LAKEWOOD, Colo., Sept. 16, 2015 /PRNewswire/ -- Pershing Gold
Corporation (NASDAQ:PGLC), (FWB:7PG1) ("Pershing Gold" or the
"Company"), an emerging Nevada
gold producer, announces additional results for its 2015 drilling
program at the Relief Canyon project in Pershing County, Nevada.
"The 2015 drilling program is seeking to expand the high-grade
area of mineralization identified in the North Target Area during
the 2014-early 2015 drilling program, which resulted in the
dramatic upgrade in the quality of the resource estimate completed
in June of this year," stated Stephen D.
Alfers, Pershing Gold's Chairman and CEO. "Along with
growing the North Target Area, the 2015 drilling program is focused
on expanding the size of the resource estimate through drilling
targets in the Jasperoid Target Area and the Southwest Target Area,
which are not included in the Company's current resource estimate,"
Alfers explained. "The Company's analysis indicates that portions
of the deposit in these areas will be included in the expanded
resource estimate planned for the conclusion of the 2015 drilling
program," commented Alfers.
North Target Area
Drilling results include drill hole
RC15-306A with an intercept of 92 feet (28 meters) of 5.030
grams per tonne ("gpt"), 0.147 ounces per ton ("oz/ton")
gold ("Au") including 47 feet (14.3 meters) of 9.016 gpt, 0.263
oz/ton in the North Target Area of the Relief Canyon deposit.
This intercept includes 21 feet (6.4 meters) of higher-grade
gold with 12.745 gpt, 0.372 oz/ton Au.
The mineralization also includes high-grade silver with an
intercept of 65 feet (20 meters) of 123.513 gpt, 3.607 oz/ton
silver. This is the highest-grade silver intercept to date at
Relief Canyon. Company data suggests a slight increase in silver
mineralization in the deeper areas of the Relief Canyon deposit,
which may result in more silver by-product in the later years of
the mine life.
Other notable intercepts in the North Target Area include
RC15-304A with 115 feet (35.05 meters) of 2.193 gpt, 0.064
oz/ton. Both RC15-304A and 306A are holes in which the initial
drilling (RC15-304, and RC15-306) was terminated above the mineral
zones in the northern part of the North Target; these holes were
then re-drilled to encounter significant intercepts (see Figure
1).
Drill holes RC15-304A and RC15-306A both extend the higher-grade
mineralization down dip through the Jasperoid Zone in the North
Target Area and improve the grades in the modeled mineralization.
These high-grade zones, or chutes, appear to be developed along a
northwest trend within the tabular Jasperoid Zone. Multiple,
sub-parallel, high-grade chutes appear to be present in both the
Lower and Jasperoid Zones of the North Target Area. Additional
drilling will focus on adding and improving the grade of these
mineral zones.
Figure 1
Jasperoid Target Area
Other significant holes include
RC15-318 with 29 feet (10 meters) of 1.333 gpt or 0.039 oz/ton
Au from 59 to 88 feet in the Jasperoid Target Area. This
intercept and others previously announced are the up-dip equivalent
of the high-grade intercepts in RC15-304A and RC15-306A.
Drilling from the Jasperoid Area is not included in the
currently published resource on Relief Canyon. Management believes
that drilling in this area indicates significant potential to
improve project economics due to high-grades, a favorable strip
ratio, and the location of this zone above the water
table.
Southwest Target Area
The Southwest Target Area was
discovered by the Company while following the known resource down
plunge, encountering a favorable structural offset that improved
the grade and thickness of mineralization while also bringing it
much closer to the surface. Along with the Jasperoid Target Area,
drilling from the Southwest Target Area is not included in the
currently published resource estimate on Relief Canyon.
Table
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core
Hole
|
From
|
To
|
Width
|
gpt
gold
|
oz/ton
gold
|
Target
|
Number
|
feet
|
|
|
Area
|
RC15-304A
|
459
|
574
|
115
|
2.193
|
0.064
|
North
|
including
|
533.2
|
562
|
28.8
|
5.315
|
0.155
|
|
RC15-306A
|
479
|
571
|
92
|
5.031
|
0.147
|
Jasperoid
|
including
|
494
|
541
|
47
|
9.016
|
0.263
|
|
RC15-316
|
29.5
|
48
|
18.5
|
0.888
|
0.026
|
Jasperoid
|
RC15-317
|
44.1
|
62
|
17.9
|
3.315
|
0.097
|
Jasperoid
|
RC15-318
|
59
|
88
|
29
|
1.333
|
0.039
|
Jasperoid
|
RC15-319
|
58.2
|
99
|
40.8
|
0.691
|
0.020
|
Jasperoid
|
RC15-320
|
0
|
21.4
|
21.4
|
1.409
|
0.041
|
Jasperoid
|
|
49.3
|
56.9
|
7.6
|
4.419
|
0.129
|
|
|
90.4
|
103.4
|
13
|
0.766
|
0.022
|
|
RC15-322
|
0
|
25
|
25
|
1.752
|
0.051
|
Jasperoid
|
RC15-323
|
310
|
317.4
|
7.4
|
1.377
|
0.040
|
North
|
|
356
|
371
|
15
|
1.435
|
0.042
|
|
|
381
|
421.2
|
40.2
|
0.982
|
0.029
|
|
RC15-324
|
82
|
100.4
|
18.4
|
1.307
|
0.038
|
Jasperoid
|
RC15-325
|
166.6
|
194
|
27.4
|
0.690
|
0.020
|
Southwest
|
RC15-325A
|
165
|
196.6
|
31.6
|
0.792
|
0.023
|
Southwest
|
RC15-326
|
59
|
110.9
|
51.9
|
1.184
|
0.035
|
Jasperoid
|
RC15-329
|
130.7
|
146
|
15.3
|
1.126
|
0.033
|
North
|
RC15-335
|
75
|
109.6
|
34.6
|
0.772
|
0.023
|
North
|
|
185
|
205
|
20
|
1.381
|
0.040
|
|
|
325
|
377.6
|
52.6
|
0.924
|
0.027
|
|
RC15-337
|
10
|
61.5
|
51.5
|
1.051
|
0.031
|
North
|
|
343.4
|
368.2
|
24.8
|
2.609
|
0.076
|
|
RC15-340
|
102
|
116
|
14
|
1.165
|
0.034
|
|
RC15-341
|
229.9
|
318
|
88.1
|
0.956
|
0.028
|
Southwest
|
|
495
|
554.3
|
59.3
|
0.536
|
0.016
|
|
Complete results stated in both imperial and metric units will
be posted on the Pershing Gold website at www.pershinggold.com as
those results clear quality assurance and quality control
("QA/QC"), and are finalized.
Four core-drill rigs have continued to operate at Relief Canyon
for the past six weeks. One core-drill rig is working in the
Jasperoid Target Area. Two drill rigs are operating in the North
Target Area. The fourth rig is drilling in the Southwest Target
Area (Figure 1). Approximately 60% of the planned 2015 drilling
program has been completed to date, which includes approximately
46,000 feet (14,200 meters) and 85 holes. Assay results have been
received for the first 45 holes. Significant intercepts are shown
below in Table 1.
About Pershing Gold Corporation
Pershing Gold is an
emerging gold producer whose primary asset is the Relief
Canyon Mine in Pershing County,
Nevada. Relief Canyon includes three open-pit mines and a
state-of-the-art, fully permitted and constructed heap-leach
processing facility. Pershing Gold is currently permitted to resume
mining at Relief Canyon under the existing Plan of Operations.
Pershing Gold's landholdings cover approximately 25,000 acres
that include the Relief Canyon Mine asset and lands surrounding the
mine in all directions. This land package provides Pershing Gold
with the opportunity to expand the Relief Canyon Mine deposit and
to explore and make new discoveries on nearby lands.
Pershing Gold is listed on the NASDAQ Global Market under the
symbol PGLC and the Frankfurt Stock Exchange under the symbol 7PG1.
The investment banks Euro Pacific Capital Inc., H.C. Wainwright and Co. LLC (under the name
Rodman & Renshaw) and Cantor Fitzgerald currently produce
analyst reports on the Company.
Legal Notice and Safe Harbor Statement
This press
release contains "forward-looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical fact, including, without
limitation, those with respect to the objectives, plans and
strategies of the Company set forth herein including expectations
regarding the planned 2015 drilling program, the potential update
of and expansion of the Relief Canyon resource, management's
expectations that new portions in the Jasperoid and Southwest
targets will be included in the updated resource, the possibility
of increased amounts of silver by-products in later years of
production and those preceded by or that include the words
"believes," "expects," "given," "targets," "intends,"
"anticipates," "plans," "projects," "forecasts" or similar
expressions, are "forward-looking statements." Although the
Company's management believes that such forward-looking statements
are reasonable, it cannot guarantee that such expectations are, or
will be, correct. These forward-looking statements involve a number
of risks and uncertainties, which could cause the Company's future
results to differ materially from those anticipated. Potential
risks and uncertainties include, among others, unanticipated delays
in or changes to the planned drilling program for 2015; less
favorable results from the 2015 exploration program than currently
anticipated; insufficient or insufficiently favorable information
to include portions of the deposit in the Jasperoid and Southwest
target areas in the Company's next updated resource;
interpretations or reinterpretations of geologic and metallurgical
information or unfavorable exploration results that could
negatively affect estimates of resources; insufficient silver to
increase the amount of silver by-products in later years of
production; general economic conditions and conditions affecting
the industries in which the Company operates; the uncertainty of
regulatory requirements and approvals; decreases in gold and other
mineral and commodity prices; risks of junior exploration and
pre-production activities; and maintenance of important business
relationships. Additional information regarding the factors that
may cause actual results to differ materially from these
forward-looking statements is available in the Company's filings
with the SEC including the Annual Report on Form 10-K for the year
ended December 31, 2014. The
Company assumes no obligation to update any of the information
contained or referenced in this press release.
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SOURCE Pershing Gold Corp.