Welcome!

News Feed Item

Otis Files Updated Blue Hill Creek and Matrix Creek NI 43-101 Technical Report

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/23/16 -- Otis Gold Corp. (TSX VENTURE: OOO) (OTC PINK: OGLDF)("Otis" or "the Company") is pleased to announce that it has received and filed a NI 43-101 Technical Report and Resource Estimate for the Blue Hill Creek and Matrix Creek Gold-Silver Properties located in Cassia County, Idaho. The report is available on Sedar (www.sedar.com) and the Company's website, and updates and replaces a NI 43-101 Technical Report dated February 28, 2008 and entitled "Blue Hill Creek Gold Project - Geology, Mineralization, Resource Potential, Cassia County, Idaho (see News Release dated June 24, 2016). Blue Hill Creek and Matrix Creek comprise a significant portion of what is referred to by Otis as the Oakley Project. The Mineral Resource Estimate was prepared by Mr. Zachary Black of Hard Rock Consulting Inc. and the lead author of the report was Dr. John F. Childs of Childs Geoscience Inc.

Summary


----------------------------------------------------
     Blue Hill Creek Inferred Mineral Resources
----------------------------------------------------
Cut-off (g/t Au)  Tonnes Grade (gpt Au) Ounces (Au)
----------------------------------------------------
      0.31      9,972,000     0.51        163,000
----------------------------------------------------

Notes:


1.  Mineral Resources are not Mineral Reserves and do not have demonstrated
    economic viability. There is no certainty that all or any part of the
    Mineral Resources estimated will be converted to into Mineral Reserves.
2.  Inferred Mineral Resources captured within the pit shell meet the test
    of reasonable prospect for economic extraction and can be declared a
    Mineral Resource.
3.  All resources are stated above a 0.31 gpt gold cut-off.
4.  Pit optimization is based on an assumed gold price of US$1,200/oz and
    mining, processing and G&A costs of US$7.99 per tonne and metallurgical
    recoveries for gold of 70%.
5.  Mineral resource tonnage and contained metal have been rounded to
    reflect the accuracy of the estimate, and numbers may not add due to
    rounding.
6.  Gold ounces calculated from metric units using the following conversion
    rate: 1 troy ounce - 31.1035 grams and tons were calculated from metric
    units using the following conversion rate: 1 short ton = 0.907 tonnes.

The pit-constrained mineral resource estimate was drawn from a drill-hole database comprising 5 (five) core holes totaling 1,308 meters and 28 (twenty-eight) reverse circulation drill holes totaling 3,403 meters. The drill-hole database contains gold assay analytical information for 2,224 sample intervals. Assay grades were capped at 1.8 gpt. A three dimensional block model using the inverse distance squared (ID2.5 ) methodology was created using MicroModel mining software. Mineral Resources were classified as Inferred based on, among other things, drill hole spacing, confidence in the assaying for drilling and geologic confidence in grade continuity.

About Blue Hill Creek and Matrix Creek

The Blue Hill Creek and Matrix Creek properties are located in Cassia County, Idaho approximately 24 kilometers south of Oakley, Idaho. Blue Hill Creek, which is the subject to the mineral resource estimate contained herein, consists of 36 federal lode mining claims covering 720 hectares plus an 80 acre Idaho State Mineral Lease. Matrix Creek, immediately adjacent and contiguous to Blue Hill Creek, consists of 41 federal lode mining claims covering 820 acres plus a 320 acre Idaho State Mineral Lease. Otis owns an 80% interest in this land package, subject to a 2.5% net smelter royalty.

Blue Hill Creek ("BHC") occurs within a north-trending, five-mile-long by one-mile-wide zone of low-sulfidation, hot spring-type gold occurrences along the western margin of the Albion Range metamorphic core complex. The BHC sinters and related gold-silver mineralization were discovered in 1985 during regional exploration by Meridian Minerals. The related epithermal mineralization is hosted in Tertiary volcanic and sedimentary rocks of the Tertiary Salt Lake formation. Mineralization at BHC is open in multiple directions.

Matrix Creek ("MC") is distinctive from BHC in terms of mineralization, host lithology and structure. MC is located southeast and south of BHC and is named because it is characterized by a distinctive carapace of breccia up to 12 meters thick which consists of quartzite fragments separated by black to dark grey aphanitic matrix material consisting of extremely fine-grained quartz and pyrite. The breccias are strongly anomalous for both gold and silver (surface grab samples collected by Otis show values up to 1.61 ppm Au and 306 ppm Ag). While little work has been completed by Otis on MC, it seems likely that the breccias formed along a detachment fault associated with the exhumation of the metamorphic core complex that forms the core of the Albion Range immediately to the east.

The relationship between the mineralization at MC and BHC is ambiguous. The breccias cut through both properties and may be much thicker in the subsurface at BHC than is suggested by surface outcrop. The high-angle faults associated with the BHC graben cut and displace the low angle MC detachment structure. The high-angle faults therefore post-date the MC detachment system. Because these faults appear to cut through the mineralized detachment at MC, the detachment may have served as a source for the gold for the BHC hydrothermal system.

Qualified Person

Dr. John F. Childs, PhD, lead author of the NI 43-101 Technical Report and a "Qualified Person" as defined in NI 43-101, has reviewed and approved the contents of this news release. Dr. Childs is a Registered Members of the Society for Mining, Metallurgy and Exploration (Registered Member #549400).

About the Company

Otis is a resource company focused on the acquisition, exploration, and development of precious metal deposits in Idaho, USA. Otis is currently developing its flagship property, the Kilgore Gold Project, located in Clark County, Idaho.

ON BEHALF OF THE BOARD

Craig T. Lindsay, President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This News Release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or any State securities laws, and may not be offered or sold within the United States or to US Persons unless registered under the US Securities Act and applicable State securities laws, or an exemption from such registration is available.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of (at least) three separate application components: the software embedded in the device, the back-end service, and the mobile application for the end user’s controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target –...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
In his session at @ThingsExpo, Kausik Sridharabalan, founder and CTO of Pulzze Systems, Inc., will focus on key challenges in building an Internet of Things solution infrastructure. He will shed light on efficient ways of defining interactions within IoT solutions, leading to cost and time reduction. He will also introduce ways to handle data and how one can develop IoT solutions that are lean, flexible and configurable, thus making IoT infrastructure agile and scalable.
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...