|By Marketwired .||
|July 8, 2014 01:43 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/08/14 -- Pacific Metals Corp. (OTCBB: PACM)(PINKSHEETS: PACM) and Pacific Gold Corp. (PINKSHEETS: PCFG)(OTCQB: PCFG).
The Company has completed its initial 43-101 report and may be summarized as follows:
The Graysill property consists of 40 unpatented mining claims totaling 800 acres located in Dolores and San Juan Counties Colorado. Stratabound uranium and vanadium mineralization is hosted in the Jurassic Entrada sandstone that outcrops on the south end of the claims and dips slightly to the north and underlies all of the staked mining claims.
Historic mining on the property took place on the property from the late 1940's through the early 1950's. Approximately 32,000 short tons of ore were mined with a reported grade of 2.41% vanadium pentoxide (V2O5) and 0.09% uranium oxide (U3O8). The 32,000 short tons of ore yielded approximately 1.5 million pounds of V2O5 and 52,000 pounds of U3O8.
The historic resources are contained within an area of drilling located down dip of historic mining activity consisting of 77 historic drill holes. Recent exploration activity on the Graysill Property consists of a radiometric survey and outcrop sampling.
The Company will now begin preparations for the next phase (Phase 4) of its initial development plan including a potential drilling program and further exploration activities to advance the Graysill project. The next goal of the Company will be to determine and initial resource estimate for the project.
PACM will require financing to begin further work at the Graysill project.
To find out more about Pacific Metals Corp. (OTCBB: PACM), visit the Company's website at www.pacificgoldcorp.com/pmet/ or contact the Company directly at 416-214-1483.
About the Company
Pacific Metals Corp., owns mining claims in San Juan and Delores Counties, Colorado, encompassing the historic Graysill Mine, believed to contain substantial quantities of Vanadium and Uranium. The Company is an approximately 75% owned subsidiary of Pacific Gold Corp.
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 2014 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.
Pacific Metals Corp.