PC Gold Inc.

PC Gold Inc.

October 25, 2010 07:30 ET

PC Gold Unfolds New Near-Surface Gold Discovery at East Cohen-MacArthur; Multiple Mineralized Intercepts in all Holes Drilled to Date

OTTAWA, ONTARIO--(Marketwire - Oct. 25, 2010) - PC Gold Inc. (TSX:PKL) is pleased to report that four new shallow holes drilled in follow-up to near-surface gold intercepts earlier this year in hole PC-10-071 in the East Cohen-MacArthur area of the Pickle Crow property have each intercepted multiple gold bearing horizons in banded iron formation (BIF) over a large area. The new zone has been named the Kawinogans Zone. Three additional holes (PC-10-102, 103, 104) have been completed, returning wide zones of visually similar BIF hosted mineralization. Assays for these holes are pending. More than ten additional step-out holes are planned or underway, with drilling expected to continue on the Kawinogans Zone throughout the fall period. The Kawinogans Zone is located approximately 750 metres north of the Albany Shaft.


  • Widespread, multiple zones of gold mineralization in all holes drilled to date, suggesting that the entire package of BIF intercepted at the Kawinogans Zone may be gold bearing;
  • Large scale: the Kawinogans Zone is hosted in a hinge zone with an associated 250 by 500 metre magnetic anomaly;
  • Widths and grades potentially amenable to open pit mining, with higher grades found in the deeper intercepts;
  • Hole PC-10-092 returned 1.41 g/t gold over 23.50 m (0.04 oz/ton over 77.10 ft), including 12.56 g/t gold over 1.00 m (0.37 oz/ton over 3.28 ft) and a second interval of 1.50 g/t gold over 11.50 m (0.04 oz/ton over 37.73 ft) including 11.71 g/t gold over 1.00 m (0.34 oz/ton over 3.28 ft)
  • Hole PC-10-103 cut the longest continuous interval of BIF drilled to date, from 170.90 to 288.36 metres downhole (assays pending).

Commenting on the results, Kevin Keough, President and CEO, said: "The Kawinogans Zone is a large, easy-to-drill target that should generate plenty of news flow this fall and winter. Every hole we've drilled to date has come back with mineralization. Clearly the zone has open pit potential, but we've also seen evidence of high grade zones such as those in hole PC-10-092."

Mr. Keough added: "Historically there were two iron formation hosted mines in the Pickle Lake camp – the high grade Central Patricia, and Dona Lake. We're hunting for a possible third along the Cohen-MacArthur and, within this large new gold zone at Kawinogans, we may find it. We anticipate that the Kawinogans discovery is just the first of several new zones that could be found as we continue to drill multiple targets along the very large Cohen-MacArthur structure, which spans the Pickle Crow property for at least eight kilometres."

Three drills are presently active on the Pickle Crow property, two fly drills pursuing near surface, muskeg-covered targets along the Cohen-MacArthur deformation zone, and an intermediate depth drill working on the No. 19 vein - No. 21 vein discoveries in the core mine trend area. 

Plan view and section maps showing the location of the holes 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 – Kawinogans Zone Significant Assay Results: Note: The Company's policy is to batch drill results, where practical. Widths reported in Table 1 are drilled core lengths and, based on the Company's current geological model for the Kawinogans Zone, are believed to be close to true widths. However, further drilling will be required to confirm this. 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-10-071* 41.00 53.38 12.38 0.22   Anomalous BIF Zone
Including 42.00 43.00 1.00 0.92    
  151.04 171.67 20.63 1.02   Zone, BIF
Including 151.04 160.00 8.96 1.41    
Including 157.00 160.00 3.00 2.78    
Including 158.00 159.00 1.00 4.20    
PC-10-089 30.28 62.50 32.22 0.68   Anomalous BIF Zone
Including 43.10 62.50 19.40 0.84    
Including 43.10 44.30 1.20 2.81    
And 52.90 53.50 0.60 5.74    
PC-10-090 53.50 56.86 3.36 0.62   Anomalous BIF Zone
Including 54.50 55.40 0.90 1.14    
  131.00 159.60 28.60 0.15   Anomalous BIF Zone
Including 151.50 153.00 1.50 0.96    
  246.57 252.00 5.43 0.58   Anomalous BIF Zone
Including 246.57 249.00 2.43 0.94    
PC-10-091 38.00 59.90 21.90 0.36   Anomalous BIF Zone
Including 47.20 48.30 1.10 5.25    
  74.70 99.30 24.60 0.15   Anomalous BIF Zone
Including 74.70 75.90 1.20 0.82    
  116.50 123.90 7.40 1.16   Zone, BIF
Including 122.50 123.00 0.50 5.80    
PC-10-092 82.75 85.00 2.25 0.68   Anomalous BIF Zone
Including 84.00 84.50 0.50 1.88    
  102.50 114.00 11.50 1.50   Zone, BIF
Including 107.50 112.25 4.75 3.38    
Including 107.50 108.50 1.00 11.71    
  196.00 219.50 23.50 1.41   Zone, BIF
Including 201.00 213.00 12.00 2.48    
Including 211.00 213.00 2.00 9.14    
Including 212.00 213.00 1.00 12.56    

* Intersections in italics have been previously released (press release dated August 16, 2010)

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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