PC Gold Inc.
TSX VENTURE : PKL

PC Gold Inc.

July 22, 2014 08:30 ET

PC Gold Intersects 10.64 g/t (0.31 oz/ton) Over 1.50 Metres (4.9 Feet) in the No. 23 Vein and 20.59 g/t (0.60 oz/ton) Over 0.50 Metres (1.6 Feet) in the No. 22 Vein

TORONTO, ONTARIO--(Marketwired - July 22, 2014) - PC Gold Inc. (TSX VENTURE:PKL) is pleased to report results for the final five holes from the 21 hole 2014 spring drill program.

No. 22 and 23 Vein Highlights:
10.64 g/t gold over 1.50 meters (0.31 oz/ton over 4.9 feet) in hole PC-14-297 from 162.90 to 164.40 meters in the middle No. 23 Vein including 18.11 g/t over 0.50 meters (0.53 oz/ton over 1.6 feet).
8.33 g/t gold over 1.50 meters (0.24 oz/ton over 4.9 feet) in hole PC-14-297 from 180.70 to 182.20 meters in the lower No. 23 Vein including 18.98 g/t over 0.50 meters (0.55 oz/ton over 1.6 feet).
0.87 g/t gold over 21.08 meters (0.03 oz/ton over 69.16 feet), in hole PC-14-298 from 148.85 to 169.93 meters including 20.59 g/t over 0.50 meters (0.60 oz/ton over 1.6 feet) in a very broad zone of the No. 22 Vein.
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.

The recent drill program targeted the shallow No. 22 and 23 veins. The Objective of this program was to prove up sufficient near-surface resources which will allow the Company to finalize an economic study evaluating the viability of commissioning the onsite 225 ton per day mill.

A total of 21 holes comprising 4,026 meters were drilled during the spring 2014 program. A total of 62 holes totaling 11,167 meters have now tested the No. 22-23 Vein area. Abundant visible gold occurs in the both veins with over 50% of the vein intercepts returning visible gold.

The Pickle Crow property currently hosts a 1.26 million ounce NI 43-101 inferred gold resource* (10,150,000 tonnes averaging 3.9 g/t gold). 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.

Commenting on the results, Peter Hooper, President and CEO said: "The recent drill program has succeeded in expanding both the No. 22 and 23 veins and has returned some significant results. PC Gold continues to have exploration success in the Confederation Assemblage which hosts the No. 22 and 23 Veins as these rocks were traditionally not thought to host Pickle Crow type veins and therefore have experienced little exploration."

Table 1. Significant Intercepts.
Hole ID Zone From (metres) To (metres) Width (metres) Au (g/t) Comments
PC-14-281* Upper No. 23 Vein Zone 15.30 15.80 0.50 0.58 VG
Lower No. 23 Vein Zone 114.20 115.70 1.50 0.90
PC-14-282* Upper No. 23 Vein Zone 16.70 17.20 0.50 1.49
Lower No. 23 Vein Zone 135.23 136.45 1.22 1.39
PC-14-283* Upper No. 23 Vein Zone 65.89 66.79 0.90 878.69 VG
Middle No. 23 Vein zone 71.45 77.00 5.55 10.60 VG
Including 71.45 72.00 0.55 83.48
Including 75.50 76.27 0.77 9.83
And 89.85 91.06 1.21 5.03 VG
Lower No. 23 Vein Zone 171.80 173.32 1.52 0.65 VG
PC-14-284** Upper No. 23 Vein Zone 66.20 70.23 4.03 12.72 VG
Including 66.20 66.70 0.50 85.36
Middle No. 23 Vein zone 73.42 76.05 2.63 28.51 VG
Including 74.00 75.06 1.06 68.95
PC-14-285** No Significant Assays
PC-14-286** Lower No. 23 Vein Zone 174.75 177.75 3.00 2.87 VG
Including 175.75 176.70 0.95 7.69
PC-14-287** Lower No. 23 Vein Zone 160.00 160.60 0.60 0.69
PC-14-288** Upper No. 23 Vein Zone 80.90 81.40 0.50 1.64
Middle No. 23 Vein Zone 112.50 113.00 0.50 4.91 VG
PC-14-289** Upper No. 23 Vein Zone 146.35 146.75 0.40 5.79 VG
Middle No. 23 Vein Zone 165.70 167.00 1.30 5.72 VG
Including 165.70 166.20 0.50 12.82
Lower No. 23 Vein Zone 188.90 189.45 0.55 1.17
PC-14-290*** Zone, Vein 74.00 74.50 0.50 2.89 VG
Upper No. 23 Vein Zone 92.00 93.50 1.50 1.13
Lower No. 23 Vein Zone 219.20 220.70 1.50 0.50
PC-14-291*** No. 22 Vein 100.22 100.72 0.50 68.71 VG
PC-14-292*** Qtz- Ser alt. Zone 92.25 96.02 3.77 2.54 VG
Including 95.00 96.02 1.02 6.39
No. 22 Vein Zone 158.50 159.00 0.50 0.02
PC-14-293*** Upper No. 23 Vein Zone 140.88 141.43 0.55 16.10 VG
Middle No. 23 Vein Zone 195.93 196.43 0.50 0.58 VG
Lower No. 23 Vein Zone 222.26 222.76 0.5 0.62
PC-14-294*** No. 22 Vein Zone 146.40 148.90 2.50 0.13
PC-14-295*** Upper No. 23 Vein Zone 181.10 181.60 0.50 0.91
Middle No. 23 Vein Zone 202.30 203.40 1.10 4.91 VG
Including 202.30 202.80 0.50 6.52
PC-14-296*** No. 22 Vein Zone 150.02 151.02 1.00 4.71 VG
Including 150.52 151.02 0.50 7.93
PC-14-297 Upper No. 23 Vein Zone 134.80 135.30 0.50 11.52 VG
Middle No. 23 Vein Zone 162.90 164.40 1.50 10.64
Including 162.90 163.40 0.50 18.11
Lower No. 23 Vein Zone 180.70 182.20 1.50 8.33 VG
Including 181.20 181.70 0.50 18.98
PC-14-298 No. 22 Vein Zone 148.85 169.93 21.08 0.87
Including 149.85 150.35 0.50 4.00
And 161.5 169.93 8.43 1.55
Including 161.50 162.00 0.50 20.59 VG
PC-14-299 No. 22 Vein Zone 177.60 199.20 21.60 0.67
Including 177.60 185.50 7.90 1.14
Including 178.10 179.10 1.00 3.08 VG
PC-14-300 Lower No. 23 Vein Zone 224.30 224.80 0.50 0.50
PC-14-301 Zone, Vein 32.90 34.00 1.10 1.01
* Previously released (See News Release June 25th 2014) ** Previously released (See News Release July 2nd 2014)
*** Previously released (See News Release July 16th 2014)

All assays are performed by Accurassay Laboratories of Thunder Bay, Ont. Samples were analyzed by using 50-gram fire assay with an atomic absorption finish. Samples greater than 10 grams per tonne or with visible gold were analyzed by 1,000-gram pulp metallic analysis with a gravimetric finish. All assays reported are uncut. Reported widths are drilled core lengths, and true widths are unknown at this time.

Maps and photographs of the No. 22 and 23 vein intercepts discussed in this news release can be viewed on the Company's website at: http://www.pcgold.ca/pr22jul2014/.

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/qaqc/.

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.

About PC Gold

PC Gold Inc. is a Canadian gold exploration company currently focused on its 100% owned former producing Pickle Crow gold mine located in Northwestern Ontario.

* 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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