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Pacific Gold Corp. - Pilot Mountain Resources Update
TORONTO, July 11, 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 release on July 9, 2012;
- Significant maiden JORC resource estimate for the Desert Scheelite Deposit completed by independent consultants, Golder Associates, exceeds guidance by 36%.
- Indicated and Inferred Resource of 6.79Mt @ 0.31% tungsten trioxide (WO3), 22.8g/t silver and 0.17% copper reported at a 0.2% WO3 cut-off with 90% of this resource in the "Indicated" category. Resource contains;
- 2.1 million MTU's of WO3
- 25 million pounds of Copper
- 4.9 million ounces of Silver
- Broader Indicated and Inferred Resource at a lower cut-off grade of 0.1% tungsten trioxide (WO3) of 12.99Mt @ 0.23% WO3, 17.2g/t silver and 0.12% copper represents a potentially significant bulk tonnage target with 84% of the resource in the "Indicated" category.
- Desert Scheelite deposit remains open in all directions with the most easterly drill hole (DSDD-15) of the recent diamond drilling program returning an exceptional intersection of 13.9m @ 0.89% WO3, 1.75% copper and 31g/t silver from 198.7m
- Updated combined Exploration Target across the three primary prospects of 10.8 - 12.5Mt @ 0.32 -0.35% WO3. This includes 3-4Mt @ 0.36 - 0.41% WO3 at the Garnet & Gunmetal Deposits.
- Eleven other prospects within the project area are yet to be assessed.
- Metallurgical reviews of historic Union Carbide Feasibility Study data in addition to new test work has commenced to investigate modern processing and blending alternatives to increase historical recoveries above the reported 76% - 86%.
- Scoping Study planned to commence in current quarter.
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 2012 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.