LAKEWOOD, Colo., Sept. 16, 2015 /CNW/ -- 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.
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.
PDF available at: http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/266971-Pershing-Gold-Corp-Figure-1-Infographic.pdf
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For more information, please contact: Stephen Alfers, Executive Chairman, President and CEO, Jack Perkins, Vice President, Investor Relations, 720.974.7254, [email protected], www.PershingGold.com, http://www.pershinggold.com
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