Kernel Panic Unable to mount root fs on unknown-block(31,3)

Using the latest qemu:
qemu-system-arm.exe -kernel C:\Users\a\Downloads\kernel-qemu-4.4.34-jessie -cpu arm1176 -m 256 -machine versatilepb -cdrom C:\Users\a\Downloads\picore-9.0.3.img

Gives error:
Kernel Panic Unable to mount root fs on unknown-block(31,3)

I have tried different ARMv6 ARMv7 images/kernels with the same result.