Thursday, 23 February 2012

Otis Gold boosts land position at Kilgore project by 58%

Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF) said Wednesday that it has acquired 1,880 acres of land contiguous to the Kilgore gold project in Clark County, Idaho, boosting its land position by 58 percent.
Its total Kilgore land package now amounts to 5,130 acres. The additional land comprises 70 Federal lode mining claims, totaling 1,400 acres, and one Idaho State Land Use Permit of 480 acres.
The land was acquired through direct staking of federal lode mining claims, and an application submitted to the State of Idaho.
The company said the decision to boost its land position was made on the back of positive drill results received from the last two seasons.
"We continue to achieve strong drill results at Kilgore, and the larger land position better reflects the increasing potential of the project," said president and CEO, Craig Lindsay.
In early January, the company announced final results from its 2011 drill program at Kilgore, indicating potential to significantly expand resources.
The 2011 program comprised 41 core holes totaling around 9,200 metres.In total, 28 of the 41 holes were mineralized, said Otis.
Of the final 10 holes reported on the Mine Ridge deposit, the most significant intercepts were from the Central Block and include hole 11 OKC-288, with 41.1 metres of 0.68 grams per tonne (g/t) gold and hole 11 OKC-289, containing two intercepts of 22.9 metre at 0.74 g/t gold and 32.0 metres at 0.62 g/t gold.
Later that month, Otis also unveiled results from 681 soil samples collected from two grids on its Kilgore gold project, with samples from one of the grids expanding the potential strike length of the Mine Ridge deposit.
Sampling on the North Soil Grid was intended to extend the strike length of the Mine Ridge deposit northward of where 100-metre thick intercepts were discovered.
The 266 sample results on this section displayed strong linear gold-in-soil anomalies, tracing the extension of the Northwest Fault for at least 400 metres to the northwest, the company said.
Several of these anomalies are considered high-priority drill targets that could extend and expand the existing deposit by more than 30 percent, Otis added.
On the South Soil Grid, the company collected 415 samples to better define drill targets for the Prospect Ridge area, which is located immediately to the southeast of the Mine Ridge deposit.
Otis is a Canadian mineral exploration company focused on the acquisition and development of precious metal deposits in Idaho, USA.

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