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Pacific Gold Corp. - Pilot Mountain Resources Update
TORONTO, April 3, 2012 - Pacific Gold Corp. (OTCQB: PCFG) (Pinksheets: PCFG), is pleased to provide a progress update for Project W.
Pilot Metals holds a purchase option on Project W from PCFG's subsidiary Pilot Mountain Resources until September 2013. Pilot Metals plans for 2012 include a drilling program, resource calculation, metallurgy study and a scoping study.
PCFG management believes that Project W results received by Pilot Metals, to date, have been equal to or exceeding historical reports prepared regarding Project W resources.
From Pilot Metals on March 19, 2012;
- "Drilling has recently been completed with the last two holes of the program intersecting substantial, scheelite bearing skarn mineralisation up to 150m to the east outside of the Union Carbide Feasibility Study area. Assays for these holes are pending.
- Significant tungsten skarn mineralisation has now been confirmed over 650m of strike and a vertical extent of 330m with mineralisation remaining open in all directions.
- Activities now moving to data compilation and the construction of a new geological and resource model with the aim of delivering a maiden JORC compliant resource calculation for Desert Scheelite by the end of June 2012.
- Scoping Study planned to commence in the 3rd Quarter, 2012.
- Based on the available historic Union Carbide data, Black Fire's initial Exploration Target for Desert Scheelite is 4 - 5Mt @ 0.30 - 0.34% WO3*. The total Exploration Target across the three advanced prospects (Desert Scheelite, Gunmetal & Garnet) is 7-9Mt @ 0.30 - 0.37% WO3* with good potential for copper and silver credits. A total of 11 other prospect areas are currently known within the licence area providing excellent exploration upside."
"The drilling program has recently been completed with 15 holes being drilled. The aim of this program was to twin and infill selected historic vertical diamond drill holes that were drilled predominantly on 33m x 33m centres (Figure 1) to provide confirmatory assay and geological information so that the extensive historic database may be brought into a maiden JORC compliant resource calculation for Desert Scheelite, scheduled for completion by the end of June 2012. Black Fire's drill program comprised both "twins" to historical vertical holes and angled holes drilled to provide better geological control and confirm true width intersections.
The Desert Scheelite resource drilling program has been completed on schedule. Independent resource consultants, Golder & Associates, have been appointed to undertake the resource calculation and their background database work has commenced. A Golder's consultant geologist also completed a site visit to the project during late February for standard auditing purposes."
To find out more about Pacific Gold Corp. (OTCQB: PCFG), visit the Company's website at www.pacificgoldcorp.com. Or contact the Company directly at 416-214-1483.
About the Company
Pacific Gold Corp.'s business plan provides for the acquisition and development of production-ready and in-production mining operations. The company is focused on alluvial gold and base metals operations located in western North America. Pacific Gold Corp. owns four operating subsidiaries: Nevada Rae Gold, Inc., which owns and operates the Black Rock Canyon gold mine, located in north-central Nevada; Pilot Mountain Resources Inc., which owns Project W, a large tungsten based deposit in Nevada; Fernley Gold, Inc., which has acquired exclusive lease rights to mine the Lower Olinghouse Placers in north-western Nevada; and Pacific Metals Corp., which owns claims in San Juan and Delores Counties, Colorado, encompassing the historic Graysill Mine.
This news release includes forward-looking statements that reflect Pacific Gold Corp.'s current expectations about its future results, performance, prospects and opportunities. Pacific Gold Corp. has tried to identify these forward-looking statements by using words and phrases such as "may", "will", "expects", "anticipates", "believes", "intends", "estimates", "should", "typical", "we are confident" or similar expressions. These forward- looking statements are based on information currently available to Pacific Gold Corp. and are subject to a number of risks, uncertainties and other factors that could cause the Company's actual results, performance, prospects of opportunities in the remainder of 2011 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.