VANCOUVER, British Columbia, Oct. 21, 2019 (GLOBE NEWSWIRE) -- Otis Gold Corp. (“Otis” or the “Company”) (TSX-V: OOO) (OTC: OGLDF) is hosting an investor webcast which will be held on Wednesday, October 23, 2019 at 12 pm PST (3 pm EST). This live webcast event will feature Craig Lindsay, President & CEO and Alan Roberts, VP Exploration where they will give an overview of Otis Gold and its ongoing exploration efforts at Kilgore. They will also review the recent PEA and discuss plans for the Oakley project with a Q&A session to follow. Interested parties that wish to attend the webcast can click here to register.
About the Kilgore Project
The Kilgore Project lies on the north-eastern margin of the Miocene-Pliocene Kilgore Caldera complex in the Eastern Snake River Plain, Idaho. The Kilgore Project contains the Kilgore Deposit with a current NI 43-101 Indicated Resource of 825,000 ounces Au in 44.6 million tonnes at a grade of 0.58 g/t Au and an Inferred Resource of 136,000 ounces Au in 9.4 million tonnes at a grade of 0.45 g/t Au. The maiden Preliminary Economic Assessment (or “PEA”) showed an NPV (5% discount rate) of US$110.4 million and IRR of 34.0%, with a 3.0-year payback period and LOM net cash flow of US$151.8 million at $1,300 gold price. The Kilgore Deposit is a low-sulphidation, gold bearing, quartz-adularia epithermal system hosted in Tertiary volcanic rocks, local Tertiary intrusive rocks, and basement Late Cretaceous, Aspen Formation sedimentary rocks.
About the Oakley Project
The Oakley Project (“Oakley”) is a gold-silver exploration prospect located 21 kms south of Oakley, Idaho, approximately 65 kms west of Black Pine Mine and along trend from the Vipont Mine in Utah, a former high-grade silver producer, 7 kms to the south. The property lies along the western flank of the Albion Mountains, part of the Albion-Raft River-Grouse Creek Metamorphic Core Complex. Oakley contains multiple targets located along a trend greater than 10 km in length and comprises the Cold Creek target to the north, and the Emery Creek, Blue Hill Creek and Matrix Creek targets located to the south of the project (Regional Geology map).
Oakley hosts gold-silver, epithermal hot spring-type mineralization at multiple targets that are all associated with regional detachment-related gold-silver mineralization. Blue Hill Creek (see Technical Report dated August 8, 2016) contains an Inferred Resource of 163,000 ounces gold in 9.97 million tonnes at a grade of 0.51 g/t Au. The Blue Hill Creek resource is hosted within a northwest-trending Tertiary graben that is part of a north trending, 8 km long by 1.5 km wide zone of low-sulphidation, hot spring-type gold occurrences along the western margin of the Albion Mountains.
About the Company
Otis is a resource company focused on the acquisition, exploration, and development of precious metal deposits in Idaho, USA. Otis is currently developing its flagship property, the Kilgore Project, located in Clark County, Idaho and the Oakley Project, located in Cassia County, Idaho.
ON BEHALF OF THE BOARD
“Craig T. Lindsay”
President & CEO
For additional information, please contact:
Mr. Tony Perri – Corporate Development
Tel: (604) 424-8100 Email: tony@otisgold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) or any State securities laws, and may not be offered or sold within the United States or to US Persons unless registered under the US Securities Act and applicable State securities laws, or an exemption from such registration is available.