TORONTO, ONTARIO--(Marketwired - Jun 25, 2014) - PC Gold Inc. (TSX VENTURE:PKL) is pleased to report results for the first three holes of the 2014 spring drill program. Assay results from the remaining holes are pending and are expected to be returned within the next few weeks.
No. 23 Vein Highlights:
- 878.69 g/t gold over 0.90 meters (25.63 oz/ton over 3 feet) in hole PC-14-283 from 65.89 to 66.79 meters
- 10.60 g/t gold over 5.55 meters (0.31 oz/ton over 18.2 feet), in hole PC-14-283 from 71.45 to 77.00 meters, including 83.48 g/t gold over 0.55 metres (2.43 oz/ton over 1.8 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-14-283 returned an impressive intercept of 878.69 g/t over 0.90 meters from the No. 23 Vein. This is the highest assay on the property since the fall of 2011 when PC Gold intercepted 444.38 g/t gold over 1.50 metres (including 1,325.73 g/t over 0.5 meters) on the No. 22 Vein (see Press release January 11th 2011). This new high grade intercept on the No. 23 vein is located approximately 60 meters below surface.
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: "This new high grade intercept in No 23 vein complements the previous high-grade intercept returned from the No. 22 vein and illustrates the potential of the system. The No. 3 Shaft area is host to the highest concentration of high-grade veins at Pickle Crow. Significantly these new veins, the No. 22 and 23, are 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."
Table 1. Significant Intercepts.
| Hole ID |
|
Zone |
|
From (metres) |
|
To
(metres) |
|
Width (metres) |
|
Au
(g/t) |
|
Comments |
| 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 |
|
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 |
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.
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/pr25jun2014/.
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.