666 I have made some further research on this company and the more I learn the more I like this little gem..
Some of my reflections so far:
PC Gold bought their land in 2008 for some 11-12 million CAD. In those days the gold price was about 900. They bought not less than one of Canada's best known past producing gold mines with its surroundings.
I have my doubts about management since I don't know so much about these guys and normally I don't put my money in hands of people I don't believe in. But one thing seems clear: PC Gold haven't had a lot of problems financing their business despite negative market sentiment, and a couple of the financings has been extended (which means there wasn't lack of interest). They've raised several millions through PPs at price levels ranging from 0.50 to 1.82 CAD, either FTSs or units including warrants. All of the warrants known to me was set to above 0.50 CAD.
At the moment, PC Gold seems to transform in a positive direction, which contributes in making this story exciting. The board is trying to compose a management suitable for underground exploration and mining, thus giving a new and suitable motor for the coming and a very crucial phase for the company.
I have a good feeling about Chauvin. He has done some major efforts with ie Globestar mining (sold to aus Perilya for 184 million CAD) and Patricia mining where he was the doer behind making the Island Gold project a producing one. Patricia was sold to Richmont a couple of years back. Seems like the rocks Chauvin choose to work with actually turns into gold since most of the projects he was involved in are producing mines today.
The mine was left in 1966, no profitability, gold price then about 35. A lot of gold was left in the ground. "At Pickle Crow, the past producing high grade veins are known from the historical drilling record to remain open to depth. Of these veins, only a minority actually outcropped on surface, whereas more than a dozen are known in deeper areas of the mine, indicating a robust mineralized system which may be intensifying with depth."
I have a good feeling about this story. Things have really gone in the right direction since the start in 2008 through dedication and right decisions.
I was doing some calculations today to better understand the value of the drill assays through multiplying the distance and its grade. I find that the products are getting better with time. The assays 2010-2012 are significantly "worth more" than those reported in 2008-2009. Are these guys getting smarter or just luckier? Which one doesn't matter to me, but I like the tendency. Some of the numbers (g/t x m) are very encouraging:
PC09052: 430 (134x3,2)
PC10052: 568 (43,3x13,1)
and... last but not least... PC11251: 666!!!! (444x1,5)