|
- Table 1: higher grade (>4 g/t Au), potential underground
intercepts achieved to date at CPE
- Table 2: moderate grade, potential bulk underground (2-4 g/t Au)
intercepts achieved to date at CPE
- Table 3: lower grade, potential open pittable (0.5-2 g/t Au)
intercepts achieved to date at CPE
Holes drilled into the core area of the CPE discovery, particularly
those drilled from a 230 azimuth (akin to the drill direction favoured at
CPE's namesake past producing Central Patricia Mine 6 kms to the
southwest) commonly encounter higher grade shoots within broad lower grade
envelopes. The overall grade of the core area is expected to increase as
drilling achieves a density sufficient to define these shoots, and
discover new ones. A general increase in the tenor of the
mineralization with depth has also been observed at CPE. This suggests
that significant potential exists for further discoveries below shallow
mineralization within and outside the core area.
Evaluation of the swamp-covered CPE has to date been restricted to
winter and/or helicopter based drilling. With the merits of the CPE now
apparent, drilling has been suspended to allow for construction of an
all-season road to facilitate lower cost access to the site.
In the meantime, the Company sees excellent potential to expand
resources in the core mine trend, and is ramping up a major fall drilling
initiative now underway at the Pickle Crow mine site, primarily targeting
the near surface expression of a 1.1 km long package of banded iron
formation which cuts through the historical workings. The potential
of this banded iron formation is highlighted by the fact that limited,
largely historical drilling has already outlined 3,628,000 tonnes at 1.1
g/t gold for 126,000 ounces in two small pits (see details of the
1.26 million ounce NI 43-101 resource* estimate contained
in the company's April 18, 2011 news release). Details of this shallow
drill program, which when fully scaled up will see some 22,000 metres of
drilling completed by the end of November utilizing 4 drills, will be
forthcoming in the near future.
Kevin Keough, President & CEO states: "CPE has given us the
best-looking, most cohesive intercepts we've ever drilled on this property
outside the core mine trend. Our primary focus right now is securing
permits to dewater and get underground to better define and upgrade our
recently delivered 1.26 million ounce* NI 43-101 compliant inferred gold
resource in the Pickle Crow mine proper. However, we believe the CPE
discovery has the potential with further work to add considerably to our
compliant resources, possibly with both underground and open pit
components. We plan to return to the site this winter following completion
of the road."
Table 1: CPE Highlights, Higher Grade, Potential
Underground-Intercepts >4 g/t Au: Widths reported in Table
1 are drilled core lengths. Drilling at CPE has to date occurred from
several azimuths in an effort to understand its complex geology.
Experience has shown that the optimal drill direction for picking up the
higher grade shoots is 230 azimuth. True widths for holes 108, 119, 150,
and 151 are estimated at approximately 75% of reported widths, true widths
for holes 131, 139, 141 and 145 at approximately 37%, and true width for
hole 150 at approximately 44%. 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 cited
in Table 1 are uncut.
Hole
ID |
From (metres) |
To (metres) |
Width (metres) |
Au (g/t) |
Comments |
PC-10-108 |
|
|
|
|
040
azimuth, minus 50 dip, tested CPE core area |
Shoot |
232.80 |
250.15 |
17.35 |
4.01 |
|
Including |
241.13 |
250.15 |
9.02 |
6.10 |
|
Including |
242.00 |
243.50 |
1.50 |
31.03 |
|
PC-10-119 |
|
|
|
|
140
azimuth, minus 70 dip, tested CPE core area |
Shoot |
273.20 |
274.20 |
1.00 |
6.21 |
|
PC-11-131 |
|
|
|
|
230
azimuth, minus 75 dip, tested CPE core area |
Shoot |
455.30 |
459.55 |
4.25 |
4.02 |
|
PC-11-139 |
|
|
|
|
230
azimuth, minus 75 dip, tested CPE core area |
Shoot
1 |
101.60 |
106.20 |
4.60 |
6.03 |
|
Including |
103.80 |
104.80 |
1.00 |
15.86 |
|
Shoot
2 |
172.45 |
178.70 |
6.25 |
4.22 |
|
Shoot
3 |
398.00 |
409.00 |
11.00 |
4.28 |
|
Including |
403.00 |
409.00 |
6.00 |
6.35 |
|
Including |
404.00 |
406.00 |
2.00 |
10.39 |
|
PC-11-141 |
|
|
|
|
320
azimuth, minus 50 dip, tested CPE core area |
Shoot |
108.00 |
114.00 |
6.00 |
6.05 |
|
Including |
108.00 |
111.00 |
3.00 |
8.17 |
|
PC-11-145 |
|
|
|
|
230
azimuth, minus 75 dip, tested CPE core area |
Shoot |
232.00 |
238.00 |
6.00 |
7.67 |
|
Including |
233.00 |
237.00 |
4.00 |
9.95 |
|
Including |
233.00 |
235.00 |
2.00 |
13.60 |
|
PC-11-150 |
|
|
|
|
230
azimuth, minus 75 dip, tested CPE core area |
Shoot |
100.00 |
103.00 |
3.00 |
6.20 |
|
PC-11-151 |
|
|
|
|
140
azimuth, minus 50 dip, tested CPE core area |
Shoot |
197.10 |
201.10 |
4.00 |
4.05 |
|
Table 2: CPE Highlights, Moderate Grade, Potential Bulk
Underground Intercepts 2-4 g/t Au: Widths reported in Table 1
are drilled core lengths. Drilling at CPE has to date occurred from
several azimuths in an effort to understand its complex geology. True
widths for holes 108, 119, 125, and 151 are estimated at approximately 75%
of reported widths and holes 131, 139, 141 and 145 are estimated at
approximately 37%. 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 cited
in Table 2 are uncut.
Hole
ID |
From (metres) |
To (metres) |
Width (metres) |
Au (g/t) |
Comments |
PC-10-108 |
|
|
|
|
040
azimuth, minus 50 dip, tested CPE core area |
Zone |
214.50 |
250.15 |
35.65 |
2.24 |
|
PC-10-119 |
|
|
|
|
140
azimuth, minus 77 dip, tested CPE core area |
Zone |
261.90 |
277.50 |
15.60 |
2.49 |
|
Including |
267.40 |
274.20 |
6.80 |
3.39 |
|
PC-11-125 |
|
|
|
|
140
azimuth, minus 70 dip, tested CPE core area |
Zone |
122.25 |
133.17 |
10.92 |
2.24 |
|
PC-11-131 |
|
|
|
|
230
azimuth, minus 75 dip, tested CPE core area |
Zone
1 |
225.00 |
230.20 |
5.20 |
3.04 |
|
Zone
2 |
377.00 |
387.25 |
10.25 |
2.65 |
|
Zone
3 |
399.00 |
408.30 |
9.30 |
2.31 |
|
Zone
4 |
420.00 |
435.65 |
15.65 |
2.09 |
|
Zone
5 |
454.30 |
466.45 |
12.15 |
2.64 |
|
PC-11-139 |
|
|
|
|
230
azimuth, minus 75 dip, tested CPE core area |
Zone |
99.90 |
108.70 |
8.80 |
3.78 |
|
PC-11-141 |
|
|
|
|
320
azimuth, minus 50 dip, tested CPE core area |
Zone |
96.00 |
114.00 |
18.00 |
2.33 |
|
PC-11-145 |
|
|
|
|
230
azimuth, minus 75 dip, tested CPE core area |
Zone |
420.00 |
425.00 |
5.00 |
3.01 |
|
PC-11-151 |
|
|
|
|
140
azimuth, minus 50 dip, tested CPE core area |
Zone |
119.50 |
128.50 |
9.00 |
2.07 |
|
Table 3: CPE Highlights, Lower Grade, Potential Open Pittable
Intercepts 0.5-2 g/t Au: Widths reported in Table 1 are
drilled core lengths. Drilling at CPE has to date occurred from
several azimuths in an effort to understand its complex geology. True
widths for holes 108, 119, 125, 143, 144 and 151 are estimated at
approximately 75% of reported widths, true widths for holes 131, 134, 139,
145, and 150 at approximately 37%, and true width for hole 141 at
approximately 44%. 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 cited in Table 3
are uncut.
Hole
ID |
From (metres) |
To (metres) |
Width (metres) |
Au (g/t) |
Comments |
PC-10-108 |
|
|
|
|
040
azimuth, minus 50 dip, tested CPE core area |
Zone |
114.00 |
251.50 |
137.50 |
0.75 |
|
Including |
114.00 |
132.00 |
18.00 |
0.93 |
|
PC-10-119 |
|
|
|
|
140
azimuth, minus 77 dip, tested CPE core area |
Zone
1 |
32.30 |
101.00 |
68.70 |
0.53 |
|
Zone
2 |
259.90 |
313.00 |
53.10 |
0.85 |
|
PC-11-125 |
|
|
|
|
140
azimuth, minus 70 dip, tested CPE core area |
Zone |
86.10 |
133.17 |
47.07 |
0.70 |
|
Including |
113.00 |
133.17 |
20.17 |
1.55 |
|
PC-11-131 |
|
|
|
|
230
azimuth, minus 75 dip, tested CPE core area |
Zone |
222.00 |
489.00 |
267.00 |
0.79 |
|
Including |
224.00 |
475.05 |
251.05 |
0.83 |
|
And |
256.00 |
282.00 |
26.00 |
1.31 |
|
And |
377.00 |
466.45 |
89.45 |
1.50 |
|
PC-11-134 |
|
|
|
|
230
azimuth, minus 75 dip, tested CPE core area |
Zone |
332.67 |
351.00 |
18.33 |
1.18 |
|
PC-11-139 |
|
|
|
|
230
azimuth, minus 75 dip, tested CPE core area |
Zone |
91.20 |
464.00 |
372.80 |
0.58 |
|
Including |
172.45 |
270.30 |
97.85 |
1.03 |
|
PC-11-141 |
|
|
|
|
320
azimuth, minus 50 dip, tested CPE core area |
Zone |
66.00 |
181.00 |
115.00 |
0.52 |
|
Including |
75.00 |
126.00 |
51.00 |
1.03 |
|
PC-11-143 |
|
|
|
|
140
azimuth, minus 55 dip, tested fold hinge 200 m SW of CPE core
area |
Zone |
215.00 |
249.00 |
34.00 |
0.57 |
|
PC-11-144 |
|
|
|
|
140
azimuth, minus 50 dip, tested CPE core area |
Zone |
94.00 |
160.25 |
66.25 |
0.64 |
|
Including |
118.00 |
160.25 |
42.25 |
0.89 |
|
PC-11-145 |
|
|
|
|
230
azimuth, minus 75 dip, tested CPE core area |
Zone |
216.00 |
470.00 |
254.00 |
0.78 |
|
Including |
232.00 |
338.00 |
106.00 |
1.00 |
|
Including |
232.00 |
279.00 |
47.00 |
1.71 |
|
And |
370.00 |
446.00 |
76.00 |
1.05 |
|
Including |
411.00 |
425.00 |
14.00 |
1.87 |
|
PC-11-150 |
|
|
|
|
230
azimuth, minus 75 dip, tested CPE core area |
Zone |
100.00 |
121.00 |
21.00 |
1.07 |
|
PC-11-151 |
|
|
|
|
140
azimuth, minus 50 dip, tested CPE core area |
Zone |
61.00 |
167.50 |
106.50 |
0.59 |
|
Including |
119.50 |
137.50 |
18.00 |
1.23 |
|
Table 4: New CPE Significant Assay Results From Latest
Drilling: Note: The Company's policy is to batch drill
results, where practical. Widths reported in Table 3 are drilled core
lengths. Drilling at CPE has to date occurred from several azimuths
in an effort to understand its complex geology. True widths for holes 151
and 152 are estimated at approximately 75% and for hole 150 at
approximately 37% of reported widths. True widths for holes 147, 148
and 149 are not known at this time. 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 cited in Table 4 are uncut.
Hole
ID |
From (metres) |
To (metres) |
Width (metres) |
Au (g/t) |
Comments |
PC-11-147 |
- |
- |
- |
- |
320
azimuth, minus 50 dip, tested a strong EM-IP anomaly northeast of
core area |
Zone,
Vein |
123 |
123.62 |
0.62 |
2.04 |
|
Zone,
BIF |
191 |
193.00 |
2.00 |
1.82 |
|
PC-11-148 |
- |
- |
- |
- |
320
azimuth, minus 50 dip, tested a strong EM-IP anomaly northeast of
core area |
Zone,
Vein |
74.94 |
75.68 |
0.74 |
4.32 |
|
PC-11-149 |
- |
- |
- |
- |
Abandoned
due to overburden |
PC-11-150 |
- |
- |
- |
- |
230
azimuth, minus 75 dip, tested CPE core area - south step-out from
hole 139 |
Zone |
100.00 |
121.00 |
21.00 |
1.07 |
|
Including |
100.00 |
103.00 |
3.00 |
6.20 |
|
PC-11-151 |
- |
- |
- |
- |
140
azimuth, minus 50 dip, tested CPE core area – step-up between holes
128 and 119 |
Zone
1 |
61.00 |
167.50 |
106.50 |
0.59 |
|
Including |
62.50 |
137.50 |
75.00 |
0.67 |
|
Including |
119.50 |
137.50 |
18.00 |
1.23 |
|
Including |
119.50 |
128.50 |
9.00 |
2.07 |
|
Zone
2 |
197.10 |
201.10 |
4.00 |
4.03 |
|
Including |
197.10 |
198.60 |
1.50 |
6.33 |
|
PC-11-152 |
- |
- |
- |
- |
140
azimuth, minus 50 dip, tested fold hinge 200 m southwest of CPE core
area – step-up on hole 143 |
Zone |
114.00 |
178.11 |
64.11 |
0.35 |
|
Including |
121.00 |
161.00 |
40.00 |
0.46 |
|
Including |
133.00 |
139.00 |
6.00 |
1.27 |
|
Including |
138.00 |
139.00 |
1.00 |
3.08 |
|
Plan view and section maps for all holes in this news release can be
viewed on the Company's website at: http://www.pcgold.ca/en/Drilling_2011_-_Maps,_Sections_99.html.
An animated video and rotating 3D model of the Pickle Crow gold mine,
including underground development, stopes, principal veins and BIF hosted
gold zones, and resources, can be viewed on YouTube at: http://www.youtube.com/watch?v=YRtBY26PXy8.
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.
* 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. The
Toronto Stock Exchange does not accept responsibility for the adequacy or
accuracy of this release.
PC Gold Inc. Kevin M. Keough
President and Chief Executive Officer (613) 271-2105 kevin.keough@pcgold.ca www.pcgold.ca
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