Pilot Gold Inc.
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) announced that drill results from the four-kilometre-long K2 trend reveal the presence of an extensive blanket of supergene copper mineralization underlying the oxide gold zones.
In addition, drilling and surface work suggest that two or more copper-gold porphyry systems are present at K2, which includes the Kayali and Karaayi targets in the southern portion of TV Tower.
TV Tower is located on the Biga Peninsula of northwest Turkey and encompasses 91 square kilometres containing more than a dozen targets ranging from high- and low-sulphidation epithermal gold-silver to porphyry gold-copper.
According to the Pilot Gold press release
, supergene copper drill highlights from K2 include 1.29% copper over 34.1 metres in KYD-39, including 1.90% copper over 20.8 metres and 0.63% copper over 41.7 metres in KRD-005, including 1.07% copper and 0.10 grams per tonne gold over 21.8 metres.
"The discovery and recognition of this copper component markedly changes the complexion of the K2 target and may be a game changer for the entire TV Tower property," said Matt Lennox-King, President and CEO, Pilot Gold. "It is potentially the most significant new development in the Biga district since the 2006 discovery of our Halilaga copper-gold porphyry deposit, 15 kilometres to the southeast of K2."
Throughout the K2 trend, gold is present in a shallow zone of strongly silicified and oxidized volcaniclastic rocks. The transition from oxide to sulphide below the gold zone hosts copper mineralization, primarily consisting of chalcocite and covellite. It is likely supergene in nature and derived from copper minerals originally deposited with, and subsequently leached from, the gold mineralization. While no metallurgical work has been carried out on this material, both chalcocite and covellite are typically amenable to heap leaching and/or extraction in a flotation circuit.
The supergene copper zone is up to 300 metres wide and 60 metres thick, and appears, based on limited drilling, to extend intermittently over the length of the K2 gold zone. The spatial juxtaposition of the epithermal and porphyry systems is significant, providing a telescoped (or collapsed) profile of continuous mineralization and a potentially deep rooted system.
TV Tower is a joint venture between Pilot Gold (40%) and Teck Madencilik Sanayi Ticaret A.S. (60%), a Turkish subsidiary of Teck Resources Ltd.
, Stock Forum
). 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.
Pilot Gold is a well-funded gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size and mining-friendly addresses.
On Tuesday, Pilot Gold rose 7.2% and was trading at $1.19 a share. The company had a market cap of $107 million, based on 89.9 million shares outstanding.