PC Gold Inc.

PC Gold Inc.

March 08, 2010 07:30 ET

PC Gold Hits Abundant Visible Gold in Two Thick Intercepts of the Newly Discovered No. 19 Vein; Drills 8.23 g/t Gold Over 7.6 Metres; Assays Pending for Second Hole

OTTAWA, ONTARIO--(Marketwire - March 8, 2010) - PC Gold Inc. (TSX:PKL) is pleased to report that additional drilling on the newly discovered No. 19 vein (news release, February 11, 2010) has returned two thick intercepts with abundant visible gold in wedge holes PC-10-052-W01 and W02. The width and grade of the two new intercepts establish the No. 19 vein as a major new high-grade discovery. This relatively shallow vein is located close to historical workings and is likely, with further drilling, to contribute significantly to the development of the property. Assays for the first of the two holes drilled through the No. 19 vein have been received and are presented below. Assays for the second hole, which includes visible gold occurring along the full length of the vein intercept, are expected in approximately two weeks. The core from the first intercept can be viewed between today and Wednesday at the Company's booth (#2500) at the annual Prospectors and Developers Association of Canada (PDAC) show in Toronto.

No. 19 Vein Highlights:

  • Hole PC-10-052-W01: 8.23 g/t gold over 7.6 metres (0.24 oz/ton over 24.9 feet) from 492.50 metres to 500.10 metres
    • including 19.37 g/t gold over 1.8 metres (0.57 oz/ton over 5.9 feet) and
    • including 36.70 g/t gold over 0.6 metres (1.07 oz/ton over 2.0 feet)
  • Hole PC-10-052-W02: Cut the No. 19 vein zone from 530.42 metres to 531.85 metres with visible gold and then again from 539.51 metres to 543.43 metres with abundant coarse-grained visible gold (assays pending). These intercepts are approximately 35 metres beneath the PC-10-052-W01 intercept.

Commenting on the results, Kevin Keough, President and CEO said: "Historically one of the most important ore bodies in the Pickle Crow gold mine was the No. 2 vein, located within a large body of porphyry at Shaft 3. The No. 2 vein accounted for several hundred thousand ounces of production. 

This new vein, No. 19, is hosted within the same porphyry body to the southwest of the No. 2 vein, and shows all the hallmarks of being another No. 2. We believe there's a strong possibility that there are others like it elsewhere in this large porphyry, which has a strike length of 1800 metres and is up to 200 metres wide. We plan to carry out definition drilling of this exciting new discovery in the near future."

Location maps and a section for the holes and vein intercepts discussed in this news release can be viewed on the Company's website at: http://www.pcgold.ca/en/Drilling_2010_-_Maps,_Sections_90.html 

Table 1. Significant Results: 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. Assay values are uncut.

Hole Area Target From (m) To (m) Width (m) Au (g/t)
PC-10-052-W01 Shaft 1 No. 19 Vein 492.50 500.10 7.60 8.23
Including     498.30 500.10 1.80 19.37
Including     498.30 498.90 0.60 36.70

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.

Warrant Expiry Notice

Shareholders holding PC Gold 70 cent, 12 month warrants issued pursuant to a private placement financing closed March 12, 2009, are reminded that the warrants expire at 5:00 p.m. EST on March 12, 2010. Warrant subscription forms should be completed, executed and surrendered, along with payment of $0.70 per share, to the warrant agent, as follows: DSA Corporate Services Inc., 50 Richmond Street East, Suite 101, Toronto, Ontario M5C 1N7. Attention: Mr. Shaun Drake. Tel: (416) 848-0107.

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

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