PC Gold Inc.

PC Gold Inc.

November 04, 2009 11:35 ET

PC Gold Expands Conduit Discovery, Number of Conduit Gold Zones Increases to Three

OTTAWA, ONTARIO--(Marketwire - Nov. 4, 2009) - PC Gold Inc. (TSX:PKL) is pleased to provide an update on ongoing drilling of the new, near surface, Conduit Zone discovery at Pickle Crow. The discovery continues to expand with the confirmation of at least two adjacent, near surface gold zones similar to the original Conduit discovery (now termed "CZ1"). The two additional zones, designated "CZ2" and "CZ3" were identified by a review and re-interpretation of historical data and drill core from hole PC-08-021 (see news release (January 22 2009), and may offer future open pit potential.

Recent drilling has succeeded in further defining the CZ1 structure, which displays excellent continuity from near surface to more than 500 metres down plunge, with the highest grades occurring where it cuts through iron formation. The latest drilling has shown the CZ1 to be a blind, roughly pipe shaped, north-northwest trending, moderately plunging body, which has been folded and down-faulted along its length. The zone consists of a broad, low-grade envelope, with significantly higher grade subzones within it, and displays strong similarities to deposits in the Red Lake and Timmins camps. The CZ1 has now been drilled down plunge to the edge of a swamp, and pending winter freeze-up, drilling has shifted to the nearby CZ3.

This news release reports on results of five CZ1 diamond drill holes, PC-09-039 through 043 (see Table 1, below).

Holes PC-09-039 and 040 represent lateral step-outs (25 metres southwest and 35 metres northeast respectively) to hole PC-08-020 (news release January 22nd 2009).

Holes PC-09-041, 042, 043 were drilled down-plunge and were successful in tracing the CZ1 structure to depth. These holes intersected broad zones of highly anomalous conduit style mineralization hosted in mafic volcanic rocks.

Due to constraints on drill collar location imposed by swampy ground, holes PC-09-043 and 044 were not optimally located to test the down-plunge extension of the CZ1, particularly the point at which the CZ1 is projected to pass through a newly identified ultramafic unit. To ensure that further drilling of the down plunge extension of the CZ1 is carried out from the optimal direction, drilling will continue on CZ2 and CZ3 until winter freeze-up.

Table 1. Significant Results: Note: Due to the folded nature of the CZ1, true widths are not precisely known but are estimated to be ~70% of core length. All assays are performed by Accurassay Laboratories of Thunder Bay, Ontario. Assay values are uncut.

PC-09-039Albany ShaftNo. 14 Vein Zone182.00212.9030.901.10less than 1
 including  209.60212.903.305.111
 including  209.60210.000.4018.291
PC-09-040Albany ShaftCZ1118.00176.7058.700.57less than 1
 including  118.00131.0013.001.12less than 1
 including  129.40130.401.007.51less than 1
 and  169.60176.707.101.68less than 1
 including  176.00176.700.707.69less than 1
  No. 14 Vein Zone203.55208.204.651.55less than 1
 including  207.70208.200.507.77less than 1
PC-09-041Albany ShaftD Zone89.0089.500.501.162
  Unnamed Zone285.00285.400.403.052
 including  381.20386.004.800.672
 including  385.00386.001.001.562
PC-09-042Albany ShaftD Zone197.00198.001.000.93less than 1
  CZ1326.50374.5548.050.23less than 1
 including  326.50329.402.902.70less than 1
 including  326.50327.901.404.47less than 1
PC-09-043Albany ShaftCZ1365.00411.7046.700.23 
 including  392.40399.006.601.03 
 including  396.30396.900.602.12 

Core photos, a drill hole location map and an updated cross section for the holes discussed in this news release can be viewed on the Company's website at: http://www.pcgold.ca/en/Drilling_2009_-_Maps,_Sections_84.html

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 www.pcgold.ca

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.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

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