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Resource Clips


Posts tagged ‘PC Gold Inc (PKL)’

PC Gold reports Ontario Gold Assays as high as 3.24 g/t over 10.2m

April 18th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningPC Gold Inc TSX:PKL announced results from the No. 22 Vein area of the Pickle Crow gold mine in northwest Ontario. Assays include

2.59 g/t gold over 1.4 metres
3.24 g/t over 10.2 metres (including 15.76 g/t over 1 metre)
1.2 g/t over 4 metres
1.08 g/t over 4.7 metres
1.47 g/t over 17 metres

President/CEO JP Chauvin said, “We are very encouraged by the abundance and thickness of veining in the most recent holes. The No. 22 vein area continues to impress.” Pickle Crow currently has an inferred mineral resource estimate of 1.26 million ounces gold.

View Company Profile

Read more about PC Gold.

Contact:
JP Chauvin
President/CEO
416.867.8567

by Ted Niles

Going Underground

February 14th, 2012

PC Gold’s Pickle Crow Mine Will Produce Again in 2016

By Ted Niles

PC Gold TSX:PKL aims to have its Pickle Crow gold property producing by 2016. “I don’t see a [resource update] happening much before we get up into the proven and probable [category],” interim President/CEO JP Chauvin declares. “We’re looking at coming up with a means to do a feasibility study, and we hope to have the whole Phase 1 project completed in about two years’ time, which includes a period of time for financing. After the feasibility study, we’re looking at another year and a half to two years again in order to bring it into production.”

Located 400 kilometres northwest of Thunder Bay, Ontario, the 4,117-hectare Pickle Crow gold mine produced 1.47 million ounces of gold and 168,757 ounces of silver between 1935 and 1966. The mine has acquired something of a legendary reputation for having earned shareholders, at the height of the Great Depression, a dividend after only 11 months of production. Recognizing, as have so many other juniors, what a high gold price means for old mines, PC Gold acquired Pickle Crow in 2008.

PC Gold's Pickle Crow Mine Will Produce Again in 2016

Based on 87,800 metres of historical drilling and 39,134 metres of confirmation and exploration drilling, the company announced April 2011 an inferred NI 43-101 resource estimate of 1.26 million ounces. The focus of the Fall 2011 drill campaign was to expand the open-pit resource. Chauvin explains, “[The program] was done this way mostly because it was super flow-through money (which is only eligible for greenfields exploration) from the last financing, so it had to be spent from surface. So it’s all shallow drilling. It was decided to focus near surface and see if we could expand the resources around the open pits.”

Results of the Core Mine trend released February 7 include:

  • 0.98 grams per tonne gold over 40.5 metres (including 12.83 g/t over 0.8 metres)
  • 0.53 g/t over 44.5 metres (including 1.28 g/t over 9 metres)

January 3 results of the Core Mine trend include:

  • 2.33 g/t gold over 28.5 metres (including 8.96 g/t over 3 metres)
  • 0.95 g/t over 43.4 metres (including 13.05 g/t over 1.5 metres)
  • 2.54 g/t over 10 metres (including 5.72 g/t over 2 metres)
  • 4.25 g/t over 3 metres (including 7.04 g/t over 1 metre)

Chauvin admits that the results aren’t “stellar”; he points out, however, that only 126,000 ounces of the Pickle Crow resource is contained in the open pits. All told, the Pickle Crow resource has an average grade of 3.9 g/t gold, but the 1.1 million ounces residing underground have an average grade of 5.4 g/t (itself containing 600,000 ounces at an average grade of 9.3 g/t). This high-grade potential was hinted at most recently with a January 11 assay from the No. 22 vein of 444.38 g/t gold over 1.5 metres.

The market currently values the Pickle Crow resource at about $16 an ounce. Chauvin describes this as “kind of ludicrous.” He believes management’s focus now should be to upgrade the underground resource in order to give the property a valuation more in tune with its potential. “There are four shafts on the property,” Chauvin reports. “Two are from surface, and there’s an underground shaft that goes from 2,000 metres to 3,800 metres. Our intention is not to do all three but just to refurbish the No. 1 shaft, which is a very small shaft—we’re looking at 3-tonne skips—and go down to 3,000 and drill the inferred resource to a better category.”

Our current plan is to try to raise the funds necessary to be able to go underground and move the resource up to a proven and probable category in order to complete a feasibility study —JP Chauvin

He continues, “Our current plan is to try to raise the funds necessary to be able to go underground and move the resource up to a proven and probable category in order to complete a feasibility study. But it requires a fair bit of work because we need a shaft rehabilitated, a new headframe, a new hoist room and then to dewater to get to where we need to be to drill it underground. There’s a significant capital requirement because of the infrastructure that’s required. We’ll embark on this fairly quickly, and we are in the process of making sure we get all the permits in place and that type of thing.”

Chauvin concludes, “Prior to taking the role of interim President and CEO, I was the chairman of the technical committee, and I intend to see this [project] through. I look at it from the perspective that I can set the course for the company and help select a new CEO and work very closely with them as the chairman of the technical committee, and I’ve got support from the board in exactly that.”

At press time, PC Gold had 66.8 million shares trading at $0.30 per share for a market cap of $20 million.

PC Gold President JP Chauvin on Ontario gold assays of 2.33 g/t over 28.5m

January 5th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningPC Gold Inc TSX:PKL announced drill results from the Core Mine Trend of its Pickle Crow property in northwestern Ontario. Highlights include

2.33 g/t gold over 28.5 metres (including 8.96 g/t over 3 metres)
0.95 g/t over 43.4 metres (including 13.05 g/t over 1.5 metres)
2.54 g/t over 10 metres (including 5.72 g/t over 2 metres)
4.25 g/t over 3 metres (including 7.04 g/t over 1 metre)

President/CEO JP Chauvin tells ResourceClips.com, “The Pickle Crow mine ran from the early 1930s to 1966 and produced 1.5 million ounces, so it’s a property with significant underground development that’s occurred over the years. PC Gold picked up the property in 2007 and has done a fair bit of exploration. It currently has an inferred resource of 1.26 million ounces, of which 1.14 million is underground, so 90% of the resource right now is potentially underground mineable. Our current plan is to try to raise the funds necessary to be able to go underground and move the resource up to a proven and probable category in order to complete a feasibility study. But it requires a fair bit of work because we need a shaft rehabilitated, a new headframe, a new hoist room and then to dewater to get to where we need to be to drill it underground.

Our market cap right now is at about $18 million. That means that the property is valued at less than $15 an ounce, which is kind of ludicrous—JP Chauvin

“A lot of the purpose of [the current] drill program was to expand the open-pit resources. So it’s all shallow drilling. Some of the grades that you’re seeing there potentially will enlarge the open-pittable resource. I wouldn’t call the results stellar. [The program] was done this way mostly because it was super flow-through money (which is only eligible for greenfields exploration) from the last financing, so it had to be spent from surface. So it was decided to focus near surface and see if we could expand the resources around the open pits.”

Regarding the company’s plans for 2012, Chauvin says, “The first thing we intend to do is to find a way of financing the project: financing the next phase of exploration. There’s a significant capital requirement because of the infrastructure that’s required—headframe, hoist room, etc. We’ll embark on this fairly quickly, and we are in the process of making sure we get all the permits in place and that type of thing.

“There are four shafts on the property,” he continues. “Two are from surface, and there’s an underground shaft that goes from 2,000 metres to 3,800 metres. Our intention is not to do all three but just to refurbish the No. 1 shaft, which is a very small shaft—we’re looking at 3-tonne skips—and go down to 3,000 and drill the inferred resource to a better category.

“I don’t see a [resource update] happening much before we get up into the proven and probable [category]. We’re looking at coming up with a means to do a feasibility study, and we’re hoping to have the whole Phase 1 project completed in about 2 years time, which includes a period of time for financing.

“Right now our focus is to advance the property as best we can. I look at it from the perspective that our job as management is to get maximum shareholder value. Right now, the best way to do that is to upgrade the resource to a better category, then the ounces will be given a higher value than what they are now. Our market cap right now is at about $18 million. That means that the property is valued at less than $15 an ounce, which is kind of ludicrous. But the whole gold sector—even the majors—is being hit pretty badly right now.

“Prior to taking the role of interim President and CEO, I was the Chairman of the technical committee, and I intend to see this [project] through. We’re looking at two years and then after the feasibility study we’re looking at another year and a half to two years again in order to bring it into production. I look at it from the perspective that I can set the course for the company and help select a new CEO and work very closely with them as the Chairman of the technical committee. That’s the game plan, and I’ve got support from the board in exactly that.

“I like the property,” Chauvin concludes. “We’ve got 1.2 million ounces in a good jurisdiction, Ontario. From the point of view of accessibility you can’t do much better. There’s a highway that goes right by the property. We’ve got good access and good location, so I’m excited about the project.”

View Company Profile

Contact:
JP Chauvin
President/CEO
416.867.8567

by Ted Niles

PC Gold reports Ontario Gold Assays including 2.33 g/t over 28.5m

January 4th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningPC Gold Inc TSX:PKL announced drill results from the Core Mine Trend of its Pickle Crow property in northwestern Ontario. Highlights include

2.33 g/t gold over 28.5 metres (including 8.96 g/t over 3 metres)
0.95 g/t over 43.4 metres (including 13.05 g/t over 1.5 metres)
2.54 g/t over 10 metres (including 5.72 g/t over 2 metres)
4.25 g/t over 3 metres (including 7.04 g/t over 1 metre)

President/CEO JP Chauvin tells ResourceClips.com, “The Pickle Crow mine ran from the early 1930s to 1966 and produced 1.5 million ounces, so it’s a property with significant underground development that’s occurred over the years. PC Gold picked up the property in 2007 and has done a fair bit of exploration. It currently has an inferred resource of 1.26 million ounces, of which 1.14 million is underground, so 90% of the resource right now is potentially underground mineable. Our current plan is to try to raise the funds necessary to be able to go underground and move the resource up to a proven and probable category in order to complete a feasibility study. But it requires a fair bit of work because we need a shaft rehabilitated, a new headframe, a new hoist room and then to dewater to get to where we need to be to drill it underground.

Our market cap right now is at about $18 million. That means that the property is valued at less than $15 an ounce, which is kind of ludicrous—JP Chauvin

“A lot of the purpose of [the current] drill program was to expand the open-pit resources. So it’s all shallow drilling. Some of the grades that you’re seeing there potentially will enlarge the open-pittable resource. I wouldn’t call the results stellar. [The program] was done this way mostly because it was super flow-through money (which is only eligible for greenfields exploration) from the last financing, so it had to be spent from surface. So it was decided to focus near surface and see if we could expand the resources around the open pits.”

Regarding the company’s plans for 2012, Chauvin says, “The first thing we intend to do is to find a way of financing the project: financing the next phase of exploration. There’s a significant capital requirement because of the infrastructure that’s required—headframe, hoist room, etc. We’ll embark on this fairly quickly, and we are in the process of making sure we get all the permits in place and that type of thing.

“There are four shafts on the property,” he continues. “Two are from surface, and there’s an underground shaft that goes from 2,000 metres to 3,800 metres. Our intention is not to do all three but just to refurbish the No. 1 shaft, which is a very small shaft—we’re looking at 3-tonne skips—and go down to 3,000 and drill the inferred resource to a better category.

“I don’t see a [resource update] happening much before we get up into the proven and probable [category]. We’re looking at coming up with a means to do a feasibility study, and we’re hoping to have the whole Phase 1 project completed in about 2 years time, which includes a period of time for financing.

“Right now our focus is to advance the property as best we can. I look at it from the perspective that our job as management is to get maximum shareholder value. Right now, the best way to do that is to upgrade the resource to a better category, then the ounces will be given a higher value than what they are now. Our market cap right now is at about $18 million. That means that the property is valued at less than $15 an ounce, which is kind of ludicrous. But the whole gold sector—even the majors—is being hit pretty badly right now.

“Prior to taking the role of interim President and CEO, I was the Chairman of the technical committee, and I intend to see this [project] through. We’re looking at two years and then after the feasibility study we’re looking at another year and a half to two years again in order to bring it into production. I look at it from the perspective that I can set the course for the company and help select a new CEO and work very closely with them as the Chairman of the technical committee. That’s the game plan, and I’ve got support from the board in exactly that.

“I like the property,” Chauvin concludes. “We’ve got 1.2 million ounces in a good jurisdiction, Ontario. From the point of view of accessibility you can’t do much better. There’s a highway that goes right by the property. We’ve got good access and good location, so I’m excited about the project.”

View Company Profile

Contact:
JP Chauvin
President/CEO
416.867.8567

by Ted Niles

PC Gold reports Ontario Gold Results up to 0.59 g/t over 106.5m

September 2nd, 2011

Resource Clips - essential news on junior gold mining and junior silver miningPC Gold Inc TSX:PKL announced assays from the Central Pat East Zone of its Pickle Crow Property in northwestern Ontario. Results include 0.59 g/t gold over 106.5 metres (including 0.67 g/t over 75 metres), 1.07 g/t over 21 metres (including 6.2 g/t over 3 metres), 0.35 g/t over 64.1 metres (including 0.46 g/t over 40 metres) and 4.03 g/t over 4 metres (including 6.33 g/t over 1.5 metres).

President/CEO Kevin Keough stated, “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 gold resource in the Pickle Crow Mine proper. However, we believe the CPE discovery has the potential 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.”

View Company Profile

Contact:
Kevin M. Keough
President/CEO
613.271.2105

by Greg Klein

PC Gold reports Ontario Gold Assays up to 0.70 g/t over 137.5m

January 10th, 2011

PC Gold Inc PKL:CA announced assay results from Central Pat East of its Pickle Crow Gold Mine in northwestern Ontario. Highlights include 0.42 g/t gold over 43.2 metres (including 5.81 g/t over 0.5 metres), 0.7 g/t over 137.5 metres (including 6.8 g/t over 1.2 metres) and 2.05 g/t over 35.7 metres (including 26.58 g/t over 1.5 metres).

President/CEO Kevin Keough commented, “We’re really excited by this discovery as it’s unlike anything we – or any previous operators – have ever drilled on the Pickle Crow property. It’s a very attractive gold target: large, wide open for expansion, near surface, and offering plenty of potential for generating a substantial resource. Better yet, it’s just 2 kilometres northwest and within easy reach of our Pickle Crow mine, and would be highly complementary to our development of that asset. We’re continuing to aggressively drill the Central Pat East discovery, supported by our strong balance sheet, including the proceeds of the $10 million financing we closed just a month ago.”

View Company Profile

Contact:
Kevin M. Keough
President/CEO
613.271.2105

by Ted Niles