OOO Otis Gold Corp

Otis Gold Corp. ("Otis" or the "Company") (TSX VENTURE:OOO)(OTCQX:OGLDF) is
pleased to announce that it has filed on SEDAR (www.sedar.com) its final
National Instrument Policy 43-101 Resource Estimate on its 100%-owned Kilgore
Gold Deposit ("Kilgore") located in Clark County, Idaho.


This is the first resource estimate prepared by Otis (see Otis July 31, 2012
news release) since acquiring the property in the fall of 2008. The updated
resource estimate includes all historical drilling, plus an additional 92 HQ
core holes (totaling 19,630 m) drilled by Otis between 2008 through 2011. This
updated resource estimate supersedes the original NI 43-101 Resource Estimate
prepared by Rayner and Associates and Van Brunt in 2002 ("2002 Estimate"; see
Otis March 2, 2009 news release for details of estimate).


Highlights



-- An Indicated Resource of 520,000 oz Au in 27.35 million tonnes at a grade
   of 0.59 g/t Au; this new Indicated Resource represents an increase of
   138% in the number of ounces and 328% in the number of tonnes over the
   2002 Estimate.
-- An Inferred Resource of 300,000 oz Au in 20.23 million tonnes at a grade
   of 0.46 g/t Au; this new Inferred Resource represents an increase of 12%
   in the number of ounces and 131% in the number of tonnes over the 2002
   Estimate.



As stated in the July 31, 2012 Otis News Release, the results from Otis'
drilling programs have moved previously defined Inferred resources into the
Indicated category and have added new resources to both the Indicated and
Inferred categories.


Table 1. Kilgore Project - Kilgore Gold Deposit Resource Statement(i)



----------------------------------------------------------------------------
                                           Tonnes   Gold Grade          Gold
Resource Category                          (000's)    (g/tonne)  Troy Ounces
----------------------------------------------------------------------------
Indicated                                  27,352         0.59       520,000
----------------------------------------------------------------------------
Inferred                                   20,230         0.46       300,000
----------------------------------------------------------------------------
(i) Notes                                                                   
                                                                            
1. Mineral Resources are at a gold cut-off grade of 0.24 g/t.               
2. Mineral Resource tonnage and contained metal are rounded off to reflect
   the precision of the estimate, thus metal quantity varies slightly from
   the product of tonnes and grade.                                         
3. Contained gold ounces are in-situ, and include metallurgical recovery 
   losses.                                                                  



Resource Modeling

Mineral Resources were estimated by ordinary kriging and inverse distance
methods using 3-D Micromine block modeling software in 6-by-6-by-3 m
(20-by-20-by-10 ft) blocks. Grade estimates were based on capped, 3 m (10 ft)
composited assay data. Gold capping levels range between 0 g/t Au and 25 g/t Au
in five different estimation domains. Blocks were considered for Indicated
Mineral Resources if at least two drill holes and three composites in at least
two quadrants are found within first-pass search ellipses with dimensions up to
a maximum of 75 m for the kriged domains and 135 m for the inverse
distance-estimated domains, and if they fell within an optimized pit shell. All
other interpolated blocks were classified as Inferred Mineral Resource.


Donald E. Cameron, M.S., an independent Qualified Person as defined by National
Instrument Policy 43-101, has prepared, verified, and reviewed the information
that constitutes the basis of this press release. Mr. Cameron is a Registered
Member (#4018521RM) of the Society of Mining Engineers and a QP Member
(#01434QP) of the Mining and Metallurgical Society of America, and is
responsible for the technical information contained in this news release.
Verification included a review and validation of the applicable assay databases,
reviews of assay certificates, duplicate core sampling, and a site visit.


Mineral resources are not mineral reserves and do not have a demonstrated
economic viability. Environmental, permitting, legal, taxation, socio-political
or other relevant issues may materially affect the estimate of mineral
resources. The quantity and grade of reported Inferred Resources in this
estimation is uncertain in nature. There has been insufficient exploration to
define these Inferred Resources as Indicated or Measured Mineral Resources, and
it is uncertain if further exploration will result in upgrading them to an
Indicated or Measured Mineral Resource category. The mineral resources reported
in this news release were estimated using current Canadian Institute of Mining
Metallurgy and Petroleum ("CIM") standards, definitions and guidelines.


About the Kilgore Gold Deposit

The caldera-related Kilgore Gold Deposit is located within the Company's Kilgore
Gold Project, Clark County, Idaho. The Kilgore Gold Project is 5,130 acres in
size, is 100% owned by Otis and is subject to no underlying royalties.


The Kilgore Gold Deposit constitutes the continuous and contiguous Prospect
Ridge, Mine Ridge and North Target areas, all referred to in prior Company news
releases. The Kilgore Gold Deposit is a zoned low-sulfidation quartz-adularia
epithermal hot-spring system hosted in volcanic rocks of Late Miocene age. Gold
mineralization is of the classic disseminated, bulk-tonnage type similar to that
comprising the classic and world-class size volcanic-hosted gold deposits at
Round Mountain, Nevada and McDonald Meadows, Montana. K-Ar age determination on
hydrothermal adularia tentatively dates mineralization at 5.3 Ma (Late Miocene).
Gold mineralization is mostly controlled by a major northwest-trending
structural zone and is closely associated with a series or set of
northwest-trending, high-angle, en echelon rhyolitic to intermediate dikes and
dike swarms. Additional host rock enclosing the dikes and sills and serving to
contain a major portion of the deposit mineralization is a porous and permeable,
ashy and rhyolitic lithic tuff unit. Further, material containing a portion of
the mineralization comprises basement sandstone and siltstone of the Aspen
Formation of Cretaceous age.


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 Gold Project, located in Clark
County, Idaho.


Forward Looking Statement

This release and related documents may include "forward-looking statements"
including, but not limited to, statements related to the interpretation of
drilling results and potential mineralization, future exploration work at the
Kilgore Gold Project and the expected results of this work. Forward-looking
statements are not historical fact and are subject to a variety of risks and
uncertainties which could cause actual events to differ materially from those
reflected in the forward-looking statements including fluctuations in the price
of gold, cost of mining, inability to complete drill programs on time and on
budget, and future financing ability. Words such as "believes", "plans",
"anticipates", "expects", "estimates" and similar expressions should also be
considered to be forward-looking statements. There are a number of important
factors that could cause actual results or events to differ materially from
those indicated by such forward-looking statements, including, but not limited
to: uncertainties involving interpretation of drilling results, environmental
matters, lack of ability to obtain required permitting, equipment breakdown or
disruptions, and the other factors described in Otis' most recent Annual Report.


ON BEHALF OF THE BOARD

Craig T. Lindsay, President and CEO

This news release does not constitute an offer to sell or a solicitation of an
offer to sell any securities in the United States. The securities have not been
and will not be registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.

Otis Gold (TSXV:OOO)
Gráfico Histórico do Ativo
De Out 2024 até Nov 2024

Otis Gold (TSXV:OOO)
Gráfico Histórico do Ativo
De Nov 2023 até Nov 2024