The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

PC Gold Intersects 444.38 g/t (12.96 oz/ton) over 1.50 Metres (4.9 feet) in the Newly Identified Shallow No. 22 Vein

Wednesday, January 11, 2012

PC Gold Intersects 444.38 g/t (12.96 oz/ton) over 1.50 Metres (4.9 feet) in the Newly Identified Shallow No. 22 Vein08:00 EST Wednesday, January 11, 2012TORONTO, ONTARIO--(Marketwire - Jan. 11, 2012) -PC Gold Inc. (TSX:PKL) is pleased to report that the 2011 fall drill program has identified a new high-grade vein at shallow depths in the Shaft 3 area at Pickle Crow. The vein is hosted within volcanic rocks of the Confederation Assemblage located 400 meters southeast of the No. 3 Shaft. PC has intersected the veining in 9 of 11 holes drilled in the area, 1 of which (PC-11-251) returned coarse-grained visible gold, and 3 fine-grained visible gold; assays are pending on the remaining holes. This shallow high-grade vein is located close to historical workings and is likely, with further drilling, to contribute additional resources to the Pickle Crow 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. No. 22 Vein Highlights:444.38 g/t gold over 1.50 metres (12.96 oz/ton over 4.9 feet) from 22.65 to 24.15 meters in hole PC-11-251, including 1,325.73 g/t gold over 0.5 metres (38.67 oz/ton over 1.6 feet) Veining intersected 9 of 11 holes drilled in the area this fall, 4 of which returned visible gold.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.Commenting on the results, JP Chauvin, President and CEO said: "The No. 3 Shaft area is host to the highest concentration of high-grade veins at Pickle Crow. Significantly this new vein, the No. 22, is hosted within volcanic rocks of the Confederation Assemblage, which traditionally were not thought to host Pickle Crow type veins, and therefore have experienced little exploration. This clearly illustrates the property's potential."The No. 22 Vein is one of several complexly deformed veins found within Confederation aged rocks to the southeast of Shaft 3 and may represent the up dip projection of the No. 8 vein structure (mined from the 2850 to 2350 foot level). The area was first tested by PC Gold in 2009 returning up to 24.89 g/t over 0.40 meters in PC-09-033 (see news release August 10, 2009). PC Gold's attention was originally drawn to the area by an isolated hole (HC88-283) drilled by Noramco in the in the 1980's which returned 22.08 g/t over 0.76 meters with visible gold in a then unnamed vein, which is now known to have intersected the No. 22 vein.Maps and photographs of the No. 22 vein intercept discussed in this news release can be viewed on the Company's website at: ProceduresPC 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 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.* 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: 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.FOR FURTHER INFORMATION PLEASE CONTACT: JP Chauvin, P. Eng.PC Gold Inc.President and Chief Executive Officer(416) 867-8567jpchauvin@pcgold.cawww.pcgold.caNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.