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TORONTO, ONTARIO–(Marketwire – June 25, 2012) – PC Gold Inc. (“PC” or the “Company”) (TSX:PKL)(FRANKFURT:AJ2) is pleased to report the final results from the 2012 drill program targeting the newly identified No. 22 (444.38 g/t over 1.50 metres, see news release January 11th, 2012) and No. 23 (10.73 g/t over 4.30 metres, see Press Release June 4th, 2012) vein zones located in the Shaft 3 area at the former producing Pickle Crow Gold Mine.
No. 23 Vein Zone Highlights:
JP Chauvin, President and CEO, stated: “The consistency and grade of the No. 23 vein zone is impressive. The success of our recent exploration efforts on the newly identified No. 22 and No. 23 vein zones provides validity to our belief that there is a significant opportunity to find further high-grade veins close to the historic mine workings.”
PC drilled a total of 4,579 metres in 28 holes during this drill program which was completed on May 15th. The drill program intersected veining in 25 of 28 holes, twelve of which encountered visible gold, one of which (PC-12-253) returned 137.19 g/t gold over 1.00 metre with abundant fine-grained visible gold (see Press Release March 5th, 2012). Results for holes PC-12-275 through PC-12-280 are tabulated in Table 1. below.
The No. 22, 23 and other shallow high-grade veins in the Shaft 3 area are likely, with further drilling, to contribute additional resources to the Pickle Crow Mine which currently hosts a 1.26 million ounce NI 43-101 inferred gold resource* (10,150,000 tonnes averaging 3.9 g/t gold, cut, diluted and constrained). This includes a higher grade underground component comprising 1.1 million ounces averaging 5.4 g/t gold, including a high grade vein component of 600,000 ounces averaging 9.3 g/t gold, which the Company is focused on proving up.
The No. 22 and 23 Vein Zones are hosted within volcanic and gabbroic rocks of the Confederation Assemblage, which traditionally were not thought to host Pickle Crow type veins, and therefore have experienced little exploration. The lack of historic exploration and drilling on this part of the core mine trend is further explained due extensive swamp cover obscuring the surface projection of these veins.
The No. 23 Vein Zone is located approximately 400 m south of Shaft 3 and consists of upper, middle and lower veins possessing a south-southwest strike and plunging to the northeast. The stacked veining of the No. 23 Vein zone is reminiscent of the en-echelon vein system which comprises the historic, No. 2, 6, and 7 vein zones, the richest of the Shaft 3 veins, which produced ~500,000 oz of gold. At present the middle vein, referred to as the No. 23 Vein proper, is the most consistent with respect to grade and width. The upper vein is narrower and higher grade with 6 of 9 intercepts returning visible gold while the lower vein displays good widths but lower grades.
The east-west striking No. 22 Vein may represent the up dip projection of the high-grade No. 8 vein structure (mined from the 2850 to 2350 foot level). The No. 23 Vein does not correlate with any historical vein system and may represent a new focal point for multiple Shaft 3 type high-grade veins.
Maps and photographs of the vein intercepts discussed in this news release can be viewed on the Company’s website at: http://www.pcgold.ca/pr25jun2012/.
| Table 1: Shaft 3 Area Drilling Results | ||||||
| Hole ID | Zone | From (metres) |
To (metres) |
Width (metres) |
Au (g/t) |
Visible Gold |
| PC-12-275 | Upper Vein | 137.75 | 138.25 | 0.50 | 10.81 | Yes |
| No. 23 Vein | 189.00 | 191.50 | 2.50 | 4.47 | Yes | |
| Including | 190.50 | 191.00 | 0.50 | 14.97 | ||
| Lower Vein | 205.20 | 217.20 | 12.00 | 0.32 | ||
| Including | 209.50 | 210.00 | 0.50 | 2.27 | ||
| Quartz Vein Zone | 289.40 | 300.30 | 10.90 | 0.45 | ||
| Including | 289.40 | 289.90 | 0.50 | 3.93 | ||
| PC-12-276 | Upper Vein | 110.10 | 110.60 | 0.50 | 12.98 | |
| No. 23 Vein | 162.60 | 172.40 | 9.80 | 4.92 | Yes | |
| Including | 168.10 | 172.40 | 4.30 | 10.73 | ||
| Including | 170.00 | 171.00 | 1.00 | 39.12 | ||
| Lower Vein | 197.00 | 198.00 | 1.00 | 0.88 | ||
| PC-12-277 | Zone, Vein | 61.00 | 62.00 | 1.00 | 17.35 | |
| Upper Vein | 112.80 | 113.60 | 0.80 | 26.88 | Yes | |
| No. 23 Vein | 129.00 | 141.50 | 12.50 | 0.36 | ||
| Including | 129.00 | 130.60 | 1.60 | 1.20 | ||
| And | 138.20 | 139.00 | 0.80 | 2.14 | ||
| Lower Vein | 169.00 | 170.00 | 1.00 | 0.46 | ||
| PC-12-278 | Zone, Vein | 117.00 | 118.00 | 1.00 | 2.75 | |
| No. 22 Vein | 161.00 | 163.00 | 2.00 | 0.89 | ||
| PC-12-279 | Qtz-Ser Alt. & Veining | 48.90 | 67.00 | 18.10 | 0.48 | |
| Including | 50.00 | 54.80 | 4.80 | 1.04 | ||
| PC-12-280 | Upper Vein | 122.50 | 123.50 | 1.00 | 2.78 | Yes |
| Including | 123.00 | 123.50 | 0.50 | 4.01 | ||
| No. 23 Vein | 178.00 | 185.10 | 7.10 | 2.61 | Yes | |
| Including | 182.40 | 185.10 | 2.70 | 5.81 | ||
| Including | 184.10 | 185.10 | 1.00 | 13.35 | ||
| Lower Vein | 197.50 | 199.10 | 1.60 | 0.21 | ||
| Note: Reported widths are drilled core lengths; true widths are unknown at this time. All assays are performed by Accurassay Laboratories of Thunder Bay, Ontario. All assays reported are uncut. Reported widths are drilled core lengths, true widths are unknown at this time. |
*Bold, Italicized results were previously released, See June 4th, 2012 Press Release
QA/QC Procedures
PC Gold has implemented a rigorous quality assurance / quality control (QA/QC) program to ensure best practices in sampling and analysis of drill core, the details of which can be viewed on the Company’s website at http://www.pcgold.ca/en/QAQC_Procedures_46.html.
Neil Pettigrew, M.Sc., P.Geo., Vice President, Exploration for PC Gold and the Company’s Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release.
For more information please contact:
Website: www.pcgold.ca
Facebook: www.pcgold.ca/facebook/
Twitter: www.twitter.com/pcgoldinc/
* Entirely NI 43-101 Inferred category. The NI 43-101 resource estimate was prepared by Fladgate Exploration Consulting Corporation, and audited and approved by Micon International Limited under the direction of Mr. B. Terrence Hennessey, P.Geo., MAusIMM, Vice President of Micon, an independent Qualified Person as defined by NI 43-101. Mr. Neil Pettigrew, Vice President, Exploration for PC Gold and the Company’s Qualified Person, is also a partner in Fladgate. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured resource category.
A copy of the NI 43-101 compliant technical report dated June 2, 2011 containing full details of the resource estimation and entitled: “A Mineral Resource Estimate for the Pickle Crow Property, Patricia Mining Division, Northwestern Ontario, Canada” can be obtained from the Company’s website at: http://www.pcgold.ca/en/Technical_Reports_52.html.
This news release may contain forward looking statements concerning future operations of PC Gold Inc. All forward looking statements concerning the Company’s future plans and operations, including management’s assessment of the Company’s project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company’s control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
PC Gold Inc.
JP Chauvin, P. Eng.
President and Chief Executive Officer
(416) 867-8567
[email protected]
www.pcgold.ca
