VANCOUVER, British Columbia, Feb. 01, 2018 (GLOBE NEWSWIRE) -- Otis Gold Corp. (the “Company” or “Otis”) (TSX-V:OOO) (OTC:OGLDF) is pleased to announce that it has increased its land position at the Kilgore Project, Clark County, Idaho, by approximately 3,000 acres, or 33%. The additional land was acquired by the direct staking of 150 federal lode mining claims located in the Caribou-Targhee National Forest immediately adjacent and contiguous to the Company’s existing Kilgore claims (see Kilgore 2018 Claim Map). With this additional staking, the total contiguous land package at Kilgore now totals approximately 12,150 acres, or 19.0 square miles (49.2 square kilometres). The land position is now comprised of 614 federal lode mining claims and is not subject to any underlying royalties or other encumbrances. Including its approximately 4,000-acre land position at the Oakley Project, Cassia County, Idaho, Otis now controls the second largest land position prospective for gold in the State of Idaho.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f9145e3a-a73a-4816-98c2-115524b3f4a3
As background, in 2017 Otis conducted a 25-hole, 8,000-metre drill program to further test the existing Kilgore Deposit. In addition to this drilling, Otis’ technical team completed a program of over 2,500 soil, rock chip and stream sediment samples and a 464-line kilometre ground magnetic survey. As a result of promising results at the northwestern end of the claim block, Otis’ sampling and ground magnetic work was extended into an area that is generally on strike to the projected Northwest Fault, which is thought to be a major control at the existing Kilgore Deposit. Work completed was focused on stream sediment sampling and rock chip samples, and was complemented with a limited ground magnetic survey. Based on a review and assessment of this work, Otis staked an additional 150 federal lode mining claims in an emerging target area known as Gold Knob.
Otis President & CEO, Craig Lindsay, stated: “This additional staking marks an exciting step in the development of Kilgore, and is a reflection of our assessment of the project’s growing geologic potential. In 2018, we plan to aggressively continue regional exploration work at Kilgore to complement our planned exploration drilling, with a view to potentially further expanding the project.”
The qualified person under National Instrument (NI 43-101) Standards of Disclosure for this News Release is Bruno Barde, P. Geo, who has reviewed and approved its technical content.
About the Kilgore Project
The Kilgore Project contains a current NI 43-101 (dated September 12, 2012) Indicated Resource of 520,000 ounces (oz.) Au in 27.4 million tonnes at a grade of 0.59 g/t Au and an Inferred Resource of 300,000 oz. Au in 20.2 million tonnes at a grade of 0.46 g/t Au (the “Deposit”). The Deposit is part of an extensive low-sulfidation quartz-adularia epithermal hydrothermal system hosted in Tertiary volcanic rocks and basement Aspen Formation calcareous siltstone, shale, and sandstone of Late Cretaceous age. Gold mineralization is of the traditional disseminated, bulk-tonnage type similar to that comprising the classic volcanic-hosted gold deposits at Round Mountain, Nevada and McDonald Meadows, Montana. The preparation of an updated NI 43-101 compliant resource calculation is ongoing and will include drilling completed in 2015, 2016 and 2017. This updated resource estimate will be released when available.
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 and the Oakley Project, located in Cassia County, Idaho.
ON BEHALF OF THE BOARD
“Craig T. Lindsay”
President and CEO
For additional information, please contact:
Mr. Tony Perri – Corporate Development
Tel: (604) 424-8100 Email: tony@otisgold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept 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.