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Otis Gold identifies targets ahead of planned Kilgore drilling

Last updated: 17:16 12 Apr 2017 BST, First published: 12:16 12 Apr 2017 BST

Otis Gold identifies targets ahead of planned Kilgore drilling
The firm's flasgship project is a gold project

Otis Gold Corp (CVE:OOO) unveiled encouraging findings from fieldwork at its flagship Kilgore gold project in Idaho, USA,  which has identified many high-priority drill targets.

The group said it was currently engaged in permitting 27 drill stations at Kilgore and seven sites at the Gold Ridge exploration target.

Drilling is planned to start in late July at Kilgore, with 8,000 meters envisioned, focused on expanding the deposit.

Today's data comes from a 34-line-km ground-based geophysical magnetometer survey conducted last Fall in and around the Kilgore deposit and extending over 1 km to the northwest to an area known as Gold Ridge

The firm also collected 213 soil samples last year to add to the historical database, which is now host to a master dataset of 3,517 samples.

Highlights of the findings include a large 1.3km by 0.9km anomaly, which encompasses the current deposit and extends northeast along the Mine Ridge and Cabin faults toward the newly discovered magnetic shelf feature.

Meanwhile, a large magnetic feature interpreted to be a buried intrusion has been identified northwest of the Kilgore Deposit in the Gold Ridge area.

A new interpretation of the survey data has generated many high-priority drill targets, Otis told investors.

Meanwhile, at least five new concentric caldera-related ring faults have been identified that are roughly parallel to the Northwest fault, believed to be the primary controlling mineralizing feeder structures for the Kilgore deposit, the firm added.

Shares eased 1.59% to $0.31 each.

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