-- Posted Friday, 11 June 2010 | Digg This Article
| | Source: GoldSeek.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 10, 2010) - Otis Gold Corp. ("Otis" or the "Company") (TSX VENTURE:OOO - OGLDF.PK) is pleased to announce start-up of a 6,000-metre, 30-core hole drilling program at its flagship Kilgore Gold Project, Clark County, Idaho. Drilling will be on-going throughout the entire 2010 field season, with program completion slated for early December.
Drilling will be conducted on a 24-hour basis and will be spread between a minimum of 30 holes located throughout four quadrants encircling the deposit's central Mine Ridge deposit area. The program is designed, in part, to convert inferred resource material into the drill indicated category and to drill in-fill and step-out holes to both upgrade the current resource and to test for further resource expansion, as well as closure, where the deposit remains open. Part of the drilling will also focus on in-filling and off-setting higher-grade historic intercepts near and along the Cabin Fault and its contact with an adjacent Tertiary rhyolite dome, the possible source of mineralization for the Kilgore gold system. The program will also concentrate on off-setting and extending to the south higher-grade intercepts found by Otis during its 2008 and 2009 drilling of the Kilgore deposit Mine Ridge core target area.
Approval of the Company's drill plan was granted by the U.S. Forest Service - Caribou-Targhee National Forest on May 6, 2010, only two weeks after the date of its submission. Timberline Drilling Inc., Coeur d'Alene, Idaho, will be conducting the HQ-size core drilling employing two Sandvik DE140 core drills, with the first drill scheduled to arrive on site June 14 and the second to arrive approximately one week thereafter. The program is budgeted at US$2.0 million. Results from the drilling will be released as they become available, and a new Mine Ridge resource estimate will be prepared following completion of the drill program.
Drilling at the adjacent Dog Bone Ridge target area is currently in the assessment and permitting stage. Details of this drill program will be released as they become available.
Otis is currently working to earn a 75% interest in the property by fulfilling the terms of an agreement dated June 4, 2008 between Otis and its joint venture partner Bayswater Uranium Corporation (see Otis News Release dated June 10, 2008 for further information).
John R. Carden, Ph.D., P. Geo., a Qualified Person (QP) as defined by National Instrument Policy 43-101, is responsible for the technical information contained in this news release.
About the Company
Otis is a resource company focused on the acquisition, exploration, and development of precious metal deposits in Idaho and Nevada, USA. Otis is currently developing its flagship property, the Kilgore Gold Project, Clark County, Idaho.
ON BEHALF OF THE BOARD
Craig T. Lindsay, President and 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 "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.
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE CONTENTS HEREIN.
Contact:
Craig Lindsay
Otis Gold Corp.
604.683.2507
craig@otisgold.com
Kevin Arias
Otis Gold Corp.
604.683.2507
kevin@otisgold.com
-- Posted Friday, 11 June 2010 | Digg This Article | Source: GoldSeek.com
