https://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Wed, 24 Oct 2018 13:56:49 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Otis Gold says permitting at Kilgore project now in final phase ]]> https://www.proactiveinvestors.com.au/companies/news/197932/otis-gold-says-permitting-at-kilgore-project-now-in-final-phase-197932.html Otis Gold Corp (CVE:OOO) told investors that permitting at its Kilgore project in Idaho has further advanced and is now in the final phase.

The U.S. Forest Service (USFS) has now issued a 'draft decision notice' and 'finding of no significant impact' (FONSI) in connection with Otis’ proposed plans to significantly expand the five-year program at the property.

READ: Otis Gold kicks off exploration at Oakley project in Idaho; aims to model deposit

"We are pleased with the permitting progress made to date, and appreciate the hard work of the U.S. Forest Service and other agencies," said Craig Lindsay, Otis' president and chief executive.

"We remain committed to our policy of utilizing best practices in the conduct of all our exploration programs."

The public now has 45 days starting from May 17 to comment on both notices.

"Otis anticipates a Final Decision Notice and FONSI will be issued approving the planned exploration program. Otis personnel and consultants are actively supporting the USFS during this process," it said.

The Kilgore project lies in the Eastern Snake River Plain, Idaho.

The site contains the Kilgore Deposit with a current NI 43-101  indicated resource of 520,000 ounces gold in 27.4mln tonnes at a grade of 0.59 g/t (grams per ton) gold and an inferred resource of 300,000 ounces in 20.2mln tonnes at a grade of 0.46 g/t gold.

Significantly, last month, Otis added four new gold targets at the flagship project.

The new areas were generated through surface geochemical sampling and ground geophysical surveys carried out in 2016 and last year.

The geochemical programme consisted of sampling and assay of soils, silts and rocks; the geophysical program consisted of property-wide ground magnetic surveys.

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Wed, 30 May 2018 08:36:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197932/otis-gold-says-permitting-at-kilgore-project-now-in-final-phase-197932.html
<![CDATA[News - Otis Gold kicks off exploration at Oakley project in Idaho; aims to model deposit ]]> https://www.proactiveinvestors.com.au/companies/news/197561/otis-gold-kicks-off-exploration-at-oakley-project-in-idaho-aims-to-model-deposit-197561.html Wed, 23 May 2018 09:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197561/otis-gold-kicks-off-exploration-at-oakley-project-in-idaho-aims-to-model-deposit-197561.html <![CDATA[News - Otis Gold releases 2017 Oakley project exploration results, samples up to 3.0g/t Au ]]> https://www.proactiveinvestors.com.au/companies/news/196376/otis-gold-releases-2017-oakley-project-exploration-results-samples-up-to-30gt-au-196376.html Otis Gold Corp. (CVE:OOO, OTC:OGLDF) has released the results of its 2017 exploration programme at the Oakley project, in Cassia county, Idaho which has revealed gold values of up to 3.0g/t gold and silver values of up to 306 g/t silver.

In a statement, the company said surface geochemical sampling has revealed significant gold- and silver-in-soil anomalies over 2 kilometres; stream sediment sampling over 3 km of drainage indicates increasing gold and silver values towards the potential source, and rock sampling of outcrops over a large area of epithermal black matrix breccia reveal gold values up to 3.0 g/t gold (Au) and silver values up to 306 g/t silver (Ag).

READ: Otis Gold has big plans for flagship Kilgore project in 2018

Otis president and CEO, Craig Lindsay said: "We are pleased with the results generated at Oakley, and we see significant potential to aggressively expand the project.

"It is uncommon to see the type of surface mineralisation discovered at Matrix Creek, in terms of both grade and strike length. We now have three well-defined exploration targets at Oakley in Blue Hill Creek, Cold Creek and Matrix Creek."

All the work report was performed at the Matrix Creek target, where black matrix breccia forms the dominant host rock and is associated with regional scale detachment structures.

Highlights of the 2017 Matrix Creek target work includes:

a coherent 2-km-long gold- and silver-in-soil anomaly that is coincident with a detachment structure and associated mineralised BMB body. The anomalous zone is defined by gold values up to 0.988 g/t Au and silver values up to 5.4 g/t Ag. 58 rock-chip samples of BMB collected on Discovery Ridge along the brecciated detachment zone contained up to 3.0 g/t Au and up to 306 g/t Ag along 350-metres of outcrop; 49 stream-sediment samples collected along 3 km of the Matrix Creek drainage, and into the area of its headwaters, exhibit Ag values ranging from 0.2 to 2.3 g/t and increase towards Discovery Ridge. 34 one and half metre chip-channel rock samples of BMB collected in, and along, the Discovery Ridge target area contained intervals that include 18.0 m averaging 0.34 g/t Au and 97.7 g/t Ag, 7.9 m averaging 0.30 g/t Au and 83.3 g/t Ag, 6.7 m averaging 0.34 g/t Au and 61.4 g/t Ag, and 2.1 m averaging 1.37 g/t Au and 132 g/t Ag. These values indicate the potential for additional gold-silver targets where the detachment extends down-dip below the surface. Oakley project

The Oakley Project is a gold-silver exploration prospect located 21 km south of Oakley, Idaho, and 3 km north of the Idaho-Utah state line along the western flank of the Albion Mountains, part of the Albion-Raft River-Grouse Creek Metamorphic Core Complex.

Oakley contains three primary targets located approximately 6 km apart, comprising the Blue Hill Creek and Matrix Creek targets located at the southern end of the project and Cold Creek target to the north.

In 2018, Otis plans to expand its land position as well as conduct further exploration, including drilling, to follow-up on the previous programmes.

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Thu, 03 May 2018 14:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196376/otis-gold-releases-2017-oakley-project-exploration-results-samples-up-to-30gt-au-196376.html
<![CDATA[News - Otis Gold adds four new targets at flagship Kilgore project ]]> https://www.proactiveinvestors.com.au/companies/news/194773/otis-gold-adds-four-new-targets-at-flagship-kilgore-project-194773.html Otis Gold Corp (CVE:OOO) has added four new gold targets at its flagship Kilgore project in Clark County, Idaho.

The site has a current NI 43 101 indicated resource of 520,000 ounces of the yellow metal in 27.4mln tonnes at a grade of 0.59 g/t (grams per ton) but such targets provide an opportunity to expand this.

The new areas have been generated through surface geochemical sampling and ground geophysical surveys carried out in 2016 and last year.

The geochemical programme consisted of sampling and assay of soils, silts and rocks; the geophysical program consisted of property-wide ground magnetic surveys.

"The exploration programmes completed in 2017 have further contributed to our understanding of the geology and exciting exploration potential at Kilgore," said Otis CEO Craig Lindsay.

"Our commitment to ongoing exploration work continues to generate target areas that we believe are prospective to hosting additional gold deposits outside of the Kilgore Deposit, with tremendous regional expansion potential.”

Adjacent and northeast to the Kilgore deposit, Otis said that an area 1,000 meters by 500 meters had been found with mineral potential. Sampling of historic prospect pits has returned gold values up to 0.69 g/t gold along with anomalous Arsenic and Selenium.

At the Prospect Ridge target the south soil grid displays a gold-in-soil anomaly that covers around 15,000 sq. m in the Prospect Ridge target area.

Surface rock samples returned greater than 0.5 g/t gold north of the Kilgore Deposit area called Crystal Tuff.

A small soil sample program conducted in 2017 returned several 40 plus ppb (parts per billion) gold hits. This target is called Gold Knob.

Otis shares fell 10.17% to C$0.26 on the day.

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Wed, 11 Apr 2018 11:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194773/otis-gold-adds-four-new-targets-at-flagship-kilgore-project-194773.html
<![CDATA[News - Otis Gold names experienced geologist as vice-president of exploration ]]> https://www.proactiveinvestors.com.au/companies/news/194177/otis-gold-names-experienced-geologist-as-vice-president-of-exploration-194177.html Idaho-focused Otis Gold Corp (CVE:OOO) has hired experienced geologist Alan Roberts as its vice-president of exploration.

A graduate of the Royal School of Mines, London, Roberts  has 25 year's experience and was most recently the exploration project manager for Newcastle Gold at the Castle Mountain gold project in California.

"We are very pleased to welcome Alan to lead our exploration efforts," said president and chief executive Craig Lindsay.

"His broad experience with similar types of deposits will be instrumental in advancing Kilgore.

"Alan has significant experience implementing large exploration programs and is an excellent fit for Otis as we begin the process of aggressively testing emerging high-priority targets at Kilgore and Oakley and discovering new deposits.

"As well, his project development experience will be invaluable as we begin moving Kilgore towards a potential production decision."

Roberts' experience includes drill program design,  implementation; resource model development, pre-feasibility study project supervision; geologic mapping and sampling and program budgeting.

Kilgore spans over 5,130 acres and is targeting an epithermal type deposit. It has a  current NI 43-101 resource of 520,000 ounces of indicated gold from 27.3 million tons at 0.59 grams per ton (gpt) gold, and 300,000 ounces of inferred golf from 20.2 million tons at 0.46 gpt gold.

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Tue, 03 Apr 2018 12:05:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194177/otis-gold-names-experienced-geologist-as-vice-president-of-exploration-194177.html
<![CDATA[News - Otis Gold advances after announcing assay results from another nine core holes ]]> https://www.proactiveinvestors.com.au/companies/news/191666/otis-gold-advances-after-announcing-assay-results-from-another-nine-core-holes-191666.html Shares in Otis Gold Corp (CVE:OOO) advanced after it announced assay results for nine core holes from its drill programme at the Kilgore project.

Seven holes encountered significant bulk-tonnage intercepts highlighted by 86.8 metres (m) grading 1.05 grams per tonne gold (g/t Au) in hole 17 OKC-366, 137.2 m grading 0.91 g/t Au in hole 17 OKC-374, 71.6 m grading 1.05 g/t Au in hole 17-OKC 376, and 118.9 m grading 1.41 g/t Au in hole 17 OKC-377.

READ: Otis Gold has big plans for flagship Kilgore project in 2018

Otis said the primary goal of the drill program was to follow-up on open-ended drilling at depth and laterally as infill on drill intercepts from 2015 and 2016, primarily in the prospective Late Cretaceous Aspen Formation sedimentary host unit within and along the “Aspen Corridor”.

READ: Otis Gold drilling continues to demonstrate continuity of Kilgore deposit

 

Intercepts were as follows

Hole ID

Depth
(metres)

Azimuth/Angle

Section

From
(m)

To
(m)

Width
(m)

Au
(g/t)

Host

17 OKC-363

341.4

50˚/-75˚

11,600 N

No Significant Values

17 OKC-365

334.7

230˚/-65˚

11,700 N

70.1

73.2

3.1

1.22

Sill

93.0

123.4

30.4

0.68

Sill & Aspen

134.1

172.2

38.1

0.69

Aspen

17 OKC-366

334.7

-/-90˚

12,100 N

16.8

36.6

19.8

0.47

Rhyolite

141.7

151.1

9.4

1.53

Sill

181.4

268.2

86.8

1.05

Aspen

17 OKC-368

337.7

230˚/-65˚

12,000 N

46.6

67.4

20.8

0.56

Tuff, Aspen

123.1

146.0

22.9

0.48

Sill & Aspen

187.6

206.7

19.1

0.59

Aspen

17 OKC-370

333.1

230˚/-80˚

12,000 N

57.3

64.9

7.6

0.59

Tuff

109.1

121.6

12.5

0.43

Sill

138.1

224.9

86.8

0.76

Aspen

232.6

235.6

3.0

0.63

Aspen

246.3

258.0

11.7

1.15

Aspen

17 OKC-372

304.8

-/-90˚

11,900 N

57.9

62.5

4.6

0.50

Sill & Aspen

105.2

135.6

30.5

0.78

Sill & Aspen

169.2

172.2

3.0

0.94

Aspen

192.0

221.0

29.0

0.71

Aspen

17 OKC-374

301.1

230˚/-75˚

11,900 N

109.1

246.3

137.2

0.91

Sill & Aspen

282.9

289.1

6.2

0.80

Aspen

17 OKC-376

276.8

230˚/-75

12,100 N

109.7

189.0

79.3

0.79

Sill & Aspen

204.2

275.8

71.6

1.05

Aspen

17 OKC-377

282.9

-/-90˚

12,100 N

103.6

113.6

10.0

0.30

Sill

121.3

240.2

118.9

1.41

Aspen


Otis has now released results from 24 exploration holes drilled in 2017. The 25th hole drilled in the 2017 work program was designed for metallurgical testing purposes. Results of column leach and other testing on this hole will be released upon completion of the studies.

Otis is now focused on developing drill planning activities for 2018 at both Kilgore and the Oakley project and the completion of an updated NI 43-101 compliant resource estimate for the Kilgore deposit.

“With the support of a strong investor base, Otis made significant strides to delineate and expand the Kilgore deposit in 2017,” said Craig Lindsay, the president and chief executive officer of Otis.

“We continue to be very excited about the prospects for continued growth at the project in 2018, and are equally enthusiastic about exploration potential at new exploration targets beyond the resource area. We are confident that 2018 will be another banner year for the Kilgore project,” he added.

Shares in Otis were up 2.1% at C$0.24.

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Wed, 14 Feb 2018 13:58:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191666/otis-gold-advances-after-announcing-assay-results-from-another-nine-core-holes-191666.html
<![CDATA[News - Otis Gold has big plans for flagship Kilgore project in 2018 ]]> https://www.proactiveinvestors.com.au/companies/news/191331/otis-gold-has-big-plans-for-flagship-kilgore-project-in-2018-191331.html Otis Gold Corp (CVE:OOO, OTC:OGLDF) has an exciting year ahead as it aims to continue to demonstrate the exciting potential of its flagship Kilgore project in Idaho.

On the cards is drilling of regional targets around the existing deposit and potentially the upgrading of the current resource estimate.

With that in mind, last year the group filed a plan for 140 drill sites and about 30,00ft of road construction so that such high value targets could be explored.

These include Gold Ridge, Prospect Ridge, Dog Bone Ridge and the Aspen Gossan.

WATCH - Otis Gold busy putting together exciting 2018 drill programme at Kilgore

And this month (February), the firm underlined its commitment to Kilgore by increasing its footprint there by 33%.

An additional 3,000 acres has been acquired by the direct staking of 150 federal lode claims immediately adjacent and contiguous to the existing Kilgore claims.

Otis now holds  a land  package at Kilgore  of around 12,150 acres, or 19 square miles (49.2 sq km).

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," Otis president and chief executive Craig Lindsay told investors.

"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."

Otis noted that, Including its around 4,000-acre land position at the Oakley project, Otis now controls the second largest land position prospective for gold in the state of Idaho.

So what is this deposit?

Kilgore spans over 5,130 acres and is targeting an epithermal type deposit. It has a  current NI 43-101 resource of 520,000 ounces of indicated gold from 27.3 million tons at 0.59 grams per ton (gpt) gold, and 300,000 ounces of inferred golf from 20.2 million tons at 0.46 gpt gold.

Last year, Otis carried out a 25-hole, 8,000-metre drill programme to further test the existing deposit. It also did over 2,500 soil, rock chip and stream sediment samples and a 464-line kilometre ground magnetic survey.

And last month it posted further encouraging assays from its 8,000-metre Kilgore project drill programme last year, which continue to underline the potential for expansion.

In the frame before...

Kilgore has been in the frame before. In the 1980s and 1990s a number of gold companies saw its huge potential.

One in particular, Echo Bay Mines, was ready to press the trigger on a 45-50,000-ounce operation in the late 1990s that would have survived at US$350 gold.

But the development was shuttered when the price of the yellow metal tanked.

The former owner suspected it had uncovered not one deposit, but a number of gold, ‘volcanic-hosted’ targets potentially containing 2-3mln ounces of gold.

“Geologists will tell you epithermal systems are like grapes: they come in bunches and you never find just one grape on the bunch,”  Lindsay said in 2016.

"When someone asks what I can see, I am comfortable talking about the potential for a 2-3mln ounces assuming one or two of the additional targets achieves the size of the existing target. Talking about anything bigger at this stage is difficult."

Other irons in fire..

The group also has the Oakley Gold project comprising 1,360 acres, also in Idaho, which is 15 miles south of the town of Oakley and just north of the Utah/Nevada border.  It has two primary targets - Blue Hill Creek and Cold Creek. It also hosts the Matrix Creek property.

Oakley has an NI 43-101 inferred resource of 163,000 ounces of gold at a grade of 0.51 g/t.

In June last year, it told investors it has kicked off fieldwork at the site.

So there is lots to watch out for this year from Otis Gold..

Shares stand in Toronto at C$0.20.

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Wed, 07 Feb 2018 13:07:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191331/otis-gold-has-big-plans-for-flagship-kilgore-project-in-2018-191331.html
<![CDATA[News - Otis Gold increases footprint at Kilgore, Idaho by 33% ]]> https://www.proactiveinvestors.com.au/companies/news/191018/otis-gold-increases-footprint-at-kilgore-idaho-by-33-191018.html Otis Gold Corp (CVE:OOO) has underlined its commitment to the exciting Kilgore project in Idaho by increasing its footprint there by 33%.

An additional 3,000 acres has been acquired by the direct staking of 150 federal lode claims immediately adjacent and contiguous to the existing Kilgore claims, the company said.

Otis now holds  a land  package at Kilgore  of around 12,150 acres, or 19 square miles (49.2 sq km).

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," said Otis president and chief executive Craig Lindsay.

"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."

Otis noted that, Including its around 4,000-acre land position at the Oakley project, Otis now controls the second largest land position prospective for gold in the state of Idaho.

The Kilgore project contains an NI 43-101 indicated resource of 520,000 ounces of gold in 27.4mln tonnes at a grade of 0.59 g/t (grams per ton) gold and an inferred resource of 300,000 ounces in 20.2mln tonnes at a grade of 0.46 g/t of the yellow metal.

Last year, Otis carried out a 25-hole, 8,000-metre drill programme to further test the existing deposit. It also did over 2,500 soil, rock chip and stream sediment samples and a 464-line kilometre ground magnetic survey.

Earlier this month it posted further encouraging assays from its 8,000-metre Kilgore project drill programme last year, which continue to underline the potential for expansion.

The main aim of the work in Idaho was to follow up open-ended drilling at depth and laterally on drill intercepts achieved in 2015 and 2016, mainly at the Aspen area.

Highlight widths from seven additional holes included  3.1 metres at 1.74g/t (grams per ton) gold in one hole, and 2.9 metres at 1.53 g/t gold in another hole.

Otis shares added 2.5% to C$0.20.

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Thu, 01 Feb 2018 09:49:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191018/otis-gold-increases-footprint-at-kilgore-idaho-by-33-191018.html
<![CDATA[News - Otis Gold drilling continues to demonstrate continuity of Kilgore deposit ]]> https://www.proactiveinvestors.com.au/companies/news/190261/otis-gold-drilling-continues-to-demonstrate-continuity-of-kilgore-deposit-190261.html Otis Gold Corp (CVE:OOO) has posted further encouraging assays from its 8,000-metre Kilgore project drill program last year, which continue to underline the potential for expansion.

The main aim of the work in Idaho was to follow up open-ended drilling at depth and laterally on drill intercepts achieved in 2015 and 2016, mainly at the Aspen area.

Highlight widths from seven additional holes included  3.1 metres at 1.74g/t (grams per ton) gold in one hole, and 2.9 metres at 1.53 g/t gold in another hole.

Otis added that it was now mulling carrying out drilling additional holes to determine if the gold grades throughout the deposit could be under-reported.

"Drilling continues to demonstrate the continuity of the Kilgore Deposit. Just as importantly, as with prior years' drilling, we continue to find new opportunities for expansion such as that which exists at the southeastern end of the Deposit around the high-grade intercept in Hole 17 OKC-373. PQ/HQ core studies will continue.", said Craig Lindsay, Otis's president and chief executive.

Kilgore  boasts a 2012 NI 43-101 indicated resource of 520,000 ounces of gold in 27.4 million tonnes at a grade of 0.59 g/t gold and an inferred resource of 300,000  ounces of gold in 20.2mln tonnes at 0.46 g/t (grams per ton) gold.

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Thu, 18 Jan 2018 11:01:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190261/otis-gold-drilling-continues-to-demonstrate-continuity-of-kilgore-deposit-190261.html
<![CDATA[News - Otis Gold says the permitting process moves on a stage at its Kilgore project ]]> https://www.proactiveinvestors.com.au/companies/news/189969/otis-gold-says-the-permitting-process-moves-on-a-stage-at-its-kilgore-project-189969.html Otis Gold Corp (CVE:OOO) said the US Forest Service has issued a notice for a 30 day public comment period relating to Otis's Kilgore project.

The comment period pertains to the proposed plan of operation for a significantly expanded exploration program at the Kilgore project, which is in Clark County, Idaho.

READ Otis Gold poised to ramp up exploration at flagship Kilgore project

The US Forest Service (USFS) will use any feedback to guide it in the completion of an Environmental Assessment and draft Record of Decision. The public will then have a further 45 day period to comment on the Record of Decision, following which the USFS will work to resolve any outstanding issues prior to issuing a final Decision Notice. 

Otis said its personnel and consultants are actively supporting the USFS in this review process.

“The initial public comment period is an important part of the permitting process, and we are pleased the USFS is working within our planned timelines for the approval of our new plan of operation," said Craig Lindsay, the president and chief executive officer of Otis Gold. 

“We have been operating in Idaho since 2008, and remain committed to continuing our policy of utilizing best practices in the conduct of all our exploration programs,” he added.


 

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Fri, 12 Jan 2018 12:36:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189969/otis-gold-says-the-permitting-process-moves-on-a-stage-at-its-kilgore-project-189969.html
<![CDATA[News - Otis Gold reports encouraging assay results from drilling program at Kilgore project ]]> https://www.proactiveinvestors.com.au/companies/news/187526/otis-gold-reports-encouraging-assay-results-from-drilling-program-at-kilgore-project-187526.html Otis Gold Corp. (TSX-V:OOO) has announced encouraging assay results from five drill holes completed as part of its 25-hole program at the Kilgore Project in Clark County, Idaho.

Highlights include bulk-tonnage intercepts of 110.6 metres (m) grading 0.90 grams per tonne gold (g/t Au) in hole 17 OKC-361, 65.5 m grading 1.21 g/t Au in hole 17 OKC-362 and 62.5 m grading 1.11 g/t Au in hole 17-OKC 364.

“We continue to make good progress at better defining the limits of the Kilgore deposit, with the Aspen Formation continuing to play an important role in the development of the deposit. In addition to our drill program, we have completed a project-wide, 465 line kilometre ground magnetometer survey at Kilgore and will be processing and analysing the results shortly, and have completed a sampling program totaling over 2,550 soil, rock chip and stream sediment samples,” said Otis president and chief executive, Craig Lindsay.

“The results of this field work will be used to better define drill targets for our planned 2018 program.”

The project contains a NI 43-101 indicated resource of 520,000 ounces (oz) of Au in 27.4 million tonnes at a grade of 0.59 g/t Au and an inferred resource of 300,000 oz of Au in 20.2 million tonnes at a grade of 0.46 g/t Au.

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Mon, 20 Nov 2017 14:48:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187526/otis-gold-reports-encouraging-assay-results-from-drilling-program-at-kilgore-project-187526.html
<![CDATA[Media files - Otis Gold busy putting together exciting 2018 drill programme at Kilgore ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8351/otis-gold-busy-putting-together-exciting-2018-drill-programme-at-kilgore-8351.html Fri, 10 Nov 2017 10:54:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8351/otis-gold-busy-putting-together-exciting-2018-drill-programme-at-kilgore-8351.html <![CDATA[News - Otis Gold poised to ramp up exploration at flagship Kilgore project ]]> https://www.proactiveinvestors.com.au/companies/news/186055/otis-gold-poised-to-ramp-up-exploration-at-flagship-kilgore-project-186055.html Otis Gold Corp (CVE:OOO, OTC:OGLDF) is at a key point in its evolution as it looks to a busy 2018 and a ramp-up of exploration at its exciting  flagship Kilgore project in Idaho.

The firm has now submitted a "plan of operation" to the US forest service, which sets up  a program of drilling of up to 140 new sites and 400 holes.

Kilgore is open for extension to the northwest, southeast and at depth and the firm's focus has been exploring the geology, which is underneath the existing deposit.

Recent results from the  first three holes aimed at following up on this prospective Aspen formation included 129.4 metres (m) at a grade of 1.66 grams per tonne (g/t) gold, which included 24.4 m at 3.45 g/t in one hole.

Significantly, the deposit already identified  already hosts a resource estimate of  820,000 ounces of the yellow metal, and the plans is to produce an updated resource.

In a recent interview with Proactive, Craig Lindsay, the group's founder and chief executive, told Proactive: "It's really turning into one of the most exciting gold exploration stories in the western US."

WATCH - Otis Gold pleased with first three drill holes from 2017 campaign So what is the deposit?

Kilgore spans over 5,130 acres and is targeting an epithermal type deposit. It has a  current NI 43-101 resource of 520,000 ounces of indicated gold from 27.3 million tons at 0.59 grams per ton (gpt) gold, and 300,000 ounces of inferred golf from 20.2 million tons at 0.46 gpt gold.

In the frame before...

Kilgore has been in the frame before. In the 1980s and 1990s a number of gold companies saw its huge potential.

One in particular, Echo Bay Mines, was ready to press the trigger on a 45-50,000-ounce operation in the late 1990s that would have survived at US$350 gold.

But the development was shuttered when the price of the yellow metal tanked.

The former owner suspected it had uncovered not one deposit, but a number of gold, ‘volcanic-hosted’ targets potentially containing 2-3mln ounces of gold.

“Geologists will tell you epithermal systems are like grapes: they come in bunches and you never find just one grape on the bunch,”  Lindsay said in 2016.

"When someone asks what I can see, I am comfortable talking about the potential for a 2-3mln ounces assuming one or two of the additional targets achieves the size of the existing target. Talking about anything bigger at this stage is difficult."

Other irons in fire

The group also has the Oakley Gold Project comprising 1,360 acres, also in Idaho, which is 15 miles south of the town of Oakley and just north of the Utah/Nevada border.  It has two primary targets - Blue Hill Creek and Cold Creek. It also hosts the Matrix Creek property.

Oakley has an NI 43-101 inferred resource of 163,000 ounces of gold at a grade of 0.51 g/t.

In June, it told investors it has kicked off fieldwork at the site.

In February, 2017 Otis announced that Agnico-Eagle Mines Ltd (NYSE:AEM) had taken a strategic investment in the firm via a placing, to the tune of over $5mln.

Agnico, a key investor,  now has around 9.95% of the shares and has the right to participate in certain equity financings by Otis in order to maintain that stake.

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Mon, 23 Oct 2017 11:56:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186055/otis-gold-poised-to-ramp-up-exploration-at-flagship-kilgore-project-186055.html
<![CDATA[News - Otis Gold submits latest plan for Kilgore exploration to US forest service ]]> https://www.proactiveinvestors.com.au/companies/news/186041/otis-gold-submits-latest-plan-for-kilgore-exploration-to-us-forest-service-186041.html Otis Gold Corp (CVE:OOO) unveiled its latest plans to advance its exciting  Kilgore project in Idaho - having submitted a 'plan of operation" to the US forest service.

An environmental assessment will also be completed as part of the service's review of the plan, which will include the drilling of up to 140 new sites

WATCH - Otis Gold pleased with first three drill holes from 2017 campaign READ - Otis Gold ticks higher as it's encouraged by Kilgore drill results

Gold mineralization at Kilgore is open for extension to the northwest, southeast and at depth.

Additionally, numerous high value targets exist, including Gold Ridge, Prospect Ridge, Dog Bone Ridge and the Aspen Gossan, which are of significant interest to Otis and not authorised under the current plan of operations.

The new permit will allow a significant amount of flexibility to aggressively test these new exploration targets, Otis said.

A specific exploration program for 2018 will be finalized after assessment of the results from the 2017 Kilgore drill program and a compilation and review of all exploration data from this and prior year’s field programs.

“Otis is at a critical juncture in the development of the Kilgore Project," said Craig Lindsay, Otis president and chief executive.

"While significant growth potential exists at the current deposit, which will remain a critical focus of future drilling, exploration outside of the existing deposit area has the potential to quickly take Kilgore to the next stage.

"We are excited about working with the U.S. Forest Service and the local community on this newest round of permitting at Kilgore."

Earlier this month, Otis shares ticked higher as the group reported encouraging assays from the first three holes of this year's drilling.

The main aim of the work was to follow-up on previous open-ended drill intercepts in the prospective Aspen formation.

Shares in Otis nipped up 3.45% to C$0.30 on the day.

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Mon, 23 Oct 2017 09:23:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186041/otis-gold-submits-latest-plan-for-kilgore-exploration-to-us-forest-service-186041.html
<![CDATA[Media files - Otis Gold pleased with first three drill holes from 2017 campaign ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8192/otis-gold-pleased-with-first-three-drill-holes-from-2017-campaign-8192.html Thu, 05 Oct 2017 09:32:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8192/otis-gold-pleased-with-first-three-drill-holes-from-2017-campaign-8192.html <![CDATA[News - Otis Gold ticks higher as it's encouraged by Kilgore drill results ]]> https://www.proactiveinvestors.com.au/companies/news/185000/otis-gold-ticks-higher-as-it-s-encouraged-by-kilgore-drill-results-185000.html Shares in Otis Gold Corp (CVE:OOO) ticked almost 5% higher as it unveiled encouraging assays from the first three holes of this year's drilling at the  Kilgore project in Idaho.

The main aim of the work was to follow-up on previous open-ended drill intercepts in the prospective Aspen formation.

WATCH - 'All hands on deck' as Otis Gold gears up for Kilgore drilling - CEO Craig Lindsay READ - Otis Gold Corp sizing up the jigsaw at Kilgore gold project

The results showed all three holes hitting mineralisation and expanding the potential resource at Aspen.

Highlight results included 129.4 metres (m) at a grade of 1.66 grams per tonne (g/t) gold, which included 24.4 m at 3.45 g/t in one hole.

Another hole showed 73.1 m grading 1.13 g/t gold.

Drilling will be completed in October this year and results will be made public as  they come.

"We are very pleased with the first three drill holes of our 2017 campaign," Otis president and chief executive Craig Lindsay told investors.

"The drilling has successfully confirmed and expanded gold mineralization in the Aspen Formation, a primary focus of current drilling.

"Also, and although early in our assessment of the Aspen unit, we are very encouraged to observe enriched grades of gold."

Previous drilling in 2015 and 2016 defined numerous intervals of significant thicknesses and grades at Aspen that remain open-ended at depth and laterally throughout much of the deposit.

The Kilgore project already hosts an NI 43-101 indicated resource of 520,000 ounces of gold in 27.4mln tonnes at a grade of 0.59 g/t gold.

The inferred resource is 300,000 ounces in 20.2mln tonnes at a grade of 0.46 g/t of gold.

Otis shares in Toronto gained 4.84% to C$0.32.

 

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Tue, 03 Oct 2017 11:06:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185000/otis-gold-ticks-higher-as-it-s-encouraged-by-kilgore-drill-results-185000.html
<![CDATA[News - Otis starts drilling and other exploration work at Kilgore ]]> https://www.proactiveinvestors.com.au/companies/news/181159/otis-starts-drilling-and-other-exploration-work-at-kilgore-181159.html Otis Gold Corp (CVE:OOO) has commenced a new drill programme at the Kilgore project, Clark county, Idaho that’s expected to run to 25 holes, or around 8,000 metres.

The primary goal of the drill program is to follow up at depth on drill intercepts hit in 2016 at the existing Kilgore deposit, in particular in the prospective Aspen formation host unit.

In addition, two of the planned holes will be drilled for metallurgical test purposes.

Otis is also implementing an approximately 250-line-kilometre ground magnetometer survey to complement the magnetic survey work completed in 2016. Upon completion of this program, Otis will have ground magnetic coverage over its entire Kilgore land package.

The company will also take approximately 2,500 soil and rock-chip samples to expand coverage of the existing soils database. These new data, when factored with structural information, geology and the magnetic data, will be used to plan exploration drilling for 2018 and beyond as the company continues to explore for additional deposits along the Kilgore Caldera margin.

Finally, Otis announces that it has acquired several airborne surveys flown initially by Aerodat Inc., for Echo Bay Mines Ltd., in the early 1990s. The data include a GPS-registered airborne magnetic survey, several channels of radiometrics and an airborne resistivity survey.

The information will be integrated with other geologic data accumulated on the property for drill targeting purposes. 

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Wed, 19 Jul 2017 15:48:00 +1000 https://www.proactiveinvestors.com.au/companies/news/181159/otis-starts-drilling-and-other-exploration-work-at-kilgore-181159.html
<![CDATA[Media files - 'All hands on deck' as Otis Gold gears up for Kilgore drilling - CEO Craig Lindsay ]]> https://www.proactiveinvestors.com.au/companies/stocktube/7761/-all-hands-on-deck-as-otis-gold-gears-up-for-kilgore-drilling-ceo-craig-lindsay-7761.html Fri, 07 Jul 2017 16:03:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/7761/-all-hands-on-deck-as-otis-gold-gears-up-for-kilgore-drilling-ceo-craig-lindsay-7761.html <![CDATA[News - Otis Gold Corp bolsters board with experienced mining executive ]]> https://www.proactiveinvestors.com.au/companies/news/180397/otis-gold-corp-bolsters-board-with-experienced-mining-executive-180397.html Otis Gold Corp (CVE:OOO) has hired mining industry veteran Don Poirier to the board as the group continues to develop its Kilgore project in Idaho.

Geology graduate Poirier was previously the vice president of corporate development at Hecla Mining  and was an integral part of the team responsible for Hecla's acquisition of Aurizon Mines Ltd in 2013.

Before that, he had a 20 year career as a sell-side mining analyst at several Canadian investment firms and also has experience as a field geologist.

Otis president and chief executive Craig Lindsay said: "We are very pleased to welcome Don to our board of directors.

"His broad experience in the mining sector, which includes capital markets and mergers and acquisitions, coupled with his educational background, will add significant bench strength to Otis as we continue to develop the Kilgore project."

Poirier added: "I'm delighted to join the leadership team at Otis Gold. With a healthy balance sheet, the company is ideally positioned to continue with advanced work and development on several assets including the Kilgore Project where significant progress in the understanding of its geological potential has been made in the past two years."

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Wed, 05 Jul 2017 10:55:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180397/otis-gold-corp-bolsters-board-with-experienced-mining-executive-180397.html
<![CDATA[News - Otis Gold to have chunky stake in Strata Minerals after selling non-core assets ]]> https://www.proactiveinvestors.com.au/companies/news/180159/otis-gold-to-have-chunky-stake-in-strata-minerals-after-selling-non-core-assets-180159.html Otis Gold Corp (CVE:OOO) has disposed of several non-core assets to Strata Minerals Inc (CVE:SMP.H) in return for Strata shares.

Otis has sold several non-core mineral properties in Lehmi county, Idaho to Strata.

Otis, which did not own any Strata shares prior to this transaction, will be issued 2.75 million common shares of Strata at a deemed price of 25 cents per share, which means the assets were effectively sold for C$687,500.

Otis’s share stake is equivalent to about 11.14% of the issued share capital of Strata.

Otis is currently developing its flagship property, the Kilgore project, located in Clark county, Idaho.

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Fri, 30 Jun 2017 12:29:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180159/otis-gold-to-have-chunky-stake-in-strata-minerals-after-selling-non-core-assets-180159.html
<![CDATA[Media files - 'Another exciting year for Otis Gold' as they eye up drilling at Kilgore ]]> https://www.proactiveinvestors.com.au/companies/stocktube/7665/-another-exciting-year-for-otis-gold-as-they-eye-up-drilling-at-kilgore-7665.html Tue, 20 Jun 2017 14:57:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/7665/-another-exciting-year-for-otis-gold-as-they-eye-up-drilling-at-kilgore-7665.html <![CDATA[News - Otis Gold in warrants windfall ]]> https://www.proactiveinvestors.com.au/companies/news/179414/otis-gold-in-warrants-windfall-179414.html Otis Gold Corp (CVE:OOO) has received C$1.95mln from warrants being exercised, raising its cash balance to around C$5.2mln.

The debt-free company said the warrants that have been exercised were distributed as part of a private placement a year ago.

The funds received from the warrant exercise will be used for exploration and development at both the Kilgore project and the Oakley project and for general working capital purposes.

The company said it is fully financed for all planned exploration and development activities and corporate overhead for the next 12 months.

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Fri, 16 Jun 2017 14:56:00 +1000 https://www.proactiveinvestors.com.au/companies/news/179414/otis-gold-in-warrants-windfall-179414.html
<![CDATA[News - Otis Gold begins fieldwork at Oakley project ]]> https://www.proactiveinvestors.com.au/companies/news/178926/otis-gold-begins-fieldwork-at-oakley-project-178926.html Otis Gold Corp (CVE:OOO, OTC:OGLDF) told investors it has kicked off fieldwork at its Oakley project in Cassia county, Idaho, ahead of potential drilling.

With the property, Otis is targeting classic epithermal hot-spring-type gold  with three main targets -  Blue Hill Creek, Matrix Creek and Cold Creek.

The phase 1 program consists of geologic mapping and surface sampling at emerging target Matrix Creek.

Previous work here by the firm identified a silver-gold system on the western flank of the Albion metamorphic core complex believed to be several miles long.

In 2015, 14 rock-chip samples from a large, prominent outcrop produced an average of 70.4 grams per tonne (g/t) silver and 0.55 g/t gold believed to be part of a large mineralized detachment system.

Preliminary 48-hour bottle-roll results suggested that the gold is up to 82% recoverable and silver is up to 93%.

The current program of work consists of 1,350 soil and rock-chip samples and around 40 stream sediment samples in a bid to develop a first-phase drill program for Matrix Creek.

The firm also wants to conduct a broader geophysical program to help better define exploration targets at Blue Hill Creek, Matrix Creek and Cold Creek, and potentially new targets that may require the expansion of the company's land position.

Oakley has district-sized potential for gold and silver mineralization, but has received only limited drilling in the past.

An NI 43-101 technical report from last August on the Blue Hill Creek and Matrix Creek targets, included an inferred resource of 163,000 ounces of gold in 9.97mln tonnes at 0.51 grams per ton (g/t) gold.

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Wed, 07 Jun 2017 13:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/178926/otis-gold-begins-fieldwork-at-oakley-project-178926.html
<![CDATA[News - Otis Gold increases footprint at Kilgore in Idaho with new claims ]]> https://www.proactiveinvestors.com.au/companies/news/178666/otis-gold-increases-footprint-at-kilgore-in-idaho-with-new-claims-178666.html Otis Gold Corp (CVE:OOO, OTC:OGLDF) has increased its footprint at the Kilgore gold project in Idaho - by staking 52 new claims next to and inside its current holdings, it told investors.

The newly acquired ground increases the Kilgore site to 9,080 acres (36.7 sq km).

READ - Otis Gold Corp hires industry veteran Vint to advisory board as it advances Kilgore deposit READ - Otis Gold Corp sizing up the jigsaw at Kilgore gold project

Otis controls the entire land package, which is subject to no underlying royalties.

The firm has said that drilling is planned to start in late July at Kilgore, with 8,000 meters envisioned, focused on expanding the deposit.

The latest claims were staked to secure a 300-metre by 180-metre structural corridor on the edge of the current land holdings where Otis' recent fieldwork identified a silica-flooded breccia and altered sulfide stockwork.

Otis said it continues to review additional opportunities to expand its Kilgore land position as a result of continuing regional exploration efforts.

It's a busy period for the group.

Last month, it hired mining industry veteran Michael Vint to its advisory board ahead of potential drilling this summer.

Vint is a vice-president of Endeavour Financial Ltd, which assesses mining projects worldwide and deals in finance, and mergers and acquisitions in the natural resources industry.

"We are very pleased to have Mike join our team. As the Kilgore deposit continues to evolve towards a potential development decision, mine engineering will become increasingly important to Otis," said Craig Lindsay, Otis president and chief executive.

"We think input from a mining perspective is important at an earlier stage in the development of Kilgore and feel strongly that Mike will add significant value to the company."

His exposure to mine finance will also be of benefit to the company, said Lindsay.

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Thu, 01 Jun 2017 13:37:00 +1000 https://www.proactiveinvestors.com.au/companies/news/178666/otis-gold-increases-footprint-at-kilgore-in-idaho-with-new-claims-178666.html
<![CDATA[News - Otis Gold Corp hires industry veteran Vint to advisory board as it advances Kilgore deposit ]]> https://www.proactiveinvestors.com.au/companies/news/177005/otis-gold-corp-hires-industry-veteran-vint-to-advisory-board-as-it-advances-kilgore-deposit-177005.html Otis Gold Corp (CVE:OOO, OTC:OGLDF) told  investors it has hired mining industry veteran Michael Vint to its advisory board ahead of potential drilling this summer in Idaho.

Vint is a vice-president of Endeavour Financial Ltd, which assesses mining projects worldwide and deals in finance, and mergers and acquisitions in the natural resources industry.

READ - Otis Gold Corp sizing up the jigsaw at Kilgore gold project READ - Otis Gold identifies targets ahead of planned Kilgore drilling

"We are very pleased to have Mike join our team. As the Kilgore deposit continues to evolve towards a potential development decision, mine engineering will become increasingly important to Otis," said Craig Lindsay, Otis president and chief executive.

"We think input from a mining perspective is important at an earlier stage in the development of Kilgore and feel strongly that Mike will add significant value to the company."

His exposure to mine finance will also be of benefit to the company, said Lindsay.

Vint has worked at open-pit mine operations in Nevada and California and underground at Hemlo and Eskay Creek.

Earlier this month, Otis unveiled encouraging findings from fieldwork at the flagship Kilgore gold project in Idaho, and it 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.

Shares in Toronto added 6.94% to $0.385.

---UPDATES FOR SHARE PRICE---

 

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Thu, 27 Apr 2017 10:04:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177005/otis-gold-corp-hires-industry-veteran-vint-to-advisory-board-as-it-advances-kilgore-deposit-177005.html
<![CDATA[News - Otis Gold Corp sizing up the jigsaw at Kilgore gold project ]]> https://www.proactiveinvestors.com.au/companies/news/176400/otis-gold-corp-sizing-up-the-jigsaw-at-kilgore-gold-project-176400.html Otis Gold Corp (CVE:OOO, OTC:OGLDF) is putting together the jigsaw at its flagship Kilgore project in Idaho and likes what it's seeing.

The firm has just released data from fieldwork conducted last year - a 34-line-km ground-based geophysical magnetometer survey conducted last Fall and a soil geochemistry survey.

Results encouraged and have led to the identification of many high-priority drill targets, it said.

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

But what is the deposit?

Kilgore spans over 5,130 acres and is targeting an epithermal type deposit. It has a  current NI 43-101 resource of 520,000 ounces of indicated gold from 27.3 million tons at 0.59 grams per ton (gpt) gold, and 300,000 ounces of inferred golf from 20.2 million tons at 0.46 gpt gold.

In January this year, Craig Lindsay, the group's founder and chief executive,  told Proactive: "The style of deposit that we have produces gold today in the western United States. It's one of the largest styles of gold deposits from a production perspective in the USA and these things make money at current gold prices."

Near term goals for the firm include to start a preliminary economic assessment (PEA).

WATCH - Otis Gold's chief highlights "clear potential" to increase size and grade of Kilgore

Kilgore has been in the frame before. In the 1980s and 1990s a number of gold companies saw its huge potential.

One in particular, Echo Bay Mines, was ready to press the trigger on a 45-50,000-ounce operation in the late 1990s that would have survived at US$350 gold.

But the development was shuttered when the price of the yellow metal tanked.

The former owner suspected it had uncovered not one deposit, but a number of gold, ‘volcanic-hosted’ targets potentially containing 2-3mln ounces of gold.

“Geologists will tell you epithermal systems are like grapes: they come in bunches and you never find just one grape on the bunch,”  Lindsay  said last October.

"When someone asks what I can see, I am comfortable talking about the potential for a 2-3mln ounces assuming one or two of the additional targets achieves the size of the existing target. Talking about anything bigger at this stage is difficult."

The firm has already completed 10,000m of drilling in 40 holes, and the drillbit is set to start turning again soon.

The group is currently engaged in permitting 27 drill stations at Kilgore and seven sites at the Gold Ridge exploration target and it is working with the US Forest Service to obtain approval to coincide with the planned drills start in around three months' time.

The program will include two metallurgic test holes to enable metallurgical studies on the Aspen corridor host rock. and what it calls a "robust geophysics survey" over the remainder of the Kilgore project, including Prospect Ridge and Dog Bone Ridge, and a comprehensive soil survey.

Other irons in fire

The group also has the Oakley Gold Project comprising 1,360 acres, also in Idaho, which is 15 miles south of the town of Oakley and just north of the Utah/Nevada border.  It has two primary targets - Blue Hill Creek and Cold Creek. It also hosts the Matrix Creek property.

Last month Otis reached an agreement to increase its interest in the Blue Hill Creek and Matrix Creek gold-silver properties from 80% to 100%.

Simultaneously the existing net smelter royalty (NSR) on these projects will be reduced from 2.5% to 2.0%.

Elsewhere, it has the Hai Property, which was included in a portfolio of projects that Otis joint ventured from Bayswater Uranium as part of its agreement to earn an interest in the Kilgore project in 2008. 

Also, the firm 's Gold Bug property lies three miles from the Hai property and comprises nine lode claims.

In February , Otis announced that Agnico-Eagle Mines Ltd (NYSE:AEM) had taken a strategic investment in the firm via a placing, to the tune of over $5mln.

Agnico now has around 9.95% of the shares and has the right to participate in certain equity financings by Otis in order to maintain that stake.

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Wed, 12 Apr 2017 15:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/176400/otis-gold-corp-sizing-up-the-jigsaw-at-kilgore-gold-project-176400.html
<![CDATA[News - Otis Gold identifies targets ahead of planned Kilgore drilling ]]> https://www.proactiveinvestors.com.au/companies/news/176397/otis-gold-identifies-targets-ahead-of-planned-kilgore-drilling-176397.html 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.

READ - Otis Gold takes full ownership of Blue Hill, Matrix READ - Otis Gold shares jump 20% after arranges $5.04mln financing with Agnico-Eagle

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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Wed, 12 Apr 2017 12:16:00 +1000 https://www.proactiveinvestors.com.au/companies/news/176397/otis-gold-identifies-targets-ahead-of-planned-kilgore-drilling-176397.html
<![CDATA[News - Otis Gold takes full ownership of Blue Hill, Matrix ]]> https://www.proactiveinvestors.com.au/companies/news/174870/otis-gold-takes-full-ownership-of-blue-hill-matrix-174870.html Otis Gold Corp. (CVE:OOO) has reached an agreement to increase its interest in the Blue Hill Creek and Matrix Creek gold-silver properties located in Cassia county, Idaho, from 80% to 100%, the company said on Wednesday.

The company said its agreement also means it can reduce the existing net smelter royalty on these projects from 2.5% to 2%.

In consideration, 380,000 common shares of Otis will be issued to the vendors, and these shares will be subject to a voluntary hold period ending July 31.

The transaction results in Otis increasing its interest to 100 per cent in what is known as the Oakley project, a land package that comprises Blue Hill Creek, Matrix Creek and what is known as Cold Creek.

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Wed, 15 Mar 2017 15:49:00 +1100 https://www.proactiveinvestors.com.au/companies/news/174870/otis-gold-takes-full-ownership-of-blue-hill-matrix-174870.html
<![CDATA[News - Otis Gold goes to 100% at Blue Hill and Matrix Creek ]]> https://www.proactiveinvestors.com.au/companies/news/174842/otis-gold-goes-to-100-at-blue-hill-and-matrix-creek-174842.html Otis Gold Corp (CVE:OOO) has reached an agreement to increase its interest in the Blue Hill Creek and Matrix Creek gold-silver properties Idaho from 80% to 100%.

Simultaneously the existing net smelter royalty on these projects will be reduced from 2.5% to 2.0%. 

In consideration, 380,000 Otis Common Shares of Otis will be issued to the vendors.  The transaction results in Otis increasing its interest to 100% in what is known as the Oakley Project, a land package that comprises Blue Hill Creek, Matrix Creek and what is known as Cold Creek, all in Cassia County, Idaho.

Blue Hill Creek hosts an existing NI 43-101 inferred resource of 163,000 ounces gold at 0.51 grams per tonne. Matrix Creek, immediately adjacent and contiguous to Blue Hill Creek, consists of 41 federal lode mining claims covering 820 acres and a 320 acre Idaho State Mineral Lease. 

“We are very pleased to increase our ownership to 100% in the emerging district-scale Oakley Project,” said Otis chief executive Craig Lindsay.

“We see a significant amount of exploration potential at Oakley for both gold and silver, and having a 100% ownership interest increases our flexibility in how we approach the development of this exciting asset.  We are planning fieldwork at Oakley this summer, and will be announcing a specific work program in due course.”

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Wed, 15 Mar 2017 13:08:00 +1100 https://www.proactiveinvestors.com.au/companies/news/174842/otis-gold-goes-to-100-at-blue-hill-and-matrix-creek-174842.html
<![CDATA[News - Otis Gold Corp assets grow in 1H ]]> https://www.proactiveinvestors.com.au/companies/news/173848/otis-gold-corp-assets-grow-in-1h-173848.html Otis Gold Corp (CVE:OOO) reported a rise in its first-half assets on Monday but also overcame a challenge from foreign exchange fluctuations.

Total assets rose to C$21.7mln in the six months to Dec 31 from C$18.1mln in the preceding six months to June 30.

The company maintained a strong control of its cash position and it ended 2016 with C$910,831 versus C$988,451 at the end of last June.

The company reported a comprehensive loss of C$219,295 in the three months to December 31, versus C$173,170 in the same period in 2015.

Foreign exchange was a factor in the accounts.

“During the second quarter of fiscal 2017, the Company incurred exchange losses of C$36,677 due to large US dollar payments and a fluctuating exchange rate and earned interest income of C$4,145, resulting in a net loss in the three months ended December 31, 2016 of C$219,295 or C$0.00 per share,” the company said in a statement.

“During the second quarter of fiscal 2016, the Company incurred foreign exchange losses of C$203, resulting in a net loss in the three months ended December 31, 2015 of V$173,170 or C$0.00 per share.

On Friday the company reported that Agnico-Eagle had investors over C$5mln in the enterprise via a private placement.

Read: Otis shares jump 20% after arranges $5.04mln financing with Agnico-Eagle ]]>
Mon, 27 Feb 2017 13:52:00 +1100 https://www.proactiveinvestors.com.au/companies/news/173848/otis-gold-corp-assets-grow-in-1h-173848.html
<![CDATA[News - Otis shares jump 20% after arranges $5.04mln financing with Agnico-Eagle ]]> https://www.proactiveinvestors.com.au/companies/news/173744/otis-shares-jump-20-after-arranges-504mln-financing-with-agnico-eagle-173744.html Otis Gold Corp (CVE:OOO) shares price rocketed nearly 20% on Friday after Agnico-Eagle Mines Ltd. (NYSE:AEM) agreed to acquire, by way of private placement, 14.42mln common shares of Otis. at a price of 35 cents per common share for proceeds of $5,047,000.

Shares were up 19.35% at C$0.37 on Friday.

On closing of the transaction, Agnico will own approximately 9.95% of the issued and outstanding common shares on a non-diluted basis (after giving effect to the transaction, but otherwise assuming that the number of issued and outstanding common shares as at the date hereof remains unchanged).

The proceeds from the transaction shall be primarily used for exploration at the Kilgore gold project located in Clark county, Idaho, as well as working capital and general corporate purposes.

Just last month Otis chief executive officer Craig Lindsay told Stocktube about "clear potential to increase the size and grade of the Kilgore deposit"

Watch: Otis Gold's chief highlights "clear potential" to increase size and grade of Kilgore

"We are very excited to welcome Agnico as a strategic investor in Otis. Agnico is an experienced global leader in the precious metals sector with a successful track record of identifying and building quality assets,” said Otis's chief executive officer, Craig Lindsay.

“We believe the transaction serves to recognize the strong potential for growth at Kilgore. This investment will allow Otis to aggressively pursue its goal of defining an economic gold deposit close to infrastructure in an emerging gold district. We look forward to working with Agnico, and we thank the Agnico team for their confidence in Otis."

Otis has been keen to drive the Kilgore project forward as its CEO told Stocktube back in October.

Watch: 'It's time to take Kilgore to the next stage' says Otis Gold Corp

On closing of the transaction, Agnico and Otis will enter into an investor rights agreement, pursuant to which Agnico will have the right to participate in certain equity financings by Otis in order to maintain its interest of up to 9.95% in Otis.

The common shares issued under this transaction will be subject to a hold period of four months and one day from the closing date of the transaction in accordance with applicable Canadian securities laws. The closing of the offering is expected to occur on or about Feb. 28, and is subject to receipt of all necessary regulatory approvals and certain other conditions.

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Fri, 24 Feb 2017 13:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/173744/otis-shares-jump-20-after-arranges-504mln-financing-with-agnico-eagle-173744.html
<![CDATA[Media files - Otis Gold's chief highlights "clear potential" to increase size and grade of Kilgore ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6709/otis-gold-s-chief-highlights-clear-potential-to-increase-size-and-grade-of-kilgore-6709.html Wed, 11 Jan 2017 13:53:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/6709/otis-gold-s-chief-highlights-clear-potential-to-increase-size-and-grade-of-kilgore-6709.html <![CDATA[News - Otis Gold: For valuation anomaly read opportunity ]]> https://www.proactiveinvestors.com.au/companies/news/168210/otis-gold-for-valuation-anomaly-read-opportunity-168210.html The market is often very good at distorting reality – and where it does it creates anomalies.

A case in point is Otis Gold (CVE:OOO, OTC:OGLDF). There are a couple of areas where investors might recoil slightly; minor negatives.

But they’re not the sort of dampeners that explain the current discount rating of the company and its main asset, the Kilgore Gold Mine Project in Idaho.

You suspect if Kilgore was located over the south-western border in Nevada, where there’s seemingly a gold mine on every corner, Otis’ value might be higher.

A market capitalisation of US$22.5mln suggests the company’s main asset is worth around US$35 an ounce of gold in the ground.

Comparable projects at the same stage of development change hands on average for four or five times that figure.

Kilgore is currently sitting on a resource of 820,000 ‘indicated and inferred’ ounces of the yellow metal.

The ore is the oxide variety, which means the metallurgy is straightforward. 

Specifically, gold recoveries are expected to be in the order of 85% with the ore crushed down to one-and-a-half inches for treatment on a simple leach-pad.  These sort of recoveries compare very favourably with the rank and file oxide, open pit, heap leach mines.

The mine development is expected to be fairly straightforward too. The site is out of the way, yes, but accessible by road.

Otis’ management want to develop a cheap, low-strip-ratio open-pit producing 70-100,000 ounces of the yellow metal a year.

Operations of this size and simplicity tend to cost between US$70-75mln to build and analysts estimate an operation of this kind would produce at an all-in-cost of around US$700 an ounce.

So, where’s the catch? Size and grade could be cited as detracting from the lustre of Kilgore.

Anything below one-million ounces tends to receive a blanket discount, while the grade comes in under the notional one-gram per tonne deemed a requirement for an open pit development.

Let’s consider the former complaint (if you can call it that) first.

The latest 10,000-metre round of drilling should get Kilgore closer to the magic one million-ounce mark, if not beyond it.

Turning to the grade ’issue’, it should be pointed out the average open pit globally operates at around 0.7 grams a tonne.

And, as chief executive Craig Lindsay points out: “In the US, open pit, heap leach projects produce at half a gram per tonne all day long.

“How do you offset a slightly lower grade? A low strip ratio and world class metallurgy.”

Kilgore has both. The grade, by the way, is 0.6 grams per tonne, although this will undoubtedly rise as the results from the latest round of drilling are included in an updated resource statement.

It has uncovered some impressive near-surface intercepts on Kilgore, which was host to historic underground production in the 1930s.

For example, there was one section of nearly 95 metres that weighed in at 4.24 grams per tonne of the precious metal, while another came in at 1.55 grams over 120 metres.

“These are pretty attractive intercepts and assays that will enhance the grade of the deposit, and bring up the resource size,” says CEO Lindsay.

In all, 33,000 metres of drilling has been carried out by Otis, which has access to the results from a further 22,000 metres-worth of historic data.

In the 1980s and 1990s a number of gold companies saw the huge potential of Kilgore.

One in particular, Echo Bay Mines, was ready to press the trigger on a 45-50,000-ounce operation in the late 1990s that would have survived at US$350 gold.

The development was shuttered when the price of the yellow metal tanked.

The former owner suspected it had uncovered not one deposit, but a number of gold, ‘volcanic-hosted’ targets potentially containing 2-3mln ounces of gold.

“Geologists will tell you epithermal systems are like grapes: they come in bunches and you never find just one grape on the bunch,” explains Lindsay.

“When someone asks what I can see, I am comfortable talking about the potential for a 2-3mln ounces assuming one or two of the additional targets achieves the size of the existing target. Talking about anything bigger at this stage is difficult.”

So what’s next?

Well, the assay results from the last drill round should be out by the end of January and an updated NI-43-101 resource statement also should follow as early as April.

After that you would expect the company to start cracking on with a preliminary economic assessment of Kilgore.

This would allow the Lindsay to talk about the investment required to build a mine and its day to day running costs.

The Otis CEO won’t be drawn on the exact timeline for the PEA at this early stage - but it is a priority.

You suspect also the company has had more than a little interest in the asset from gold producers looking to replenish their inventory.

If there have been approaches, Lindsay is keeping tight lipped on just who has been kicking the tires.

He and the team are planning, at this stage at least, to take Kilgore all the way along the road to production.

Idaho, unlike Nevada to the south, is not currently a hot bed of gold production.

That said there is a long history of prospecting for and extracting precious metal (mentioned earlier Kilgoreproduced in the mid-1930s) and the state is host to large phosphate and molybdenum operations.

All eyes will be on Midas Gold Corp’s Golden Meadows project, which received US$55mln from the New York hedge fund Paulson & Co to bankroll the permitting phase of development.

This will be the first new gold mine in Idaho since Meridian Gold shuttered the Beartrack operation in the early 2000s.

“If we were in Nevada then Kilgore would have a very different profile and valuation and would probably be in production now,” says Lindsay.

“It is not. But then what you have here is still exciting and interesting; an oxide deposit approaching one million ounces in size – which is a rarity in itself.

“We have a very clear path to grow the resource and increase the grade."

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Fri, 28 Oct 2016 08:44:00 +1100 https://www.proactiveinvestors.com.au/companies/news/168210/otis-gold-for-valuation-anomaly-read-opportunity-168210.html
<![CDATA[Media files - 'It's time to take Kilgore to the next stage' says Otis Gold Corp President ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6233/-it-s-time-to-take-kilgore-to-the-next-stage-says-otis-gold-corp-president-6233.html Fri, 21 Oct 2016 12:58:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/6233/-it-s-time-to-take-kilgore-to-the-next-stage-says-otis-gold-corp-president-6233.html <![CDATA[News - Otis Gold to option out Blue Hill Creek target on Oakley property ]]> https://www.proactiveinvestors.com.au/companies/news/102272/otis-gold-to-option-out-blue-hill-creek-target-on-oakley-property-55397.html Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF) has signed a preliminary joint venture agreement with Radius Gold for its Blue Hill Creek property, which is a single target located within the company's Oakley gold project in Idaho. 

The target is a high potential, classic epithermal hot-spring-type gold play, according to Otis' statement released early Monday.

The news follows Otis' termination of its option agreement for the Oakley project with Lateral Gold in late April, after which it proceeded to evaluate its strategic options for the asset. 

The Blue Hill Creek project within Oakley is made up of 36 federal lode mining claims and one 80-acre Idaho State lease, totaling 800 acres. 

"We are very excited to have Radius as a partner to assist us in moving the Blue Hill Creek project forward," said president and CEO of Otis, Craig Lindsay, in the release. 

Under the terms of the letter of intent agreement, Radius will be able to earn a 70% interest in the target, in exchange for $525,000 in cash and a total of $5.0 million in exploration expenditures over four years. A US$30,000 cash payment is due on execution of the deal, with the first US$500,000 in exploration expenses owed in the first year.

"Radius has the capital and technical resources to begin an exploration initiative that will include a planned first year drill program," said Lindsay. 

"In addition to the joint venture at Blue Hill Creek, Otis is seeking other partners to explore the additional targets at its approximately 2,400 acre Oakley Gold project, including the Cold Creek target and other emerging areas within its existing claim block."

Indeed, this partnership and other similar potential deals on Oakley will free up capital for Otis' Kilgore project, its flagship asset, which is also located in Idaho. The company is due to start a long-awaited drilling program shortly, after working on permitting its next planned drilling campaign for the past year. 

The permits are for the construction of about 1,500 metres of new roads in the north target area of the property, where several bulk tonnage intercepts of greater than 80 metres were intercepted early in 2013.           

In an update earlier this year, Otis said that based on the company's discussions with permitting authorities, it expects to be able to initiate the drilling program sometime this summer. The gold explorer has already prepared a preliminary budget for its work program, with the base plan consisting of road construction, 3,000 metres of reverse circulation drilling into the north target, and further metallurgical testing. 

Otis has an existing 80 percent stake in Oakley, which is being increased to 100 percent through a separate transaction with its joint venture partners consisting of staged payments of US$60,000 over a two-year period, according to the company's statement.

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Mon, 14 Jul 2014 09:17:00 +1000 https://www.proactiveinvestors.com.au/companies/news/102272/otis-gold-to-option-out-blue-hill-creek-target-on-oakley-property-55397.html
<![CDATA[News - Otis Gold a survivor; success in the wings, says Pacific Opportunity's Mark Brown ]]> https://www.proactiveinvestors.com.au/companies/news/100516/otis-gold-a-survivor-success-in-the-wings-says-pacific-opportunitys-mark-brown-53004.html Investors are seeing the upside in Otis Gold given the big year ahead for the company, with the long-awaited drilling at its Kilgore gold project in Idaho expected to start this summer. Pacific Opportunity Capital, an investor in emerging companies headed by Mark T. Brown, recently bumped up its stake to more than 11%, believing steadfast in Otis's potential to add resource ounces. 

The junior gold explorer has been working on permitting its next planned drilling program at Kilgore for the past year. The permits are for the construction of about 1,500 metres of new roads in the north target area of the property, where several bulk tonnage intercepts of greater than 80 metres were intercepted early in 2013. Of these past holes, all of which were located outside of the existing Kilgore deposit, 82.3 metres of 0.95 grams per tonne (g/t) gold was intercepted, as well as 121.9 metres of 1.04 g/t gold. 

"We have been buying shares in Otis since early 2013 and we believe that it will be one of the surviving and successful gold companies based on the gold resource at the Kilgore project in the mining friendly state of Idaho," said Pacific Opportunity's Brown in emailed comments. 

"Craig Lindsay is also a friend and he has run successful companies in the past," he added, referring to the Otis CEO's previous venture as a founder and president of Magnum Uranium until its merger in 2009 with Energy Fuels (TSE:EFR), a big U.S. uranium supplier listed on the Toronto Stock Exchange. 

Earlier this month, Pacific Opportunity announced that between last July and March 7 of this year, it acquired a total of 2.545 million common shares and 1.0 million warrants of Otis in the public market and as part of a private placement financing last October, with prices ranging from 3.5 cents to 6 cents per share. Otis's closing price on Tuesday was 8 cents. 

Together with the warrants, Pacific's stake in Otis, along with Brown's himself, now represents 11.6% on a partially diluted basis. 

Brown said that Pacific was selling some shares of companies that it "no longer believed in but that [it] had a significant profit in", and thus planned to invest those funds into companies "with good management that [it] felt had projects that were very undervalued". 

In came Otis, with Brown citing management and the potential of Kilgore as the two chief reasons for investing in the gold junior. 

"Kilgore’s style of keeping overhead costs low, a relatively tight share structure, a project with a gold resource which we believe can be made larger through exploration, combined with good management and a depressed gold market for publically listed companies are all factors that lead us to take a significant shareholding in Otis," the Pacific Opportunity Capital president explained.

Pacific, as an active investor, also plans to help Otis raise additional funds as needed to move the project ahead, with management planning to expand the resource through the additional drilling. 

"We believe that is what will add value to the share price and also what very selective investors are looking for in the gold market these days – some would call it low hanging fruit," wrote Brown in his comments. 

In a recent update, Otis said that based on the company's discussions with permitting authorities, it expects to be able to initiate a drilling program by this July. The gold explorer has already prepared a preliminary budget for its work program, with the base plan consisting of road construction, 3,000 metres of reverse circulation drilling into the north target, and further metallurgical testing. 

The company then plans to follow this with an updated NI 43-101 compliant resource estimate, while it also intends to start a preliminary economic assessment. All of these plans, however, are subject to financing. 

Otis, like many junior mining companies, has been cutting back on costs to save on cash amid a weak capital market environment. It rationalized its office space in Washington and is monitoring all corporate and exploration expenses. 

"2014 will be a year where many junior companies don’t survive and POC has selectively invested in companies that have depressed share prices that have significant upside potential with an increasing gold price and by adding resource ounces," Brown said. 

While Brown's confidence in Otis Gold is certainly evident, it is important to see this demonstrated with insiders of the company, something that too often is not present in many junior mining companies these days. 

Otis's Lindsay, however, feels strongly about the importance of insiders buying into their company in tough markets, saying this act is "usually a precursor to a turnaround in a stock in a down market." Lindsay himself has purchased more than 3.4 million shares in Otis since last May, also now owning over 10%. 

"The stock has been incredibly undervalued," Lindsay says. 

The Kilgore deposit in Idaho currently contains an NI 43-101 indicated resource of 520,000 gold ounces in 27.4 million tonnes at a grade of 0.59 grams per tonne (g/t) and an inferred resource of 300,000 ounces in 20.2 million tonnes at a grade of 0.46 g/t.   

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Wed, 26 Mar 2014 09:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/100516/otis-gold-a-survivor-success-in-the-wings-says-pacific-opportunitys-mark-brown-53004.html
<![CDATA[News - Otis Gold expects to drill at Kilgore project by July ]]> https://www.proactiveinvestors.com.au/companies/news/100390/otis-gold-expects-to-drill-at-kilgore-project-by-july--52827.html Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF) provided investors Tuesday with an update on its operations, saying that permitting progress is being made for its next planned drilling program at its Kilgore gold project in Idaho. 

The permits are for the construction of about 1,500 metres of new roads in the north target area of the property, where several bulk tonnage intercepts of greater than 80 metres were intercepted early last year. Highlights of these past holes, all of which are located outside of the existing Kilgore deposit, include 82.3 metres of 0.95 grams per tonne (g/t) gold and 121.9 metres of 1.04 g/t gold. 

Otis said Tuesday that the U.S. Forest Service requested several months of water quality data from a number of locations throughout the project area in advance of granting the permits necessary, with the company continuing monthly water sampling "above and beyond immediate permitting requirements."

Based on the company's discussions with permitting authorities, Otis said it expects to be able to initiate a drilling program by this July. 

The gold explorer has already prepared a preliminary budget for its work program, with the base plan consisting of road construction, 3,000 metres of reverse circulation drilling into the north target, and further metallurgical testing. 

The company then plans to follow this with an updated NI 43-101 compliant resource estimate, while it also intends to start a preliminary economic assessment. 

All of these plans are subject to financing, the company noted. Otis, like many junior mining companies, has been trying to cut back on costs to save on cash amid a weak capital market environment. 

The company said it continues to "diligently manage" its cash resources, rationalizing its office space in Washington and monitoring all corporate and exploration expenses. 

"We remain very excited about the growth potential at Kilgore, and are committed to advancing the project," said Otis CEO Craig Lindsay in a release today.

"To achieve our goals we are reviewing a broad range of alternatives to creatively advance Otis and our property portfolio. The company is very appreciative of the support it has received from its shareholders as we continue to navigate challenging market conditions."            

Separately, Otis also announced that at its recent annual general meeting of shareholders, investors approved all motions put forth, with incumbent directors, including CEO Lindsay, re-elected for the coming year.

The Kilgore deposit in Idaho currently contains an NI 43-101 indicated resource of 520,000 gold ounces in 27.4 million tonnes at a grade of 0.59 grams per tonne (g/t) and an inferred resource of 300,000 ounces in 20.2 million tonnes at a grade of 0.46 g/t.    

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Tue, 18 Mar 2014 13:17:00 +1100 https://www.proactiveinvestors.com.au/companies/news/100390/otis-gold-expects-to-drill-at-kilgore-project-by-july--52827.html
<![CDATA[News - Otis Gold's chief gets creative; sees strong times ahead for Kilgore project ]]> https://www.proactiveinvestors.com.au/companies/news/93651/otis-golds-chief-gets-creative-sees-strong-times-ahead-for-kilgore-project--41694.html Otis Gold (CVE:OOO) is currently chasing many different opportunities when it comes to its Kilgore asset in Idaho as challenging times for juniors are calling for creative measures, says the Canadian company's chief, Craig Lindsay, as he sat for a chat with Proactiveinvestors at the PDAC conference last week. 

"You have to be creative in this market. The typical placements with retail investors through brokerage firms are not a great market at the moment," he says. 

"You have to look for high net worth individuals and institutions. There is also debt, with which it is becoming much more common to finance projects. 

"We're also looking at possible joint venture structures and strategic investments from existing mining companies that want to get that early-stage exposure." 

Lindsay adds that nothing is "set in stone" at the moment, as the company is actively pursuing all options right now. 

The company's Kilgore gold deposit in Idaho contains an indicated resource of 520,000 ounces gold in 27.35 million tonnes at a grade of 0.59 grams per tonne (g/t) gold, and has an inferred resource of 300,000 ounces gold in 20.23 million tonnes at a grade of 0.46 g/t gold.        

Earlier this year, the junior explorer revealed results from its drill program last fall, saying there is significant potential to expand the property in the near-term, as the recent holes were located beyond the northern edge of the deposit. Notable intercepts included 121.9 metres of 1.04 g/t gold in hole 12 OKR-292, which included 45.7 metres of 1.52 g/t gold. 

Otis is looking to drill another 7,000 metres in the north target area, and is currently in the process of permitting to build new roads that will give the company access to this region. 

"Following a public 30-day comment period, if there are no issues, then we will get the permit and start building the roads this summer, which will be followed by the 7,000 metres of drilling," says Lindsay. 

After the drilling, the company will look to put out a new resource estimate, followed by a preliminary economic assessment report. 

The junior will be raising capital for its plans in the next three to six months, but its chief is not worried. "Discussions are ongoing, and we have got some strong shareholders that have indicated they will support us. This includes myself and management," he says. 

At the prolific PDAC mining conference, Lindsay spent his time meeting with several financial institutions that have indicated they are starting to make investments. 

"One of the things we are seeing in Europe, Canada and the U.S. is that a lot of institutions are looking for advanced stage assets with near-term production and low capex that are located in favorable jurisdictions, from a political perspective," explains Lindsay. 

"From that view, Otis fits the bill really nicely," he adds, asserting that the Kilgore project, which is located in an area of the western United States with built-out infrastructure, is estimated to have a capex cost of somewhere between $60 to $80 million, with production anticipated to start in 2017. 

While the process of permitting in Idaho is a relative unknown, with no company having gone through it in the last 15 years or so, Lindsay expects a typical two-year permitting period for Kilgore. 

The CEO explains that Kilgore is located in Clark County, Idaho - an area that holds less than 1,000 people, but at the same time, is roughly the size of Delaware and has no negative mining history. "The local community also seems very supportive of the project," he says, adding that the ore is "extremely clean", with the project also having a simple metallurgy process. 

The property, which is equipped with existing power and water, is spread across 5,130 acres in southeastern Idaho, 60 miles north of Idaho Falls, and is accessible by road around 32 miles northeast of the town of Dubois and 15 miles east of Interstate Highway 15.

Otis will also get cash to develop Kilgore from a recent joint venture deal it inked for its Oakley project in Idaho with Lateral Gold Corp (CVE:LTG). The deal allows for Lateral to earn up to an initial 70 per cent stake in Oakley, in exchange for a total of $915,000 in cash, as well as $5.7 million of work expenses on the project and a total of 4.95 million common shares. 

"We are chasing lots of different opportunities right now from financings to developing relationships with producing mining companies, to joint ventures. It's a busy time for Otis," confides Lindsay. 

"We're always looking quite aggressively at acquiring properties as well, with a regional focus on the western U.S. This is the time to be opportunistic, but we will need a strategic partner for this type of transaction."

The CEO is also, as expected, bullish on gold, when looking at the world's macroeconomic conditions, and the fact that nothing has really been solved, especially when it comes to issues in China. 

"I think we will see gold get up to between $1,800 to $2,000 an ounce by the end of the year.

"I wouldn't be putting my own money into Otis right now if I didn't believe in the company and that the market could turn around, with investors seeing the gold space as a good place to invest," Lindsay concludes. 

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Fri, 15 Mar 2013 08:59:00 +1100 https://www.proactiveinvestors.com.au/companies/news/93651/otis-golds-chief-gets-creative-sees-strong-times-ahead-for-kilgore-project--41694.html
<![CDATA[News - Otis Gold shares jump as latest Kilgore drill results suggest significant expansion potential ]]> https://www.proactiveinvestors.com.au/companies/news/92460/otis-gold-shares-jump-as-latest-kilgore-drill-results-suggest-significant-expansion-potential-39525.html Shares in Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF) flew higher on Thursday after the company revealed results from its fall drill program at the Kilgore gold deposit in Idaho, saying there is significant potential to expand the property in the near term. 

The company said the fall drill program in 2012 at Kilgore found several bulk-tonnage intercepts in excess of 80 metres thick. 

Otis shares gained more than 13% this morning, to trade at 16.5 cents. 

"These holes are located beyond the northern edge of our 820,000 ounce Kilgore Deposit," CEO Craig Lindsay told Proactive Investors today. 

"Beyond these holes and to the north of the deposit we have identified over 400 meters of open-ended gold in soil anomalies.  The potential to significantly expand the Kilgore Deposit in the near term is high."

Notable results from the drilling included 82.3 metres of 0.95 grams per tonne (g/t) gold in hole 12 OKR-291, and 121.9 metres of 1.04 g/t gold in hole 12 OKR-292, which includes 45.7 metres of 1.52 g/t gold. 

Further, hole 12 OKR-294 returned 83.8 metres of 1.12 g/t gold, including 30.5 metres of 2.10 g/t gold. 

The fall drilling campaign totalled 1,009 metres in 6 reverse circulation holes designed to extend and offset the 100-metre-plus thick, near-surface intercepts found in core holes drilled into the North target area in 2011. Four of the six holes found "significant bulk-tonnage thicknesses and gold grades", the company said. 

"The thickness of these bulk-tonnage intercepts in the Kilgore Deposit's North Target area serve to further enhance the overall deposit's size and potential mineability," Lindsay added in a statement. 

"The intercepts, all of which are currently open-ended to the northwest and presently define the northwestern boundary of the deposit, will be offset in 2013 as Otis continues to drill out the deposit and move Kilgore toward a production decision."

Indeed, the company is planning to complete additional drilling of the open-ended mineralization reported today in 2013. 

Otis said that the new intercepts, along with its original 2011 North target area discovery intercepts, are the "thickest, some of the shallowest, and some of the highest-grade bulk tonnage hits" drilled by the company at Kilgore since acquiring the property in 2008.

The deposit now contains an indicated resource of 520,000 ounces gold in 27.35 million tonnes at a grade of 0.59 grams per tonne (g/t) gold, and has an inferred resource of 300,000 ounces gold in 20.23 million tonnes at a grade of 0.46 g/t gold.        

The news today follows Otis' announcement last week that it inked a joint venture deal for its Oakley project in Idaho with Lateral Gold Corp (CVE:LTG), giving Otis both cash and a significant potential shareholding in Lateral as the company moves forward with development at its main Kilgore property. 

"The Oakley project has been in our portfolio for the past five years, and we haven't had the resources from a capital or manpower perspective to advance the project, as we have been dedicating our time to the Kilgore project,” Lindsay told Proactive Investors last week.

The letter of intent agreement allows for Lateral to earn up to an initial 70 per cent stake in Oakley, which is a classic epithermal hot spring-type gold project.  

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Thu, 17 Jan 2013 10:08:00 +1100 https://www.proactiveinvestors.com.au/companies/news/92460/otis-gold-shares-jump-as-latest-kilgore-drill-results-suggest-significant-expansion-potential-39525.html
<![CDATA[News - UPDATE: Otis Gold inks joint venture for Oakley project as “big year” planned for Kilgore asset ]]> https://www.proactiveinvestors.com.au/companies/news/92318/update-otis-gold-inks-joint-venture-for-oakley-project-as-big-year-planned-for-kilgore-asset--39276.html ***updated with comments from Otis president and CEO, Craig Lindsay, and share price data***

Otis Gold Corp. (CVE:OOO) (OTCQX:OGLDF) has inked a joint venture deal for its Oakley project in Idaho with Lateral Gold Corp (CVE:LTG), giving Otis both cash and a significant potential shareholding in Lateral as the company moves forward with development at its main Kilgore property. 

The Oakley joint venture deal will allow Otis to squarely focus its resources on developing the Kilgore gold project, which is located in Clark County, Idaho.

Shares in Otis gained more than 11.5% on the back of the news, to trade at 14.5 cents as of around 2pm ET. 

The letter of intent agreement allows for Lateral to earn up to an initial 70 per cent stake in Oakley, which is a classic epithermal hot spring-type gold project that has an NI 43-101 inferred resource of 235,000 ounces of gold at a grade of 0.55 grams per tonne (g/t). 

The project consists of 107 federal lode mining claims and several Utah State leases in Cassia County, Idaho, approximately 15 miles south of the town of Oakley and just north of the Utah/Nevada border.  

"The Oakley project has been in our portfolio for the past five years, and we haven't had the resources from a capital or manpower perspective to advance the project, as we have been dedicating our time to the Kilgore project,” Otis president and CEO, Craig Lindsay tells Proactive Investors. 

"Now we have a third party that will be moving the project forward, and a key point to note is that the agreement includes a commitment to a drill program within the first 12 months."

Indeed, Lateral has committed $300,000 in the first year toward property expenditures, 50 per cent of which has to be spent on drilling, which Lindsay expects can cover up to 5,000 feet of reverse circulation drilling. 

Under the terms of the deal, Lateral will pay a combination of cash, property expenses and shares of its company. It will pay a total of $915,000 to Otis in cash, as well as $5.7 million of work expenses on the project and a total of 4.95 million common shares, all according to staged payment schedules spanning as much as five years from the acceptance date. 

The deal also requires that Lateral provide NI 43-101 resource estimates on or before both the third and fourth anniversary dates, and a preliminary economic assessment by the fifth anniversary date, at which time the 70 per cent interest will have been earned. 

Once Lateral has earned the 70 per cent, it will have the option to boost its stake by a further 10 per cent in exchange for $1.5 million in cash and 2.0 million Lateral shares. It will then have the right to earn the final 20 per cent interest by issuing an additional 5.0 million Lateral shares and a cash payment based on a multiple of any inferred gold resources contained in a NI 43-101 report. 

A net smelter return royalty of 2.5 per cent will also be issued to Otis in connection with any lands subject to the deal that are not already encumbered by royalty agreements. 

Otis currently has a 70 per cent stake in Oakley, which is being increased to 100 per cent through a separate transaction with its joint venture partners, the closing of which must occur prior to the Lateral agreement. 

Otis and Lateral said they aim to close by mid-February a definitive agreement, which still needs approval by the TSX Venture Exchange. 

"We recognize markets continue to be challenging for junior companies and that valuations are soft and liquidity is low, but this is not slowing down our efforts to move the Kilgore project toward production," says Lindsay. 

"This will be a big year for Kilgore, as we will be drilling up to 7,000 metres to expand the deposit, as well as initiating a preliminary economic assessment [PEA] this year and 12-month environmental baseline studies. 

"These are critical action items as we move the project toward production."

Kilgore, Lindsay says, is an advanced asset with a near-term production profile, and continues to benefit from a "very strong capital structure". 

He adds that the company has enough funds to complete the PEA for the project, but will be looking to raise additional capital in the first six months of the year as it moves forward, hoping to have Kilgore in production by 2017. 

Otis last summer unveiled an updated NI 43-101 resource estimate for Kilgore. The deposit now contains an indicated resource of 520,000 ounces gold in 27.35 million tonnes at a grade of 0.59 grams per tonne (g/t) gold, representing an increase of 138 per cent in the number of ounces and 328 per cent in the number of tonnes compared to the deposit’s 2002 estimate.

Kilgore also has an inferred resource of 300,000 ounces gold in 20.23 million tonnes at a grade of 0.46 g/t gold, representing an increase of 12 per cent in the number of ounces and 131 per cent in the number of tonnes versus the 2002 estimate.

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Thu, 10 Jan 2013 13:59:00 +1100 https://www.proactiveinvestors.com.au/companies/news/92318/update-otis-gold-inks-joint-venture-for-oakley-project-as-big-year-planned-for-kilgore-asset--39276.html
<![CDATA[News - Otis Gold inks joint venture with Lateral Gold for Oakley project ]]> https://www.proactiveinvestors.com.au/companies/news/92298/otis-gold-inks-joint-venture-with-lateral-gold-for-oakley-project--39244.html Otis Gold Corp. (CVE:OOO) (OTCQX:OGLDF) has inked a joint venture deal for its Oakley project in Idaho with Lateral Gold Corp (CVE:LTG), giving Otis both cash and a significant potential shareholding in Lateral. 

The deal will also give Otis more support to focus on developing its flagship property, the Kilgore gold project in Clark County, Idaho.

The letter of intent allows for Lateral to earn up to an initial 70 per cent stake in Oakley, which is a classic epithermal hot spring-type gold project that has an NI 43-101 inferred resource of 235,000 ounces of gold at a grade of 0.55 grams per tonne (g/t). 

The project consists of 107 federal lode mining claims and several Utah State leases in Cassia County, Idaho, approximately 15 miles south of the town of Oakley and just north of the Utah/Nevada border.  

“We are very excited to have Lateral Gold as a partner to assist us in moving the Oakley Project forward," said Otis president and CEO, Craig Lindsay. "Otis stands to be rewarded in the form of both cash and a significant potential shareholding in Lateral should the Oakley Project achieve the development targets that we envision for it.”

Under the terms of the deal, Lateral will pay a combination of cash, property expenses and shares of its company. It will pay a total of $915,000 to Otis in cash, as well as $5.7 million of work expenses on the project and a total of 4.95 million common shares, all according to staged payment schedules spanning as much as five years from the acceptance date. 

The deal also requires that Lateral provide NI 43-101 resource estimates on or before both the third and fourth anniversary dates, and a preliminary economic assessment by the fifth anniversary date, at which time the 70 per cent interest will have been earned. 

Once Lateral has earned the 70 per cent, it will have the option to boost its stake by a further 10 per cent in exchange for $1.5 million in cash and 2.0 million Lateral shares. It will then have the right to earn the final 20 per cent interest by issuing an additional 5.0 million Lateral shares and a cash payment based on a multiple of any inferred gold resources contained in a NI 43-101 report. 

A net smelter return royalty of 2.5 per cent will be issued to Otis in connection with any lands subject to the deal that are not already encumbered by royalty agreements. 

Otis currently has a 70 per cent stake in Oakley, which is being increased to 100 per cent through a separate transaction with its joint venture partners, the closing of which must occur prior to the Lateral agreement. 

Otis and Lateral said they aim to close by mid-February a definitive agreement, which still needs approval by the TSX Venture Exchange. 

In late October last year, Vancouver-based Otis said it would soon begin a 1,700 metre, 9-hole reverse circulation drill program at its Kilgore project in Idaho, focused at the north/northwest end of the deposit, where five holes drilled in 2011 expanded the strike length of the deposit by around 150 metres.

The drilling was scheduled to be wrapped up by the end of November.

Otis has been bulking up its team as it advances the development of the Kilgore project, recently appointing Dr. Roger Norwich as a director. 

Dr. Norwich, a founding director of the former TSX Venture Exchange-listed Mexican Silver Mines, which merged with Rio Alto Mining (TSE:RIO) in 2009, remains an independent director of Rio Alto. 

Otis Gold unveiled last summer an updated NI 43-101 resource estimate for Kilgore. The deposit now contains an indicated resource of 520,000 ounces gold in 27.35 million tonnes at a grade of 0.59 grams per tonne (g/t) gold, representing an increase of 138 per cent in the number of ounces and 328 per cent in the number of tonnes compared to the deposit’s 2002 estimate.

Additionally, Kilgore has an inferred resource of 300,000 ounces gold in 20.23 million tonnes at a grade of 0.46 g/t gold, representing an increase of 12 per cent in the number of ounces and 131 per cent in the number of tonnes versus the 2002 estimate.

]]>
Thu, 10 Jan 2013 09:32:00 +1100 https://www.proactiveinvestors.com.au/companies/news/92298/otis-gold-inks-joint-venture-with-lateral-gold-for-oakley-project--39244.html
<![CDATA[News - Otis Gold's stock rises, more than triples in the last 3 months ]]> https://www.proactiveinvestors.com.au/companies/news/90343/otis-golds-stock-rises-more-than-triples-in-the-last-3-months-35901.html Otis Gold's (CVE:OOO) shares were on the rise Friday, moving by as much as 35 per cent higher, exceeding its 50-day average trading volume. 

Its stock was lately up by more than 24 per cent, at 23 cents. In the last three months alone, the company's shares have nearly quadrupled, up almost 260 per cent. 

Earlier this month, Otis' stock rose as the company announced the appointment of Dr. Roger Norwich as a director. 

Dr. Norwich, a founding director of the former TSX Venture Exchange-listed Mexican Silver Mines, which merged with Rio Alto Mining (TSE:RIO) in 2009, remains an independent director of Rio Alto. 

Otis, which is developing its Kilgore gold project in Idaho, noted that Rio Alto has, since the merger, grown from a development-stage operation to a "significant" gold producer that has poured 114,000 ounces of gold in the first six months of this year. 

At the moment, Dr. Norwich is a non-exec chairman of Mexico-based Grupo Minero Panuco, a private company that has producing copper, gold and molybdenum assets. 

Most recently, he joined the board of Inkron Limited, a private company based in Hong Kong that is involved in nanometal production for the electronics industry. Early in his career, he worked as an oil exploration geologist for Texaco, and gained experience in the North Sea, the Gulf of Mexico and the Permian Basin.

The company is bulking up its team as it advances the development of its flagship Kilgore project, where some news is soon expected with regards to a fall drilling program. 

In the summer, Otis Gold unveiled an updated NI 43-101 resource estimate for its Kilgore gold deposit located in Clark County, Idaho. 

The Kilgore gold deposit now contains an indicated resource of 520,000 ounces gold in 27.35 million tonnes at a grade of 0.59 grams per tonne (g/t) gold, representing an increase of 138 per cent in the number of ounces and 328 per cent in the number of tonnes compared to the deposit’s 2002 estimate.

Additionally, Kilgore has an inferred resource of 300,000 ounces gold in 20.23 million tonnes at a grade of 0.46 g/t gold, representing an increase of 12 per cent in the number of ounces and 131 per cent in the number of tonnes versus the 2002 estimate.

The company noted that this was its first resource estimate since acquiring the property in late 2008. It includes all historical drilling plus an additional 92 core holes drilled between 2008 through 2011, and uses a gold cut-off grade of 0.24 g/t.

CEO Craig Lindsay noted at the time that while the overall grades in the estimate are lower than in 2002, the size of the resource has increased substantially and the strip ratio has improved comparatively.

Separately, in an operational update, the company said in July that the U.S. Forest Service, Caribou-Targhee National Forest, issued a permit to Otis at the end of May to conduct a 14 to 20-hole program consisting of 4,000 metres of HQ core drilling.

Lindsay noted that among the qualities that make Kilgore a unique and attractive project is the good relationship that Otis has developed with the forest service – with all of the project’s permits turned around in six weeks or less.

Otis also said it was in the process of performing a cultural survey and preparing a plan of operation to build 1,350 metres of new roads into the North area of the deposit, which is defined by seven significant gold-in-soil anomalies and several open-ended mineralized holes with over 100-metre-thick intercepts averaging up to 0.89 g/t gold.

The Kilgore gold project is 5,130 acres in size, is 100-per-cent-owned by Otis and is subject to no underlying royalties.

An important achievement for the company this year was the addition of 1,880 acres, boosting its land position at Kilgore by 58 per cent and giving the miner flat land that is appropriate for heap leach processing.

 

]]>
Fri, 12 Oct 2012 12:08:00 +1100 https://www.proactiveinvestors.com.au/companies/news/90343/otis-golds-stock-rises-more-than-triples-in-the-last-3-months-35901.html
<![CDATA[News - Otis Gold rises as Dr. Roger Norwich appointed director ]]> https://www.proactiveinvestors.com.au/companies/news/90028/otis-gold-rises-as-dr-roger-norwich-appointed-director-35372.html Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF) says it has appointed Dr. Roger Norwich as a director of the company, sending its shares up more than 18 per cent Monday. 

Dr. Norwich, a founding director of the former TSX Venture Exchange-listed Mexican Silver Mines, which merged with Rio Alto Mining (TSE:RIO) in 2009, remains an independent director of Rio Alto. 

Otis, which is developing its Kilgore gold project in Idaho, noted that Rio Alto has, since the merger, grown from a development-stage operation to a "significant" gold producer that has poured 114,000 ounces of gold in the first six months of this year. 

At the moment, Dr. Norwich is a non-exec chairman of Mexico-based Grupo Minero Panuco, a private company that has producing copper, gold and molybdenum assets. 

Most recently, he joined the board of Inkron Limited, a private company based in Hong Kong that is involved in nanometal production for the electronics industry. 

Early in his career, he worked as an oil exploration geologist for Texaco and gained experience in the North Sea, the Gulf of Mexico and the Permian Basin.

"We are very pleased to have someone of Roger's caliber join our Board of Directors," said Otis Gold's president and CEO, Craig Lindsay.

"His active experience with Rio Alto and Panuco as they moved from development companies to producers will be of significant benefit to Otis as we continue to progress the Kilgore Gold Project on a path to production."               

The gold miner's shares were up almost 19 per cent on the news today at 19 cents and are up almost 81 per cent in the last 5 days. 

In the summer, the gold explorer unveiled an updated NI 43-101 resource estimate for its Kilgore gold deposit located in Clark County, Idaho. 

The Kilgore gold deposit now contains an indicated resource of 520,000 ounces gold in 27.35 million tonnes at a grade of 0.59 grams per tonne (g/t) gold, representing an increase of 138 per cent in the number of ounces and 328 per cent in the number of tonnes compared to the deposit’s 2002 estimate.

Additionally, Kilgore has an inferred resource of 300,000 ounces gold in 20.23 million tonnes at a grade of 0.46 g/t gold, representing an increase of 12 per cent in the number of ounces and 131 per cent in the number of tonnes versus the 2002 estimate.

The company noted that this was its first resource estimate since acquiring the property in late 2008. It includes all historical drilling plus an additional 92 core holes drilled between 2008 through 2011, and uses a gold cut-off grade of 0.24 g/t.

In a conference call soon after the release of the new resource report, CEO Craig Lindsay noted that while the overall grades in the estimate are lower than in 2002, the size of the resource has increased substantially and the strip ratio has improved comparatively.

Separately, in an operational update, the company said in July that the U.S. Forest Service, Caribou-Targhee National Forest, issued a permit to Otis at the end of May to conduct a 14 to 20-hole program consisting of 4,000 metres of HQ core drilling.

Lindsay noted that among the qualities that make Kilgore a unique and attractive project is the good relationship that Otis has developed with the forest service – with all of the project’s permits turned around in six weeks or less.

Otis also said it was in the process of performing a cultural survey and preparing a plan of operation to build 1,350 metres of new roads into the North area of the deposit, which is defined by seven significant gold-in-soil anomalies and several open-ended mineralized holes with over 100-metre-thick intercepts averaging up to 0.89 g/t gold.

The Kilgore gold project is 5,130 acres in size, is 100-per-cent-owned by Otis and is subject to no underlying royalties.

An important achievement for the company this year was the addition of 1,880 acres, boosting its land position at Kilgore by 58 per cent and giving the miner flat land that is appropriate for heap leach processing.

 

]]>
Mon, 01 Oct 2012 13:34:00 +1000 https://www.proactiveinvestors.com.au/companies/news/90028/otis-gold-rises-as-dr-roger-norwich-appointed-director-35372.html
<![CDATA[News - Otis Gold boosts resources at Kilgore gold deposit by 138% - UPDATE ]]> https://www.proactiveinvestors.com.au/companies/news/88354/otis-gold-boosts-resources-at-kilgore-gold-deposit-by-138-update-32709.html **Additional quotes from the president and CEO of Otis Gold have been added to this story

 

Otis Gold Corp. (CVE:OOO) (OTCQX:OGLDF) unveiled Tuesday an updated NI 43-101 resource estimate for its Kilgore gold deposit located in Clark County, Idaho.

The Kilgore gold deposit contains an indicated resource of 520,000 ounces gold in 27.35 million tonnes at a grade of 0.59 grams per tonne (g/t) gold, representing an increase of 138 per cent in the number of ounces and 328 per cent in the number of tonnes compared to the deposit’s 2002 estimate.

Additionally, Kilgore has an inferred resource of 300,000 ounces gold in 20.23 million tonnes at a grade of 0.46 g/t gold, representing an increase of 12 per cent in the number of ounces and 131 per cent in the number of tonnes versus the 2002 estimate.

The company noted that this is its first resource estimate since acquiring the property in late 2008. It includes all historical drilling plus an additional 92 core holes drilled between 2008 through 2011, and uses a gold cut-off grade of 0.24 g/t.

“The markedly increased size of this resource provides Otis with a solid foundation upon which to build additional resources through planned drilling in areas where open-ended mineralization of significant thickness exists,” said president and CEO Craig Lindsay.

Otis said that results its drilling programs have moved previously defined inferred resources into the indicated category and have added new resources to both the indicated and inferred categories.

In a conference call Tuesday, Lindsay noted that while the overall grades ion the estimate are lower than in 2002, the size of the resource has increased substantially and the strip ratio has improved comparatively.

“Given the large size, growth potential and no [net smelter royalties] NSR, along with excellent metallurgy results, we believe that [these things] significantly enhance the economical potential of Kilgore,” he stated.

Separately, in an operational update, the company said that the U.S. Forest Service, Caribou-Targhee National Forest, issued a permit to Otis at the end of May to conduct a 14 to 20-hole program consisting of 4,000 metres of HQ core drilling.

Lindsay noted that among the qualities that make Kilgore a unique and attractive project, is the good relationship that Otis has developed with the forest service – with all of the project’s permits turned around in six weeks or less.

Furthermore, Otis said it is in the process of performing a cultural survey and preparing a plan of operation to build 1,350 metres of new roads into the North area of the deposit, which is defined by seven significant gold-in-soil anomalies and several open-ended mineralized holes with over 100-metre-thick intercepts averaging up to 0.89 g/t gold.

“The Kilgore gold deposit is the foundation of a very strong gold company,” said Lindsay.

“Our geologic team has already begun designing programs to both expand the deposit and test several additional high priority targets on the property.”

The company noted it has also received permits to drill on six sites at the Gold Ridge target, located one kilometre northwest of, and on strike with, Kilgore. This target has never been drilled and will require helicopter support, as no drill access roads are currently available in the area.

Otis stressed that exploration and drill programs will be initiated based on market conditions and the ability to raise additional capital at a reasonable price.

With $1.9 million in its treasury, and depressed market conditions, Lindsay said that the company has been “hesitant to raise additional capital to go toward an aggressive drilling campaign at this time”.

Lindsay said that Otis’ management is committed to ensuring that value to shareholders is not diluted, and the company will watch the market for signs of recovery before going out to raise more money.

The Canadian mineral exploration company is focused on the acquisition and development of precious metal deposits in Idaho, U.S.

The Kilgore gold project is 5,130 acres in size, is 100-per-cent-owned by Otis and is subject to no underlying royalties.

An important achievement for the company this year was the addition of 1,880 acres, boosting its land position at Kilgore by 58 per cent and giving the miner flat land that is appropriate for heap leach processing.

Lindsay said that the company has “a very tight regional focus” that will remain a priority going forward with the Kilgore project still open northwest and southeast, and soil survey results that have revealed seven gold soil anomalies that are substantial and “very promising”.

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Tue, 31 Jul 2012 14:56:00 +1000 https://www.proactiveinvestors.com.au/companies/news/88354/otis-gold-boosts-resources-at-kilgore-gold-deposit-by-138-update-32709.html
<![CDATA[News - Otis Gold says "positive" Kilgore metallurgy results to boost project economics ]]> https://www.proactiveinvestors.com.au/companies/news/86756/otis-gold-says-positive-kilgore-metallurgy-results-to-boost-project-economics-30053.html Otis Gold Corp.(CVE:OOO)(OTCQX:OGLDF) unveiled Tuesday what it called "positive" additional column leach gold recoveries from coarse-crush bulk samples at its flagship Kilgore gold project in Idaho.

Together with previous column leach testing conducted by prior operator Echo Bay Mines, as well as by Otis, these latest results continue to show that the Kilgore Mine Ridge deposit is "readily amenable" to standard heap-leach process technology, the miner said.

They also suggest that the gold ore is not particularly sensitive to crush size as there was not a substantial decrease of gold recovery in the coarser crush material. This means that the ore may not require processing by a tertiary crusher, boosting the overall economics of the deposit.

Otis said that tests further show that the coarser crush material should be tested to see if part of the deposit could be processed by run-of-mine material, resulting in even greater cost savings for the gold miner.

Overall, the tests revealed that the gold came out quickly in all samples from both size fractions, with 85 to 90 per cent of the recovered gold leaching in just 30 days.

"The results from column leach testing continue to be impressive, even for relatively coarsely crushed material," said president and CEO, Craig Lindsay.

"The Kilgore Mine Ridge deposit continues to have excellent recovery rates that will positively impact the economics of developing a potential mine.

"In the future, we plan to acquire coarse enough material for a run-of-mine test to help Otis make decisions as we move this deposit towards potential commercial production."
               
Both cyanide and lime consumption were relatively low and the ore charges did not require agglomeration pretreatment, Otis said.     

The column leach tests were done by McClelland Labs of Reno, Nevada on three samples comprising oxidized and non-oxidized dike - both thought to be responsible for the mineralizing fluids supplying gold to the host rock - and oxidized lithic tuff, the dominant host rock at Kilgore.

Both dike samples and the lithic tuff sample were composited from drilled PQ-diameter core that was stage crushed to a nominal 80 per cent, passing a 38 mm (1.5 inch) screen.

Each sample was divided and one split was further crushed to 80 per cent -12.5 mm (0.5 inch) to directly compare the difference in gold recovery between the two crush sizes, the company said.

Otis noted that only the oxidized dike showed feed size sensitivity in regard to gold recovery in column leach tests, possibly due to the shorter residence time of 78 days. Still, the oxidized dike represents only an estimated 14 per cent of the deposit by volume.

In an interview with Proactive Investors in late April, CEO Lindsay said that perhaps one of the greatest strengths of the project is the metallurgy, something on which investors tend not to focus.

In the mid 1990s, Lindsay notes that Kilgore was going to be Echo Bay's next production story, but a drop in gold prices to well below $300 per ounce halted the process.  At the time, Echo Bay completed extensive column leach metallurgy tests, achieving "very good" recovery rates.

Otis followed up with additional column leach tests using 1/2” crush material in late 2010, yielding similar results, with the announcement today providing further positive evidence.

Lindsay says that the larger the crush size, the less processing and crushing of rock is required, which helps decrease capital costs, thereby boosting economics.
               
The entire Kilgore project, which is 100 percent-owned by Otis with no underlying royalties, has two to three million ounce gold potential, with the latest NI 43-101 resource delineating 487,000 ounces of indicated and inferred gold.  The company is now working on a new estimate that will incorporate all the drilling through 2011.

The project is spread across 5,130 acres in southeastern Idaho, 60 miles north of Idaho Falls, and is accessible by road around 32 miles northeast of the town of Dubois and 15 miles east of Interstate Highway 15.

Lindsay says that an important achievement for the company this year was the addition of 1,880 acres, boosting its land position at Kilgore by 58 percent and giving the miner flat land that is appropriate for heap leach processing.

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Tue, 05 Jun 2012 10:01:00 +1000 https://www.proactiveinvestors.com.au/companies/news/86756/otis-gold-says-positive-kilgore-metallurgy-results-to-boost-project-economics-30053.html
<![CDATA[News - Otis Gold achieves continued success at the Kilgore gold project ]]> https://www.proactiveinvestors.com.au/companies/news/85746/otis-gold-achieves-continued-success-at-the-kilgore-gold-project-28403.html Otis Gold (CVE:OOO) has been developing its flagship Kilgore gold project in Clark County, Idaho for the past four and a half years with much success, growing the Mine Ridge deposit and delineating several additional targets during this period.

The company's president and CEO, Craig Lindsay, says Otis is actively moving the planned open-pit project toward production, achieving "significant drill success" in the last years.  Otis has drilled almost 20,000 metres at Kilgore since 2008.

The Mine Ridge deposit, which is open to the north, northwest and southeast, is a wide, near-surface structure. The last holes from the site in 2011 pulled between 114 to 118 metres in gold mineralization, starting 6 metres from surface, at the northern end of the deposit, says Lindsay.

Indeed, last October, the mineral exploration company said it hit 0.89 grams per tonne (g/t) gold over 114.3 metres, including 1.10 g/t gold over 80.8 metres in hole 11 OKC-258; and 0.89 g/t gold over 118.8 metres, including 1.65 g/t gold over 36.5 metres in hole 11 OKC-259.

To follow up on these results, the company completed a soil sampling program, and in January, said it extended the strike line of Mine Ridge by another 400 metres, which has yet to be tested, says Lindsay.

The 266 sample results on the North Soil Grid section displayed strong linear gold-in-soil anomalies, tracing the extension of the Northwest Fault for at least 400 metres to the northwest.

But perhaps one of the greatest strengths of the project is the metallurgy, says Lindsay, something on which investors tend not to focus.

In the mid 1990s, Lindsay notes that Kilgore was going to be Echo Bay's next production story, but a drop in gold prices to well below $300 per ounce halted the process.  At the time, Echo Bay completed extensive column leach metallurgy tests, achieving "very good" recovery rates, says Otis Gold's president.

Otis followed up with additional column leach tests using 1/2” crush material in late 2010, yielding similar results, and this year, started column leach tests using 1.5” crush material. Lindsay says that the larger the crush size, the less processing and crushing of rock is required, which helps decrease capital costs, thereby boosting economics.

This is because at Kilgore, instead of having to crush down the ore to a finer size, which Lindsay says many ores require to get a robust recovery, could potentially operate on run of mine material - sharply reducing capital costs. 

Results on the latest metallurgical work are expected shortly.

The entire Kilgore project, which is 100 percent-owned by Otis with no underlying royalties, has two to three million ounce gold potential, with the latest NI 43-101 resource delineating 487,000 ounces of indicated and inferred gold.  The company is now working on a new estimate that will incorporate all the drilling through 2011.

The project is spread across 5,130 acres in southeastern Idaho, 60 miles north of Idaho Falls, and is accessible by road around 32 miles northeast of the town of Dubois and 15 miles east of Interstate Highway 15.

The asset boasts good infrastructure, with power to the bottom of the property and a railhead within 15 miles, and was given a "clean bill of health" by a third party environmental scoping study in 2010.

Lindsay says that an important achievement for the company this year was the addition of 1,880 acres, boosting its land position at Kilgore by 58 percent and giving the miner flat land that is appropriate for heap leach processing.

"We didn't really have an area before for future potential mine processing activities," adds Lindsay.
The land was acquired through the direct staking of federal lode mining claims, and an application submitted to the State of Idaho.

Next up for this year, and assuming capital is available, Otis plans on drilling another 7,000 metres on its Mine Ridge deposit, completing the NI 43-101 resource update and initiating a scoping study. Twelve-month environmental baseline studies will start this summer, with the company having engaged a contractor for the task.

Other targets at Kilgore include Gold Ridge, where there has been no historic drilling whatsoever, and Prospect Ridge, which saw its first discovery hole in 2011. Both targets are on strike with the Mine Ridge deposit and have very similar geological signatures.

These targets are permitted for drilling, but Lindsay says this will not be started until there is enough capital to fund the program. The final target at the project, which is of lower priority, is named Dog Bone Ridge, an area that features geophysical targets three to five times the size of the Mine Ridge deposit.

"This is a critical year for the development of Kilgore, and we are more excited today for this project than we have been at any other time," remarks Lindsay.

"With a friendly permitting regime in Idaho, very favourable environmental characteristics, good infrastructure and excellent leachability, Kilgore has the potential to move quickly toward a production scenario."

Indeed, Idaho is a hot mining region, with the Thompson Creek (NYSE:TC) molybdenum mine in the central part of the state, and large open pit phosphate mines in the southeastern portion. Formation Metals (TSE:FCO) also recently permitted its Idaho cobalt project, while Midas Gold (TSE:MAX) is on track to permitting its six million ounce gold discovery in the southwestern portion of the state.

From a permitting point of view, Kilgore is very, very manageable," Lindsay adds.

The company, with $1.9 million in the bank as at the end of the first quarter, runs a "tight ship" with Lindsay at the helm, who has a 20-year background in corporate finance and investment banking.

Prior to founding Otis, Lindsay was a founder and CEO of Magnum Uranium Corp, which was subsequently sold to Energy Fuels Corp. (TSE:EFR), and he spent five years as a VP in the corporate finance and investment banking group at PricewaterhouseCoopers.

"With our current low valuation," says Lindsay, "any fundraising right now would be extremely dilutive."

"We are therefore looking at alternative ways to raise funds, including through potential joint venture partners, and we have already been approached by a number of companies," he advises.

Otis is focused on its five Idaho projects, which includes the early-stage Hai and Goldbug projects, where work this summer will aim to better define drill targets and potentially add to their land position.

The 1,360 acre Oakley gold project, which consists of 107 federal lode mining claims and several Utah state leases in Cassia County, Idaho, has  an NI 43-101 inferred resource of 235,000 gold ounces on one of its targets.

Lindsay says the company is also looking for a partner to help develop this project.

Otis Gold counts Mitch Bernardi as its chief geologist, and John Carden as its consulting geologist, who were both formerly with Echo Bay Mines and each have more than 30 years experience in the mining industry.

The company's shares closed Friday at 16 cents on the TSX Venture Exchange.

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Mon, 30 Apr 2012 07:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/85746/otis-gold-achieves-continued-success-at-the-kilgore-gold-project-28403.html
<![CDATA[News - Otis Gold's latest "groundbreaking" drilling results extend Kilgore deposit ]]> https://www.proactiveinvestors.com.au/companies/news/80371/otis-golds-latest-groundbreaking-drilling-results-extend-kilgore-deposit-19343.html Otis Gold (CVE:OOO)(OTCQX:OGLDF) Wednesday unveiled "groundbreaking" drilling results at its 100%-owned Kilgore Gold Project in Idaho as it encountered new ore-grade intercepts in excess of 100-metres thick, some of the thickest and shallowest intercepts drilled to date.

The mineral exploration company said the intercepts include 0.89 grams per tonne (g/t) gold over 114.3 metres, that includes 1.10 g/t gold over 80.8 metres hole 11 OKC-258 and 0.89 g/t gold over 118.8 metres that includes 1.65 g/t gold over 36.5 metres in hole 11 OKC-259.

Shares of Otis Gold closed up 6% at 26 cents Wednesday.

Otis Gold's Chief Geologist Mitch Bernardi said: "These intercepts represent the thickest and shallowest part of the Mine Ridge deposit encountered to date in an area previously thought to represent the boundary or edge of the deposit. The intercepts found in holes 11 OKC-256, 258, 259, and 260, along the northwestern edge of the deposit, are associated with a thick dike or sill and suggest a new area of significant open-ended gold mineralization has been discovered with economics that can only improve those of the overall deposit, which is already good."

Based on these new results, Otis said it expects there is a "strong probability" to increase the overall size and economic viability of its Kilgore Mine Ridge Deposit.

Otis Gold is allocating additional time for the preparation of its ongoing independent NI 43-101 resource estimate to consider the inclusion of these new results in the resource estimate, to allow a comprehensive review and vetting of the historic drill results and for completion of a new geologic interpretation of the controls on gold mineralization at Mine Ridge. This extended timeframe will ensure that the Kilgore resource estimate adheres to CIM Best Practice Guidelines, and complies with NI 43-101 reporting requirements, Otis Gold said.

The new intercepts defining the new Mine Ridge northwest extension of mineralization are shallow, beginning at depths between 6 metres and 35 metres, and as such further enhance the potential mineability of the Kilgore Mine Ridge bulk-tonnage deposit. Of the five holes reported Thursday, four are located in this new extension area, and the fifth hole, 11 OKC-257, which contains 0.70 g/t gold over 50.3 metres, was drilled as an infill in the central part of the deposit.

Last month, the resource company said the first four holes drilled at Prospect Ridge within Kilgore collectively comprise intercepts that extend the Mine Ridge deposit at least 130 metres beyond its previously known boundary, potentially marking a new gold deposit at Kilgore.

The intercepts encountered last month were roughly on strike with historic Echo Bay hole 95 EKR-98 that contains 27.4 metres at 1.30 g/t Au and is located approximately 300 metres further to the southeast.

Otis Gold's flagship Kilgore Gold Project consists of 162 federal mining claims totaling 3,250 acres located in southeastern Idaho within Clark County, 60 miles north of Idaho Falls. Major gold mining companies spent more than $8 million for property acquisition, drilling (197 holes drilled totaling 38,531.9 meters), geophysical and geochemical surveying and metallurgical testing on the project from 1983 to 1998. The last exploration conducted on the property by a major company was 1996.

Otis Gold is targeting 3 to 5 million ounces of gold at Kilgore which it hopes to achieve by continuing to grow the existing Mine Ridge deposit.

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Thu, 06 Oct 2011 09:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/80371/otis-golds-latest-groundbreaking-drilling-results-extend-kilgore-deposit-19343.html
<![CDATA[News - Otis Gold’s Kilgore Drilling Program has multi-million ounce potential ]]> https://www.proactiveinvestors.com.au/companies/news/78763/otis-golds-kilgore-drilling-program-has-multi-million-ounce-potential-16529.html

Otis Gold (TSX-V: OOO) is a Canadian based gold explorer with a focus on U.S. properties in Idaho. The Company is currently drilling at the 100% owned, advanced stage Kilgore Gold Project, in Clark County, Idaho, and has development plans for 4 other projects that include Hai, Gold Bug, Buckhorn and Oakley.

Kilgore is located 60 miles north of Idaho Falls, on the southern flank of the Centennial Ridge, northeast of the Kilgore Caldera, covering 3,250 acres and hosts a low sulfide, volcanic epithermal hot spring-type gold deposit.

Kilgore was previously explored by Echo Bay Mines, Placer Dome and Pegasus Gold, who completed 34,000 metres of drilling to define a historic, non-compliant, indicated resource at Mine Ridge of 17 million tonnes at 0.031 oz/t, or 1.046 g/t Au, for 520,000 ounces, and an inferred resource of 5.6 million tonnes at 0.033 oz/t, or 1.131 g/t Au, for 186,000 ounces of gold.

In 1996, Echo Bay Mines completed feasibility studies to establish an open pit gold mine at Mine Ridge, containing a mineable resource of 11 million tonnes at 1.28 g/t Au. The production rate was estimated at 4,700 tonnes per day for an annualized output of 45,000 ounces over 6.6 years, totaling 297,000 ounces of gold. The total conceptual gold potential within Kilgore was estimated at 2 to 3 million ounces. Unfortunately the project failed on economic grounds, at a time when the gold price had declined below US$300 per ounce.

In 2004, Kilgore Minerals completed a study confirming attractive economic returns with gold at US$375 per ounce, but required a doubling of historic gold resources to justify the capital investment. A NI 43-101 Technical Report confirmed an Indicated Resource of 7.0 million tonnes at 0.031 oz/t, or 1.063 g/t Au for 218,000 ounces, and an Inferred Resource of 9.7 million tonnes at 0.028 oz/t, or 0.960 g/t Au for 269,000 ounces; metallurgical tests also confirmed recoveries of gold exceeding 90% from the near surface oxides.

Otis Gold commenced exploration at Kilgore in 2008, and in 2010 deployed $2.5 million to complete 7,700 metres of drilling at Mine Ridge, where 46 of 51 holes confirmed significant gold mineralization, and that the resource remained open in 4 directions. Scout drilling at Dog Bone Ridge noted gold potential to the west, and environmental studies confirmed that the property was devoid of any environmental issues that would inhibit mining.

Selected high grade intersections at Mine Ridge indicating further potential included 27.4 metres at 37.0 g/t Au, 6.1 metres at 54.7 g/t Au, and 22.9 metres at 7.6 g/t Au, and confirmed intervals and grades that were noticeably greater than historic drilling.

Mine Ridge sits on a major fault line that also carries several identified cross faults. Additional targets along this line include Gold Ridge and Prospect Ridge, which creates a minimum strike length of 3,000 metres. Dog Bone Ridge is located to the southwest of the fault line, and contains 5 separate targets that carry a combined footprint that are 5 times larger than Mine Ridge.

Dog Bone Ridge, originally identified byby Echo Bay and others, has the potential to host  Mine Ridge style mineralization hidden beneath an average 25 metre thick sinter cap. A CSAMT geophysical survey completed in 2009 identified numerous zones of high resistivity that may indicate the presence of a high grade gold feeder system, where reconnaissance drilling at KG 042 intersected 51.8 metres at 1.25 g/t Au, in a rhyolite dyke with quartz veinlets.  

The first phase of the 10,000 metre 2011 drilling program is underway and includes approximately 4,450 metres in 21 holes at Mine Ridge, and is aimed at infill and step out drilling on open mineralization to the west, northwest south, east, and down dip of the current open pit resource.

The second target that will be tested is Prospect Ridge, which may be a potential extension of Mine Ridge, has been defined over a length of 700 metres and width of 200 metres. Drilling on this target will include approximately 3,450 metres in 16 holes. Some scattered historic drilling in this area encountered significant mineralization including 15.2 metres at 1.27 g/t Au, which Otis Gold confirmed in hole 10 OKC 221, intersecting 76 metres at 0.77 g/t Au, including 13.7 metres at 2.88 g/t Au.  

Additional drilling at Dog Bone Ridge and Gold Ridge will be completed in a second phase program of 2,100 metres spread over 10 holes.

Otis Gold has also completed independent metallurgical studies confirming a maximum gold recovery of up to 94.3% from oxidized ore, with no adverse technical issues. The oxidized resource is 93% contained within dike and lithic tuff material, reporting recoveries from dike material of 85%, and lithic tuff of 81%, with the balance of 7% of the mineralized ore resource contained with the Aspen Formation, reporting a recovery of 70%. Positive recoveries from column leach tests confirm that the Mine Ridge deposit is readily amenable to standard heap leach process technology, with up to 77% of the gold recovered within 30 days, and reinforce the excellent recoveries that were reported by Echo Bay in earlier historic metallurgical studies.

The company aims to complete 3D modeling of Mine Ridge and complete a magnetic survey over the entirety of the Kilgore Project area, so that further drilling targets can be accurately identified.  An updated NI 43-101 resource estimate is also expected for Mine Ridge in the very near term.

Ongoing environmental base line studies will also get underway, in anticipation of pre feasibility studies that should follow once the current drilling program confirms extended economic mineralization.

The company also 100% owns the Oakley Project, in Cassia County, which covers an epithermal hot spring style gold exploration target with a NI 43 -101 compliant Inferred Resource of 235,000 ounces of gold at 0.549 g/t Au. This resource is contained within 3,500 acres of known gold occurrences along a 5 mile long strike line, with major targets at Blue Creek and Cold Creek, where historic drilling at Blue Creek in 22 of 26 holes intersected gold mineralization and extensive zones of silification, and where 10 holes bottomed in rock containing in excess of 0.34 g/t Au. Significant results included 30 metres at 1.22 g/t Au, and 79 metres at 0.89 g/t Au.

A CSMAT Survey in 2008 identified a coherent and continuous low-resistivity anomaly or sheet like zone at Blue Hill Creek that is 1.5 kilometers long, at least 1.5 kilometers wide, and up to 200 meters thick. The anomaly is open to the north and south, extends to the surface on the east, and is up to 300 meters deep at its westernmost margin. A smaller anomaly was also identified at Cold Creek.  The project is drill permitted, and Otis plans to either joint venture the project or implement an in-house drill program..

Cash in treasury is $4.6 million as at March 31, 2011, and is sufficient to maintain an aggressive development program at Kilgore, drilling at Oakley and other projects, and addition of new projects in Idaho, Nevada or Utah. The $19 million market cap of Otis Gold currently places an enterprise value of roughly $26 per resource ounce of gold, where the peer group average approaches $130 per ounce, and provides shareholders with very substantial upside potential.

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Thu, 21 Jul 2011 12:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/78763/otis-golds-kilgore-drilling-program-has-multi-million-ounce-potential-16529.html