PC Gold (TSX: PKL) aims to have its Pickle Crow gold property producing by 2016. President JP Chauvin talks with ResourceClips about their gold project northwest of Thunder Bay, Ontario.

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Going Underground
PC Gold’s Pickle Crow Mine Will Produce Again in 2016
~ By Ted Niles - February 14 2012
PC Gold TSX:PKL aims to have its Pickle Crow gold property producing 2.54 g/t over 10 metres (including 5.72 g/t over 2 metres)
by 2016. “I don’t see a [resource update] happening much before we get 4.25 g/t over 3 metres (including 7.04 g/t over 1 metre)
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 fea- Chauvin admits that the results aren’t “stellar”; he points out, however,
sibility study, and we hope to have the whole Phase 1 project completed that only 126,000 ounces of the Pickle Crow resource is contained in
in about two years’ time, which includes a period of time for financing. the open pits. All told, the Pickle Crow resource has an average grade
After the feasibility study, we’re looking at another year and a half to two of 3.9 g/t gold, but the 1.1 million ounces residing underground have an
years again in order to bring it into production.” 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 man-
agement’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.”
Located 400 kilometres northwest of Thunder Bay, Ontario, the Our current plan is to try to raise the funds necessary to be able to
4,117-hectare Pickle Crow gold mine produced 1.47 million ounces of go underground and move the resource up to a proven and probable
gold and 168,757 ounces of silver between 1935 and 1966. The mine category in order to complete a feasibility study —JP Chauvin
has acquired something of a legendary reputation for having earned
shareholders, at the height of the Great Depression, a dividend after only He continues, “Our current plan is to try to raise the funds necessary to
11 months of production. Recognizing, as have so many other juniors, be able to go underground and move the resource up to a proven and
what a high gold price means for old mines, PC Gold acquired Pickle probable category in order to complete a feasibility study. But it requires
Crow in 2008. a fair bit of work because we need a shaft rehabilitated, a new head-
frame, a new hoist room and then to dewater to get to where we need
PC Gold’s Pickle Crow Mine Will Produce Again in 2016 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
Based on 87,800 metres of historical drilling and 39,134 metres of con- quickly, and we are in the process of making sure we get all the permits
firmation and exploration drilling, the company announced April 2011 an in place and that type of thing.”
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 concludes, “Prior to taking the role of interim President and
Chauvin explains, “[The program] was done this way mostly because CEO, I was the chairman of the technical committee, and I intend to
it was super flow-through money (which is only eligible for greenfields see this [project] through. I look at it from the perspective that I can set
exploration) from the last financing, so it had to be spent from surface. the course for the company and help select a new CEO and work very
So it’s all shallow drilling. It was decided to focus near surface and see if closely with them as the chairman of the technical committee, and I’ve
we could expand the resources around the open pits.” got support from the board in exactly that.”
“
Results of the Core Mine trend released February 7 include: At press time, PC Gold had 66.8 million shares trading at $0.30 per share
for a market cap of $20 million.
0.98 grams per tonne gold over 40.5 metres (including 12.83 g/t over
0.8 metres) Our current plan is to try to raise the funds neces-
0.53 g/t over 44.5 metres (including 1.28 g/t over 9 metres)
sary to be able to go underground and move the
January 3 results of the Core Mine trend include: resource up to a proven and probable category in
order to complete a feasibility study
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) – JP Chauvin
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