PC Gold Inc.

PC Gold Inc.

July 02, 2014 17:25 ET

PC Gold Intersects 12.72 g/t (0.37 oz/ton) Over 4.03 Metres (13.2 Feet) and 28.51 g/t (0.83 oz/ton) Over 2.63 Meters (8.6 Feet) in the No. 23 Vein

TORONTO, ONTARIO--(Marketwired - July 2, 2014) - PC Gold Inc. (TSX VENTURE:PKL) is pleased to report results for an additional six holes from the 21 hole 2014 spring drill program. Assay results from the remaining 12 holes are pending and are expected to be returned within the next few weeks.

No. 23 Vein Highlights:

  • 12.72 g/t gold over 4.03 meters (0.37 oz/ton over 13.2 feet) in hole PC-14-284 from 66.20 to 70.23 meters, including, 85.36 g/t over 0.50 meters (2.49 oz/ton over 1.6 feet)

  • 28.51 g/t gold over 2.63 meters (0.83 oz/ton over 8.6 feet), in hole PC-14-284 from 73.42 to 76.05 meters, including 68.95 g/t gold over 1.06 metres (2.01 oz/ton over 3.5 feet)

  • Abundant visible gold observed

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 PC-14-284 was collared on the same setup as PC-14-283 (878.69 g/t over 0.90 meters, See Press Release June 25th 2014). The high grade intercepts in hole PC-14-284 are separated by 11 meters from those in hole PC-14-283 and display a similar amount thickness, veining and abundant visible gold.

The current drill program is targeting the shallow No. 22 and 23 veins. The Objective of this program is 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.

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 No. 23 vein continues to return excellent results. Holes PC-14-283 & 284 confirm the potential of the mineralized system and suggest that a high grade shoot occurs in the No. 23 vein. PC Gold continues to have exceptional exploration success in the Confederation Assemblage which hosts the No. 22 and 23 Veins, 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
Width (metres) Au
PC-14-281* Upper No. 23 Vein 15.30 15.80 0.50 0.58 VG
Lower No. 23 Vein 114.20 115.70 1.50 0.90
PC-14-282* Upper No. 23 Vein 16.70 17.20 0.50 1.49
Lower No. 23 Vein 135.23 136.45 1.22 1.39
PC-14-283* Upper No. 23 Vein 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 171.80 173.32 1.52 0.65 VG
PC-14-284 Upper No. 23 Vein 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

* Previously released (See News Release June 25th 2014)

All assays are performed by Accurassay Laboratories of Thunder Bay, Ontario. Samples were analyzed by using 50g fire assay with an Atomic Absorption (AA) finish. Samples >10g/t or with visible gold were analyzed by 1000g pulp metallic analysis with a gravimetric finish. All assays reported are uncut. Reported widths are drilled core lengths, 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/pr2jul2014/.

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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