Pilot Gold (PLG:TSX) 12 month chart

Pilot Gold (PLG:TSX) 12 month chart

Pilot Gold (PLG:TSX) is increasing its land position near its TV Tower project in Turkey.  The joint venture company, Orta Truva (60% Teck, 40% Pilot, which Pilot is earning into 60%) is acquiring 100% of the 20 square kilometer Karaayi project from Chesser Resources (CHZ:ASX).  Pilot is issuing 1.25 million PLG shares and paying US$300,000 cash for the project.  Karaayi fills an important southern gap between the TV Tower border areas (see map below).  This new project is host to some of the strongest gold-in-soil anomalies in the region and drilling by Chesser and others have hit oxidized, high sulphidation mineralization.

Pilot Gold's TV Tower

Pilot Gold's TV Tower

"Pilot Gold and partner Teck continue to consolidate a dominant land position in the Biga," stated Matt Lennox-King, President and CEO of Pilot Gold. "The acquisition of Karaayi adds 1,956 hectares of highly prospective and strategically important land to the TV Tower project. We are very excited to begin exploration on Karaayi, with a focus on extending the footprint of known mineralized zones from TV Tower's Kayali target."

Pilot is currently in the middle of a $7.5 million, 30,000m drill program at its TV Tower project to refine targets at the KCD, Kayali and Sarp/Columbaz targets.  Watch for a resource estimate for the KCD target later this year.

The ex-Fronteer team (bought out by Newmont for $2.3 billion) is also working on the Kinsley Mountain project in Nevada which they hope will be the next Long Canyon project.  The project is about 90km away from Long Canyon and hosts very similar geologic characteristics.  They have planned a $5million, 25,000m drill program there.

News Release: Pilot Gold Acquires Karaayi Project in Turkey and Plans Exploration Program