LAKEWOOD, Colo., Oct. 21, 2014 /PRNewswire/ -- Pershing Gold
Corporation (OTCQB: PGLC) ("Pershing Gold" or the "Company") is
pleased to announce that its ongoing step-out core drilling program
at Relief Canyon in Pershing County,
Nevada continues to expand new high-grade gold zones in the
North Target area, notably, RC14-203 (Relief Canyon 2014 drill hole
203) reported 0.119 ounces per ton ("opt") gold ("Au")/4.070 grams
per tonne ("gpt") Au over 58.1 feet.
Table
1
|
Highlights of the
step-out drilling include:
|
|
Core
Hole
|
From
|
To
|
Width
|
Gold
|
Gold
|
Silver
|
Silver
|
Number
|
feet
|
gpt
|
opt
|
gpt
|
opt
|
|
|
|
|
|
|
|
|
RC14-202
|
555.0
|
595.0
|
40
|
1.513
|
0.044
|
1.9
|
0.05
|
RC14-203
|
478.1
|
536.2
|
58.1
|
4.070
|
0.119
|
21.2
|
0.62
|
including
|
485.0
|
492.6
|
7.6
|
21.650
|
0.632
|
31.4
|
0.92
|
RC14-205
|
365.0
|
460.0
|
95
|
0.959
|
0.028
|
3.9
|
0.11
|
including
|
435.0
|
454.8
|
19.8
|
3.541
|
0.103
|
6.6
|
0.19
|
|
485.1
|
513.5
|
28.4
|
1.361
|
0.040
|
0.9
|
0.02
|
RC14-207
|
429.2
|
562.0
|
132.8
|
1.810
|
0.053
|
11.1
|
0.32
|
RC14-209
|
435.0
|
498.0
|
63
|
1.030
|
0.030
|
7.5
|
0.22
|
RC14-211
|
262.7
|
329.9
|
67.2
|
2.616
|
0.076
|
3.1
|
0.09
|
|
390.0
|
419.7
|
29.7
|
1.698
|
0.050
|
3.8
|
0.11
|
RC14-211A
|
262.2
|
334.8
|
72.6
|
3.057
|
0.089
|
4.3
|
0.13
|
|
382.0
|
420.0
|
38
|
1.518
|
0.044
|
2.9
|
0.08
|
RC14-216
|
200.0
|
210
|
10
|
1.118
|
0.033
|
4.2
|
0.12
|
RC14-218
|
265.2
|
285
|
19.8
|
1.214
|
0.035
|
1.8
|
0.05
|
|
404.8
|
414
|
9.2
|
3.618
|
0.106
|
6.9
|
0.20
|
|
451.9
|
494.7
|
42.8
|
2.446
|
0.071
|
4.5
|
0.13
|
|
Notes:
|
1.
|
RC14-XXX denotes
Relief Canyon 2014 followed by the drill hole
number.
|
|
2.
|
The reported width is
not the true width of the intercept.
|
|
3.
|
Results from all
intervals for which we have received and verified
results will be posted on our website at
www.pershinggold.com.
|
The ongoing 2014 drilling program continues to extend high-grade
intervals of high-grade gold mineralization in the new high-grade
gold zone in the North Target area at the Relief Canyon Mine
previously announced on September 15, 2014. This expanding
high-grade zone is associated with white clay and fluorite.
Pershing Gold plans to continue systematic step-out drilling along
these higher-grade trends for the remainder of 2014.
Figure 1: Map showing North Target Highwall Drilling
To view a high-resolution version of Figure 1:
http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/153291-Pershing-Gold-Corp.pdf
The drill holes listed in Table 1 include wide intervals of gold
mineralization with grades from two to five times the average grade
of the March 31, 2014 resource estimate for the Relief Canyon
deposit. In addition to expanding the higher-grade zone, the
program and its use of core drilling is also instrumental in
gaining a better understanding of the controls on gold and silver
mineralization at Relief Canyon. Core samples allow for detailed
logging and structural analysis, something not possible with
reverse circulation drilling. Currently the 2014 program has
completed nearly 70 core drill holes totaling approximately 40,000
feet. The results of all drill holes from which we have received
and verified results are listed on Pershing Gold's website at
www.pershinggold.com.
"Our continued success in expanding this high-grade zone in the
Relief Canyon deposit is very exciting," commented Stephen D. Alfers, Pershing Gold's Chairman and
CEO. "Specifically, holes RC14-211 and RC14-211A offset the wide
intercepts in holes RC14-193 and RC14-195 previously reported. In
addition, holes RC14-205 and RC14-207 offset previously reported
holes RC14-177 and RC-179. These two zones are more than 600 feet
apart, and additional drilling is planned later this year to test
the continuity of these zones."
In addition to expanding higher-grade material in the northern
part of the deposit, Pershing Gold has begun testing a gold zone in
the southern part of the deposit that is above the Main Zone. This
zone was encountered in historic reverse circulation drill holes
and lies entirely within the Grass Valley formation. The first core
hole in this area intercepted strongly silicified and brecciated
limestone with some fine grain quartz veins with an approximate
thickness of forty feet. This zone is open to the north, south and
west and likely merges with the Main Zone to the east. All
assays are pending.
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
Larry L. Hillesland, Certified
Professional Geologist, 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 Skyline Assayers & Laboratories
of 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.
About Pershing Gold Corporation
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.
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 the potential
reopening of the Relief Canyon Mine under the currently held
permits, drill and assay results, expansion of the high-grade in
the Relief Canyon deposit and those statements 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, whether the Company
will be able to obtain external financing to fund the development
of plans for and the reopening and commencement of production at
the Relief Canyon Mine, results of exploration and infill and
step-out drilling including drilling in the North Target highwall
area and in the southern part of the deposit above the Main Zone,
interpretations or reinterpretations of geologic information or
unfavorable exploration results that could negatively affect
estimates of mineralized material and gold resources at Relief
Canyon; unfavorable of less favorable than anticipated results from
2014 drilling, delay or inability to obtain permits required for
exploration and other activities; 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,
2013. 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 Corporation