore project area. Additionally, a significant amount of historical paper-based data has been entered into an online database and a GIS system. This field and desktop work is being used to develop a drill program for 2018 and beyond; specific information on this planned program will be issued as it becomes available. The development of the 3D geological model is being used as a tool to assist in the completion of an updated NI 43-101 resource estimate that will include drilling conducted in 2015, 2016 and 2017. Finally, Otis will be conducting metallurgical testing in 2018 on a PQ-sized hole drilled this year to test gold recoveries in the underlying Aspen host rock. Just as importantly, a Plan of Operation has been filed with the US Forest Service to permit 140 new drill sites to conduct step-out drilling at the existing Kilgore Deposit and to test new targets in 2018 and beyond (see News Release dated October 23, 2017). An Environmental Assessment (or “EA”) will be completed as part of the agency review process, which is currently ongoing. Otis personnel and consultants are actively supporting the USFS in their review process. Development Work at Oakley While work in 2017 was focused at Kilgore, Otis did complete a sampling program at the highly prospective Matrix Creek discovery consisting of over 1,300 soil and rock chip samples. This work was subsequent to a program consisting of 14 surface grab samples collected by Otis at Blue Hill Creek in 2014 that averaged 0.55 g/t Au and 70.4 g/t Ag, with the highest-grade sample returning 1.24 g/t Au and 306 g/t Ag. Preliminary 48-hour bottle-roll suggest that the gold is up to 82% recoverable and that the silver is up to 93% recoverable (see Otis News Release dated September 18, 2014). Otis continues to be very excited about the potential for delineating a gold/silver discovery at Matrix Creek as well as the potential for the expansion of mineralization at Blue Hill Creek (where a joint venture partner intercepted gold mineralization in three holes including 0.691 gpt Au over 123m (BHC14-01), 0.705 gpt Au over 41.1m (BHC14-03) and 0.405 gpt Au over 113.9m (BHC14-04) (see Otis Gold News Release dated February 5, 2015). New Strategic Investor Other Financings Sale of Non-Core Assets People Going Forward Otis President and CEO Craig Lindsay states: “As the year closes, I’d like to take this opportunity to thank our shareholders for their continued support and confidence in the Company. As with many of our competitors, current valuations in our sector are not reflective of underlying project development and potential. We continue to believe that valuations will return to more normal trading ranges in the medium to long term, and investors will be rewarded for their patience. Otis will close the year with a strong cash balance projected at $2.2 million net of all 2017 exploration expenses plus our shareholding in Revival Gold. Just as importantly, I want to recognize and thank my exploration team, led by Dr. John Carden and Mr. Mitch Bernardi, for their continued success at Kilgore and Oakley.” About the Kilgore Gold Project The Qualified Person under National Instrument (NI 43-101) Standards of Disclosure for Mineral Projects for this News Release is Bruno Barde, P. Geo, who has reviewed and approved its technical content. 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 Gold Project, located in Clark County, Idaho. ON BEHALF OF THE BOARD “Craig T. Lindsay” President and CEO Tel: 604.683.2507 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The forward-looking information contained in this press release is made as of the date hereof, and Otis undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. 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 “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Dieser Artikel stammt von Rohstoff-Welt.de
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