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0.41 (60.29%) PC Gold shares jump on gold discovery in Ontario
11:46am EDT
March 23 (Reuters) - Shares of the Canadian gold explorer PC Gold Inc
The company said it cut thick intercepts at one of its two holes at Pickle Crow gold mine property and the major gold discovery was located at a moderate depth next to its existing workings.
"This is one of the best intercepts to come out of drilling anywhere in northwestern Ontario in the past year. The combination of width and grade is exceptional," Chief Executive Kevin Keough said in a statement.
Shares of the Ottawa, Ontario-based company were trading up 21 Canadian cents at 89 Canadian cents on the Toronto Stock Exchange. It touched a high of C$1.19 last year. (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5828; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))
PC Gold Drills Record High Grade Gold Intersection, Cuts 43.28 g/t Gold Over 13.13 m (1.26 oz/ton Over 43.1 ft) in the New No. 19 Vein, Including 138.
Tue Mar 23, 7:30 AMOTTAWA, ONTARIO--(Marketwire - March 23, 2010) - PC Gold Inc. (TSX: PKL.TO) is pleased to report that assays have been received for the second of two previously announced holes (press release, March 8, 2010) which cut thick intercepts of the newly discovered No. 19 vein at the Company's Pickle Crow gold mine property in northwestern Ontario, Canada.
Highlights:
-- 43.28 g/t gold over 13.13 metres (1.26 oz/ton over 43.1 feet) in hole PC-10-052-W02 -- including 138.89 g/t gold over 4.00 metres (4.05 oz/ton over 13.1 feet) and -- including 201.96 g/t gold over 2.02 metres (5.89 oz/ton over 6.6 feet) and -- including 299.10 g/t gold over 0.48 metres (8.73 oz/ton over 1.6 feet)
Commenting on the results, Kevin Keough, President and CEO said: "This is one of the best intercepts to come out of drilling anywhere in northwestern Ontario in the past year. The combination of width and grade is exceptional.
Our recent discoveries, which include extraordinarily high grades in place below the old mine, and now this - a major new discovery at moderate depths right next to existing workings, confirm our confidence in the potential for this great property to host a multi-million ounce resource. The fact that the No. 19 vein is hosted within the same extensive porphyry body as the historically top-producing No. 2 vein is highly encouraging, as this porphyry remains mostly unexplored lateral to and below the workings. We intend to focus on it, and anticipate further success."
PC Gold has three drills operating on the Pickle Crow property. A single deep-capable rig is presently drilling a mother hole and wedges below Shaft 1. The ultimate goal of this work is to prove that the principal orebodies historically mined in the Pickle Crow mine continue to depths of as great as 2,500 metres vertically from surface. A second, shallow-intermediate capable rig is presently drilling follow-up holes on the No. 19 vein discovery. A third, shallow-intermediate capable drill is currently following up on the new No. 20 vein discovery announced on January 21, 2010. Reconnaissance drilling of newly identified targets along the largely swamp and muskeg-covered Cohen-MacArthur structure to the north of the core mine trend has wrapped up due to an early Spring melt. Results from this drilling are pending.
Location maps and a section for the hole and vein intercepts discussed 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. Significant Results: 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.
From To Width Au Ag Hole Area Target (m) (m) (m) (g/t) (g/t) PC-10-052-W02 Shaft 1 No. 19 Vein 530.35 543.48 13.13 43.28 9 Including 530.35 531.00 0.65 16.24 10 And 539.48 543.48 4.00 138.89 27 Including 539.48 541.50 2.02 201.96 35 Including 540.00 540.48 0.48 299.10 60
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.
Warrant Exercise Receipts
The Company is pleased to report that a total of 795,240 seventy-cent warrants were exercised by shareholders March 12, 2009, for total proceeds to the Company of $556,668.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts
Kevin M. Keough
PC Gold Inc.
President and Chief Executive Officer
(613) 271-2105 or (613) 839-2684
kevin.keough@pcgold.ca
www.pcgold.ca
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