Pilot Gold shares rocket after Nevada drill results
Shares in Pilot Gold (TSE:PLG) soared more than 20% on Thursday in heavy volumes after releasing results from drilling at its Kinsley Mountain project in Nevada.
In lunchtime trade the Vancouver-based junior was changing hands at $1.62, up 22% on the Toronto Exchange, slightly off its highs for the day. Around 730,000 shares in the $146 million company had traded, almost three times the usual daily average. Year to date the company is up a whopping 88%.
The company reported at its Western Flank target 6.85 g/t Au over 41.7 metres in PK127C, including 16.3 g/t over 8.5 metres (oxide) and 20.5 g/t over 3.6 metres (oxide). In the PK126C step out Pilot Gold intercepted 1.70 g/t Au over 13.7 metres including 7.10 g/t over 1.5 metres.
Pilot Gold said the Western Flank target, located 550 metres northwest of the past-producing pits at Kinsley, remains open in all directions. Matt Lennox-King, President and CEO said "Prospective stratigraphy and structure occurs over 1.7 kilometres in the Western Flank and also includes areas under and to the south of the historic Kinsley Mine. As a result, the scale of potential has increased markedly at Kinsley Mountain."
Pilot Gold was created as part of Newmont Mining’s acquisition of Fronteer Gold in 2011. The company owns 78% of Kinsley and is also advancing projects in Labrador and Turkey.