http://www.proactiveinvestors.com Proactiveinvestors RSS feed en Tue, 25 Sep 2018 02:08:30 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Otis Gold kicks off exploration at Oakley project in Idaho; aims to model deposit ]]> http://www.proactiveinvestors.com/companies/news/197561/otis-gold-kicks-off-exploration-at-oakley-project-in-idaho-aims-to-model-deposit-197561.html Wed, 23 May 2018 09:10:00 -0400 http://www.proactiveinvestors.com/companies/news/197561/otis-gold-kicks-off-exploration-at-oakley-project-in-idaho-aims-to-model-deposit-197561.html <![CDATA[News - Otis Gold adds four new targets at flagship Kilgore project ]]> http://www.proactiveinvestors.com/companies/news/194773/otis-gold-adds-four-new-targets-at-flagship-kilgore-project-194773.html Otis Gold Corp (CVE:OOO) has added four new gold targets at its flagship Kilgore project in Clark County, Idaho.

The site has a current NI 43 101 indicated resource of 520,000 ounces of the yellow metal in 27.4mln tonnes at a grade of 0.59 g/t (grams per ton) but such targets provide an opportunity to expand this.

The new areas have been generated through surface geochemical sampling and ground geophysical surveys carried out in 2016 and last year.

The geochemical programme consisted of sampling and assay of soils, silts and rocks; the geophysical program consisted of property-wide ground magnetic surveys.

"The exploration programmes completed in 2017 have further contributed to our understanding of the geology and exciting exploration potential at Kilgore," said Otis CEO Craig Lindsay.

"Our commitment to ongoing exploration work continues to generate target areas that we believe are prospective to hosting additional gold deposits outside of the Kilgore Deposit, with tremendous regional expansion potential.”

Adjacent and northeast to the Kilgore deposit, Otis said that an area 1,000 meters by 500 meters had been found with mineral potential. Sampling of historic prospect pits has returned gold values up to 0.69 g/t gold along with anomalous Arsenic and Selenium.

At the Prospect Ridge target the south soil grid displays a gold-in-soil anomaly that covers around 15,000 sq. m in the Prospect Ridge target area.

Surface rock samples returned greater than 0.5 g/t gold north of the Kilgore Deposit area called Crystal Tuff.

A small soil sample program conducted in 2017 returned several 40 plus ppb (parts per billion) gold hits. This target is called Gold Knob.

Otis shares fell 10.17% to C$0.26 on the day.

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Wed, 11 Apr 2018 11:00:00 -0400 http://www.proactiveinvestors.com/companies/news/194773/otis-gold-adds-four-new-targets-at-flagship-kilgore-project-194773.html
<![CDATA[News - Otis Gold names experienced geologist as vice-president of exploration ]]> http://www.proactiveinvestors.com/companies/news/194177/otis-gold-names-experienced-geologist-as-vice-president-of-exploration-194177.html Idaho-focused Otis Gold Corp (CVE:OOO) has hired experienced geologist Alan Roberts as its vice-president of exploration.

A graduate of the Royal School of Mines, London, Roberts  has 25 year's experience and was most recently the exploration project manager for Newcastle Gold at the Castle Mountain gold project in California.

"We are very pleased to welcome Alan to lead our exploration efforts," said president and chief executive Craig Lindsay.

"His broad experience with similar types of deposits will be instrumental in advancing Kilgore.

"Alan has significant experience implementing large exploration programs and is an excellent fit for Otis as we begin the process of aggressively testing emerging high-priority targets at Kilgore and Oakley and discovering new deposits.

"As well, his project development experience will be invaluable as we begin moving Kilgore towards a potential production decision."

Roberts' experience includes drill program design,  implementation; resource model development, pre-feasibility study project supervision; geologic mapping and sampling and program budgeting.

Kilgore spans over 5,130 acres and is targeting an epithermal type deposit. It has a  current NI 43-101 resource of 520,000 ounces of indicated gold from 27.3 million tons at 0.59 grams per ton (gpt) gold, and 300,000 ounces of inferred golf from 20.2 million tons at 0.46 gpt gold.

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Tue, 03 Apr 2018 12:05:00 -0400 http://www.proactiveinvestors.com/companies/news/194177/otis-gold-names-experienced-geologist-as-vice-president-of-exploration-194177.html
<![CDATA[News - Otis Gold advances after announcing assay results from another nine core holes ]]> http://www.proactiveinvestors.com/companies/news/191666/otis-gold-advances-after-announcing-assay-results-from-another-nine-core-holes-191666.html Shares in Otis Gold Corp (CVE:OOO) advanced after it announced assay results for nine core holes from its drill programme at the Kilgore project.

Seven holes encountered significant bulk-tonnage intercepts highlighted by 86.8 metres (m) grading 1.05 grams per tonne gold (g/t Au) in hole 17 OKC-366, 137.2 m grading 0.91 g/t Au in hole 17 OKC-374, 71.6 m grading 1.05 g/t Au in hole 17-OKC 376, and 118.9 m grading 1.41 g/t Au in hole 17 OKC-377.

READ: Otis Gold has big plans for flagship Kilgore project in 2018

Otis said the primary goal of the drill program was to follow-up on open-ended drilling at depth and laterally as infill on drill intercepts from 2015 and 2016, primarily in the prospective Late Cretaceous Aspen Formation sedimentary host unit within and along the “Aspen Corridor”.

READ: Otis Gold drilling continues to demonstrate continuity of Kilgore deposit

 

Intercepts were as follows

Hole ID

Depth
(metres)

Azimuth/Angle

Section

From
(m)

To
(m)

Width
(m)

Au
(g/t)

Host

17 OKC-363

341.4

50˚/-75˚

11,600 N

No Significant Values

17 OKC-365

334.7

230˚/-65˚

11,700 N

70.1

73.2

3.1

1.22

Sill

93.0

123.4

30.4

0.68

Sill & Aspen

134.1

172.2

38.1

0.69

Aspen

17 OKC-366

334.7

-/-90˚

12,100 N

16.8

36.6

19.8

0.47

Rhyolite

141.7

151.1

9.4

1.53

Sill

181.4

268.2

86.8

1.05

Aspen

17 OKC-368

337.7

230˚/-65˚

12,000 N

46.6

67.4

20.8

0.56

Tuff, Aspen

123.1

146.0

22.9

0.48

Sill & Aspen

187.6

206.7

19.1

0.59

Aspen

17 OKC-370

333.1

230˚/-80˚

12,000 N

57.3

64.9

7.6

0.59

Tuff

109.1

121.6

12.5

0.43

Sill

138.1

224.9

86.8

0.76

Aspen

232.6

235.6

3.0

0.63

Aspen

246.3

258.0

11.7

1.15

Aspen

17 OKC-372

304.8

-/-90˚

11,900 N

57.9

62.5

4.6

0.50

Sill & Aspen

105.2

135.6

30.5

0.78

Sill & Aspen

169.2

172.2

3.0

0.94

Aspen

192.0

221.0

29.0

0.71

Aspen

17 OKC-374

301.1

230˚/-75˚

11,900 N

109.1

246.3

137.2

0.91

Sill & Aspen

282.9

289.1

6.2

0.80

Aspen

17 OKC-376

276.8

230˚/-75

12,100 N

109.7

189.0

79.3

0.79

Sill & Aspen

204.2

275.8

71.6

1.05

Aspen

17 OKC-377

282.9

-/-90˚

12,100 N

103.6

113.6

10.0

0.30

Sill

121.3

240.2

118.9

1.41

Aspen


Otis has now released results from 24 exploration holes drilled in 2017. The 25th hole drilled in the 2017 work program was designed for metallurgical testing purposes. Results of column leach and other testing on this hole will be released upon completion of the studies.

Otis is now focused on developing drill planning activities for 2018 at both Kilgore and the Oakley project and the completion of an updated NI 43-101 compliant resource estimate for the Kilgore deposit.

“With the support of a strong investor base, Otis made significant strides to delineate and expand the Kilgore deposit in 2017,” said Craig Lindsay, the president and chief executive officer of Otis.

“We continue to be very excited about the prospects for continued growth at the project in 2018, and are equally enthusiastic about exploration potential at new exploration targets beyond the resource area. We are confident that 2018 will be another banner year for the Kilgore project,” he added.

Shares in Otis were up 2.1% at C$0.24.

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Wed, 14 Feb 2018 13:58:00 -0500 http://www.proactiveinvestors.com/companies/news/191666/otis-gold-advances-after-announcing-assay-results-from-another-nine-core-holes-191666.html
<![CDATA[News - Otis Gold has big plans for flagship Kilgore project in 2018 ]]> http://www.proactiveinvestors.com/companies/news/191331/otis-gold-has-big-plans-for-flagship-kilgore-project-in-2018-191331.html Otis Gold Corp (CVE:OOO, OTC:OGLDF) has an exciting year ahead as it aims to continue to demonstrate the exciting potential of its flagship Kilgore project in Idaho.

On the cards is drilling of regional targets around the existing deposit and potentially the upgrading of the current resource estimate.

With that in mind, last year the group filed a plan for 140 drill sites and about 30,00ft of road construction so that such high value targets could be explored.

These include Gold Ridge, Prospect Ridge, Dog Bone Ridge and the Aspen Gossan.

WATCH - Otis Gold busy putting together exciting 2018 drill programme at Kilgore

And this month (February), the firm underlined its commitment to Kilgore by increasing its footprint there by 33%.

An additional 3,000 acres has been acquired by the direct staking of 150 federal lode claims immediately adjacent and contiguous to the existing Kilgore claims.

Otis now holds  a land  package at Kilgore  of around 12,150 acres, or 19 square miles (49.2 sq km).

This additional staking marks an exciting step in the development of Kilgore, and is a reflection of our assessment of the project’s growing geologic potential," Otis president and chief executive Craig Lindsay told investors.

"In 2018, we plan to aggressively continue regional exploration work at Kilgore to complement our planned exploration drilling, with a view to potentially further expanding the project."

Otis noted that, Including its around 4,000-acre land position at the Oakley project, Otis now controls the second largest land position prospective for gold in the state of Idaho.

So what is this deposit?

Kilgore spans over 5,130 acres and is targeting an epithermal type deposit. It has a  current NI 43-101 resource of 520,000 ounces of indicated gold from 27.3 million tons at 0.59 grams per ton (gpt) gold, and 300,000 ounces of inferred golf from 20.2 million tons at 0.46 gpt gold.

Last year, Otis carried out a 25-hole, 8,000-metre drill programme to further test the existing deposit. It also did over 2,500 soil, rock chip and stream sediment samples and a 464-line kilometre ground magnetic survey.

And last month it posted further encouraging assays from its 8,000-metre Kilgore project drill programme last year, which continue to underline the potential for expansion.

In the frame before...

Kilgore has been in the frame before. In the 1980s and 1990s a number of gold companies saw its huge potential.

One in particular, Echo Bay Mines, was ready to press the trigger on a 45-50,000-ounce operation in the late 1990s that would have survived at US$350 gold.

But the development was shuttered when the price of the yellow metal tanked.

The former owner suspected it had uncovered not one deposit, but a number of gold, ‘volcanic-hosted’ targets potentially containing 2-3mln ounces of gold.

“Geologists will tell you epithermal systems are like grapes: they come in bunches and you never find just one grape on the bunch,”  Lindsay said in 2016.

"When someone asks what I can see, I am comfortable talking about the potential for a 2-3mln ounces assuming one or two of the additional targets achieves the size of the existing target. Talking about anything bigger at this stage is difficult."

Other irons in fire..

The group also has the Oakley Gold project comprising 1,360 acres, also in Idaho, which is 15 miles south of the town of Oakley and just north of the Utah/Nevada border.  It has two primary targets - Blue Hill Creek and Cold Creek. It also hosts the Matrix Creek property.

Oakley has an NI 43-101 inferred resource of 163,000 ounces of gold at a grade of 0.51 g/t.

In June last year, it told investors it has kicked off fieldwork at the site.

So there is lots to watch out for this year from Otis Gold..

Shares stand in Toronto at C$0.20.

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Wed, 07 Feb 2018 13:07:00 -0500 http://www.proactiveinvestors.com/companies/news/191331/otis-gold-has-big-plans-for-flagship-kilgore-project-in-2018-191331.html
<![CDATA[News - Otis Gold increases footprint at Kilgore, Idaho by 33% ]]> http://www.proactiveinvestors.com/companies/news/191018/otis-gold-increases-footprint-at-kilgore-idaho-by-33-191018.html Otis Gold Corp (CVE:OOO) has underlined its commitment to the exciting Kilgore project in Idaho by increasing its footprint there by 33%.

An additional 3,000 acres has been acquired by the direct staking of 150 federal lode claims immediately adjacent and contiguous to the existing Kilgore claims, the company said.

Otis now holds  a land  package at Kilgore  of around 12,150 acres, or 19 square miles (49.2 sq km).

This additional staking marks an exciting step in the development of Kilgore, and is a reflection of our assessment of the project’s growing geologic potential," said Otis president and chief executive Craig Lindsay.

"In 2018, we plan to aggressively continue regional exploration work at Kilgore to complement our planned exploration drilling, with a view to potentially further expanding the project."

Otis noted that, Including its around 4,000-acre land position at the Oakley project, Otis now controls the second largest land position prospective for gold in the state of Idaho.

The Kilgore project contains an NI 43-101 indicated resource of 520,000 ounces of gold in 27.4mln tonnes at a grade of 0.59 g/t (grams per ton) gold and an inferred resource of 300,000 ounces in 20.2mln tonnes at a grade of 0.46 g/t of the yellow metal.

Last year, Otis carried out a 25-hole, 8,000-metre drill programme to further test the existing deposit. It also did over 2,500 soil, rock chip and stream sediment samples and a 464-line kilometre ground magnetic survey.

Earlier this month it posted further encouraging assays from its 8,000-metre Kilgore project drill programme last year, which continue to underline the potential for expansion.

The main aim of the work in Idaho was to follow up open-ended drilling at depth and laterally on drill intercepts achieved in 2015 and 2016, mainly at the Aspen area.

Highlight widths from seven additional holes included  3.1 metres at 1.74g/t (grams per ton) gold in one hole, and 2.9 metres at 1.53 g/t gold in another hole.

Otis shares added 2.5% to C$0.20.

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Thu, 01 Feb 2018 09:49:00 -0500 http://www.proactiveinvestors.com/companies/news/191018/otis-gold-increases-footprint-at-kilgore-idaho-by-33-191018.html
<![CDATA[News - Otis Gold drilling continues to demonstrate continuity of Kilgore deposit ]]> http://www.proactiveinvestors.com/companies/news/190261/otis-gold-drilling-continues-to-demonstrate-continuity-of-kilgore-deposit-190261.html Otis Gold Corp (CVE:OOO) has posted further encouraging assays from its 8,000-metre Kilgore project drill program last year, which continue to underline the potential for expansion.

The main aim of the work in Idaho was to follow up open-ended drilling at depth and laterally on drill intercepts achieved in 2015 and 2016, mainly at the Aspen area.

Highlight widths from seven additional holes included  3.1 metres at 1.74g/t (grams per ton) gold in one hole, and 2.9 metres at 1.53 g/t gold in another hole.

Otis added that it was now mulling carrying out drilling additional holes to determine if the gold grades throughout the deposit could be under-reported.

"Drilling continues to demonstrate the continuity of the Kilgore Deposit. Just as importantly, as with prior years' drilling, we continue to find new opportunities for expansion such as that which exists at the southeastern end of the Deposit around the high-grade intercept in Hole 17 OKC-373. PQ/HQ core studies will continue.", said Craig Lindsay, Otis's president and chief executive.

Kilgore  boasts a 2012 NI 43-101 indicated resource of 520,000 ounces of gold in 27.4 million tonnes at a grade of 0.59 g/t gold and an inferred resource of 300,000  ounces of gold in 20.2mln tonnes at 0.46 g/t (grams per ton) gold.

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Thu, 18 Jan 2018 11:01:00 -0500 http://www.proactiveinvestors.com/companies/news/190261/otis-gold-drilling-continues-to-demonstrate-continuity-of-kilgore-deposit-190261.html
<![CDATA[News - Otis Gold says the permitting process moves on a stage at its Kilgore project ]]> http://www.proactiveinvestors.com/companies/news/189969/otis-gold-says-the-permitting-process-moves-on-a-stage-at-its-kilgore-project-189969.html Otis Gold Corp (CVE:OOO) said the US Forest Service has issued a notice for a 30 day public comment period relating to Otis's Kilgore project.

The comment period pertains to the proposed plan of operation for a significantly expanded exploration program at the Kilgore project, which is in Clark County, Idaho.

READ Otis Gold poised to ramp up exploration at flagship Kilgore project

The US Forest Service (USFS) will use any feedback to guide it in the completion of an Environmental Assessment and draft Record of Decision. The public will then have a further 45 day period to comment on the Record of Decision, following which the USFS will work to resolve any outstanding issues prior to issuing a final Decision Notice. 

Otis said its personnel and consultants are actively supporting the USFS in this review process.

“The initial public comment period is an important part of the permitting process, and we are pleased the USFS is working within our planned timelines for the approval of our new plan of operation," said Craig Lindsay, the president and chief executive officer of Otis Gold. 

“We have been operating in Idaho since 2008, and remain committed to continuing our policy of utilizing best practices in the conduct of all our exploration programs,” he added.


 

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Fri, 12 Jan 2018 12:36:00 -0500 http://www.proactiveinvestors.com/companies/news/189969/otis-gold-says-the-permitting-process-moves-on-a-stage-at-its-kilgore-project-189969.html
<![CDATA[News - Otis Gold reports encouraging assay results from drilling program at Kilgore project ]]> http://www.proactiveinvestors.com/companies/news/187526/otis-gold-reports-encouraging-assay-results-from-drilling-program-at-kilgore-project-187526.html Otis Gold Corp. (TSX-V:OOO) has announced encouraging assay results from five drill holes completed as part of its 25-hole program at the Kilgore Project in Clark County, Idaho.

Highlights include bulk-tonnage intercepts of 110.6 metres (m) grading 0.90 grams per tonne gold (g/t Au) in hole 17 OKC-361, 65.5 m grading 1.21 g/t Au in hole 17 OKC-362 and 62.5 m grading 1.11 g/t Au in hole 17-OKC 364.

“We continue to make good progress at better defining the limits of the Kilgore deposit, with the Aspen Formation continuing to play an important role in the development of the deposit. In addition to our drill program, we have completed a project-wide, 465 line kilometre ground magnetometer survey at Kilgore and will be processing and analysing the results shortly, and have completed a sampling program totaling over 2,550 soil, rock chip and stream sediment samples,” said Otis president and chief executive, Craig Lindsay.

“The results of this field work will be used to better define drill targets for our planned 2018 program.”

The project contains a NI 43-101 indicated resource of 520,000 ounces (oz) of Au in 27.4 million tonnes at a grade of 0.59 g/t Au and an inferred resource of 300,000 oz of Au in 20.2 million tonnes at a grade of 0.46 g/t Au.

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Mon, 20 Nov 2017 14:48:00 -0500 http://www.proactiveinvestors.com/companies/news/187526/otis-gold-reports-encouraging-assay-results-from-drilling-program-at-kilgore-project-187526.html
<![CDATA[Media files - Otis Gold busy putting together exciting 2018 drill programme at Kilgore ]]> http://www.proactiveinvestors.com/companies/stocktube/8351/otis-gold-busy-putting-together-exciting-2018-drill-programme-at-kilgore-8351.html Fri, 10 Nov 2017 10:54:00 -0500 http://www.proactiveinvestors.com/companies/stocktube/8351/otis-gold-busy-putting-together-exciting-2018-drill-programme-at-kilgore-8351.html <![CDATA[News - Otis Gold poised to ramp up exploration at flagship Kilgore project ]]> http://www.proactiveinvestors.com/companies/news/186055/otis-gold-poised-to-ramp-up-exploration-at-flagship-kilgore-project-186055.html Otis Gold Corp (CVE:OOO, OTC:OGLDF) is at a key point in its evolution as it looks to a busy 2018 and a ramp-up of exploration at its exciting  flagship Kilgore project in Idaho.

The firm has now submitted a "plan of operation" to the US forest service, which sets up  a program of drilling of up to 140 new sites and 400 holes.

Kilgore is open for extension to the northwest, southeast and at depth and the firm's focus has been exploring the geology, which is underneath the existing deposit.

Recent results from the  first three holes aimed at following up on this prospective Aspen formation included 129.4 metres (m) at a grade of 1.66 grams per tonne (g/t) gold, which included 24.4 m at 3.45 g/t in one hole.

Significantly, the deposit already identified  already hosts a resource estimate of  820,000 ounces of the yellow metal, and the plans is to produce an updated resource.

In a recent interview with Proactive, Craig Lindsay, the group's founder and chief executive, told Proactive: "It's really turning into one of the most exciting gold exploration stories in the western US."

WATCH - Otis Gold pleased with first three drill holes from 2017 campaign So what is the deposit?

Kilgore spans over 5,130 acres and is targeting an epithermal type deposit. It has a  current NI 43-101 resource of 520,000 ounces of indicated gold from 27.3 million tons at 0.59 grams per ton (gpt) gold, and 300,000 ounces of inferred golf from 20.2 million tons at 0.46 gpt gold.

In the frame before...

Kilgore has been in the frame before. In the 1980s and 1990s a number of gold companies saw its huge potential.

One in particular, Echo Bay Mines, was ready to press the trigger on a 45-50,000-ounce operation in the late 1990s that would have survived at US$350 gold.

But the development was shuttered when the price of the yellow metal tanked.

The former owner suspected it had uncovered not one deposit, but a number of gold, ‘volcanic-hosted’ targets potentially containing 2-3mln ounces of gold.

“Geologists will tell you epithermal systems are like grapes: they come in bunches and you never find just one grape on the bunch,”  Lindsay said in 2016.

"When someone asks what I can see, I am comfortable talking about the potential for a 2-3mln ounces assuming one or two of the additional targets achieves the size of the existing target. Talking about anything bigger at this stage is difficult."

Other irons in fire

The group also has the Oakley Gold Project comprising 1,360 acres, also in Idaho, which is 15 miles south of the town of Oakley and just north of the Utah/Nevada border.  It has two primary targets - Blue Hill Creek and Cold Creek. It also hosts the Matrix Creek property.

Oakley has an NI 43-101 inferred resource of 163,000 ounces of gold at a grade of 0.51 g/t.

In June, it told investors it has kicked off fieldwork at the site.

In February, 2017 Otis announced that Agnico-Eagle Mines Ltd (NYSE:AEM) had taken a strategic investment in the firm via a placing, to the tune of over $5mln.

Agnico, a key investor,  now has around 9.95% of the shares and has the right to participate in certain equity financings by Otis in order to maintain that stake.

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Mon, 23 Oct 2017 11:56:00 -0400 http://www.proactiveinvestors.com/companies/news/186055/otis-gold-poised-to-ramp-up-exploration-at-flagship-kilgore-project-186055.html
<![CDATA[News - Otis Gold submits latest plan for Kilgore exploration to US forest service ]]> http://www.proactiveinvestors.com/companies/news/186041/otis-gold-submits-latest-plan-for-kilgore-exploration-to-us-forest-service-186041.html Otis Gold Corp (CVE:OOO) unveiled its latest plans to advance its exciting  Kilgore project in Idaho - having submitted a 'plan of operation" to the US forest service.

An environmental assessment will also be completed as part of the service's review of the plan, which will include the drilling of up to 140 new sites

WATCH - Otis Gold pleased with first three drill holes from 2017 campaign READ - Otis Gold ticks higher as it's encouraged by Kilgore drill results

Gold mineralization at Kilgore is open for extension to the northwest, southeast and at depth.

Additionally, numerous high value targets exist, including Gold Ridge, Prospect Ridge, Dog Bone Ridge and the Aspen Gossan, which are of significant interest to Otis and not authorised under the current plan of operations.

The new permit will allow a significant amount of flexibility to aggressively test these new exploration targets, Otis said.

A specific exploration program for 2018 will be finalized after assessment of the results from the 2017 Kilgore drill program and a compilation and review of all exploration data from this and prior year’s field programs.

“Otis is at a critical juncture in the development of the Kilgore Project," said Craig Lindsay, Otis president and chief executive.

"While significant growth potential exists at the current deposit, which will remain a critical focus of future drilling, exploration outside of the existing deposit area has the potential to quickly take Kilgore to the next stage.

"We are excited about working with the U.S. Forest Service and the local community on this newest round of permitting at Kilgore."

Earlier this month, Otis shares ticked higher as the group reported encouraging assays from the first three holes of this year's drilling.

The main aim of the work was to follow-up on previous open-ended drill intercepts in the prospective Aspen formation.

Shares in Otis nipped up 3.45% to C$0.30 on the day.

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Mon, 23 Oct 2017 09:23:00 -0400 http://www.proactiveinvestors.com/companies/news/186041/otis-gold-submits-latest-plan-for-kilgore-exploration-to-us-forest-service-186041.html
<![CDATA[Media files - Otis Gold pleased with first three drill holes from 2017 campaign ]]> http://www.proactiveinvestors.com/companies/stocktube/8192/otis-gold-pleased-with-first-three-drill-holes-from-2017-campaign-8192.html Thu, 05 Oct 2017 09:32:00 -0400 http://www.proactiveinvestors.com/companies/stocktube/8192/otis-gold-pleased-with-first-three-drill-holes-from-2017-campaign-8192.html <![CDATA[News - Otis Gold ticks higher as it's encouraged by Kilgore drill results ]]> http://www.proactiveinvestors.com/companies/news/185000/otis-gold-ticks-higher-as-it-s-encouraged-by-kilgore-drill-results-185000.html Shares in Otis Gold Corp (CVE:OOO) ticked almost 5% higher as it unveiled encouraging assays from the first three holes of this year's drilling at the  Kilgore project in Idaho.

The main aim of the work was to follow-up on previous open-ended drill intercepts in the prospective Aspen formation.

WATCH - 'All hands on deck' as Otis Gold gears up for Kilgore drilling - CEO Craig Lindsay READ - Otis Gold Corp sizing up the jigsaw at Kilgore gold project

The results showed all three holes hitting mineralisation and expanding the potential resource at Aspen.

Highlight results included 129.4 metres (m) at a grade of 1.66 grams per tonne (g/t) gold, which included 24.4 m at 3.45 g/t in one hole.

Another hole showed 73.1 m grading 1.13 g/t gold.

Drilling will be completed in October this year and results will be made public as  they come.

"We are very pleased with the first three drill holes of our 2017 campaign," Otis president and chief executive Craig Lindsay told investors.

"The drilling has successfully confirmed and expanded gold mineralization in the Aspen Formation, a primary focus of current drilling.

"Also, and although early in our assessment of the Aspen unit, we are very encouraged to observe enriched grades of gold."

Previous drilling in 2015 and 2016 defined numerous intervals of significant thicknesses and grades at Aspen that remain open-ended at depth and laterally throughout much of the deposit.

The Kilgore project already hosts an NI 43-101 indicated resource of 520,000 ounces of gold in 27.4mln tonnes at a grade of 0.59 g/t gold.

The inferred resource is 300,000 ounces in 20.2mln tonnes at a grade of 0.46 g/t of gold.

Otis shares in Toronto gained 4.84% to C$0.32.

 

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Tue, 03 Oct 2017 11:06:00 -0400 http://www.proactiveinvestors.com/companies/news/185000/otis-gold-ticks-higher-as-it-s-encouraged-by-kilgore-drill-results-185000.html
<![CDATA[News - Otis starts drilling and other exploration work at Kilgore ]]> http://www.proactiveinvestors.com/companies/news/181159/otis-starts-drilling-and-other-exploration-work-at-kilgore-181159.html Otis Gold Corp (CVE:OOO) has commenced a new drill programme at the Kilgore project, Clark county, Idaho that’s expected to run to 25 holes, or around 8,000 metres.

The primary goal of the drill program is to follow up at depth on drill intercepts hit in 2016 at the existing Kilgore deposit, in particular in the prospective Aspen formation host unit.

In addition, two of the planned holes will be drilled for metallurgical test purposes.

Otis is also implementing an approximately 250-line-kilometre ground magnetometer survey to complement the magnetic survey work completed in 2016. Upon completion of this program, Otis will have ground magnetic coverage over its entire Kilgore land package.

The company will also take approximately 2,500 soil and rock-chip samples to expand coverage of the existing soils database. These new data, when factored with structural information, geology and the magnetic data, will be used to plan exploration drilling for 2018 and beyond as the company continues to explore for additional deposits along the Kilgore Caldera margin.

Finally, Otis announces that it has acquired several airborne surveys flown initially by Aerodat Inc., for Echo Bay Mines Ltd., in the early 1990s. The data include a GPS-registered airborne magnetic survey, several channels of radiometrics and an airborne resistivity survey.

The information will be integrated with other geologic data accumulated on the property for drill targeting purposes. 

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Wed, 19 Jul 2017 15:48:00 -0400 http://www.proactiveinvestors.com/companies/news/181159/otis-starts-drilling-and-other-exploration-work-at-kilgore-181159.html
<![CDATA[Media files - 'All hands on deck' as Otis Gold gears up for Kilgore drilling - CEO Craig Lindsay ]]> http://www.proactiveinvestors.com/companies/stocktube/7761/-all-hands-on-deck-as-otis-gold-gears-up-for-kilgore-drilling-ceo-craig-lindsay-7761.html Fri, 07 Jul 2017 16:03:00 -0400 http://www.proactiveinvestors.com/companies/stocktube/7761/-all-hands-on-deck-as-otis-gold-gears-up-for-kilgore-drilling-ceo-craig-lindsay-7761.html <![CDATA[News - Otis Gold Corp bolsters board with experienced mining executive ]]> http://www.proactiveinvestors.com/companies/news/180397/otis-gold-corp-bolsters-board-with-experienced-mining-executive-180397.html Otis Gold Corp (CVE:OOO) has hired mining industry veteran Don Poirier to the board as the group continues to develop its Kilgore project in Idaho.

Geology graduate Poirier was previously the vice president of corporate development at Hecla Mining  and was an integral part of the team responsible for Hecla's acquisition of Aurizon Mines Ltd in 2013.

Before that, he had a 20 year career as a sell-side mining analyst at several Canadian investment firms and also has experience as a field geologist.

Otis president and chief executive Craig Lindsay said: "We are very pleased to welcome Don to our board of directors.

"His broad experience in the mining sector, which includes capital markets and mergers and acquisitions, coupled with his educational background, will add significant bench strength to Otis as we continue to develop the Kilgore project."

Poirier added: "I'm delighted to join the leadership team at Otis Gold. With a healthy balance sheet, the company is ideally positioned to continue with advanced work and development on several assets including the Kilgore Project where significant progress in the understanding of its geological potential has been made in the past two years."

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Wed, 05 Jul 2017 10:55:00 -0400 http://www.proactiveinvestors.com/companies/news/180397/otis-gold-corp-bolsters-board-with-experienced-mining-executive-180397.html
<![CDATA[News - Otis Gold to have chunky stake in Strata Minerals after selling non-core assets ]]> http://www.proactiveinvestors.com/companies/news/180159/otis-gold-to-have-chunky-stake-in-strata-minerals-after-selling-non-core-assets-180159.html Otis Gold Corp (CVE:OOO) has disposed of several non-core assets to Strata Minerals Inc (CVE:SMP.H) in return for Strata shares.

Otis has sold several non-core mineral properties in Lehmi county, Idaho to Strata.

Otis, which did not own any Strata shares prior to this transaction, will be issued 2.75 million common shares of Strata at a deemed price of 25 cents per share, which means the assets were effectively sold for C$687,500.

Otis’s share stake is equivalent to about 11.14% of the issued share capital of Strata.

Otis is currently developing its flagship property, the Kilgore project, located in Clark county, Idaho.

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Fri, 30 Jun 2017 12:29:00 -0400 http://www.proactiveinvestors.com/companies/news/180159/otis-gold-to-have-chunky-stake-in-strata-minerals-after-selling-non-core-assets-180159.html
<![CDATA[Media files - 'Another exciting year for Otis Gold' as they eye up drilling at Kilgore ]]> http://www.proactiveinvestors.com/companies/stocktube/7665/-another-exciting-year-for-otis-gold-as-they-eye-up-drilling-at-kilgore-7665.html Tue, 20 Jun 2017 14:57:00 -0400 http://www.proactiveinvestors.com/companies/stocktube/7665/-another-exciting-year-for-otis-gold-as-they-eye-up-drilling-at-kilgore-7665.html <![CDATA[News - Otis Gold in warrants windfall ]]> http://www.proactiveinvestors.com/companies/news/179414/otis-gold-in-warrants-windfall-179414.html Otis Gold Corp (CVE:OOO) has received C$1.95mln from warrants being exercised, raising its cash balance to around C$5.2mln.

The debt-free company said the warrants that have been exercised were distributed as part of a private placement a year ago.

The funds received from the warrant exercise will be used for exploration and development at both the Kilgore project and the Oakley project and for general working capital purposes.

The company said it is fully financed for all planned exploration and development activities and corporate overhead for the next 12 months.

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Fri, 16 Jun 2017 14:56:00 -0400 http://www.proactiveinvestors.com/companies/news/179414/otis-gold-in-warrants-windfall-179414.html
<![CDATA[News - Otis Gold begins fieldwork at Oakley project ]]> http://www.proactiveinvestors.com/companies/news/178926/otis-gold-begins-fieldwork-at-oakley-project-178926.html Otis Gold Corp (CVE:OOO, OTC:OGLDF) told investors it has kicked off fieldwork at its Oakley project in Cassia county, Idaho, ahead of potential drilling.

With the property, Otis is targeting classic epithermal hot-spring-type gold  with three main targets -  Blue Hill Creek, Matrix Creek and Cold Creek.

The phase 1 program consists of geologic mapping and surface sampling at emerging target Matrix Creek.

Previous work here by the firm identified a silver-gold system on the western flank of the Albion metamorphic core complex believed to be several miles long.

In 2015, 14 rock-chip samples from a large, prominent outcrop produced an average of 70.4 grams per tonne (g/t) silver and 0.55 g/t gold believed to be part of a large mineralized detachment system.

Preliminary 48-hour bottle-roll results suggested that the gold is up to 82% recoverable and silver is up to 93%.

The current program of work consists of 1,350 soil and rock-chip samples and around 40 stream sediment samples in a bid to develop a first-phase drill program for Matrix Creek.

The firm also wants to conduct a broader geophysical program to help better define exploration targets at Blue Hill Creek, Matrix Creek and Cold Creek, and potentially new targets that may require the expansion of the company's land position.

Oakley has district-sized potential for gold and silver mineralization, but has received only limited drilling in the past.

An NI 43-101 technical report from last August on the Blue Hill Creek and Matrix Creek targets, included an inferred resource of 163,000 ounces of gold in 9.97mln tonnes at 0.51 grams per ton (g/t) gold.

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Wed, 07 Jun 2017 13:30:00 -0400 http://www.proactiveinvestors.com/companies/news/178926/otis-gold-begins-fieldwork-at-oakley-project-178926.html
<![CDATA[News - Otis Gold increases footprint at Kilgore in Idaho with new claims ]]> http://www.proactiveinvestors.com/companies/news/178666/otis-gold-increases-footprint-at-kilgore-in-idaho-with-new-claims-178666.html Otis Gold Corp (CVE:OOO, OTC:OGLDF) has increased its footprint at the Kilgore gold project in Idaho - by staking 52 new claims next to and inside its current holdings, it told investors.

The newly acquired ground increases the Kilgore site to 9,080 acres (36.7 sq km).

READ - Otis Gold Corp hires industry veteran Vint to advisory board as it advances Kilgore deposit READ - Otis Gold Corp sizing up the jigsaw at Kilgore gold project

Otis controls the entire land package, which is subject to no underlying royalties.

The firm has said that drilling is planned to start in late July at Kilgore, with 8,000 meters envisioned, focused on expanding the deposit.

The latest claims were staked to secure a 300-metre by 180-metre structural corridor on the edge of the current land holdings where Otis' recent fieldwork identified a silica-flooded breccia and altered sulfide stockwork.

Otis said it continues to review additional opportunities to expand its Kilgore land position as a result of continuing regional exploration efforts.

It's a busy period for the group.

Last month, it hired mining industry veteran Michael Vint to its advisory board ahead of potential drilling this summer.

Vint is a vice-president of Endeavour Financial Ltd, which assesses mining projects worldwide and deals in finance, and mergers and acquisitions in the natural resources industry.

"We are very pleased to have Mike join our team. As the Kilgore deposit continues to evolve towards a potential development decision, mine engineering will become increasingly important to Otis," said Craig Lindsay, Otis president and chief executive.

"We think input from a mining perspective is important at an earlier stage in the development of Kilgore and feel strongly that Mike will add significant value to the company."

His exposure to mine finance will also be of benefit to the company, said Lindsay.

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Thu, 01 Jun 2017 13:37:00 -0400 http://www.proactiveinvestors.com/companies/news/178666/otis-gold-increases-footprint-at-kilgore-in-idaho-with-new-claims-178666.html
<![CDATA[News - Otis Gold Corp hires industry veteran Vint to advisory board as it advances Kilgore deposit ]]> http://www.proactiveinvestors.com/companies/news/177005/otis-gold-corp-hires-industry-veteran-vint-to-advisory-board-as-it-advances-kilgore-deposit-177005.html Otis Gold Corp (CVE:OOO, OTC:OGLDF) told  investors it has hired mining industry veteran Michael Vint to its advisory board ahead of potential drilling this summer in Idaho.

Vint is a vice-president of Endeavour Financial Ltd, which assesses mining projects worldwide and deals in finance, and mergers and acquisitions in the natural resources industry.

READ - Otis Gold Corp sizing up the jigsaw at Kilgore gold project READ - Otis Gold identifies targets ahead of planned Kilgore drilling

"We are very pleased to have Mike join our team. As the Kilgore deposit continues to evolve towards a potential development decision, mine engineering will become increasingly important to Otis," said Craig Lindsay, Otis president and chief executive.

"We think input from a mining perspective is important at an earlier stage in the development of Kilgore and feel strongly that Mike will add significant value to the company."

His exposure to mine finance will also be of benefit to the company, said Lindsay.

Vint has worked at open-pit mine operations in Nevada and California and underground at Hemlo and Eskay Creek.

Earlier this month, Otis unveiled encouraging findings from fieldwork at the flagship Kilgore gold project in Idaho, and it has identified many high-priority drill targets.

The group said it was currently engaged in permitting 27 drill stations at Kilgore and seven sites at the Gold Ridge exploration target.

Drilling is planned to start in late July at Kilgore, with 8,000 meters envisioned, focused on expanding the deposit.

Shares in Toronto added 6.94% to $0.385.

---UPDATES FOR SHARE PRICE---

 

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Thu, 27 Apr 2017 10:04:00 -0400 http://www.proactiveinvestors.com/companies/news/177005/otis-gold-corp-hires-industry-veteran-vint-to-advisory-board-as-it-advances-kilgore-deposit-177005.html
<![CDATA[News - Otis Gold Corp sizing up the jigsaw at Kilgore gold project ]]> http://www.proactiveinvestors.com/companies/news/176400/otis-gold-corp-sizing-up-the-jigsaw-at-kilgore-gold-project-176400.html Otis Gold Corp (CVE:OOO, OTC:OGLDF) is putting together the jigsaw at its flagship Kilgore project in Idaho and likes what it's seeing.

The firm has just released data from fieldwork conducted last year - a 34-line-km ground-based geophysical magnetometer survey conducted last Fall and a soil geochemistry survey.

Results encouraged and have led to the identification of many high-priority drill targets, it said.

Drilling is planned to start in late July this year at Kilgore, with 8,000 meters envisioned,  which will be focused on expanding the deposit.

But what is the deposit?

Kilgore spans over 5,130 acres and is targeting an epithermal type deposit. It has a  current NI 43-101 resource of 520,000 ounces of indicated gold from 27.3 million tons at 0.59 grams per ton (gpt) gold, and 300,000 ounces of inferred golf from 20.2 million tons at 0.46 gpt gold.

In January this year, Craig Lindsay, the group's founder and chief executive,  told Proactive: "The style of deposit that we have produces gold today in the western United States. It's one of the largest styles of gold deposits from a production perspective in the USA and these things make money at current gold prices."

Near term goals for the firm include to start a preliminary economic assessment (PEA).

WATCH - Otis Gold's chief highlights "clear potential" to increase size and grade of Kilgore

Kilgore has been in the frame before. In the 1980s and 1990s a number of gold companies saw its huge potential.

One in particular, Echo Bay Mines, was ready to press the trigger on a 45-50,000-ounce operation in the late 1990s that would have survived at US$350 gold.

But the development was shuttered when the price of the yellow metal tanked.

The former owner suspected it had uncovered not one deposit, but a number of gold, ‘volcanic-hosted’ targets potentially containing 2-3mln ounces of gold.

“Geologists will tell you epithermal systems are like grapes: they come in bunches and you never find just one grape on the bunch,”  Lindsay  said last October.

"When someone asks what I can see, I am comfortable talking about the potential for a 2-3mln ounces assuming one or two of the additional targets achieves the size of the existing target. Talking about anything bigger at this stage is difficult."

The firm has already completed 10,000m of drilling in 40 holes, and the drillbit is set to start turning again soon.

The group is currently engaged in permitting 27 drill stations at Kilgore and seven sites at the Gold Ridge exploration target and it is working with the US Forest Service to obtain approval to coincide with the planned drills start in around three months' time.

The program will include two metallurgic test holes to enable metallurgical studies on the Aspen corridor host rock. and what it calls a "robust geophysics survey" over the remainder of the Kilgore project, including Prospect Ridge and Dog Bone Ridge, and a comprehensive soil survey.

Other irons in fire

The group also has the Oakley Gold Project comprising 1,360 acres, also in Idaho, which is 15 miles south of the town of Oakley and just north of the Utah/Nevada border.  It has two primary targets - Blue Hill Creek and Cold Creek. It also hosts the Matrix Creek property.

Last month Otis reached an agreement to increase its interest in the Blue Hill Creek and Matrix Creek gold-silver properties from 80% to 100%.

Simultaneously the existing net smelter royalty (NSR) on these projects will be reduced from 2.5% to 2.0%.

Elsewhere, it has the Hai Property, which was included in a portfolio of projects that Otis joint ventured from Bayswater Uranium as part of its agreement to earn an interest in the Kilgore project in 2008. 

Also, the firm 's Gold Bug property lies three miles from the Hai property and comprises nine lode claims.

In February , Otis announced that Agnico-Eagle Mines Ltd (NYSE:AEM) had taken a strategic investment in the firm via a placing, to the tune of over $5mln.

Agnico now has around 9.95% of the shares and has the right to participate in certain equity financings by Otis in order to maintain that stake.

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Wed, 12 Apr 2017 15:50:00 -0400 http://www.proactiveinvestors.com/companies/news/176400/otis-gold-corp-sizing-up-the-jigsaw-at-kilgore-gold-project-176400.html
<![CDATA[News - Otis Gold identifies targets ahead of planned Kilgore drilling ]]> http://www.proactiveinvestors.com/companies/news/176397/otis-gold-identifies-targets-ahead-of-planned-kilgore-drilling-176397.html Otis Gold Corp (CVE:OOO) unveiled encouraging findings from fieldwork at its flagship Kilgore gold project in Idaho, USA,  which has identified many high-priority drill targets.

The group said it was currently engaged in permitting 27 drill stations at Kilgore and seven sites at the Gold Ridge exploration target.

READ - Otis Gold takes full ownership of Blue Hill, Matrix READ - Otis Gold shares jump 20% after arranges $5.04mln financing with Agnico-Eagle

Drilling is planned to start in late July at Kilgore, with 8,000 meters envisioned, focused on expanding the deposit.

Today's data comes from a 34-line-km ground-based geophysical magnetometer survey conducted last Fall in and around the Kilgore deposit and extending over 1 km to the northwest to an area known as Gold Ridge

The firm also collected 213 soil samples last year to add to the historical database, which is now host to a master dataset of 3,517 samples.

Highlights of the findings include a large 1.3km by 0.9km anomaly, which encompasses the current deposit and extends northeast along the Mine Ridge and Cabin faults toward the newly discovered magnetic shelf feature.

Meanwhile, a large magnetic feature interpreted to be a buried intrusion has been identified northwest of the Kilgore Deposit in the Gold Ridge area.

A new interpretation of the survey data has generated many high-priority drill targets, Otis told investors.

Meanwhile, at least five new concentric caldera-related ring faults have been identified that are roughly parallel to the Northwest fault, believed to be the primary controlling mineralizing feeder structures for the Kilgore deposit, the firm added.

Shares eased 1.59% to $0.31 each.

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Wed, 12 Apr 2017 12:16:00 -0400 http://www.proactiveinvestors.com/companies/news/176397/otis-gold-identifies-targets-ahead-of-planned-kilgore-drilling-176397.html
<![CDATA[News - Otis Gold takes full ownership of Blue Hill, Matrix ]]> http://www.proactiveinvestors.com/companies/news/174870/otis-gold-takes-full-ownership-of-blue-hill-matrix-174870.html Otis Gold Corp. (CVE:OOO) has reached an agreement to increase its interest in the Blue Hill Creek and Matrix Creek gold-silver properties located in Cassia county, Idaho, from 80% to 100%, the company said on Wednesday.

The company said its agreement also means it can reduce the existing net smelter royalty on these projects from 2.5% to 2%.

In consideration, 380,000 common shares of Otis will be issued to the vendors, and these shares will be subject to a voluntary hold period ending July 31.

The transaction results in Otis increasing its interest to 100 per cent in what is known as the Oakley project, a land package that comprises Blue Hill Creek, Matrix Creek and what is known as Cold Creek.

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Wed, 15 Mar 2017 15:49:00 -0400 http://www.proactiveinvestors.com/companies/news/174870/otis-gold-takes-full-ownership-of-blue-hill-matrix-174870.html
<![CDATA[News - Otis Gold goes to 100% at Blue Hill and Matrix Creek ]]> http://www.proactiveinvestors.com/companies/news/174842/otis-gold-goes-to-100-at-blue-hill-and-matrix-creek-174842.html Otis Gold Corp (CVE:OOO) has reached an agreement to increase its interest in the Blue Hill Creek and Matrix Creek gold-silver properties Idaho from 80% to 100%.

Simultaneously the existing net smelter royalty on these projects will be reduced from 2.5% to 2.0%. 

In consideration, 380,000 Otis Common Shares of Otis will be issued to the vendors.  The transaction results in Otis increasing its interest to 100% in what is known as the Oakley Project, a land package that comprises Blue Hill Creek, Matrix Creek and what is known as Cold Creek, all in Cassia County, Idaho.

Blue Hill Creek hosts an existing NI 43-101 inferred resource of 163,000 ounces gold at 0.51 grams per tonne. Matrix Creek, immediately adjacent and contiguous to Blue Hill Creek, consists of 41 federal lode mining claims covering 820 acres and a 320 acre Idaho State Mineral Lease. 

“We are very pleased to increase our ownership to 100% in the emerging district-scale Oakley Project,” said Otis chief executive Craig Lindsay.

“We see a significant amount of exploration potential at Oakley for both gold and silver, and having a 100% ownership interest increases our flexibility in how we approach the development of this exciting asset.  We are planning fieldwork at Oakley this summer, and will be announcing a specific work program in due course.”

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Wed, 15 Mar 2017 13:08:00 -0400 http://www.proactiveinvestors.com/companies/news/174842/otis-gold-goes-to-100-at-blue-hill-and-matrix-creek-174842.html
<![CDATA[News - Otis Gold Corp assets grow in 1H ]]> http://www.proactiveinvestors.com/companies/news/173848/otis-gold-corp-assets-grow-in-1h-173848.html Otis Gold Corp (CVE:OOO) reported a rise in its first-half assets on Monday but also overcame a challenge from foreign exchange fluctuations.

Total assets rose to C$21.7mln in the six months to Dec 31 from C$18.1mln in the preceding six months to June 30.

The company maintained a strong control of its cash position and it ended 2016 with C$910,831 versus C$988,451 at the end of last June.

The company reported a comprehensive loss of C$219,295 in the three months to December 31, versus C$173,170 in the same period in 2015.

Foreign exchange was a factor in the accounts.

“During the second quarter of fiscal 2017, the Company incurred exchange losses of C$36,677 due to large US dollar payments and a fluctuating exchange rate and earned interest income of C$4,145, resulting in a net loss in the three months ended December 31, 2016 of C$219,295 or C$0.00 per share,” the company said in a statement.

“During the second quarter of fiscal 2016, the Company incurred foreign exchange losses of C$203, resulting in a net loss in the three months ended December 31, 2015 of V$173,170 or C$0.00 per share.

On Friday the company reported that Agnico-Eagle had investors over C$5mln in the enterprise via a private placement.

Read: Otis shares jump 20% after arranges $5.04mln financing with Agnico-Eagle ]]>
Mon, 27 Feb 2017 13:52:00 -0500 http://www.proactiveinvestors.com/companies/news/173848/otis-gold-corp-assets-grow-in-1h-173848.html
<![CDATA[News - Otis shares jump 20% after arranges $5.04mln financing with Agnico-Eagle ]]> http://www.proactiveinvestors.com/companies/news/173744/otis-shares-jump-20-after-arranges-504mln-financing-with-agnico-eagle-173744.html Otis Gold Corp (CVE:OOO) shares price rocketed nearly 20% on Friday after Agnico-Eagle Mines Ltd. (NYSE:AEM) agreed to acquire, by way of private placement, 14.42mln common shares of Otis. at a price of 35 cents per common share for proceeds of $5,047,000.

Shares were up 19.35% at C$0.37 on Friday.

On closing of the transaction, Agnico will own approximately 9.95% of the issued and outstanding common shares on a non-diluted basis (after giving effect to the transaction, but otherwise assuming that the number of issued and outstanding common shares as at the date hereof remains unchanged).

The proceeds from the transaction shall be primarily used for exploration at the Kilgore gold project located in Clark county, Idaho, as well as working capital and general corporate purposes.

Just last month Otis chief executive officer Craig Lindsay told Stocktube about "clear potential to increase the size and grade of the Kilgore deposit"

Watch: Otis Gold's chief highlights "clear potential" to increase size and grade of Kilgore

"We are very excited to welcome Agnico as a strategic investor in Otis. Agnico is an experienced global leader in the precious metals sector with a successful track record of identifying and building quality assets,” said Otis's chief executive officer, Craig Lindsay.

“We believe the transaction serves to recognize the strong potential for growth at Kilgore. This investment will allow Otis to aggressively pursue its goal of defining an economic gold deposit close to infrastructure in an emerging gold district. We look forward to working with Agnico, and we thank the Agnico team for their confidence in Otis."

Otis has been keen to drive the Kilgore project forward as its CEO told Stocktube back in October.

Watch: 'It's time to take Kilgore to the next stage' says Otis Gold Corp

On closing of the transaction, Agnico and Otis will enter into an investor rights agreement, pursuant to which Agnico will have the right to participate in certain equity financings by Otis in order to maintain its interest of up to 9.95% in Otis.

The common shares issued under this transaction will be subject to a hold period of four months and one day from the closing date of the transaction in accordance with applicable Canadian securities laws. The closing of the offering is expected to occur on or about Feb. 28, and is subject to receipt of all necessary regulatory approvals and certain other conditions.

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Fri, 24 Feb 2017 13:00:00 -0500 http://www.proactiveinvestors.com/companies/news/173744/otis-shares-jump-20-after-arranges-504mln-financing-with-agnico-eagle-173744.html
<![CDATA[Media files - Otis Gold's chief highlights "clear potential" to increase size and grade of Kilgore ]]> http://www.proactiveinvestors.com/companies/stocktube/6709/otis-gold-s-chief-highlights-clear-potential-to-increase-size-and-grade-of-kilgore-6709.html Wed, 11 Jan 2017 13:53:00 -0500 http://www.proactiveinvestors.com/companies/stocktube/6709/otis-gold-s-chief-highlights-clear-potential-to-increase-size-and-grade-of-kilgore-6709.html <![CDATA[News - Otis Gold: For valuation anomaly read opportunity ]]> http://www.proactiveinvestors.com/companies/news/168210/otis-gold-for-valuation-anomaly-read-opportunity-168210.html The market is often very good at distorting reality – and where it does it creates anomalies.

A case in point is Otis Gold (CVE:OOO, OTC:OGLDF). There are a couple of areas where investors might recoil slightly; minor negatives.

But they’re not the sort of dampeners that explain the current discount rating of the company and its main asset, the Kilgore Gold Mine Project in Idaho.

You suspect if Kilgore was located over the south-western border in Nevada, where there’s seemingly a gold mine on every corner, Otis’ value might be higher.

A market capitalisation of US$22.5mln suggests the company’s main asset is worth around US$35 an ounce of gold in the ground.

Comparable projects at the same stage of development change hands on average for four or five times that figure.

Kilgore is currently sitting on a resource of 820,000 ‘indicated and inferred’ ounces of the yellow metal.

The ore is the oxide variety, which means the metallurgy is straightforward. 

Specifically, gold recoveries are expected to be in the order of 85% with the ore crushed down to one-and-a-half inches for treatment on a simple leach-pad.  These sort of recoveries compare very favourably with the rank and file oxide, open pit, heap leach mines.

The mine development is expected to be fairly straightforward too. The site is out of the way, yes, but accessible by road.

Otis’ management want to develop a cheap, low-strip-ratio open-pit producing 70-100,000 ounces of the yellow metal a year.

Operations of this size and simplicity tend to cost between US$70-75mln to build and analysts estimate an operation of this kind would produce at an all-in-cost of around US$700 an ounce.

So, where’s the catch? Size and grade could be cited as detracting from the lustre of Kilgore.

Anything below one-million ounces tends to receive a blanket discount, while the grade comes in under the notional one-gram per tonne deemed a requirement for an open pit development.

Let’s consider the former complaint (if you can call it that) first.

The latest 10,000-metre round of drilling should get Kilgore closer to the magic one million-ounce mark, if not beyond it.

Turning to the grade ’issue’, it should be pointed out the average open pit globally operates at around 0.7 grams a tonne.

And, as chief executive Craig Lindsay points out: “In the US, open pit, heap leach projects produce at half a gram per tonne all day long.

“How do you offset a slightly lower grade? A low strip ratio and world class metallurgy.”

Kilgore has both. The grade, by the way, is 0.6 grams per tonne, although this will undoubtedly rise as the results from the latest round of drilling are included in an updated resource statement.

It has uncovered some impressive near-surface intercepts on Kilgore, which was host to historic underground production in the 1930s.

For example, there was one section of nearly 95 metres that weighed in at 4.24 grams per tonne of the precious metal, while another came in at 1.55 grams over 120 metres.

“These are pretty attractive intercepts and assays that will enhance the grade of the deposit, and bring up the resource size,” says CEO Lindsay.

In all, 33,000 metres of drilling has been carried out by Otis, which has access to the results from a further 22,000 metres-worth of historic data.

In the 1980s and 1990s a number of gold companies saw the huge potential of Kilgore.

One in particular, Echo Bay Mines, was ready to press the trigger on a 45-50,000-ounce operation in the late 1990s that would have survived at US$350 gold.

The development was shuttered when the price of the yellow metal tanked.

The former owner suspected it had uncovered not one deposit, but a number of gold, ‘volcanic-hosted’ targets potentially containing 2-3mln ounces of gold.

“Geologists will tell you epithermal systems are like grapes: they come in bunches and you never find just one grape on the bunch,” explains Lindsay.

“When someone asks what I can see, I am comfortable talking about the potential for a 2-3mln ounces assuming one or two of the additional targets achieves the size of the existing target. Talking about anything bigger at this stage is difficult.”

So what’s next?

Well, the assay results from the last drill round should be out by the end of January and an updated NI-43-101 resource statement also should follow as early as April.

After that you would expect the company to start cracking on with a preliminary economic assessment of Kilgore.

This would allow the Lindsay to talk about the investment required to build a mine and its day to day running costs.

The Otis CEO won’t be drawn on the exact timeline for the PEA at this early stage - but it is a priority.

You suspect also the company has had more than a little interest in the asset from gold producers looking to replenish their inventory.

If there have been approaches, Lindsay is keeping tight lipped on just who has been kicking the tires.

He and the team are planning, at this stage at least, to take Kilgore all the way along the road to production.

Idaho, unlike Nevada to the south, is not currently a hot bed of gold production.

That said there is a long history of prospecting for and extracting precious metal (mentioned earlier Kilgoreproduced in the mid-1930s) and the state is host to large phosphate and molybdenum operations.

All eyes will be on Midas Gold Corp’s Golden Meadows project, which received US$55mln from the New York hedge fund Paulson & Co to bankroll the permitting phase of development.

This will be the first new gold mine in Idaho since Meridian Gold shuttered the Beartrack operation in the early 2000s.

“If we were in Nevada then Kilgore would have a very different profile and valuation and would probably be in production now,” says Lindsay.

“It is not. But then what you have here is still exciting and interesting; an oxide deposit approaching one million ounces in size – which is a rarity in itself.

“We have a very clear path to grow the resource and increase the grade."

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Fri, 28 Oct 2016 08:44:00 -0400 http://www.proactiveinvestors.com/companies/news/168210/otis-gold-for-valuation-anomaly-read-opportunity-168210.html
<![CDATA[Media files - 'It's time to take Kilgore to the next stage' says Otis Gold Corp President ]]> http://www.proactiveinvestors.com/companies/stocktube/6233/-it-s-time-to-take-kilgore-to-the-next-stage-says-otis-gold-corp-president-6233.html Fri, 21 Oct 2016 12:58:00 -0400 http://www.proactiveinvestors.com/companies/stocktube/6233/-it-s-time-to-take-kilgore-to-the-next-stage-says-otis-gold-corp-president-6233.html <![CDATA[News - Otis Gold says permits for Kilgore drilling expected before year-end ]]> http://www.proactiveinvestors.com/companies/news/103584/otis-gold-says-permits-for-kilgore-drilling-expected-before-year-end-57301.html Otis Gold (CVE:OOO)(OTCQX:OGLDF) says an environmental assessment for its Kilgore project in Idaho has been completed by the US Forest Service, and that the regulatory body has filed a draft decision memo for the company's filed plan of operation, with expectations that an approved permit will be received in late November.

The permitting update is in connection with Otis's plan to construct approximately 1,200 metres of new roads and conduct drilling at 16 sites in the untested north target area at Kilgore.

The US Forest Service has now completed an environmental assessment and filed a "draft decision memo and finding of no significant impact", the company said. With this documentation and posting of a public notice in early October, a 45-day review period has now been initiated. 

The company's proposed plan includes a road network that will support a first stage drilling program of 4,000 to 7,000 metres, slated for next year.

This new program is aimed at expanding the Kilgore deposit along strike, as the last round of drilling at the property on the northern end found intercepts of over 100 metres grading over 1 grams per tonne (g/t) gold.

"We are very pleased to report on this significant development in our permitting efforts at Kilgore," said president and chief executive officer, Craig Lindsay.

"This Plan of Operation is an important next step in the development of the Kilgore Gold Project, and will put us in a position to further test the potential of expanding the Kilgore Deposit in the exciting and highly prospective North Target area."           

The permitting is a long time coming, with the company working on attaining approvals for the past year. 

Separately, the company said Wednesday that its application for a 320-acre Idaho State lease at its new Matrix Creek target at its Oakley project has now been granted. Of the 41 federal lode-mining claims at Matrix, 10 fall within the area of mutual interest negotiated with Radius Gold under an option agreement signed in July of this year.

Matrix is a silver-gold target located about 1 mile southeast of the company's Blue Hill Creek target, which is currently optioned to Radius Gold and contains a historic resource of 235,000 inferred ounces.

Otis said it is in the process of reviewing data to develop the emerging Matrix Creek target.

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Wed, 08 Oct 2014 11:25:00 -0400 http://www.proactiveinvestors.com/companies/news/103584/otis-gold-says-permits-for-kilgore-drilling-expected-before-year-end-57301.html
<![CDATA[News - Otis Gold rises as it stakes new silver-gold target at Oakley, expands project potential ]]> http://www.proactiveinvestors.com/companies/news/103314/otis-gold-rises-as-it-stakes-new-silver-gold-target-at-oakley-expands-project-potential-56897.html Shares of Otis Gold (CVE:OOO)(OTCQX:OGLDF) rose more than 11 percent on Thursday after the company said it has staked 41 federal lode-mining claims to cover its new Matrix Creek silver-gold target located within its larger Oakley project in Idaho.

On top of these claims, the company has also applied for a 320-acre state lease with the Idaho Department of Lands, increasing its total land holdings at Oakley to 2,350 acres.

Matrix is a silver-gold target located about 1 mile southeast of the company's Blue Hill Creek target, which is currently optioned to Radius Gold and contains a historic resource of 235,000 inferred ounces.

The new Matrix claims are 100 percent owned by Otis, and are not subject to the terms of Otis' recent agreement with Radius, Otis said.

"Matrix Creek is an exciting new target that significantly enhances the Oakley Project," said president and chief executive officer of Otis, Craig Lindsay.

"We believe that the newly discovered detachment-related mineralization may extend in both surface outcrops and in the sub-surface under the Blue Hill Creek resource and further along the western edge of the Albion Metamorphic Core Complex. 

"We are currently evaluating the next steps to advance this target, which may include exploration by Otis or through a joint venture relationship."

The company said samples from outcrop within the target contain up to 306 g/t silver and up to 1.34 g/t gold, with all 14 samples averaging 70.4 g/t silver and 0.55 g/t gold. Preliminary 48-hour bottle-roll results suggest that the gold is up to 82 percent recoverable and that the silver is up to 93 percent recoverable,  it added. 

The Oakley project is located 13 miles south of Oakley, Idaho and  two miles north of the Idaho-Utah state line on the west flank of the Albion Metamorphic Core Complex. 

The Radius partnership and other similar potential deals on Oakley will free up capital for Otis' Kilgore project, its flagship asset, which is also located in Idaho. The company is due to start a long-awaited drilling program shortly, after working on permitting its next planned drilling campaign for the past year. 

The permits are for the construction of about 1,500 metres of new roads in the north target area of the property, where several bulk tonnage intercepts of greater than 80 metres were intercepted early in 2013.         

Shares of Otis were last up 11.1 percent at 5 Canadian cents as of noon on Thursday.

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Thu, 18 Sep 2014 12:14:00 -0400 http://www.proactiveinvestors.com/companies/news/103314/otis-gold-rises-as-it-stakes-new-silver-gold-target-at-oakley-expands-project-potential-56897.html
<![CDATA[News - Otis Gold to option out Blue Hill Creek target on Oakley property ]]> http://www.proactiveinvestors.com/companies/news/102272/otis-gold-to-option-out-blue-hill-creek-target-on-oakley-property-55397.html Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF) has signed a preliminary joint venture agreement with Radius Gold for its Blue Hill Creek property, which is a single target located within the company's Oakley gold project in Idaho. 

The target is a high potential, classic epithermal hot-spring-type gold play, according to Otis' statement released early Monday.

The news follows Otis' termination of its option agreement for the Oakley project with Lateral Gold in late April, after which it proceeded to evaluate its strategic options for the asset. 

The Blue Hill Creek project within Oakley is made up of 36 federal lode mining claims and one 80-acre Idaho State lease, totaling 800 acres. 

"We are very excited to have Radius as a partner to assist us in moving the Blue Hill Creek project forward," said president and CEO of Otis, Craig Lindsay, in the release. 

Under the terms of the letter of intent agreement, Radius will be able to earn a 70% interest in the target, in exchange for $525,000 in cash and a total of $5.0 million in exploration expenditures over four years. A US$30,000 cash payment is due on execution of the deal, with the first US$500,000 in exploration expenses owed in the first year.

"Radius has the capital and technical resources to begin an exploration initiative that will include a planned first year drill program," said Lindsay. 

"In addition to the joint venture at Blue Hill Creek, Otis is seeking other partners to explore the additional targets at its approximately 2,400 acre Oakley Gold project, including the Cold Creek target and other emerging areas within its existing claim block."

Indeed, this partnership and other similar potential deals on Oakley will free up capital for Otis' Kilgore project, its flagship asset, which is also located in Idaho. The company is due to start a long-awaited drilling program shortly, after working on permitting its next planned drilling campaign for the past year. 

The permits are for the construction of about 1,500 metres of new roads in the north target area of the property, where several bulk tonnage intercepts of greater than 80 metres were intercepted early in 2013.           

In an update earlier this year, Otis said that based on the company's discussions with permitting authorities, it expects to be able to initiate the drilling program sometime this summer. The gold explorer has already prepared a preliminary budget for its work program, with the base plan consisting of road construction, 3,000 metres of reverse circulation drilling into the north target, and further metallurgical testing. 

Otis has an existing 80 percent stake in Oakley, which is being increased to 100 percent through a separate transaction with its joint venture partners consisting of staged payments of US$60,000 over a two-year period, according to the company's statement.

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Mon, 14 Jul 2014 09:17:00 -0400 http://www.proactiveinvestors.com/companies/news/102272/otis-gold-to-option-out-blue-hill-creek-target-on-oakley-property-55397.html
<![CDATA[News - Otis Gold cancels option deal for Oakley property ]]> http://www.proactiveinvestors.com/companies/news/101076/otis-gold-cancels-option-deal-for-oakley-property-53765.html Otis Gold (CVE:OOO)(OTCQX:OGLDF) said late yesterday it has terminated the option agreement with Lateral Gold from last year on its Oakley property, saying it will now evaluate its strategic options for the asset. 

Under the agreement, first signed in February 2013, Lateral had an option to acquire an initial 70% interest in the property. Otis will now retain its existing 80% stake in the project, which is located in Idaho.

Otis, which recently closed a $400,000 financing, is focused on its flagship Kilgore project, where it is due to start a long-awaited drilling program this summer, after working on permitting its next planned drilling campaign for the past year. The permits are for the construction of about 1,500 metres of new roads in the north target area of the property, where several bulk tonnage intercepts of greater than 80 metres were intercepted early in 2013. 

In a recent update, Otis said that based on the company's discussions with permitting authorities, it expects to be able to initiate the drilling program by this July. The gold explorer has already prepared a preliminary budget for its work program, with the base plan consisting of road construction, 3,000 metres of reverse circulation drilling into the north target, and further metallurgical testing. 

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Wed, 30 Apr 2014 09:37:00 -0400 http://www.proactiveinvestors.com/companies/news/101076/otis-gold-cancels-option-deal-for-oakley-property-53765.html
<![CDATA[News - Otis Gold closes $400,000 financing for Kilgore project ]]> http://www.proactiveinvestors.com/companies/news/100819/otis-gold-closes-400000-financing-for-kilgore-project-53424.html Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF) said Monday it has closed a private placement financing, raising $400,200 for its Kilgore gold project in Idaho. 

The junior explorer, which announced the placement earlier this month, issued 5.72 million units at a price of 7 cents apiece. Each unit consists of one common share and a non-transferable common share purchase warrant, with every warrant good for an additional share at a price of 10 cents for a period of 18 months. 

Otis is due to start its long-awaited drilling at its Kilgore project this summer, after working on permitting its next planned drilling program for the past year. The permits are for the construction of about 1,500 metres of new roads in the north target area of the property, where several bulk tonnage intercepts of greater than 80 metres were intercepted early in 2013. Of these past holes, all of which were located outside of the existing Kilgore deposit, 82.3 metres of 0.95 grams per tonne (g/t) gold was intercepted, as well as 121.9 metres of 1.04 g/t gold. 

In a recent update, Otis said that based on the company's discussions with permitting authorities, it expects to be able to initiate the drilling program by this July. The gold explorer has already prepared a preliminary budget for its work program, with the base plan consisting of road construction, 3,000 metres of reverse circulation drilling into the north target, and further metallurgical testing. 

The company then plans to follow this with an updated NI 43-101 compliant resource estimate, while it also intends to start a preliminary economic assessment. All of these plans, however, are subject to financing, according to its statement in March.  

Otis, like many junior mining companies, has been cutting back on costs to save on cash amid a weak capital market environment. It rationalized its office space in Washington and is monitoring all corporate and exploration expenses. 

Insider participation in the company is strong, which bodes well for the company's future success. CEO Craig Lindsay has purchased more than 3.4 million shares in Otis since last May, now owning over 10% of the junior gold explorer. 

The Kilgore deposit in Idaho currently contains an NI 43-101 indicated resource of 520,000 gold ounces in 27.4 million tonnes at a grade of 0.59 grams per tonne (g/t) and an inferred resource of 300,000 ounces in 20.2 million tonnes at a grade of 0.46 g/t.               

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Mon, 14 Apr 2014 12:11:00 -0400 http://www.proactiveinvestors.com/companies/news/100819/otis-gold-closes-400000-financing-for-kilgore-project-53424.html
<![CDATA[News - Otis raises up to $400,000 in private placement ]]> http://www.proactiveinvestors.com/companies/news/100705/otis-raises-up-to-400000-in-private-placement-53261.html Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF) is raising up to $400,000 in a non brokered private placement financing, with the funds to be used for the continued advancement of its Kilgore gold project in Idaho. 

The placement will consist of up to 5.72 million units at a price of 7 cents apiece, with each unit to be made up of one common share and one share purchase warrant. Every warrant entitles the holder to acquire an additional Otis share at a price of 10 cents, for a period of 18 months from closing.

The financing still needs the approval of the TSX Venture Exchange, Otis said.

Otis is due to start its long-awaited drilling at its Kilgore project this summer, after working on permitting its next planned drilling program for the past year. The permits are for the construction of about 1,500 metres of new roads in the north target area of the property, where several bulk tonnage intercepts of greater than 80 metres were intercepted early in 2013. Of these past holes, all of which were located outside of the existing Kilgore deposit, 82.3 metres of 0.95 grams per tonne (g/t) gold was intercepted, as well as 121.9 metres of 1.04 g/t gold. 

In a recent update, Otis said that based on the company's discussions with permitting authorities, it expects to be able to initiate the drilling program by this July. The gold explorer has already prepared a preliminary budget for its work program, with the base plan consisting of road construction, 3,000 metres of reverse circulation drilling into the north target, and further metallurgical testing. 

The company then plans to follow this with an updated NI 43-101 compliant resource estimate, while it also intends to start a preliminary economic assessment. All of these plans, however, are subject to financing, according to its statement in March.  

Otis, like many junior mining companies, has been cutting back on costs to save on cash amid a weak capital market environment. It rationalized its office space in Washington and is monitoring all corporate and exploration expenses. 

Insider participation in the company is strong, which bodes well for the company's future success. CEO Craig Lindsay has purchased more than 3.4 million shares in Otis since last May, now owning over 10% of the junior gold explorer. 

The Kilgore deposit in Idaho currently contains an NI 43-101 indicated resource of 520,000 gold ounces in 27.4 million tonnes at a grade of 0.59 grams per tonne (g/t) and an inferred resource of 300,000 ounces in 20.2 million tonnes at a grade of 0.46 g/t.   

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Mon, 07 Apr 2014 13:46:00 -0400 http://www.proactiveinvestors.com/companies/news/100705/otis-raises-up-to-400000-in-private-placement-53261.html
<![CDATA[News - Otis Gold a survivor; success in the wings, says Pacific Opportunity's Mark Brown ]]> http://www.proactiveinvestors.com/companies/news/100516/otis-gold-a-survivor-success-in-the-wings-says-pacific-opportunitys-mark-brown-53004.html Investors are seeing the upside in Otis Gold given the big year ahead for the company, with the long-awaited drilling at its Kilgore gold project in Idaho expected to start this summer. Pacific Opportunity Capital, an investor in emerging companies headed by Mark T. Brown, recently bumped up its stake to more than 11%, believing steadfast in Otis's potential to add resource ounces. 

The junior gold explorer has been working on permitting its next planned drilling program at Kilgore for the past year. The permits are for the construction of about 1,500 metres of new roads in the north target area of the property, where several bulk tonnage intercepts of greater than 80 metres were intercepted early in 2013. Of these past holes, all of which were located outside of the existing Kilgore deposit, 82.3 metres of 0.95 grams per tonne (g/t) gold was intercepted, as well as 121.9 metres of 1.04 g/t gold. 

"We have been buying shares in Otis since early 2013 and we believe that it will be one of the surviving and successful gold companies based on the gold resource at the Kilgore project in the mining friendly state of Idaho," said Pacific Opportunity's Brown in emailed comments. 

"Craig Lindsay is also a friend and he has run successful companies in the past," he added, referring to the Otis CEO's previous venture as a founder and president of Magnum Uranium until its merger in 2009 with Energy Fuels (TSE:EFR), a big U.S. uranium supplier listed on the Toronto Stock Exchange. 

Earlier this month, Pacific Opportunity announced that between last July and March 7 of this year, it acquired a total of 2.545 million common shares and 1.0 million warrants of Otis in the public market and as part of a private placement financing last October, with prices ranging from 3.5 cents to 6 cents per share. Otis's closing price on Tuesday was 8 cents. 

Together with the warrants, Pacific's stake in Otis, along with Brown's himself, now represents 11.6% on a partially diluted basis. 

Brown said that Pacific was selling some shares of companies that it "no longer believed in but that [it] had a significant profit in", and thus planned to invest those funds into companies "with good management that [it] felt had projects that were very undervalued". 

In came Otis, with Brown citing management and the potential of Kilgore as the two chief reasons for investing in the gold junior. 

"Kilgore’s style of keeping overhead costs low, a relatively tight share structure, a project with a gold resource which we believe can be made larger through exploration, combined with good management and a depressed gold market for publically listed companies are all factors that lead us to take a significant shareholding in Otis," the Pacific Opportunity Capital president explained.

Pacific, as an active investor, also plans to help Otis raise additional funds as needed to move the project ahead, with management planning to expand the resource through the additional drilling. 

"We believe that is what will add value to the share price and also what very selective investors are looking for in the gold market these days – some would call it low hanging fruit," wrote Brown in his comments. 

In a recent update, Otis said that based on the company's discussions with permitting authorities, it expects to be able to initiate a drilling program by this July. The gold explorer has already prepared a preliminary budget for its work program, with the base plan consisting of road construction, 3,000 metres of reverse circulation drilling into the north target, and further metallurgical testing. 

The company then plans to follow this with an updated NI 43-101 compliant resource estimate, while it also intends to start a preliminary economic assessment. All of these plans, however, are subject to financing. 

Otis, like many junior mining companies, has been cutting back on costs to save on cash amid a weak capital market environment. It rationalized its office space in Washington and is monitoring all corporate and exploration expenses. 

"2014 will be a year where many junior companies don’t survive and POC has selectively invested in companies that have depressed share prices that have significant upside potential with an increasing gold price and by adding resource ounces," Brown said. 

While Brown's confidence in Otis Gold is certainly evident, it is important to see this demonstrated with insiders of the company, something that too often is not present in many junior mining companies these days. 

Otis's Lindsay, however, feels strongly about the importance of insiders buying into their company in tough markets, saying this act is "usually a precursor to a turnaround in a stock in a down market." Lindsay himself has purchased more than 3.4 million shares in Otis since last May, also now owning over 10%. 

"The stock has been incredibly undervalued," Lindsay says. 

The Kilgore deposit in Idaho currently contains an NI 43-101 indicated resource of 520,000 gold ounces in 27.4 million tonnes at a grade of 0.59 grams per tonne (g/t) and an inferred resource of 300,000 ounces in 20.2 million tonnes at a grade of 0.46 g/t.   

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Wed, 26 Mar 2014 09:50:00 -0400 http://www.proactiveinvestors.com/companies/news/100516/otis-gold-a-survivor-success-in-the-wings-says-pacific-opportunitys-mark-brown-53004.html
<![CDATA[News - Otis Gold expects to drill at Kilgore project by July ]]> http://www.proactiveinvestors.com/companies/news/100390/otis-gold-expects-to-drill-at-kilgore-project-by-july--52827.html Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF) provided investors Tuesday with an update on its operations, saying that permitting progress is being made for its next planned drilling program at its Kilgore gold project in Idaho. 

The permits are for the construction of about 1,500 metres of new roads in the north target area of the property, where several bulk tonnage intercepts of greater than 80 metres were intercepted early last year. Highlights of these past holes, all of which are located outside of the existing Kilgore deposit, include 82.3 metres of 0.95 grams per tonne (g/t) gold and 121.9 metres of 1.04 g/t gold. 

Otis said Tuesday that the U.S. Forest Service requested several months of water quality data from a number of locations throughout the project area in advance of granting the permits necessary, with the company continuing monthly water sampling "above and beyond immediate permitting requirements."

Based on the company's discussions with permitting authorities, Otis said it expects to be able to initiate a drilling program by this July. 

The gold explorer has already prepared a preliminary budget for its work program, with the base plan consisting of road construction, 3,000 metres of reverse circulation drilling into the north target, and further metallurgical testing. 

The company then plans to follow this with an updated NI 43-101 compliant resource estimate, while it also intends to start a preliminary economic assessment. 

All of these plans are subject to financing, the company noted. Otis, like many junior mining companies, has been trying to cut back on costs to save on cash amid a weak capital market environment. 

The company said it continues to "diligently manage" its cash resources, rationalizing its office space in Washington and monitoring all corporate and exploration expenses. 

"We remain very excited about the growth potential at Kilgore, and are committed to advancing the project," said Otis CEO Craig Lindsay in a release today.

"To achieve our goals we are reviewing a broad range of alternatives to creatively advance Otis and our property portfolio. The company is very appreciative of the support it has received from its shareholders as we continue to navigate challenging market conditions."            

Separately, Otis also announced that at its recent annual general meeting of shareholders, investors approved all motions put forth, with incumbent directors, including CEO Lindsay, re-elected for the coming year.

The Kilgore deposit in Idaho currently contains an NI 43-101 indicated resource of 520,000 gold ounces in 27.4 million tonnes at a grade of 0.59 grams per tonne (g/t) and an inferred resource of 300,000 ounces in 20.2 million tonnes at a grade of 0.46 g/t.    

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Tue, 18 Mar 2014 13:17:00 -0400 http://www.proactiveinvestors.com/companies/news/100390/otis-gold-expects-to-drill-at-kilgore-project-by-july--52827.html
<![CDATA[News - Otis Gold CEO buys more company stock ahead of key permit ]]> http://www.proactiveinvestors.com/companies/news/99192/otis-gold-ceo-buys-more-company-stock-ahead-of-key-permit-50942.html Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF) CEO Craig Lindsay has acquired $9,500 worth of company shares this month, proving his confidence in the junior gold explorer as he continues to build his position. 

With filings made at the end of last week, Lindsay purchased 150,000 shares at 4 cents apiece through the public market on December 20, as well as 25,000 shares at 5 cents each and 50,000 shares at 4.5 cents each on December 6. All the filings were made on December 20. 

The stock is currently trading at 4 cents. It soared last month over 25% in the the wake of news that the junior gold explorer is making progress in obtaining a permit to build 1,200 metres of new roads at its Kilgore project for further drilling.

The chief executive's confidence in the company is evident in the fact that he has been adding to his stake in Otis aggressively since the start of the year, recently taking up 1 million units of a 6.3 million-unit private placement financing, which raised $0.3 million in new funds.

The permit the company is seeking for its flagship Idaho project is from the United States Forest Service (USFS), with the roads to be used for additional drilling to extend beyond the northern limit of the deposit.

The new drilling will offset intercepts that include two core holes from 2011, which had grades of 0.89 grams per tonne (g/t) gold over 100 metres, and three reverse circulation holes from last year, which saw grades as high as 2.1 g/t gold over 30.5 metres and 1.04 g/t gold over 121.9 metres. 

The junior gold explorer, which is aiming to advance the project to the next stages, said the program is necessary in order to prepare a future preliminary economic assessment (PEA). 

Earlier this year, the company submitted a plan of operations to the USFS to build new access roads so it could drill up to 7,000 metres from 12 drill sites, and extend the current Kilgore depost at least 400 metres beyond its present northern limit. 

Otis is now in the process of preparing the environmental assessment, with a first draft expected by early January, and barring any unforseen delays, the company said it believes a permit could be issued at the beginning of next year's drill season. 

The Kilgore deposit in Idaho contains an NI 43-101 indicated resource of 520,000 gold ounces in 27.4 million tonnes at a grade of 0.59 grams per tonne (g/t) and an inferred resource of 300,000 ounces in 20.2 million tonnes at a grade of 0.46 g/t.    

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Mon, 23 Dec 2013 16:25:00 -0500 http://www.proactiveinvestors.com/companies/news/99192/otis-gold-ceo-buys-more-company-stock-ahead-of-key-permit-50942.html
<![CDATA[News - Otis Gold's CEO buys up 60,000 more company shares as stock surges ]]> http://www.proactiveinvestors.com/companies/news/98530/otis-golds-ceo-buys-up-60000-more-company-shares-as-stock-surges-49938.html Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF) CEO Craig Lindsay acquired 60,000 more company shares at the end of last week, on a day when the stock soared 25% in the wake of news that the junior gold explorer is making progress in obtaining a permit to build 1,200 metres of new roads at its Kilgore project for further drilling.

Lindsay acquired 50,000 shares on Friday at six cents apiece in the public market, and 10,000 shares at 7 cents, with the stock closing up at 7.5 cents. The chief executive's confidence in the company is evident in the fact that he has been adding to his stake in Otis aggressively since the start of the year, recently taking up 1 million units of a 6.3 million-unit private placement financing, which raised $0.3 million in new funds.

The permit the company is seeking for its flagship Idaho project is from the United States Forest Service (USFS), with the roads to be used for additional drilling to extend beyond the northern limit of the deposit.

The new drilling, Otis said in a statement Friday, will offset intercepts that include two core holes from 2011, which had grades of 0.89 grams per tonne (g/t) gold over 100 metres, and three reverse circulation holes from last year, which saw grades as high as 2.1 g/t gold over 30.5 metres and 1.04 g/t gold over 121.9 metres. 

The junior gold explorer, which is aiming to advance the project to the next stages, said the program is necessary in order to prepare a future preliminary economic assessment (PEA). 

Earlier this year, the company submitted a plan of operations to the USFS to build new access roads so it could drill up to 7,000 metres from 12 drill sites, and extend the current Kilgore depost at least 400 metres beyond its present northern limit. 

Otis is now in the process of preparing the environmental assessment, with a first draft expected by early January, and barring any unforseen delays, the company said it believes a permit could be issued at the beginning of next year's drill season. 

The Kilgore deposit in Idaho contains an NI 43-101 indicated resource of 520,000 gold ounces in 27.4 million tonnes at a grade of 0.59 grams per tonne (g/t) and an inferred resource of 300,000 ounces in 20.2 million tonnes at a grade of 0.46 g/t.         

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Mon, 18 Nov 2013 09:38:00 -0500 http://www.proactiveinvestors.com/companies/news/98530/otis-golds-ceo-buys-up-60000-more-company-shares-as-stock-surges-49938.html
<![CDATA[News - Otis Gold makes progress in permitting plans for Kilgore project ]]> http://www.proactiveinvestors.com/companies/news/98516/otis-gold-makes-progress-in-permitting-plans-for-kilgore-project-49916.html Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF) shares are rising in the wake of news that it is in the process of obtaining a permit from the United States Forest Service (USFS) to build roughly 1,200 metres of new roads at its Kilgore project in Idaho. 

These roads will be used for additional drilling at the site, to extend beyond the northern limit of the deposit, where the company has drilled +100 metre thick core and reverse circulation intercepts on the edge of the current drill pattern.

It will offset intercepts that include two core holes from 2011, which had grades of 0.89 grams per tonne (g/t) gold over 100 metres, and three reverse circulation holes from last year, which saw grades as high as 2.1 g/t gold over 30.5 metres and 1.04 g/t gold over 121.9 metres. 

Earlier this year, the company submitted a plan of operations to the USFS to build new access roads so it could drill up to 7,000 metres from 12 drill sites, and extend the current Kilgore depost at least 400 metres beyond its present northern limit. Otis is hoping to extend the deposit into an area characterized by a continuous gold-in-soil anomaly along strike of the suspected feeder structure, it said.

The junior gold explorer, which is aiming to advance the project to the next stages, said the program is necessary in order to prepare a future preliminary economic assessment (PEA). 

Next year, depending on the receipt of the USFS permit and adequate financing, the company is planning to construct exploration roads and drill sites, and complete the 7,000 metres of drilling, as well as undertake geologic mapping and bulk sampling of the new roads and establish a ground water monitoring well. 

The plan of operations that was submitted to the U.S. agency preceded an extended public comment and review period, in which three parties stood to file an objection, but the USFS team concluded an environmental assessment is enough to address issues surrounding erosion control, soils, wildlife, vegetation, and road engineering, among other topics.

Otis is now in the process of preparing the environmental assessment, with a first draft expected by early January, and barring any unforseen delays, the company said it believes a permit could be issued at the beginning of next year's drill season. 

Last month, the company raised just over $0.3 million through a non-brokered private placement financing, providing the necessary capital to continue permitting activities at Kilgore, with the small size of the fundraise minimizing dilution to existing shareholders. 

The Kilgore deposit in Idaho contains an NI 43-101 indicated resource of 520,000 gold ounces in 27.4 million tonnes at a grade of 0.59 grams per tonne (g/t) and an inferred resource of 300,000 ounces in 20.2 million tonnes at a grade of 0.46 g/t.                 

Shares of Otis picked up one penny to 7 cents. 

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Fri, 15 Nov 2013 12:54:00 -0500 http://www.proactiveinvestors.com/companies/news/98516/otis-gold-makes-progress-in-permitting-plans-for-kilgore-project-49916.html
<![CDATA[News - Otis Gold closes on $0.3 mln financing, CEO takes up 1 mln units ]]> http://www.proactiveinvestors.com/companies/news/98119/otis-gold-closes-on-03-mln-financing-ceo-takes-up-1-mln-units-49272.html Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF) has raised just over $0.3 million through a non-brokered private placement financing, the company announced Friday, with the chief executive taking up a substantial portion of the offering.

The junior gold explorer issued 6.3 million units at a price of 5 cents apiece. Each unit is made up of one common share and one share purchase warrant, with every warrant good for an additional common share at a price of 10 cents each for a period of 18 months from closing. 

The company said the proceeds would be used for general working capital.  President and CEO of Otis, Craig Lindsay, subscribed for 1.0 million of the units in the placement. 

The financing is part of the Vancouver-based company's plan to withstand challenges sweeping across the junior mining landscape. "This funding will provide the necessary capital to continue permitting activities at Kilgore, and the small size will minimize dilution to existing shareholders," said CEO Craig Lindsay in an interview with Proactive Investors last month, when the initial financing was announced. “We have worked very hard to minimize our operating costs over the first 9 months of 2013, and will continue to maintain our low overheads.

"As well, unlike many juniors, we own a 100% interest in our core properties, and thus have no earn-in requirements on our mineral projects apart from annual claim maintenance costs.  As a result, we have not had to rationalize our property ownership positions by dropping projects.”

Lindsay's confidence in the company is highlighted by the fact that the chief executive has been adding to his stake in Otis aggressively since the start of the year. 

In May, Otis filed its intention to build approximately 1,550 metres of roads into the North Target Area, which is next to the existing Kilgore Gold deposit, and in an area that recently returned "strong drilling results" such as 121.9 metres of 1.04 grams per tonne (g/t) gold.  The Kilgore deposit in Idaho contains an NI 43-101 indicated resource of 520,000 gold ounces in 27.4 million tonnes at a grade of 0.59 grams per tonne (g/t) and an inferred resource of 300,000 ounces in 20.2 million tonnes at a grade of 0.46 g/t. 

Otis Gold also earlier this year announced a partnership that allows Lateral Gold to earn up to a 100 per cent interest in the Oakley Gold project in Idaho, as a means to raise cash for Kilgore. 

Separately, Otis said Friday that Norm Eyolfson has resigned from the board of directors to pursue other activities. 

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Fri, 25 Oct 2013 13:03:00 -0400 http://www.proactiveinvestors.com/companies/news/98119/otis-gold-closes-on-03-mln-financing-ceo-takes-up-1-mln-units-49272.html
<![CDATA[News - Otis Gold to raise up to $300,000 for Idaho project ]]> http://www.proactiveinvestors.com/companies/news/97620/otis-gold-to-raise-up-to-300000-for-idaho-project-48480.html The company will issue up to 6.0 million units at a price of 5 cents apiece, with unit to be made up of one common share and one share purchase warrant. Every warrant can be used to buy an additional share, at a price of 10 cents each for a period of 18 months from closing.    The financing is part of the Vancouver-based company's plan to withstand challenges sweeping across the junior mining landscape. "This funding will provide the necessary capital to continue permitting activities at Kilgore, and the small size will minimize dilution to existing shareholders," said CEO Craig Lindsay in an interview with Proactive Investors today. “We have worked very hard to minimize our operating costs over the first 9 months of 2013, and will continue to maintain our low overheads.
"As well, unlike many juniors, we own a 100% interest in our core properties, and thus have no earn-in requirements on our mineral projects apart from annual claim maintenance costs.  As a result, we have not had to rationalize our property ownership positions by dropping projects.”
Lindsay's confidence in the company is highlighted by the fact that the chief executive has been adding to his stake in Otis aggressively since the start of the year. In fact, since May of this year, Lindsay has purchased 1.555 million shares in the open market.  His direct holdings amount to 4.2 per cent of the company, and he states “I will be continuing to add to my position in the company.”
In May, Otis filed its intention to build approximately 1,550 metres of roads into the North Target Area, which is next to the existing Kilgore Gold deposit, and in an area that recently returned "strong drilling results" such as 121.9 metres of 1.04 grams per tonne (g/t) gold.  The Kilgore deposit in Idaho contains an NI 43-101 indicated resource of 520,000 gold ounces in 27.4 million tonnes at a grade of 0.59 grams per tonne (g/t) and an inferred resource of 300,000 ounces in 20.2 million tonnes at a grade of 0.46 g/t.    Otis Gold also earlier this year announced a partnership that allows Lateral Gold to earn up to a 100 per cent interest in the Oakley Gold project in Idaho, as a means to raise cash for Kilgore.    The proposed financing announced Friday still needs the approval of the TSX Venture Exchange. ]]>
Fri, 27 Sep 2013 09:35:00 -0400 http://www.proactiveinvestors.com/companies/news/97620/otis-gold-to-raise-up-to-300000-for-idaho-project-48480.html
<![CDATA[News - Otis Gold's CEO loads up on more company stock ]]> http://www.proactiveinvestors.com/companies/news/97497/otis-golds-ceo-loads-up-on-more-company-stock--48276.html Otis Gold Corp's (CVE:OOO) chief executive has added once more to his substantial stake in the company, acquiring 91,000 shares in one transaction alone at 5 cents apiece. 

The purchase of 91,000 shares, made by president and CEO Craig Lindsay yesterday, is worth some $4,550, and comes on top of the 100,000 shares he acquired just a few weeks ago, and the 850,000 shares Lindsay bought at the end of July, at 3.5 cents apiece. In fact, since May of this year, Lindsay has purchased 1.555 million shares in the open market. Publicly, his direct holdings amount to 4.2 per cent of the company. 

Otis's shares are currently trading up slightly, at 5.5 cents. 

The Vancouver-based company, which operates exploration projects in Idaho, says it is poised to withstand challenges sweeping across the junior mining landscape. 

"We are chasing lots of different opportunities right now from financings to developing relationships with producing mining companies, to joint ventures. It's a busy time for Otis," said Lindsay in an interview with Proactive Investors earlier this year. 

Part of those discussions centre around raising capital for activities at its flagship Kilgore Gold project, including drilling, environmental baseline studies, permitting and the start of a preliminary economic assessment report. 

"We are very mindful of the need to control costs, continue funding Kilgore and minimize any potential dilution to existing shareholders," added Lindsay in a statement in May, saying the project is subject to no underlying royalties, and property maintenance costs are only $36,000 per year for the company's entire property portfolio. 

In May, Otis Gold filed its intention to build approximately 1,550 metres of roads into the North Target Area, which is next to the existing Kilgore Gold deposit,  and in an area that recently returned "strong drilling results" such as 121.9 metres of 1.04 grams per tonne (g/t) gold.  The Kilgore deposit in Idaho contains an NI 43-101 indicated resource of 520,000 gold ounces in 27.4 million tonnes at a grade of 0.59 grams per tonne (g/t) and an inferred resource of 300,000 ounces in 20.2 million tonnes at a grade of 0.46 g/t. 

Otis Gold also earlier this year announced a partnership that allows Lateral Gold to earn up to a 100 per cent interest in the Oakley Gold project in Idaho as a means to raise cash. 

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Fri, 20 Sep 2013 10:26:00 -0400 http://www.proactiveinvestors.com/companies/news/97497/otis-golds-ceo-loads-up-on-more-company-stock--48276.html
<![CDATA[News - Otis Gold's CEO boosts his position, buys up 100,000 shares in the last week ]]> http://www.proactiveinvestors.com/companies/news/97172/otis-golds-ceo-boosts-his-position-buys-up-100000-shares-in-the-last-week-47709.html In a sign of confidence in the company, Otis Gold Corporation's (CVE:OOO) chief executive officer has loaded up on shares this week.

President and CEO Craig Lindsay has added 100,000 shares to his position in Otis Gold at a price of $0.055 in the last week. The company's shares closed at 5 cents on Tuesday. The latest purchase is on top of the 850,000 shares Lindsay bought at the end of July, at $0.035 apiece. 

The Vancouver-based company, which operates exploration projects in Idaho, says it is poised to withstand challenges sweeping across the junior mining landscape. 

"We are chasing lots of different opportunities right now from financings to developing relationships with producing mining companies, to joint ventures. It's a busy time for Otis," said Lindsay in an interview with Proactive Investors in March. 

Part of those discussions centre around raising capital for activities at its flagship Kilgore Gold project, including drilling, environmental baseline studies, permitting and the start of a preliminary economic assessment report. 

"We are very mindful of the need to control costs, continue funding Kilgore and minimize any potential dilution to existing shareholders," added Lindsay in a statement in May, saying the project is subject to no underlying royalties, and property maintenance costs are only $36,000 per year for the company's entire property portfolio. 

In May, Otis Gold filed its intention to build approximately 1,550 metres of roads into the North Target Area, which is next to the existing Kilgore Gold deposit,  and in an area that recently returned "strong drilling results" such as 121.9 metres of 1.04 grams per tonne (g/t) gold.  The Kilgore deposit in Idaho contains an NI 43-101 indicated resource of 520,000 gold ounces in 27.4 million tonnes at a grade of 0.59 grams per tonne (g/t) and an inferred resource of 300,000 ounces in 20.2 million tonnes at a grade of 0.46 g/t. 

Otis Gold also earlier this year announced a partnership that allows Lateral Gold to earn up to a 100 per cent interest in the Oakley Gold project in Idaho as a means to raise cash. 

The stock was unchanged on Wednesday morning, holding steady at 5 cents.

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Wed, 04 Sep 2013 10:38:00 -0400 http://www.proactiveinvestors.com/companies/news/97172/otis-golds-ceo-boosts-his-position-buys-up-100000-shares-in-the-last-week-47709.html
<![CDATA[News - Otis Gold to be a guest on The Next Biggest Winner this wknd ]]> http://www.proactiveinvestors.com/companies/news/95746/otis-gold-to-be-a-guest-on-the-next-biggest-winner-this-wknd-45215.html Otis Gold (CVE:OOO) will be featured as a guest on an episode of The Next Biggest Winner, a nationally televised investment show focused on small-cap and mid-cap companies, that will be airing across Canada this weekend. 

Otis will appear alongside Northern Graphite Corp (CVE:NGC) and Iplayco Corp (CVE:IPC). 

President and CEO of Otis, Craig Lindsay, will discuss the company's Kilgore Gold deposit in Idaho, which contains an NI 43-101 indicated resource of 520,000 gold ounces in 27.4 million tonnes at a grade of 0.59 grams per tonne (g/t) and an inferred resource of 300,000 ounces in 20.2 million tonnes at a grade of 0.46 g/t. 

The Vancouver-based company, which operates exploration projects in Idaho, says it is poised to withstand challenges sweeping across the junior mining landscape. "We are chasing lots of different opportunities right now from financings to developing relationships with producing mining companies, to joint ventures. It's a busy time for Otis," said Lindsay in an interview with Proactive Investors in March.             

Meanwhile, CEO of Northern Graphite, Gregory Bowes, will discuss the overall graphite market and the development of its Bissett Creek mining lease, while CFO of Iplayco, Max Liszkowski will talk about the company's recently awarded $2.3 million sales agreement. 

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Thu, 20 Jun 2013 12:47:00 -0400 http://www.proactiveinvestors.com/companies/news/95746/otis-gold-to-be-a-guest-on-the-next-biggest-winner-this-wknd-45215.html
<![CDATA[News - Otis Gold's CEO buys company shares ]]> http://www.proactiveinvestors.com/companies/news/95060/otis-golds-ceo-buys-company-shares-44035.html In a sign of confidence in the company, Otis Gold Corporation's (CVE: OOO) chief executive officer has loaded up on shares this week.

President and CEO Craig Lindsay has added 50,000 shares to his position in Otis Gold at a price of $0.075, a seven per cent premium on Thursday's close. 

The Vancouver-based company, which operates exploration projects in Idaho, says it is poised to withstand challenges sweeping across the junior mining landscape. 

"We are chasing lots of different opportunities right now from financings to developing relationships with producing mining companies, to joint ventures. It's a busy time for Otis," said Lindsay in an interview with Proactive Investors in March. 

Part of those discussions centre around raising capital for its flagship Kilgore Gold project.

This month, Otis Gold filed its intention to build approximately 1,550 meters of roads into the North Target Area, which is next to Kilgore Gold. 

Otis Gold also announced a partnership that allows Lateral Gold to earn up to a 100 per cent interest in the Oakley Gold Project. 

The stock was unchanged as of 2:52 pm ET this afternoon.

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Fri, 17 May 2013 15:24:00 -0400 http://www.proactiveinvestors.com/companies/news/95060/otis-golds-ceo-buys-company-shares-44035.html
<![CDATA[News - Otis Gold says it is in good position to weather ongoing downturn for juniors as development of Kilgore continues ]]> http://www.proactiveinvestors.com/companies/news/94746/otis-gold-says-it-is-in-good-position-to-weather-ongoing-downturn-for-juniors-as-development-of-kilgore-continues-43517.html

Otis Gold Corp.(CVE:OOO)(OTCQX:OGLDF) has provided an update to its shareholders Monday, saying it is in a "very good position" to weather the downward trend in junior financial markets, with the company continuing to engage in discussions with potential partners to fund its Kilgore project in Idaho.           

"We are very mindful of the need to control costs, continue funding Kilgore and minimize any potential dilution to existing shareholders," said president and CEO of the Canadian junior exploration company, Craig Lindsay, in a statement released this morning. 

"We remain very excited about Kilgore's development potential, and are working diligently to advance the project. Given that we own 100% of Kilgore, the project is subject to no underlying royalties, and property maintenance costs are only $36,000 per year for our entire property portfolio, we are in a very good position to weather the ongoing downturn in junior financial markets."

As part of its development plan, the company says it has submitted a plan of operations to the Caribou-Targhee National Forest to build around 1,550 metres of roads into the North Target area, located right next to the existing Kilgore gold deposit, and in an area that recently returned "strong drilling results" such as 121.9 metres of 1.04 grams per tonne (g/t) gold. 

Once the permit is received, four roads will be constructed ahead of a planned drill program in the North Target area, where the company is looking to drill another 7,000 metres. 

The property, which is equipped with existing power and water, is spread across 5,130 acres in southeastern Idaho, 60 miles north of Idaho Falls, and is accessible by road around 32 miles northeast of the town of Dubois and 15 miles east of Interstate Highway 15.

Otis has been in "wide-ranging" discussions with potential investors and strategic partners, it said, in connection with financing activities at the project, including drilling, environmental baseline studies, permitting and the start of a preliminary economic assessment report. 

In light of the challenging state of capital markets in the junior mining sector, the company's management has implemented a number of cost-cutting measures, Otis said, to reduce its monthly cash burn, while at the same time dedicating enough resources for the continued development of Kilgore. 

As a means to raise cash for Kilgore, the company decided to joint venture its Oakley project in Idaho with Lateral Gold Corp (CVE:LTG), allowing Lateral to earn up to a 100 per cent in the property over a 7.5 year period. Otis said Monday that the TSX-Venture Exchange has now approved the deal, with initial cash and share payments received. 

"We are chasing lots of different opportunities right now from financings to developing relationships with producing mining companies, to joint ventures. It's a busy time for Otis," said CEO Lindsay in an interview with Proactive Investors in March. 

"We're always looking quite aggressively at acquiring properties as well, with a regional focus on the western U.S. This is the time to be opportunistic, but we will need a strategic partner for this type of transaction."

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Mon, 06 May 2013 09:36:00 -0400 http://www.proactiveinvestors.com/companies/news/94746/otis-gold-says-it-is-in-good-position-to-weather-ongoing-downturn-for-juniors-as-development-of-kilgore-continues-43517.html