First Nevada now Turkey discovery boosts Pilot Gold shares
Shares in Pilot Gold (TSE:PLG) jumped nearly 5% in heavy volumes on Wednesday after another set of strong drilling results.
The Vancouver-based junior announced the results of the first drill test of a new porphyry target at its TV Tower Project in Turkey.
The counter has been on a tear this year thanks to a string of good results from at its Kinsley Mountain gold project in Nevada.
By the close on Wednesday the stock was changing hands for $1.50, up 4.9% on the Toronto Exchange, off highs reached shortly after the open.
The $153 million company's stock is down from March highs, but year to date the company is up a whopping 74%.
Pilot Gold said highlights at the Valley target include: 0.99 grams/tonne (g/t) gold (Au) and 0.39% copper (Cu), or 1.65 g/t gold-equivalent (AuEq1), over 153.1 metres, including 1.57 g/t Au and 0.56% Cu (2.52 g/t AuEq1) over 66.2 metres; calculated using $1200/oz Au and $3.00/lb Cu and assuming 100% recovery.
“This is the third Cu-Au porphyry that our technical team has discovered in the district. Along with the K2 porphyry and the neighbouring Halilağa deposit, this discovery lays the foundation for an exciting new porphyry district in northwest Turkey,” stated Matt Lennox-King, President and CEO of Pilot Gold.
TV Tower is a joint venture between Pilot Gold (40%) and Teck Madencilik Sanayi Ticaret (60%), a Turkish subsidiary of Canadian giant Teck Resources.
TV Tower is an epithermal gold-silver and porphyry copper-gold property located in the Biga District of northwestern Turkey.
Pilot Gold can increase its interest in the project to 60%, through sole funding of $21 million in exploration over a three-year period.
Pilot Gold was created as part of Newmont Mining’s acquisition of Fronteer Gold in 2011.