The Kayali target was discovered in 2010 with drill hole KYD-01, which returned 0.87 g/t gold over 114.5 metres from a depth of 4.5 metres, including 2.85 g/t Au over 15.4 metres. The Kayali zone consists of a thick blanket of silica-altered volcaniclastic rocks cut by east-west-trending structures (silicified ribs) with elevated gold. Other parallel structures may be present in the general area. A drill will be mobilized to the Kayali zone targeting the gold-bearing structures as soon as the weather and road conditions allow, with 7,500 metres of drilling planned for this area over a 400-metre-long strike length.
Columbaz drilling targets low-sulphidation gold and silver veins
The Columbaz target is located approximately two kilometres south of the KCD target. This target consists of low-sulphidation gold-silver bearing veins that have been traced discontinuously over an east-northeast strike length of up to 1,000 metres. Veins are up to 10 metres thick in some locations. Float samples of the vein have returned up to 92 g/t gold and up to 396 g/t silver. Approximately 7,500 metres of drilling are planned for the Columbaz target in 2013. Work is set to commence upon receipt of permits for construction of roads and drill sites.
Work ongoing at pipeline targets
A number of other targets are currently the subject of additional surface geological work and drill site permitting. These include:
-- The Kestanecik low sulphidation gold-silver target, consisting of several parallel quartz veins up to several metres thick and several hundred metres long.-- The Kartaldag West target, a one-kilometre-long sheared zone of high sulphidation vuggy silica with inclusions of low sulphidation quartz vein material, argillic alteration and rock and soil samples with elevated gold.-- The Gumusluk target, a one-kilometre-long zone of elevated gold in soil samples (up to 6130 ppb) developed over basement serpentinite. Examination of outcrop reveals the presence of quartz, green mica, carbonate minerals and limonitic gossan associated with elevated gold, consistent with a listwaenite lode-gold model.
Some or all of these targets may be the subject of drill testing in 2013.
Property Wide target definition
As the project operator since June 2012, Pilot Gold designed and conducted a comprehensive, systematic, property-wide exploration program composed of grid-based soil sampling, regional prospecting and rock sampling, airborne electromagnetic and magnetic surveys, and geological mapping. The program was implemented to refine and discover new targets on the TV Tower property, and has been successful to date. Pilot Gold will continue to extend geological mapping and sampling to all parts of the property in 2013 and to identify and refine new drill targets.
About TV Tower:
TV Tower is a joint venture between Pilot Gold (40%) and Teck Madencilik Sanayi Ticaret A.S. (60%), a Turkish subsidiary of Teck Resources Limited ("Teck"). Pilot Gold is project operator at TV Tower and can increase its interest in the project to 60%, through sole funding of exploration over a three-year period. (See press release dated June 21, 2012 for full details of the agreement terms.)
Located on the Biga Peninsula in northwest Turkey, TV Tower encompasses 71 square kilometres. It contains a large number of targets ranging from high- and low-sulphidation epithermal gold-silver to porphyry gold-copper. The project has an extensive road network and targets to date all lie on land administered by Turkey's Ministry of Forestry. It is located immediately west of the Kirazli gold project (Alamos Gold) and approximately 10 kilometres northwest of the Halilaga copper-gold project (Teck/Pilot Gold).