Exploration & Processing - Winter 2010 - (Page 85)
BY GENEVIEVE DIESING PC GOLD INC. K PC GOLD IS BREATHING NEW LIFE INTO THE LEGENDARY PICKLE CROW GOLD MINE WITH THE LAUNCH OF A MAJOR EXPLORATION PROGRAM. BACK IN BUSINESS anata, Ontario-based PC Gold has been in business only since 2007, but its sole property, the Pickle Crow Gold Mine, has a far more illustrious history. One of Canada’s best-known past producing gold mines, Pickle Crow – which is 100 percent owned by PC Gold – is located in northwestern Ontario in a belt of rocks famous for its wealth of gold deposits, including Goldcorp’s rich gold mine at Red Lake. The company has launched a major exploration program to quantify what gold remains in, around and below the old mine, which President Kevin Keough says is believed to be a considerable amount. The Pickle Crow Gold Mine has a long history of gold production, from 1935 through to 1996. Its total production was 1.47 million ounces of gold, at a very high average grade of 0.47 ounces per ton, Keough says. When the mine closed in 1966, there were some 32 miles of underground workings, three major shafts and the mine had reached a depth of 3,800 feet. “It was a very well-known gold mine; some people would say it was the best-known long life underground gold mine in Canada,” Keough notes. The mine went into production during the worst years of the Great Depression, he explains, and the fact that it was so profitable at a time when people had no money gave it a particular mystique. “It became the proverbial gold mine,” he says. Pickle Crow generated $1.5 million in dividends in its first year, and was profitable for each of the next 28 consecutive years, notwithstanding the fact that it operated throughout its life in a fixed gold price environment of just $35 an ounce. In 1964 it began to lose money, as the deeper exploration was required and costs outstripped revenues, Keough says. Keough notes that, as was the case with many Northwestern Ontario gold mines, Pickle Crow did not shut down because it had been mined out, but simply because it was losing money. Now that the price of gold has come back strongly, the property has renewed appeal, he says. New Ownership After Pickle Crow closed, its ownership became fragmented, Keough says, which presented an opportunity. PC Gold was created to consolidate the ownership of the mine, WINTER 2010 PC Gold owns 100 percent of Pickle Crow, which has a long history as one of Canada’s most productive gold mine properties, and the company says there is potential for more success. COMPANY PROFILE PC Gold Inc. www.pcgold.ca HQ: Kanata, Ontario, Canada Services: Gold exploration Kevin Keough, president: “You take a certain element of risk away with this kind of property.” EXPLORATION-PROCESSING.COM | 85
Table of Contents for the Digital Edition of Exploration & Processing - Winter 2010
Exploration & Processing - Winter 2009
Preparing for an Economic Upturn
Emergency Preparedness Case Study
quasar energy group
The Crossing Co.
Discovery Drilling Contractors
Mantra Venture Group
Alaska Clean Seas
Platinum Group Metals Ltd.
TG Engineering Inc.
Abacus Mining & Exploration Corp.
Advanced Rig Services
Bell Industries Inc.
Canrig Drilling Technologies Ltd.
Equipment Maintenance Services
Galloway Oilfield Construction Ltd.
Latex Construction Co.
PC Gold Inc.
Processes Unlimited International Inc.
Global Industries Ltd.
Herman Oil Co.
Juhl Wind Inc.
MWD Services LLC
Nevada Geothermal Power Inc.
Oski Energy LLC
Powertech Uranium Corp.
Avanti Mining Inc.
BlackBrush Oil & Gas – Texstar Midstream
The Coeur d’Alenes Co.
Vibration Technology Inc.
Exploration & Processing - Winter 2010