Pershing Gold Corporation (OTCQB:PGLC) ("Pershing Gold" or the
"Company") is pleased to announce results of its 2013 drilling
program at its Relief Canyon Mine property. All seven of the holes
reported herein that drilled into the Lower Zone of the Relief
Canyon deposit have intercepts with gold grades that are
significantly higher than our January 2013 resource estimate. The
January 2013 resource estimate reported average gold grades of
0.643 grams per tonne ("gpt ") gold ("Au") /0.0188 ounces per ton
("opt") Au for the NI 43-101 compliant Measured and Indicated gold
resource.
Additionally, six of the seven Lower Zone holes shown in Table 1
contain gold intercepts that exceed the average grade of the ore
mined in the late 1980s. According to the 2007 NI 43-101 Technical
Report prepared for the previous owner, Firstgold Corp.
("Firstgold"), the average ore grade previously mined was roughly
1.028 gpt/0.03 opt Au.
The ten holes shown in Table 1 are diamond core holes recently
drilled as part of the ongoing 2013 drilling program at the Relief
Canyon Mine. Highlights of these results include:
RC13-133: 177.8 feet of 2.037 gpt/0.059
opt Au, |
RC13-129: 39.0 feet of 1.701 gpt/0.05 opt
Au and 149.35 gpt/4.36 opt silver, |
RC13-132: 55 feet of 1.144 gpt/0.033 opt
Au, |
RC13-135: 48.9 feet of 1.644 gpt/0.048
opt Au |
Figure 1 shows the drill hole locations.
"The higher gold grades in these Lower Zone intercepts mean that
Relief Canyon is getting better, and it is getting bigger. We have
an opportunity to substantially increase the overall grade of the
Relief Canyon deposit compared to the deposit mined in the 1980s,"
stated Stephen Alfers, Pershing Gold's Chairman and CEO.
"Additionally, because the January 2013 resource estimate included
only a limited part of the Lower Zone, this estimate does not
reflect the higher gold grades we are now finding in the Lower
Zone. We thus expect a significant increase in the size and grade
of the Relief Canyon resource when the 2013 Lower Zone drilling is
incorporated into an updated resource estimate."
|
Table 1 |
Summary of Drill
Results |
|
From |
To |
Length |
Gold |
Silver |
|
|
|
|
gpt |
opt |
gpt |
opt |
Lower Zone
Intercepts |
RC13-129 |
210.0 |
288.0 |
78.0 |
0.904 |
0.026 |
75.00 |
2.19 |
including |
249.0 |
288.0 |
39.0 |
1.701 |
0.05 |
149.35 |
4.36 |
|
|
|
|
|
|
|
|
RC13-130 |
561.8 |
597.1 |
35.3 |
1.117 |
0.033 |
6.14 |
0.18 |
|
|
|
|
|
|
|
|
RC13-132 |
400 |
455 |
55 |
1.144 |
0.033 |
11.60 |
0.34 |
|
|
|
|
|
|
|
|
RC13-133 |
237.8 |
415.6 |
177.8 |
2.037 |
0.059 |
5.77 |
0.17 |
including |
321.3 |
364 |
42.7 |
6.690 |
0.194 |
19.31 |
0.56 |
including |
339 |
347 |
8 |
23.379 |
0.678 |
35.81 |
1.05 |
including |
405 |
415.6 |
10.1 |
4.207 |
0.122 |
4.17 |
0.12 |
|
|
|
|
|
|
|
|
RC13-134 |
255.2 |
301 |
45.8 |
0.966 |
0.028 |
1.83 |
0.05 |
|
|
|
|
|
|
|
|
RC13-135 |
311.1 |
377.5 |
66.4 |
1.226 |
0.036 |
3.53 |
0.10 |
including |
311.1 |
360.0 |
48.9 |
1.644 |
0.048 |
4.59 |
0.13 |
|
|
|
|
|
|
|
|
RC13-136 |
299.9 |
313.6 |
13.7 |
0.925 |
0.027 |
5.45 |
0.16 |
Jasperoid
Intercepts |
RC13-127 |
506.4 |
533.0 |
26.6 |
0.377 |
0.011 |
3.46 |
0.10 |
|
|
|
|
|
|
|
|
RC13-128 |
703.0 |
715.0 |
12.0 |
0.666 |
0.019 |
1.35 |
0.04 |
including |
713.0 |
715.0 |
2.0 |
3.368 |
0.098 |
2.00 |
0.06 |
|
|
|
|
|
|
|
|
RC13-129 |
432.5 |
581.0 |
148.5 |
0.437 |
0.013 |
1.93 |
0.06 |
including |
432.5 |
441.0 |
8.5 |
0.869 |
0.025 |
5.95 |
0.17 |
including |
548.0 |
581.0 |
33.0 |
1.090 |
0.032 |
3.25 |
0.10 |
|
|
|
|
|
|
|
|
RC13-129 |
738.0 |
801.0 |
63.0 |
0.318 |
0.009 |
1.98 |
0.06 |
including |
795.4 |
801.0 |
5.6 |
2.077 |
0.061 |
16.74 |
0.49 |
|
|
|
|
|
|
|
|
RC13-132 |
530 |
535 |
5 |
1.144 |
0.033 |
<0.5 |
<0.015 |
|
|
|
|
|
|
|
|
RC13-133 |
536 |
625.2 |
89.2 |
0.969 |
0.028 |
3.88 |
0.11 |
including |
546 |
571.5 |
25.5 |
2.793 |
0.081 |
10.10 |
0.29 |
|
|
|
|
|
|
|
|
RC13-135 |
408.0 |
520.6 |
112.6 |
0.486 |
0.014 |
3.56 |
0.10 |
including |
413.0 |
455.5 |
42.5 |
0.753 |
0.022 |
5.03 |
0.15 |
|
|
|
|
|
|
|
|
RC13-136 |
390 |
622.2 |
232.2 |
0.647 |
0.019 |
3.50 |
0.10 |
including |
564.5 |
622.2 |
57.7 |
1.919 |
0.056 |
7.41 |
0.22 |
Main
Zone |
RC13-129 |
120.2 |
172.0 |
51.8 |
0.340 |
0.010 |
1.95 |
0.06 |
|
|
|
|
|
|
|
|
RC13-130 |
345.8 |
377.8 |
32.0 |
0.421 |
0.012 |
4.22 |
0.12 |
|
|
|
|
|
|
|
|
RC13-131 |
0 |
37 |
37 |
0.393 |
0.011 |
3.54 |
0.10 |
|
|
|
|
|
|
|
|
RC13-133 |
26.3 |
44 |
17.7 |
0.517 |
0.015 |
0.62 |
0.02 |
|
|
|
|
|
|
|
|
RC13-136 |
99.6 |
104.8 |
5.2 |
0.616 |
0.018 |
0.90 |
0.27 |
|
|
|
|
|
|
|
|
RC13-136 |
149.3 |
175.4 |
26.1 |
0.554 |
0.016 |
4.56 |
0.13 |
|
|
|
|
|
|
|
|
Notes: |
1. The reported width is not the true width
of the intercept. |
|
2. The cumulative footage for these ten holes
is approximately 6,600 feet. |
|
3. Results from all intervals for which we
have received and verified results will be posted on our website at
www.pershinggold.com. |
The 2013 drilling program drilled 16 additional holes for which
assay data are not yet available. Visual examination of the core
from these holes suggests that a number of these holes penetrated
Lower Zone mineralization. The Company plans to announce results
for the remaining holes when the assay data become
available.
As shown in Figure 1, eight of the ten holes in Table 1 were
drilled north of the North Pit, with many collared east of
previously reported drilling. Two holes, RC13-131 and RC13-132,
were drilled in the North Pit and successfully drilled into gold
mineralization below the current pit bottom.
The gold intercept in RC13-132 shows that the Lower Zone
underlies the North Pit and extends the length of the Lower Zone
approximately 200 feet south of the previously reported area of the
Lower Zone. With this discovery, the Lower Zone is about 1,300 feet
long and ranges from 700 to 1,200 feet wide. The boundaries of the
Lower Zone remain open to the north, south, and east.
In commenting on the significance of the Lower Zone intercept in
the North Pit, Stephen Alfers stated, "We believe additional
drilling in the North Pit will demonstrate that the Lower Zone has
continuity underneath the current pit bottom and is likely to
contain gold mineralization similar to the Lower Zone intercepts
north of the North Pit." The Company is planning to conduct
additional drilling in the North Pit to define the extent of the
Lower Zone beneath the pit.
Six of the drill holes shown in Table 1 have gold intercepts
associated with jasperoids that are similar to the black jasperoid,
clay and fluorite mineral assemblage described in RC13-119 in our
September 19, 2013 press release.
As shown in the cross section in Figure 2, the gold-mineralized
jasperoids lie beneath the Lower Zone. Two of the holes in Table 1
contain significant intervals of high-grade gold. For example, the
jasperoid intercept in RC13-133 contains 25.5 feet of 2.793 gpt
Au/0.081 opt Au; RC13-136 has 57.7 feet with 1.919 gpt Au/0.056 opt
Au. Pershing geologists have identified jasperoid during core
logging of some of the 16 holes for which assay data are
pending.
"The tabular, low-angle geometry of the Lower Zone and the
underlying gold-mineralized jasperoids is very favorable because
there is potential for continuity and a significant volume of
gold-mineralized material that will be amenable to open-pit
mining," said Stephen Alfers. "We anticipate that the assay results
for the remaining 16 holes drilled this year will show strong gold
mineralization in both the Lower Zone and in the sub-parallel
jasperoids."
The results emerging from the 2013 drilling program to date
indicate that the grades of gold-bearing clay intervals in the
historic drilling database may be underestimated. Several of the
recently drilled core holes were drilled near reverse-circulation
rotary holes drilled by previous owners that include gold
intercepts associated with clays. When compared to the
reverse-circulation rotary results, the gold assays from the 2013
core holes typically have higher grades in the clay zones.
For example, RC13-130 is collared about 10 feet south of
NT08-06, a reverse-circulation rotary hole that Firstgold drilled
in 2008. RC13-130 has 35.3 feet of 1.117 gpt/0.0333 opt Au. In
comparison, NT08-06 contained 35 feet of 0.29 gpt/0.008 opt Au.
Similarly, the Lower Zone intercept in RC13-133 (42.7 feet of 6.69
gpt/0.194 opt Au) is roughly 40 feet west of the Lower Zone
intercept in DH-9630, a reverse-circulation rotary hole drilled in
1996, which contained 45 feet of 0.171 gpt/0.005 opt Au. The
Company believes that this finding could be significant because
clay minerals are widespread throughout the Relief Canyon
deposit.
Pershing Gold's geologists think the reason that the core holes
have higher-grade intercepts in the clay zones compared to nearby
reverse-circulation rotary holes is due to the greater volumes of
water typically used during reverse-circulation rotary drilling
compared to diamond core drilling. The larger volumes of drilling
fluids may have partially washed away some of the fine-grained,
gold-bearing clays in the reverse-circulation rotary holes. If this
hypothesis is correct, the higher-grade assays in the clay zones in
the core holes would be more representative of the actual grade of
these mineralized intervals.
"Based on these new drilling results, we think there is
significant potential for higher gold grades throughout the Relief
Canyon deposit," said Stephen Alfers. "As previously reported in
our September 19, 2013 press release, the historic drill hole
database for the reverse-circulation rotary holes drilled over the
past 30 years includes numerous high-grade gold intercepts. Future
core drilling near these reverse-circulation rotary holes may
discover higher gold grades."
The Company is preparing an application to seek authorization
from the Bureau of Land Management ("BLM") to drill more holes to
test the extent of the Lower Zone and the jasperoids to the north,
south, east, and west of the holes shown in Figure 1. Once the BLM
approves this drilling, Pershing Gold is planning to drill at about
20 new sites. The Company has sufficient financial resources to
pursue this planned drilling program and estimates these additional
holes will cost approximately $500,000.
About Pershing Gold
Pershing Gold is an emerging Nevada gold producer uniquely
positioned to create shareholder value by fast-track reopening of
the Relief Canyon Mine, which includes three open-pit mines and a
state-of-the-art, fully permitted and constructed heap leach
processing facility. Pershing Gold's landholdings cover over 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.
Scientific and Technical Data
All scientific and technical information related to drill and
surface samples for the Relief Canyon project has been reviewed and
approved by Robert B. Hawkins, P.Geo, who is a Qualified Person
under the definitions established by Canadian National Instrument
43-101. Drill core at Relief Canyon is boxed and sealed at the
drill rig and moved to the Relief Canyon logging and sample
preparation facilities by trained personnel. The core is logged and
split down the center using a typical table-fed circular rock saw.
One half of the core is sent for assay to Inspectorate America
Corp., Sparks, Nevada, while the other half is returned to the core
box and stored at Relief Canyon in a secure, fenced-off, area.
Pershing Gold Corporation quality assurance/quality control (QA/QC)
procedures include the regular use of blanks, standards, and
duplicate samples.
Cautionary Note to United States Investors Regarding
Estimates of Measured, Indicated and Inferred Resources:
We use certain terms in this press release, such as "measured",
"indicated" and "inferred resources", that are defined in Canadian
National Instrument 43-101; however these terms are not recognized
under the U.S. SEC Industry Guide 7. U.S. investors are
cautioned not to assume that any or all of measured, indicated or
inferred resources are economically or legally mineable or that
these resources will ever be converted into
reserves. "Inferred mineral resources" have a high degree of
uncertainty as to their existence and it cannot be assumed that all
or any part of an inferred mineral resource will ever be upgraded
to a higher category. U.S. investors are urged to consider
closely the disclosure in our Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and other SEC filings. You can review and
obtain copies of these filings from the SEC's website at
http://www.sec.gov/edgar.shtml.
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, are
forward-looking statements including, without limitation, those
with respect to the objectives, plans and strategies of the Company
set forth herein including the planned and potential future
drilling and other exploration on Pershing Gold's Relief Canyon
property, results of drilling and anticipated timing of additional
drilling and results, interpretations and significance of
exploration results and other geologic information at Relief
Canyon, potential for a significantly higher-grade deposit than the
previously mined mineralization or that reported in the January
2013 resource estimate; anticipated expansion of the resource
at the Relief Canyon properties and an updated resource
estimate. 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, inability to obtain external financing to fund the
Company's future activities including maintaining its land
position, interpretations, changes in interpretation or
reinterpretations of geologic information, unfavorable exploration
results or failure of future results to confirm the significance of
the current drilling results in the Lower Zone, delays in obtaining
exploration results or new resource analysis or reports, inability
to obtain or substantial delays in obtaining permits required for
future exploration or development or production, general economic
conditions and conditions affecting the industries in which the
Company operates; the uncertainty of regulatory requirements and
approvals; fluctuating 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, 2012 and each
subsequently filed Quarterly Report on Form 10-Q and Current Report
on Form 8-K. The Company assumes no obligation to update any of the
information contained or referenced in this press release.
CONTACT: Jack Perkins
Vice President, Investor Relations
720-974-7254
investors@pershinggold.com
www.PershingGold.com
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