TORONTO, ONTARIO--(Marketwire - March 22, 2012) - PC Gold Inc. (News - Market indicators)(FRANKFURT:AJ2) is pleased to report further results from the 2012 drill program located in the Shaft 3 area at Pickle Crow Mine. The program is targeting the newly identified No. 22 Vein (444.38 g/t over 1.50 meters, see news release January 11th, 2012). PC Gold has intersected the No. 22 vein in five of six holes drilled to date. Four encountered visible gold, one (PC-12-253) returned abundant fine-grained visible gold and 137.19 g/t gold over 1.00 metre (see Press release March 5th, 2012). Results for the first 6 holes of the program are tabulated in Table 1 below.
No. 22 Vein Highlights:
- 25.69 g/t gold over 1.50 metres (0.75 oz/ton over 4.9 feet) from 16.88 to 17.63 meters in hole PC-11-253 including 34.48 g/t over 0.75 meters (1.01 oz/ton over 2.5 feet)
- No. 22 Vein intersected in 5 of 6 Holes, 4 of which containing visible gold
Commenting on the results, JP Chauvin, President and CEO said: "We are very encouraged by the preliminary results of our 2012 drill program. The abundance of intercepts in the Shaft 3 area continue to impress."
The No. 22 and other nearby gold bearing veins located south of the No. 3 Shaft 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. The No. 22 Vein may represent the up dip projection of the high-grade No. 8 vein structure (mined from the 2850 to 2350 foot level). The 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/pr22mar2012/.
Table 1: Shaft 3 Area Drilling Results
| Hole ID |
Zone |
|
From
(metres) |
|
To
(metres) |
|
Width
(metres) |
|
Au
(g/t) |
|
Comments |
| PC-12-253* |
No. 22 Vein |
|
24.70 |
|
25.70 |
|
1.00 |
|
137.19 |
|
VG |
| PC-12-254 |
No. 22 Vein |
|
17.05 |
|
18.25 |
|
1.50 |
|
25.69 |
|
VG |
| |
Including |
|
16.88 |
|
17.63 |
|
0.75 |
|
34.48 |
|
|
| PC-12-255 |
No. 22 Vein |
|
27.55 |
|
28.55 |
|
1.00 |
|
16.80 |
|
VG |
| |
Vein |
|
53.50 |
|
54.00 |
|
0.50 |
|
3.30 |
|
|
| PC-12-256 |
No. 22 Vein |
|
45.45 |
|
45.95 |
|
0.50 |
|
0.36 |
|
|
| PC-12-257 |
No. 22 Vein |
|
44.90 |
|
45.50 |
|
0.60 |
|
1.78 |
|
VG |
| PC-12-258 |
No. 22 Vein |
|
Vein not intersected due to late lamprophyre dykes |
| 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. |
| *Previously reported results (see March 5th 2012 Press Release) |
The No. 22 and other shallow high-grade veins in the Shaft 3 area are 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.
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.
Upcoming Events
PC Gold is attending the North Western Ontario Prospector Symposium in Thunder Bay, Canada from April 3 to 4. PC Gold's management team will be available to meet with investors.
Facebook: www.pcgold.ca/facebook/
Twitter: www.twitter.com/pcgoldinc/
* 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.
Neither 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. 
