Pilot Gold (PLG:TSX) has released their maiden resource for the KCD deposit on the TV Tower project. The resource estimate focused on the Kucukdag gold-silver-copper deposit which is the first of several targets on the TV Tower property (40% Pilot Gold/60% Teck Resources). The estimate was divided into a lower gold zone and an overlying silver zone as they are found in distinct zones. The gold zone hosted an inititial indicated resource of 456,000 ounces of gold at an average grade of 1.22g/t and another 46,000 ounces of gold in inferred at an average grade of 0.85g/t gold. The silver zone hosted 17.2 million ounces of silver at an average grade of 46.7g/t silver in the indicated category and an addition 15.4 million ounces of silver at 52.7g/t silver.
In total on a gold equivalence basis, the KCD resource estimate, provides an indicated resource of 996,000 gold equivalent (AuEq) ounces at 1.34 g/t AuEq and an inferred resource of 351,000 AuEq ounces at 1.01 g/t AuEq.
"The KCD resource estimate is an important milestone in the evolution of TV Tower, and demonstrates the property's potential to host meaningful precious metals deposits," said Matt Lennox-King, President and CEO, Pilot Gold. "Over the 15 months that Pilot Gold has led TV Tower exploration, KCD has grown from a primarily gold system to a deposit hosting a sizable silver resource that, on its own, is estimated to be Turkey's third-largest silver deposit. The KCD resource provides a solid foundation on which to advance TV Tower, along with the potentially game-changing copper-gold discovery at the nearby K2 target."
Earlier this week, the company announced the discovery of a major supergene copper component to their nearby K2 target which 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.
The new silver zone at KCD is estimated at 600m by 600m and remains open to the north and northwest. KCD will continue to progress through metallurgical testing and preliminary engineering.
Preliminary metallurgical testing including concentrate tests of oxide and sulphide material shows oxide recoveries in the range of 70-97% by conventional cyanide leaching. It appears transitional material is also amenable to conventional leaching with recoveries of this material ranging from 40-90%. The sulphide material would be generally amenable to flotation to produce a rougher concentrate ranging from 80- to 94-per-cent recovery for copper, 55 to 95 per cent for gold and 60 to 75 per cent for silver.
Pilot Gold is the operator of the TV Tower project with their ability to increase their ownership to 60% by spending $21 million in exploration work over the next 3 years.