Pilot Gold (PLG:TSX) has made a significant breakthrough in Turkey, by finding a major new discovery of supergene copper underlying the oxide gold zones at the company's K2 project, part of the TV Tower project (40% Pilot Gold/60% Teck). According to the Pilot Gold, drilling and surface work suggest that at least two copper-gold porphyry systems are present at K2. This new supergene copper zone has been identified as a 300m wide and 60m thick zone, so far. However, this is based on minimal drilling but appears to extend over the length of the K2 gold zone.
Highlights of the drilling that intersected the supergene blanket of copper mineralization included:
- 34.1m of 1.29% copper including 20.8m of 1.90% copper
- 41.7m of 0.63% copper including 21.8m of 1.07% copper and 0.10g/t gold
"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."
Historic drilling in the Karaayi target encountered gold-copper mineralization over long lengths just below the surface. Pilot drilled two holes to test these historic holes and they hit low grade copper gold mineralization in both holes.
- 224.8m of 0.30% copper and 0.13g/g gold including 37m of 0.59% copper and 0.18g/t gold
- 154.4m of 0.16% copper and 0.18g/t gold
Pilot Gold's team also identified a 1,200m by 400m copper and gold in soil anomaly southwest of the Karaayi silica cap. Assays are pending on additional soil sampling to the southeast where the anomaly remains open. The company intends to drill test this soil anomaly in 2014. Porphyry-related stockwork alteration was discovered in outcrop at this second potential porphyry zone.
Pilot Gold's team drilled off the Agi Dagi and Kirazli deposit in Turkey which was acquired by Alamos. They also discovered and drilled the Halilaga copper-gold porphyry deposit which now hosts an Indicated resource of 1.665 million oz Au at 0.31 g/t Au and 1.112 billion lbs Cu at 0.30% Cu (168,167,000 tonnes); and an Inferred resource of 1.661 million oz Au at 0.26 g/t Au and 1.007 billion pounds of copper at 0.23% copper (198,668,000 tonnes).
The company is the operator of TV Tower and can earn an additional 20% (to bring them to 60%) by funding $21 million in exploration work there over the next 3 years. Pilot had a $2 million per month burn rate between Q2 and Q3 as a result of them actively drilling in Turkey. They were sitting on $17 million as of the end of September.
The company is led by Chairman, Dr. Mark O'Dea and is comprised of a majority of the ex-Fronteer management team including current President & CEO, Matthew Lenox-King who was the senior geologist at Fronteer. Fronteer was bought by Newmont for $2.3 billion in 2011. Newmont remains a major shareholder of Pilot, holding roughly 15% of the company.