PC Gold Inc.
TSX : PKL

PC Gold Inc.

October 05, 2010 07:30 ET

PC Gold Drills 137.22 g/t Gold Over 1.95 m (4.00 oz/ton Over 6.40 ft) in the New High Grade No. 19 Vein, Including 380.12 g/t Gold Over 0.45 m (11.09 oz/ton Over 1.48 ft)

OTTAWA, ONTARIO--(Marketwire - Oct. 5, 2010) - PC Gold Inc. (TSX:PKL) is pleased to report results for 15 diamond drill holes and visual intercepts for an additional 5 holes targeting the new high grade No. 19 vein discovery, in addition to results from deep drilling below Shafts 1 and 3.

Highlights

  • No. 19 vein assays to 137.22 g/t gold over 1.95 m (4.00 oz/ton gold over 6.40 ft), including 380.12 g/t gold over 0.45 m (11.09 oz/ton gold over 1.48 ft) in hole PC-10-052-W10;
  • Visible gold in 10 of 18 new No. 19 vein intercepts;
  • Drilled No. 19 vein widths up to 7.70 m (PC-10-052-W15 – assays pending);
  • Drilled No. 19 vein zone widths up to 15.68 m (PC-10-052-W13 – assays pending);
  • Step out drilling down dip on the No. 19 vein expands the strike on the 2200 ft (670 m) level to greater than 100 m (PC-10-095), similar to the 120 m strike extent on the 1650 ft (502 m) level; down dip extent remains at 500 m; open in all directions;
  • No. 21 vein assays to 26.50 g/t gold over 1.00 m within a broader anomalous No. 21 vein zone which ran 0.86 g/t gold over 60.00 m in hole PC-10-088.

Commenting on the results, Kevin Keough, President and CEO, said: "The mid-depth No. 19 vein located lateral to the workings continues to impress with a high percentage of visible gold in intercepts. The vein shows all the hallmarks of being another No. 2 vein, historically the second most important producer on the property, which accounted for more than 300,000 ounces of historical production. Drilling to date suggests it is complex, with loops and splays, producing considerable variation in thickness and grade hole-to-hole, and excellent continuity east-west and down dip, where it remains open for expansion. We plan additional drilling on this important discovery along with the No. 21 vein discovery up-hole from it."

No. 21 Vein Discovery

In the hanging wall to the No. 19 vein, the new No. 21 vein discovery also continues to return encouraging numbers, such as 26.50 g/t gold over 1.00 m in hole PC-10-088 and 7.65 g/t gold over 1.50 m in hole PC-10-086-W03, within broader anomalous zones such as 0.86 g/t gold over 60.00 m in hole PC-10-088. A great number of gold bearing stringer quartz veins and shear zones, including the No. 21 vein, occur in the hanging wall to the No. 19 vein and appear to represent a continuation of the structure hosting the Sawmill and Powderhouse BIF zones to the west.

Deep Drilling

Four closely spaced deep wedge holes targeting the historically top-producing No. 1 vein structure below the Shaft 1 workings have successfully intercepted the vein between approximately 1,550 metres vertically from surface (approximately 680 metres below the lowest mined level for this vein), illustrating the continuity of the high grade veins on the property (see news release July 19, 2010). Although the structure was successfully intersected, all four holes returned low to modest values, which can be attributed to the nuggety nature of the vein and the fact that all four wedge holes deviated significantly from the projected high grade core area of the vein. Further drilling of the down plunge core areas of the vein is planned from a new set-up.

An initial deep test was also carried out below Shaft 3 in hole PC-10-085 and its two wedge holes. This drilling has confirmed continuity of the important No. 2 and No. 6-7 veins well below the Shaft 3 workings. Abundant quartz veining was observed in the 6-7 vein structure which was intersected 350 metres down plunge of the lowest worked level (2,850 ft / 870 m). Both wedge holes encountered talc-altered ultramafics at ~ 1,450 m down hole, which forced abandonment prior to final target depth. These ultramafics were associated with a broad, strongly anomalous zone returning 0.37 g/t gold over 17.65 m in hole PC-10-085W01 and 0.36 g/t gold over 23.40 m in hole PC-10-085W02. Further drilling of this important target area is planned.

Plan view location and section maps for the holes and intercepts 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 – No. 19 Significant Assay Results: Note: The Company's policy is to batch drill results, where practical. Widths reported in Table 1 are drilled core lengths. True widths are estimated to be between 45 and 70% of drilled core lengths. All assays are performed by Accurassay Laboratories of Thunder Bay, Ontario with check assays carried out by Activation Laboratories Ltd. of Ancaster, Ontario. Assay values are uncut.

Hole ID From
(metres)
To
(metres)
Width
(metres)
Au
(g/t)
Ag
(g/t)
  Comments
PC-10-052-W08 547.67 550.50 2.83 11.24 8   No. 19 Vein – VG*
Including 547.67 548.60 0.93 21.86 23    
Including 548.20 548.60 0.40 29.99 4    
PC-10-052-W09 525.30 528.15 2.85 0.72 2   No. 19 Vein - VG
Including 527.70 528.15 0.45 3.37 1    
PC-10-052-W10 - - - - -   Complete assays pending for this hole
  538.00 539.95 1.95 137.22 13   No. 19 Vein - VG
Including 538.50 539.95 1.45 178.78 17    
Including 539.50 539.95 0.45 380.12 27    
PC-10-052-W11 - - - - -   Complete assays pending for this hole
  527.30 529.00 1.70 9.05 5   No. 19 Vein - VG
Including 527.30 527.90 0.60 25.40 15    
PC-10-052-W12 493.20 493.30 0.10 - -   No. 19 Vein - assays pending
  504.70 505.10 0.40 - -   No. 19 Vein - assays pending
PC-10-052-W13 439.40 439.60 0.20 - -   Vein - assays pending
  465.12 465.50 0.38 - -   Vein - assays pending
  470.80 471.00 0.20 - -   Vein - assays pending
  490.32 506.00 15.68 - -   No. 19 Vein Zone – assays pending
Including 490.32 491.70 1.38 - -   No. 19 Vein – VG - assays pending
And 493.54 493.93 0.39 - -   No. 19 Vein - assays pending
And 497.05 497.20 0.15 - -   No. 19 Vein - assays pending
And 499.37 499.55 0.18 - -   No. 19 Vein - assays pending
And 505.32 506.00 0.68 - -   No. 19 Vein - VG -assays pending
PC-10-052-W14 439.80 439.90 0.10 - -   Vein - assays pending
  489.95 490.08 0.13 - -   No. 19 Vein - assays pending
  491.00 491.10 0.10 - -   No. 19 Vein - assays pending
  500.60 501.13 0.53 - -   Vein - assays pending
  511.73 511.93 0.20 - -   Vein - assays pending
PC-10-052-W15 462.90 464.00 1.10 - -   Vein - assays pending
  481.55 489.25 7.70 - -   No. 19 Vein Zone – assays pending
Including 481.55 482.65 1.10 - -   No. 19 Vein - assays pending
And 484.30 487.00 2.70 - -   No. 19 Vein - VG -assays pending
And 489.00 489.25 0.25 - -   No. 19 Vein - VG - assays pending
  503.90 504.30 0.40 - -   Vein - assays pending
PC-10-084-W01 603.50 605.00 1.50 0.75 <1   No. 19 Vein
PC-10-084-W03 612.57 613.18 0.61 11.52 1   No. 19 Vein – VG
PC-10-084-W04 614.50 615.40 0.90 68.03 2   No. 19 Vein – VG
PC-10-086-W01 619.00 621.00 2.00 0.70 <1   No. 21 Vein Zone
  716.00 717.50 1.50 0.46 <1   No. 19 Vein
PC-10-086-W01A 716.00 717.07 1.07 0.33 <1   No. 19 Vein
  722.00 723.50 1.50 0.71 <1   Zone
  725.00 727.50 2.50 2.74 <1   Zone
  744.60 746.30 1.70 1.76 <1   No. 19 Vein
Including 745.60 746.30 0.70 3.20 1    
  752.70 754.40 1.70 1.85 <1   Zone, Vein
PC-10-086-W02 594.50 622.50 28.00 0.64 <1   No. 21 Vein Zone – VG
Including 596.00 600.50 4.50 2.73 <1    
Including 596.00 597.50 1.50 5.20 <1    
  708.00 711.00 3.00 9.80 1   No. 19 Vein Zone
Including 708.00 709.50 1.50 16.82 1    
  729.00 730.50 1.50 1.38 <1   No. 19 Vein
  739.50 741.00 1.50 0.48 <1   Zone, Vein
  745.50 747.00 1.50 0.20 <1   Zone, Vein
  883.50 884.30 0.80 0.37 <1   Zone, Vein
  927.70 928.20 0.50 0.28 <1   Zone, Vein
PC-10-086-W03 423.00 426.50 3.50 0.91 2   New Zone
Including 423.00 423.50 0.50 3.97 2    
  495.40 496.00 0.60 7.65 1   Zone, Vein
  623.50 626.50 3.00 4.24 1   No. 21 Vein Zone
Including 625.00 626.50 1.50 7.83 1    
  652.00 653.50 1.50 1.00 <1   Zone
  682.00 685.70 3.70 1.43 <1   Zone
Including 685.20 685.70 0.50 4.50 1    
  696.90 698.40 1.50 1.96 <1   No. 19 Vein – VG
Including 696.90 697.40 0.50 4.52 1    
  785.50 787.00 1.50 0.70 <1   Zone
  845.50 860.50 15.00 0.33 <1   Anomalous Zone
Including 851.50 853.00 1.50 1.36 <1    
PC-10-086-W04 678.50 694.50 16.00 0.46 <1   No. 19 Vein Zone
  678.50 685.00 6.50 0.90 <2   No. 19 Vein
Including 684.00 685.00 1.00 1.93 <3    
  694.00 694.50 0.50 1.37 <4   Zone, Vein
PC-10-086-W05 492.00 496.50 4.50 2.72 -   No. 21 Vein Zone
Including 492.00 495.00 3.00 4.18 -    
Including 493.60 494.00 0.40 8.79 -    
  - - - - -   Hole in progress
PC-10-087 428.75 429.30 0.55 0.62 <1   No. 19 Vein
PC-10-088 - - - - -   Complete assays pending for this hole
  552.50 612.50 60.00 0.86 -   No. 21 Vein Zone
Including 560.00 560.50 0.50 2.21 -   Vein
And 592.00 592.50 0.50 37.57 -   Vein
And 610.00 611.00 1.00 26.50 -   Vein
PC-10-095 791.80 792.40 0.60 - -   No. 19 Vein – VG – assays pending

*VG denotes presence of visible gold

Table 2 – Deep Drilling Assay Results: Note: The Company's policy is to batch drill results, where practical. Widths reported in Table 2 are drilled core lengths, true widths are unknown at this time. All assays are performed by Accurassay Laboratories of Thunder Bay, Ontario with check assays carried out by Activation Laboratories Ltd. of Ancaster, Ontario. Assay values are uncut.

Hole ID From
(metres)
To
(metres)
Width
(metres)
Au
(g/t)
Ag
(g/t)
  Comments
Note: Holes and assays in italics in the first portion of this table have been previously released (see news release dated February 22, 2010)
PC-09-052A 1139.80 1143.00 3.20 134.26 10   No. 1 Vein - VG
Including 1140.30 1141.80 1.50 284.13 19    
Including 1140.30 1140.80 0.50 838.14 56    
PC-09-052A-W01 1132.80 1134.20 1.40 6.35 1   No. 1 Vein - VG
Including 1133.10 1133.40 0.30 25.60 3    
PC-10-052-W02 789.00 790.00 1.00 1.58 <1   Zone
  817.00 820.30 3.30 1.02 <1   Zone
Including 817.00 817.50 0.50 2.10 <1    
  1226.20 1226.90 0.70 1.20 1   Zone, Vein
  1504.00 1505.50 1.50 0.79 <1   Zone
  1571.20 1571.75 0.55 0.68 <1   No. 1 Vein
  1721.00 1730.30 9.30 0.28 1   Zone, BIF
Including 1721.00 1722.50 1.50 0.60 1    
PC-10-052-W03 - - - - -   no significant assays, No. 1 vein not intersected
PC-10-052-W04 1133.00 1135.00 2.00 1.47 <1   Zone, Vein
Including 1133.00 1133.50 0.50 2.21 <1    
  1158.50 1160.00 1.50 2.45 <1   Zone, Vein
  - - - - -   Hole abandoned due to ground conditions before No. 1 vein target
PC-10-052-W05 1573.30 1574.10 0.80 0.70 <1   No. 1 Vein - VG
PC-10-052-W06 1570.00 1570.95 0.95 4.56 <1   No. 1 Vein
Including 1570.40 1570.95 0.55 7.33 <1    
PC-10-052-W07 1567.25 1569.00 1.75 0.19 <1   No. 1 Vein
PC-10-085 643.20 643.70 0.50 0.02 <1   No. 2 Vein
  - - - - -   Hole abandoned due to deviation before intended final depth
PC-10-085-W01 650.10 650.70 0.60 0.02 <1   No. 2 Vein - VG
  675.00 676.50 1.50 3.51 1   Vein Zone
  1120.80 1131.00 10.20 0.25 1   No. 6 & 7 Vein Zone
  1160.00 1161.00 1.00 3.61 <1   Zone
  1316.75 1320.60 3.85 1.13 <1   Vein Zone
Including 1319.00 1319.55 0.55 6.38 <1    
  1369.55 1387.20 17.65 0.37 <1   Anomalous Zone
Including 1381.25 1383.50 2.25 1.49 <1    
Including 1382.80 1383.50 0.70 2.39 <1    
  1429.50 1455.00 25.50 0.17 <1   Anomalous Zone
  - - - - -   Hole abandoned due to bad ground before intended final depth
PC-10-085-W02 1369.50 1386.00 16.50 0.31 <1   Anomalous Zone
Including 1374.50 1376.50 2.00 1.30 <1    
Including 1375.50 1376.00 0.50 2.19 <1    
  1427.10 1450.50 23.40 0.36 <1   Anomalous Zone
Including 1427.10 1431.00 3.90 1.24 <1    
  - - - - -   Hole abandoned due to bad ground before intended final depth
PC-10-085-W03 - - - - -   Temporarily suspended at a depth of 960m

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.

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

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