LAKEWOOD, Colo., Feb. 11, 2015 /PRNewswire/ -- Pershing Gold
Corporation (OTCQB: PGLC) ("Pershing Gold" or the "Company")
announces that the core-drilling program at the Relief Canyon Mine
in Pershing County, Nevada
continues to discover numerous high-grade gold intercepts that
further define a broad zone of high-grade gold mineralization in
the North Target Area. Drill hole RC15-265A encountered 0.9
meters (3 feet) of 87.912 grams per tonne ("gpt") gold
("Au")/2.567 ounces per ton ("opt") Au that is included
in a 9.2 meter (30.3 foot) intercept of 11.422 gpt/0.334
opt Au.
Drill hole RC15-269 is another significantly mineralized hole,
which contains a 3.1 meter (10.2 foot) intercept of 9
gpt/0.263 opt Au within a 28 meter (91.8 foot) intercept
of 1.74 gpt/0.051 opt Au. This hole also includes a 6.2
meter (20.2 foot) intercept of 3.05 gpt/0.089 opt
Au.
"With these drilling results we now have many holes in the North
Target Area defining new zones with high-grade intercepts. We
announce here a second hole with an exceptionally high-grade gold
intercept – the 3 feet (0.9 meters) of 87.912 gpt/2.567 opt
Au in RC15-265A," said Stephen D.
Alfers, Pershing Gold's Chairman and CEO. "For over a year
our team has been drilling the three zones (Main Zone, Lower Zone
and Jasperoid Zone) in the North Target area. We recently
reported RC15-264, exposing a 76.8 gpt/2.24 opt intercept
and a new high–grade zone within the Lower Zone. The results
released today report holes suggesting lateral extent of multiple
high-grade zones at least 800 feet east to RC15-265A. These
two high–grade zones continue to be open to the north and west,
adjacent to RC15-264 and to the north and east, adjacent to
RC15-265A, and therefore suggest new targets to the north, east and
west to expand these new zones."
The current Relief Canyon resource estimate does not include any
of the 2014 and 2015 drill holes – including the many core holes in
the North Target Area drilled during this time frame. The Company
is planning to release an updated resource estimate in April of
this year. Once the updated resource estimate is published, the
Company plans to complete an independent Preliminary Economic
Assessment on the Relief Canyon Project.
"The grades in the North Target Area are much higher than the
average grade (roughly 1 gpt/0.03 opt Au) of the Relief Canyon
deposit that was mined in the 1980s. We expect that incorporating
our drilling results in the North Target Area into an updated
resource estimate will improve and increase the gold resource at
Relief Canyon." said Alfers.
Figure 1 shows the locations of the holes discussed in this news
release, as well as other high-grade holes in the North Target
Area. Table 1 lists the highlights of the drilling results for the
thirteen holes being reported today.
PDF -
http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/174718-PressRelease-Figure-1_Higher-grade-drill-hole-intercepts.pdf
Table 1: Highlights of New Drilling Results in the North
Target Area
Core
Hole
|
From
|
to
|
Width
|
Gold
|
Number
|
meters
|
gpt
|
|
|
|
|
|
RC14-255
|
46.0
|
64.6
|
18.7
|
0.993
|
RC14-256
|
83.5
|
89.0
|
5.5
|
1.251
|
|
149.0
|
153.3
|
4.3
|
2.780
|
RC14-260
|
132.2
|
148.9
|
16.8
|
0.998
|
|
168.6
|
173.3
|
4.6
|
2.426
|
RC14-261
|
136.3
|
142.6
|
6.4
|
2.614
|
RC14-262
|
74.7
|
80.8
|
6.1
|
1.969
|
|
93.0
|
100.3
|
7.3
|
1.685
|
RC15-263
|
125.3
|
141.1
|
15.8
|
1.458
|
RC15-265
|
114.3
|
128.1
|
13.8
|
2.854
|
RC15-265A
|
114.8
|
128.6
|
13.8
|
7.859
|
including
|
119.4
|
128.6
|
9.2
|
11.422
|
including
|
124.1
|
125.0
|
0.9
|
87.912
|
RC15-266
|
16.2
|
28.3
|
12.2
|
0.763
|
|
64.3
|
69.5
|
5.2
|
1.205
|
|
81.4
|
95.4
|
14.1
|
0.857
|
RC15-267
|
51.8
|
79.2
|
27.4
|
0.378
|
|
190.0
|
190.5
|
0.5
|
5.622
|
RC15-268
|
74.9
|
99.4
|
24.5
|
1.031
|
|
110.0
|
117.9
|
7.8
|
2.167
|
including
|
116.7
|
117.5
|
0.8
|
19.990
|
RC15-269
|
48.2
|
57.7
|
9.5
|
0.541
|
|
65.5
|
71.6
|
6.2
|
3.050
|
|
121.3
|
149.3
|
28.0
|
1.739
|
including
|
132.6
|
135.7
|
3.1
|
9.000
|
|
189.6
|
207.3
|
17.7
|
1.129
|
RC15-270
|
138.0
|
146.9
|
8.9
|
1.145
|
Notes:
- "RC14-XXX" or "RC15-XXX" denotes "Relief Canyon 2014" or
"Relief Canyon 2015" followed by the drill hole number.
- The reported width is not the true width of the intercept.
- Results from all intervals for which we have received and
verified results will be posted on our website at
www.pershinggold.com in both meters/gpt and feet/opt
- Gpt means grams per metric ton ("tonne"); opt means troy ounces
per short ton
- Gpt can be converted to opt using a conversion factor of
0.0292
Many of the high-grade gold intercepts encountered in the core
holes drilled since 2013 in the North Target Area are associated
with the previously reported white clay fluorite ("WCF") mineral
assemblage within the Lower and Jasperoid zones. Since recognizing
this association and the importance of the WCF, the Company has
continued to refine the core-drilling techniques used to maximize
recovery when drilling in the soft and fragile WCF zones.
One of the holes being reported today, RC15-265A, is a re-drill
(a twin) of a previously drilled core hole, RC15-265, that
encountered poor recovery in an important WCF zone. The Company
believes that the improved core-recovery techniques used to drill
RC15-265A significantly increased the grade of the same interval in
the previously drilled hole. RC15-265 contained a 13.8 meter (45.4
foot) intercept from 114.3 meters to 128.1 meters (375 feet to
420.4 feet) of 2.854 gpt/0.083 opt Au. In this same
interval, the re-drilled hole, RC15-265A, contained a 13.8 meter
(45.2 foot) intercept from 114.8 meters to 128.6 meters (376.8 feet
to 422 feet) of much higher grade mineralization consisting of
7.859 gpt/0.229 opt Au. The Company attributes the higher-
grade intercept in RC15-265A to substantially improved recovery of
the WCF mineralization, demonstrating the importance and
effectiveness of the enhanced core-recovery techniques developed
for drilling the Relief Canyon deposit.
Assay data are still pending for an additional 15 holes drilled
in the North Target Area. The Company plans to announce the results
from these holes when they become available.
Metallic Screen analysis is in progress for selected intervals
listed in Table 1. This type of analysis is part of Pershing Gold's
routine Quality Assurance/Quality Control ("QA/QC") procedures
whenever very high gold grades are intercepted or if coarse gold is
suspected. The metallic screen results will be posted on the
Company's web page when the results are available.
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 or Inspectorate
America Corporation also 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 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 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.
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 planned
reopening of the Relief Canyon mine commencement of production,
anticipated drilling and other exploration on Pershing Gold's
Relief Canyon properties, anticipated expansion and upgrade of the
Relief Canyon deposit and resource as a result of the 2014 and
early 2015 drilling programs, estimates of mineralized material and
measured, indicated and inferred resources, interpretations of
exploration results and other geologic information at Relief
Canyon, anticipated expansion of the resource at the Relief Canyon
properties, drilling results from waste rock facility and potential
suitability of material for 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, inability to obtain
external financing to fund the development of plans for and the
reopening and commencement of production at the Relief Canyon Mine,
planned exploration, permit modifications or to maintain property
rights; interpretations or reinterpretations of geologic
information or unfavorable exploration results that could
negatively affect estimates of mineralized material and resources;
timing and results of updated mineral resource estimates; whether
coarse gold is present in the anticipated deposit and resource
expansion area; whether the historic reverse circulation drilling
understated the resource; delay or inability to obtain permits
required for planned production, including permits to mine the
deposit below the water table, 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; 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, 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