Pershing Gold Corporation (OTCQB:PGLC) ("Pershing Gold" or the
"Company") is pleased to announce the results for 16 diamond core
holes drilled in late 2013 at the Relief Canyon Mine in Pershing
County, NV. These latest results continue to verify the presence of
three stacked mineralized zones. The Lower Zone and the Jasperoid
Zone are previously unidentified mineral zones, which Pershing Gold
geologists delineated in the 2012 and 2013 drilling programs.
Fifteen of the 16 holes encountered gold mineralization; 13 have
intercepts with gold grades that are higher than the average grade
of 0.643 grams per tonne ("gpt") gold ("Au")/0.019 ounces per ton
("opt") Au used in our January 2013 NI 43-101 compliant Measured
and Indicated gold resource estimate. Drilling indicates these
zones have the potential for further expansion in several
directions.
"These results are a game changer for a couple of reasons,"
stated Stephen Alfers, Pershing Gold's Chairman and CEO. "The first
game changer is the discovery that the deposit is comprised of
three stacked mineralized zones that are controlled by low-angle
structures. We believe we will be able to significantly expand both
the size and the overall grade of the deposit, because both the
Lower and Jasperoid Zone drill results show higher grade than the
previously mined Main Zone.
"Second," said Alfers, "this drilling program was designed to
test targets in the Lower and Jasperoid Zones. We successfully
encountered numerous gold-mineralized intercepts in both zones,
with ten holes hitting the Lower Zone and 13 holes drilled into the
underlying Jasperoid Zone. We have also expanded the lateral extent
of both zones."
Highlights from the 15 mineralized holes include the following
results:
RC13-141: |
177 feet of 1.614 gpt/0.047 opt Au, which
includes 3.2 feet of 37.005 gpt/1.081 opt Au; |
|
|
RC13-145: |
20.5 feet of 6.441 gpt/0.188 opt Au,
which includes 5 feet of 19.645 gpt/0.574 opt Au; |
|
|
RC13-149: |
55 feet of 2.504 gpt/0.073 opt Au, which
includes 19 feet of 6.514 gpt/0.190 opt Au; |
|
|
RC13-150: |
40.4 feet of 1.802 gpt/0.053 opt Au and
41.6 feet of 2.76 gpt/0.081 opt Au; and |
|
|
RC13-151: |
43.5 feet of 7.680 gpt/0.224 opt Au,
which includes 15.1 feet of 10.734 gpt/0.313 opt Au and 5 feet of
31.401 gpt/0.917 opt Au |
Table 1 presents the detailed drilling results. Figure 1 shows
the drill hole locations and the superposition of the three stacked
mineralized zones in plan view. Figure 2 is a cross section
illustrating the stacked configuration of the deposit.
Table 1 |
Summary of Drill
Results |
|
From |
To |
Width |
Gold |
Silver |
|
(feet) |
(feet) |
(feet) |
gpt |
opt |
gpt |
opt |
Lower Zone
Intercepts |
RC13-138 |
193.7 |
204.5 |
10.8 |
1.293 |
0.038 |
1.398 |
0.04 |
|
|
|
|
|
|
|
|
RC13-139 |
407.3 |
411.1 |
3.8 |
0.591 |
0.017 |
4.400 |
0.13 |
|
|
|
|
|
|
|
|
RC13-140 |
179.3 |
190 |
10.7 |
0.422 |
0.012 |
3.506 |
0.10 |
RC13-140 |
265 |
270 |
5 |
0.765 |
0.022 |
Trace |
Trace |
RC13-140 |
315.2 |
321.5 |
6.3 |
0.476 |
0.014 |
14.705 |
0.43 |
|
|
|
|
|
|
|
|
RC13-141 |
360.5 |
537.5 |
177 |
1.614 |
0.047 |
6.302 |
0.18 |
Including |
481.8 |
485 |
3.2 |
37.005 |
1.081 |
51.1 |
1.49 |
|
|
|
|
|
|
|
|
RC13-142 |
318 |
326 |
8 |
1.07 |
0.031 |
4.45 |
0.13 |
RC13-142 |
367 |
377.8 |
10.8 |
1.192 |
0.035 |
2.43 |
0.07 |
|
|
|
|
|
|
|
|
RC13-144 |
315 |
388.8 |
73.8 |
0.834 |
0.024 |
1.942 |
0.06 |
Including |
315 |
330 |
15 |
1.402 |
0.040 |
4.401 |
0.13 |
|
|
|
|
|
|
|
|
RC13-145 |
180 |
195 |
15 |
1.117 |
0.033 |
0.4 |
0.01 |
RC13-145 |
250 |
265.2 |
15.2 |
0.868 |
0.025 |
2.685 |
0.08 |
|
|
|
|
|
|
|
|
RC13-148 |
165 |
180.3 |
15.3 |
0.569 |
0.016 |
0.739 |
0.02 |
RC13-148 |
198.8 |
204 |
5.2 |
5.486 |
0.160 |
6.1 |
0.18 |
RC13-148 |
270.4 |
279 |
8.6 |
0.578 |
0.017 |
1.672 |
0.05 |
RC13-148 |
344 |
349 |
5 |
0.768 |
0.022 |
3.9 |
0.11 |
|
|
|
|
|
|
|
|
RC13-150 |
314.6 |
355 |
40.4 |
1.802 |
0.053 |
2.572 |
0.08 |
Including |
320 |
325 |
5 |
6.787 |
0.198 |
12.3 |
0.359 |
|
|
|
|
|
|
|
|
RC13-152 |
226 |
246 |
20 |
0.689 |
0.020 |
0.225 |
0.01 |
Jasperoid
Intercepts |
RC13-137 |
140.5 |
144 |
3.5 |
22.181 |
0.619 |
22.7 |
0.66 |
|
|
|
|
|
|
|
|
RC13-140 |
514 |
524.1 |
10.1 |
2.229 |
0.065 |
4.021 |
0.12 |
|
|
|
|
|
|
|
|
RC13-141 |
577.5 |
607.5 |
30.0 |
0.556 |
0.016 |
5.83 |
0.17 |
|
|
|
|
|
|
|
|
RC13-142 |
410.6 |
413 |
2.4 |
2.032 |
0.059 |
8.2 |
0.24 |
|
|
|
|
|
|
|
|
RC13-143 |
313.7 |
430 |
116.3 |
0.457 |
0.013 |
2.14 |
0.06 |
Including |
313.7 |
331.1 |
17.4 |
0.954 |
0.028 |
5.6 |
0.16 |
Including |
361 |
396 |
35 |
0.546 |
0.016 |
0.879 |
0.03 |
Including |
355 |
363.5 |
8.5 |
3.711 |
0.108 |
5.903 |
0.17 |
|
|
|
|
|
|
|
|
RC13-144 |
315 |
388.8 |
73.8 |
0.834 |
0.024 |
1.942 |
0.06 |
Including |
355 |
363.5 |
8.5 |
3.711 |
0.108 |
5.903 |
0.17 |
|
|
|
|
|
|
|
|
RC13-145 |
331 |
355.5 |
24.5 |
0.796 |
0.023 |
1.001 |
0.03 |
RC13-145 |
383.5 |
404 |
20.5 |
6.441 |
0.188 |
5.026 |
0.15 |
Including |
399 |
404 |
5 |
19.645 |
0.574 |
13.4 |
0.39 |
|
|
|
|
|
|
|
|
RC13-147 |
237.4 |
247.7 |
10.3 |
1.081 |
0.032 |
2.099 |
0.06 |
RC13-147 |
285.0 |
308.8 |
23.8 |
1.160 |
0.034 |
6.618 |
0.19 |
RC13-147 |
370.0 |
375 |
5 |
1.307 |
0.038 |
59.3 |
1.73 |
|
|
|
|
|
|
|
|
RC13-149 |
268.5 |
295.0 |
26.5 |
0.764 |
0.022 |
1.460 |
0.04 |
RC13-149 |
330.0 |
385.0 |
55.0 |
2.504 |
0.073 |
34.736 |
1.01 |
Including |
335.0 |
354.0 |
19.0 |
6.514 |
0.190 |
97.238 |
2.839 |
|
|
|
|
|
|
|
|
RC13-150 |
436.4 |
478 |
41.6 |
2.76 |
0.081 |
3.723 |
0.11 |
Including |
462.5 |
468.9 |
6.4 |
12.880 |
0.376 |
11.55 |
0.337 |
|
|
|
|
|
|
|
|
RC13-151 |
315.4 |
343.9 |
28.5 |
1.220 |
0.036 |
3.284 |
0.10 |
RC13-151 |
429.8 |
473.3 |
43.5 |
7.680 |
0.224 |
23.768 |
0.69 |
Including |
434.5 |
449.5 |
15.1 |
10.734 |
0.313 |
29.719 |
0.87 |
Including |
463.3 |
468.3 |
5 |
31.401 |
0.917 |
73.70 |
2.152 |
|
|
|
|
|
|
|
|
RC13-152 |
551 |
592 |
41 |
3.026 |
0.088 |
9.647 |
0.28 |
Including |
563.9 |
567 |
3.1 |
29.55 |
0.863 |
96 |
2.80 |
Main
Zone |
RC13-140 |
74.4 |
83 |
8.6 |
0.361 |
0.011 |
3.808 |
0.11 |
|
|
|
|
|
|
|
|
RC13-142 |
224 |
229 |
5 |
1.138 |
0.033 |
50.8 |
1.48 |
|
|
|
|
|
|
|
|
RC13-144 |
24 |
34 |
10 |
0.27 |
0.008 |
Trace |
Trace |
|
|
|
|
|
|
|
|
RC13-145 |
137.3 |
142.4 |
5 |
1.05 |
0.031 |
Trace |
Trace |
|
|
|
|
|
|
|
|
RC13-150 |
7.2 |
35 |
27.8 |
0.438 |
0.013 |
0.153 |
0.01 |
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. Holes RC13-122M through RC13-126M were
large-diameter metallurgical core holes drilled in the pits.
Results for the metallurgical holes will be reported on
www.pershinggold.com.) |
|
4. Results from all intervals for which we
have received and verified results will be posted on our website at
www.pershinggold.com. |
Table 1 shows that many of the mineralized intercepts with gold
grades higher than the 0.643 gpt/0.0188 opt Au used in the 2013
resource estimate occur in the Lower and Jasperoid Zones.
Additionally, six holes in the Lower Zone and 11 of the 12 holes in
the Jasperoid Zone have intercepts with grades that exceed the
1.028 gpt/0.03 opt Au average grade of the ore mined in the late
1980s as reported in the 2007 NI 43-101 Technical Report prepared
for the previous owner, Firstgold Corp.
Mining at Relief Canyon during the 1980s developed only the
mineralization in the Main Zone; it did not reach the Lower Zone or
the underlying Jasperoid Zone. Moreover, the most recent resource
estimate (January 2013) included only a limited part of the Lower
Zone and did not include any gold mineralization from the Jasperoid
Zone. Data from drilling in these newly discovered mineral zones
will be included in the resource estimate update currently in
preparation.
The Company has engaged an independent consultant that is
currently preparing an updated resource estimate, which is planned
to be completed in Q1 2014. "We anticipate that the 2014 resource
estimate will grow in terms of ounces and will be higher grade than
our 2013 estimate," stated Stephen Alfers.
The 2013 drilling results show that the Lower Zone is at least
1,500 feet long and 1,000 feet wide. As currently defined by
drilling, the Jasperoid Zone is about 1,200 feet long and
approximately 800 feet wide. The Company believes that additional
drilling will continue to expand the boundaries of the Lower and
Jasperoid Zones, which remain open to the north, south, and east.
There also may be potential to expand these Zones to the west.
The Company has submitted an application to seek authorization
from the Bureau of Land Management ("BLM") to drill more holes to
delineate and expand the Lower and Jasperoid Zones north of the
North Pit. 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 on a
fast-track to re-open 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, or refer to reports that use these 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, interpretations and significance of
exploration results and other geologic information at Relief Canyon
including the extent of the Lower and Jasperoid Zones, 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 the expected timing of 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 and Jasperoid Zones;
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; and risks of junior exploration and
pre-production activities. 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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