PC Gold Inc.
TSX : PKL

PC Gold Inc.

November 09, 2010 07:30 ET

PC Gold Drills Multiple High Grade Gold Intersections in No. 19 Vein, Including 260.38 g/t Over 0.60 m (7.60 oz/ton Over 1.97 ft); 68.03 g/t Over 0.90 m and 15.70 g/t Over 2.08 m

OTTAWA, ONTARIO--(Marketwire - Nov. 9, 2010) - PC Gold Inc. (TSX:PKL) is pleased to report results for 7 diamond drill holes targeting the new high grade No. 19 and No. 21 vein discoveries next to the workings of the past producing (31 year / 1.45 million ounce) Pickle Crow gold mine in northwestern Ontario, Canada. The No. 19 vein continues to impress with abundant visible gold, high grades, some robust widths, and excellent lateral and down-dip continuity. A close analog to the No. 19 vein is considered to be the historically mined No. 2 vein, which accounted for more than 300,000 ounces of past production. The latest assays reinforce a now well-established pattern of high grade results from the No. 19 vein since its discovery earlier in the year, including the 43.28 g/t gold over 13.13 metres (1.26 oz/ton over 43.1 feet) in hole PC-10-052-W02 announced in March.

Exploration drilling along the Cohen-MacArthur trend at the new Kawinogans gold zone discovery and elsewhere continues to return visually encouraging intercepts. Assays are expected in the near future.

Highlights

  • 260.38 g/t gold over 0.60 metres (7.60 oz/ton over 1.97 feet) in one of the deepest holes yet drilled on the No. 19 vein structure (PC-10-095-W02)
  • 68.03 g/t gold over 0.90 metres (1.98 oz/ton over 2.95 feet) (PC-10-052-W16)
  • 2.49 g/t gold over 21.00 metres (0.07 oz/ton over 68.90 feet) including 3.25 g/t over 15.70 metres (0.09 oz/ton over 51.51 feet), including 15.70 g/t over 2.08 metres (0.46 oz/ton over 6.82 feet) (PC-10-052-W13)
  • 5.24 g/t gold over 4.10 metres (0.15 oz/ton over 13.45 feet) including 11.21 g/t over 1.10 metres (0.33 oz/ton over 3.61 feet) (PC-10-052-W15)
  • Visible gold in 5 of 7 new No. 19 vein intercepts
  • No. 21 vein zone returns the broadest mineralized envelope encountered in vein drilling on the Property to date, 0.21 g/t gold over 90.00 metres (0.01 oz/ton over 295.28 feet) in hole PC-10-095

Commenting on the results, Kevin Keough, President and CEO, said: "No. 19 continues to produce high grades just about everywhere we drill it. We're staying on it, and expect it will contribute significantly to the property's future production potential. We're also staying on the No. 21 vein, which with further drilling could evolve into another No. 19. The No. 21 vein zone was cut over a full ninety metres in hole 95, which makes it an impressively large structure. We're going to try to chase it east into the porphyry, where we think it could be much higher grade."

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 80% 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-W12 435.50 437.00 1.50 1.53 <1   Zone
  504.50 505.10 0.60 2.24 2   No. 19 Vein*
PC-10-052-W13 485.00 506.00 21.00 2.49 1   No. 19 Vein Zone – VG**
Including 490.30 506.00 15.70 3.25 1    
Including 490.30 492.38 2.08 15.70 7    
Including 491.00 491.70 0.70 35.34 13    
And 505.32 506.00 0.68 26.11 <1    
PC-10-052-W14 481.00 512.00 31.00 0.15 2   No. 19 Vein Zone*
Including 481.00 482.50 1.50 1.51 3    
And 489.70 491.20 1.50 0.22 2    
PC-10-052-W15 462.90 464.10 1.20 0.75 2   Zone, Vein
Including 462.90 463.50 0.60 1.44 2    
  481.50 489.40 7.90 2.90 -   No. 19 Vein Zone - VG
Including 485.30 489.40 4.10 5.24 -    
Including 485.90 487.00 1.10 11.21 -    
Including 485.90 486.50 0.60 14.47 -    
And 488.90 489.40 0.50 14.39 -    
  - - - - -   More assays pending for this hole
PC-10-052-W16 488.00 488.90 0.90 68.03 6   No. 19 Vein - VG
  - - - - -   More assays pending for this hole
PC-10-095 555.50 645.50 90.00 0.21 <1   No. 21 Vein Zone
Including 573.50 579.50 6.00 0.75 <1    
Including 574.50 575.00 0.50 1.95 <1    
And 602.50 603.50 1.00 2.11 <1    
And 631.00 645.50 14.50 0.42 <1    
Including 644.00 645.50 1.50 2.86 <1    
  787.50 792.50 5.00 2.00 1   No. 19 Vein Zone - VG
Including 787.50 788.00 0.50 12.48 14    
And 792.10 792.50 0.40 7.57 <1    
PC-10-095-W02 785.50 786.10 0.60 260.38 <1   No. 19 Vein - VG
  - - - - -   More assays pending for this hole
 
* Atomic Absorption results only, pulp metallics results pending
 
** VG denotes presence of visible gold

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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