PC Gold Inc.

PC Gold Inc.

April 18, 2012 08:15 ET

PC Gold Intersects 3.24 g/t Over 10.15 Metres Including 15.76 g/t Over 1.00 Meter in the No. 22 Vein Area

TORONTO, ONTARIO--(Marketwire - April 18, 2012) - PC Gold Inc. (TSX:PKL)(FRANKFURT:AJ2) is pleased to report further results from the 2012 winter drill program, targeting the newly identified No. 22 Vein area (444.38 g/t over 1.50 meters, see January 11th, 2012 press release) located in the Shaft 3 area of the former producing Pickle Crow gold mine. The winter drill program has intersected veining in 15 of 17 holes drilled to date, eight of which encountered visible gold, one of which (PC-12-253) returned abundant fine-grained visible gold with 137.19 g/t gold over 1.00 metre (see March 5th, 2012 press release). Table 1 below contains assay results for holes PC-12-259 through PC-12-269 including three hole extensions.


  • 3.24 g/t gold over 10.15 metres from 221.55 to 231.70 meters including 4.56 g/t over 5.55 metres and 15.15 g/t over 1.00 meter in hole PC-11-263
  • 1.47 g/t over 16.96 meters from 60.00 to 76.96 meters including 9.61 g/t over 0.80 meters in a broad zone of stockwork veining in hole PC-12-268
  • Veining intersected in 15 of 17 Holes, 8 of which contain visible gold
  • Five distinct Gold bearing veins identified to date
  • Multiple thick zones of quartz veining intersected

Commenting on the results, JP Chauvin, President and CEO said: "We are very encouraged by the abundance and thickness of veining in the most recent holes. The No. 22 vein area continues to impress."

The No. 22 and other shallow high-grade veins located in the Shaft 3 area are likely, with further drilling, to contribute additional resources to the Pickle Crow gold mine which currently hosts a 1.26 million ounce NI 43-101 inferred gold resource* (10,150,000 tonnes averaging 3.9 g/t gold, cut, diluted and constrained). 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, which the Company is focused on proving up.

The No. 22 and other nearby gold bearing veins are hosted within volcanic and gabbroic rocks of the Confederation Assemblage, which traditionally were not thought to host Pickle Crow type veins, and therefore have experienced little exploration.

Recent drilling has revealed that several gold bearing veins occur in the No. 22 Vein area. To date five gold bearing veins have been identified; further drilling is underway to establish their relationship to the No. 22 Vein. Additionally several of these veins have been observed to blow out into thick zones of veining and/or stockwork veining.

The No. 22 Vein area may represent the up dip projection of the high-grade No. 8 vein structure (mined from the 2850 to 2350 foot level). The current drill program continues to focus on these veins at shallow depths.

Maps and photographs of the vein intercepts discussed in this news release can be viewed on the Company's website at: http://www.pcgold.ca/pr18apr2012/.

Table 1: Shaft 3 Area Drilling Results

Hole ID Zone From
PC-11-244EXT No. 22 Vein 110.17 111.56 1.39 2.59 Yes
Including 111.00 111.56 0.56 5.54
PC-12-259 Zone, Vein 41.74 42.50 0.76 1.62
No. 22 Vein 82.05 83.21 1.16 0.87
PC-12-260 No. 22 Vein 49.29 49.81 0.52 2.97 Yes
PC-12-261 No. 22 Vein 61.00 61.50 0.50 3.27
PC-12-262 Zone, Vein 39.10 40.70 1.60 1.39
hole abandoned after 98m due to deviation
PC-12-263 Zone, Vein 177.30 179.64 2.34 2.79
Including 178.30 178.90 0.60 6.05
Zone, Vein 221.55 231.70 10.15 3.24
Including 221.55 227.10 5.55 4.56
Including 223.35 224.35 1.00 15.76
PC-12-264 No. 22 Vein Zone 95.00 99.00 4.00 1.20
Including 95.00 95.65 0.65 4.49
PC-12-264EXT No Significant Intercepts
PC-12-265 No. 22 Vein Zone 46.30 51.00 4.70 1.08
Including 50.30 51.00 0.70 4.19
PC-12-266 Zone, Vein 38.00 39.00 1.00 1.91
PC-12-266EXT No. 22 Vein 77.29 77.79 0.50 0.18
PC-12-267 Zone, Vein 78.45 80.30 1.85 0.83
No. 22 Vein Zone 98.90 109.93 11.03 0.30
Including 102.81 103.76 0.95 0.68
PC-12-268 Zone, Veining 60.00 76.96 16.96 1.47
Including 61.02 64.80 3.78 3.32
Including 63.00 63.80 0.80 9.61
No. 22 Vein Zone 84.90 97.80 12.90 0.49
Including 86.00 87.00 1.00 1.24 Yes
PC-12-269 Zone, Veining 87.76 90.40 2.64 2.31
Including 88.76 89.74 0.98 3.91
No. 22 Vein 119.55 120.13 0.58 5.75 Yes
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. All assays reported are uncut. Reported widths are drilled core lengths, true widths are unknown at this time.

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.

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 NW Ontario. In 2011 PC Gold announced an NI 43-101 compliant inferred mineral resource estimate of 1.26 M oz gold (10,150,000 tonnes averaging 3.9 g/t gold). In addition to the current follow-up drilling program to target the new near-surface, high-grade intercepts recently reported, PC Gold is currently implementing a 50,000 metre underground drilling program with the objective of converting the current inferred resource to the indicated status and adding further total ounces across all resource categories.

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* 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.

This news release may contain forward looking statements concerning future operations of PC Gold Inc. All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.

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

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