TSXV:OTSO

Otso Gold Drilling Program Exceeds Expectations

(TheNewswire)



Toronto, ON TheNewswire June 1, 2021 - Otso Gold Corp. (" Otso " or the " Company "), (TSXV:OTSO) (OTC:FIEIF) is pleased to announce the following update on its drilling program.

Further to the announcement on May 17 ,2021, the drilling campaign continues to deliver exciting results, exceeding the Company's expectations, including:

  1. 1. LV21027 5.45 m @ 7.17 g/t Au starting at 37.85 m

  2. 2. LV21027 3.68 m @ 2.32 g/t Au starting at 50.65 m

  3. 3. LV21001 18.47 m @ 1.69 g/t Au starting at 28.90 m

  4. 4. LV21001 3.42 m @ 1.34 g/t Au starting at 63.58 m

  5. 5. LV21003 1.65 m @ 1.20 g/t Au starting at 67.95 m

  6. 6. LV21009 2.13 m @ 1.37 g/t Au starting at 72.45 m

  7. 7. LV21015 6.30 m @ 1.78 g/t Au starting at 18.50 m

  8. 8. LV21003 1.65 m @ 1.20 g/t Au starting at 67.95 m

  9. 9. LV21017 2.55 m @ 1.81 g/t Au starting at 37.95 m

  10. 10. LV21019 1.70 m @ 1.27 g/t Au starting at 24.40 m

  11. 11. LV21024 1.40 m @1.17 g/t Au starting at 28.20 m

All results are all from drill holes within 500m of the existing pits in line with the Company's plan to restart production in Q3 2021 by extending the foot prints of the North and South Pits by focusing initial mining on the pit extensions. Figure 1, below, demonstrates the progress of the drilling program.

As previously announced, the results from the Phase Two drilling campaign will inform the John T. Boyd authored NI 43-101 Technical Report and inital mine plan of ~3Mt expected to be published in June 2021 in advance of the restart of production in Q3 2021.


Click Image To View Full Size

Figure 1

The pit extensions include the New Hope area which had been partially cleared of overburden to investigate geochemical anomalies in the area. The Company expects to release assay results on this area shortly; however, logging of the core and previous channel samples suggest on surface extensions of the mineralization, that is, mineralized shear zones and sulphide-bearing quartz veins with the same style of deformation and mineralization characterising the deposit. The Company will be focusing part of the Phase Two drill program on testing the continuity of mineralization in the area. The Company notes this area was not included in the Company's previous resources.


Click Image To View Full Size

The core is analysed using cyanide leach with AA finish. Fire assays are used for comparative analysis to CN soluble determinarions. Overall, CN soluble gold represents approximarely 95% of total contained gold for this deposit demonstrating the conservative nature of the results, presented below:

Area-

(Central Zone)

Hole LV21027

Collar

2527936.84 mE  7160147.31 mN, 54.96 mEL, Azimuth 0, Dip -45, Depth 61.80 m

FROM (m)

Length (m)

Au

g/t

Intersection

23.68

0.97

1.61

Intersection

27.25

1.20

1.15

Includes

0.57

2.13

Intersection

37.85

5.45

7.17

Includes

0.85

12.38

Also Includes

0.85

17.70

Also Includes

0.75

11.80

Intersection

50.65

3.68

2.32

Includes

1.10

7.65

Hole LV21019

Collar

2528221.04 mE  7160124.13 mN, 57.88 mEL, Azimuth 0, Dip -45, Depth 100.90 m

FROM (m)

Length (m)

Au

g/t

Intersection

24.40

1.70

1.27

Includes

0.72

1.95

Intersection

36.48

0.92

1.01

Hole LV21024

Collar

2527927.68 mE  7160189.91 mN, 53.98 mEL, Azimuth 0, Dip -45, Depth 52.15 m

FROM (m)

Length (m)

Au

g/t

Intersection

28.20

1.40

1.17

Area-

(Eastern Zone)

Hole LV21001

Collar

2528575.09 mE  7160392.18 mN, 61.48 mEL, Azimuth 0, Dip -45, Depth 79.90 m

FROM (m)

Length (m)

Au

g/t

Intersection

28.90

18.47

1.69

Includes

0.79

1.12

Also Includes

0.53

20.40

Also Includes

1.05

3.09

Also Includes

1.41

2.13

Intersection

58.61

1.44

1.14

Intersection

63.58

3.42

1.34

Includes

0.46

4.23

Hole LV21003

Collar

2528574.94 mE  7160292.39 mN, 61.45 mEL, Azimuth 0, Dip -45, Depth 80.00 m

FROM (m)

Length (m)

Au

g/t

Intersection

67.95

1.65

1.20

Includes

0.85

1.58

Hole LV21009

Collar

2528624.97 mE  7160342.49 mN, 63.49 mEL, Azimuth 0, Dip -45, Depth 100.40 m

FROM (m)

Length (m)

Au

g/t

Intersection

26.60

0.97

1.09

Intersection

39.05

0.91

1.28

Intersection

72.45

2.13

1.37

Includes

0.85

2.54

Intersection

97.68

1.21

1.54

Hole LV21015

Collar

2528524.99 mE  7160341.96 mN, 58.65 mEL, Azimuth 0, Dip -45, Depth 80.20 m

FROM (m)

Length (m)

Au

g/t

Intersection

18.50

6.30

1.78

Includes

0.90

7.49

Also Includes

0.73

3.25

Intersection

28.22

0.90

1.13

Intersection

50.13

0.82

1.73

Intersection

56.73

0.93

1.38

Intersection

59.45

0.93

1.69

Hole LV21017

Collar

2528525.23 mE  7160442.48 mN, 56.21 mEL, Azimuth 0, Dip -45, Depth 100.70 m

FROM (m)

Length (m)

Au

g/t

Intersection

4.63

0.46

2.68

Intersection

11.55

1.01

2.99

Intersection

37.95

2.55

1.81

Includes

0.80

1.53

Also Includes

0.53

3.70

Intersection

42.26

0.91

1.08

Significant drill intercepts, defined as any mineralization of 1 metre lengths or longer, are presented in the tables above.  

"Brian Wesson"

President and CEO
Otso Gold Corp.

For further information, please contact:

Clyde Wesson
Vice President

info@otsogold.com
www.otsogold.com

The technical disclosure in this news release has been reviewed and approved by Gregory B. Sparks P.Eng, a Qualified Person as defined by National Instrument 43-101.

Caution

The Company cautions that it has not defined or delineated any proven or probable reserves for the Otso Mine Project and mineralization estimates may therefore require adjustment or downward revision based upon further exploration or development work or actual production experience. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The Company also cautions that the decision by the Company to proceed to develop the Osto Mine Project and extract mineralization proceeded without the Company first establishing reserves supported by a technical report and completing a pre-feasibility or feasibility study.  Accordingly, there is a higher risk of technical and economic failure at Osto because development proceeded without first establishing reserves supported by a technical report and completing a feasibility study.  This is particularly relevant as the Company has proceeded with development at Osto on indicated and inferred resources without first completing a preliminary economic report.


About the Company

Otso Gold Corp. wholly owns the Otso Gold Mine near the town of Raahe in Finland. The

Otso Gold Mine is fully built, fully permitted, has all infrastructure in place, two open pits

and is progressing towards a restart at 2 million tonnes per annum throughput.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2021 TheNewswire - All rights reserved.

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This press release contains certain forward-looking information and forward-looking statements within the meaning of Canadian securities legislation (collectively, "Forward-looking Statements"). All statements, other than statements of historical fact, constitute Forward-looking Statements. Words such as "will", "intends", "proposed" and "expects" or similar expressions are intended to identify Forward-looking Statements. Forward looking Statements in this press release include statements related to the use of proceeds from the Offering; the final acceptance of the TSX Venture Exchange; the Company's mineral reserve and mineral resource estimates; the timing and amount of future production from the Koné project; expectations with respect AISC of the Koné project; anticipated mine life of the Koné project; and expected recoveries and grades of the Koné project. Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties inherent in the preparation of mineral reserve and resource estimates and definitive feasibility studies such as the Mineral Reserve Estimate and the UFS, including but not limited to, assumptions underlying the production estimates not being realized, incorrect cost assumptions, unexpected variations in quantity of mineralized material, grade or recovery rates, unexpected changes to geotechnical or hydrogeological considerations, unexpected failures of plant, equipment or processes, unexpected changes to availability of power or the power rates, failure to maintain permits and licenses, higher than expected interest or tax rates, adverse changes in project parameters, unanticipated delays and costs of consulting and accommodating rights of local communities, environmental risks inherent in the Côte d'Ivoire, title risks, including failure to renew concessions, unanticipated commodity price and exchange rate fluctuations, risks relating to COVID-19, delays in or failure to receive access agreements or amended permits, and other risk factors set forth in the Company's 2023 AIF under the heading "Risk Factors". The Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Montage to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

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SOURCE Montage Gold Corp.

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