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Tuesday was a good day for Pilot Gold and Nevada Sunrise Gold. The companies released initial drill results from their 2015 drill program at the Nevada-based Kinsley Mountain project, noting that they’ve discovered a new zone. Drill highlights include 2.34 g/t gold over 9.1 meters and 3.46 g/t gold over 18.3 meters, including 13.7 g/t gold over 3 meters
Tuesday was a good day for Pilot Gold (TSX:PLG) and Nevada Sunrise Gold (TSXV:NEV). The companies released initial drill results from their 2015 drill program at the Nevada-based Kinsley Mountain project, noting that they’ve discovered a new zone.
Kinsley Mountain is a joint venture between Pilot and Nevada Sunrise. The former owns a 79-percent interest in the project, gained through carrying out exploration programs there from 2011 to 2014, while the latter holds the remaining 21-percent stake.
According to Tuesday’s release, drill highlights include 2.34 g/t gold over 9.1 meters and 3.46 g/t gold over 18.3 meters, including 13.7 g/t gold over 3 meters, in hole PK208. Another highlight is hole PK210, which returned 2.95 g/t gold over 13.7 meters .
The intercepts are from the Dunderberg shale and the Secret Canyon shale, which “contain most of the known gold mineralization at Kinsley Mountain and are believed to underlie a significant portion of the Project area.”
While the discovery of a new zone is certainly exciting, it’s worth noting that Kinsley Mountain has a long history of exploration. Gold mineralization was first discovered there in 1984, and mining took place via a heap-leach operation between 1994 and 1999. Nevada Sunrise and Pilot got involved after that time, and they believe that the deeper zones of gold mineralization at the project could be “highly prospective.”
The current exploration program at Kinsley Mountain started in March and is budgeted at US$2 million. It will include up to 10,000 meters of reverse-circulation drilling and 1,000 meters of diamond drilling. So far, 4,300 meters have been drilled across nine holes and one lost hole; three of those were aimed at “conducting an induced polarization geophysical survey.”
Moving forward, the companies will follow up on Tuesday’s discovery, also testing high-priority targets across the property. That said, they emphasize in their release that the program is “drill-intensive and sequential,” meaning that their plans may change as they gain more data.
On a different note, both Pilot Gold and Nevada Sunrise also have other projects on the go. The former is perhaps best known for its TV Tower and Halilaga projects in Turkey; it launched a 20,000-meter drill program at TV Tower just this month. For its part, the latter most recently announced the results of ground geophysical surveys completed at its Roulette project, also in Nevada. It also holds the Golden Arrow project in the same state.
At close of day Tuesday, Nevada Sunrise’s share price was up 4.17 percent, at $0.25. Meanwhile, Pilot Gold’s was up a more modest 1.61 percent, at $0.63.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Nevada Sunrise Gold is a client of the Investing News Network. This article is not paid-for content.
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