LAKEWOOD, Colo., March 3, 2015 /PRNewswire/ -- Pershing Gold
Corporation (OTCQB:PGLC) ("Pershing Gold" or the "Company") today
announces that core drilling at the Relief Canyon Mine in
Pershing County, Nevada continues
to discover new very high-grade gold intercepts. Drill hole
RC15-279 encountered 0.5 meters (1.4 feet) of 123.900 grams per
tonne ("gpt") gold ("Au")/3.618 ounces per ton ("opt") Au that
is included in a 11.3 meter (37.0 foot) intercept of
5.069 gpt Au/0.148 opt Au.
Another highly mineralized hole, RC15-283, contains a
10.7 meter (35.1 foot) intercept of 9.886 gpt
Au/0.289 opt Au that includes 3.9 meters (12.9 feet)
of 25.367 gpt Au /0.741 opt Au and 1.0 meter (3.3 feet) of 84.319
gpt Au/2.462 opt Au.
"The results from the 14 holes announced today complete our 2014
– early 2015 Relief Canyon drilling program comprised of 134 core
holes. With these results Pershing Gold confirms the significance
of multi-ounce gold values in the North Target Area. The perception
of Relief Canyon is changing from that of a lower-grade gold
deposit to one with multiple stacked zones of mineralization with a
core of very high-grade gold mineralization," said Stephen D. Alfers, Pershing Gold's Chairman and
CEO. "We are planning future drilling in the vicinity of the
intercepts to better define the orientations and ultimate extent of
these important structural zones."
All of the very high-grade drill hole intercepts occur in the
Lower and Jasperoid Zones, which lie beneath the Main Zone portion
of the deposit that was mined in the 1980s. Pershing Gold first
recognized the significance of the Lower Zone and the additional
presence of the Jasperoid Zones in its 2013 drilling program. Many
of the holes drilled during the 2014 – early 2015 drilling program
have helped to further delineate the Lower and Jasperoid Zones,
which remain open to the east, west, and south in the North Target
Area. The January 2015 holes
containing multi-ounce gold intercepts appear to represent another
breakthrough discovery, which suggests that future core drilling
has significant potential to expand and upgrade the Relief Canyon
deposit.
The intercepts reported today and in our February 4th
and February 11th press releases appear to be associated
with structural features such as folds and faults that may play a
significant role in focusing mineralization and producing localized
zones of very high-grade gold mineralization. The distribution of
the holes that have been drilled to date suggests there may be
multiple structures that host multi-ounce gold mineralization.
Figure 1 shows the locations of the holes discussed in this news
release, as well as other previously drilled high-grade holes in
the North Target Area. Table 1 lists the highlights of the drilling
results in metric units for the holes being reported today. A table
showing the same highlighted intervals in U.S. units is available
on our website.
PDF -
http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/1266984-1-Figure-1-Infographic.pdf
Table 1:
Highlights of new drilling results in the North Target
Area
|
Core
Hole
|
From
|
to
|
Width
|
Gold
|
Number
|
Meters
|
gpt
|
RC15-271
|
140.2
|
144.2
|
4.0
|
1.032
|
RC15-272
|
72.5
|
80.4
|
7.8
|
1.599
|
|
112.5
|
148.4
|
36.0
|
0.414
|
|
207.3
|
212.6
|
5.4
|
3.625
|
including
|
211.7
|
212.6
|
0.9
|
14.669
|
RC15-273
|
85.2
|
101.8
|
16.6
|
1.431
|
|
119.5
|
129.7
|
10.2
|
2.014
|
including
|
121.0
|
121.9
|
0.9
|
14.190
|
RC15-274
|
147.8
|
172.3
|
24.4
|
1.411
|
RC15-275
|
34.9
|
56.4
|
21.5
|
0.405
|
|
113.8
|
132.2
|
18.4
|
0.315
|
|
161.8
|
167.4
|
5.6
|
0.779
|
|
192.9
|
201.0
|
8.1
|
3.261
|
including
|
195.7
|
197.2
|
1.5
|
15.190
|
RC15-276
|
81.7
|
87.8
|
6.1
|
0.465
|
|
101.8
|
107.6
|
5.8
|
2.629
|
including
|
106.1
|
106.5
|
0.5
|
22.642
|
RC15-277
|
64.0
|
70.9
|
6.9
|
0.465
|
RC15-278
|
81.7
|
104.9
|
23.2
|
1.372
|
RC15-279
|
38.0
|
47.0
|
9.0
|
0.517
|
|
55.8
|
62.5
|
6.7
|
0.511
|
|
71.4
|
73.7
|
2.3
|
2.091
|
|
125.0
|
136.2
|
11.3
|
5.069
|
including
|
129.4
|
129.9
|
0.5
|
123.900
|
RC15-280
|
90.4
|
103.0
|
12.6
|
3.541
|
including
|
102.1
|
103.0
|
0.9
|
31.820
|
RC15-281
|
100.1
|
109.2
|
9.1
|
0.313
|
|
129.4
|
131.8
|
2.4
|
1.973
|
RC15-282
|
129.4
|
136.1
|
6.7
|
0.718
|
|
156.0
|
160.9
|
4.9
|
2.745
|
including
|
157.0
|
158.1
|
1.1
|
11.771
|
RC15-283
|
125.4
|
136.1
|
10.7
|
9.886
|
including
|
131.6
|
135.5
|
3.9
|
25.367
|
including
|
133.3
|
134.3
|
1.0
|
84.319
|
RC14-284
|
119.9
|
137.4
|
17.5
|
0.609
|
|
144.4
|
158.5
|
14.1
|
0.522
|
Notes:
|
1.
|
RC15-XXX denotes
"Relief Canyon 2015" 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.
|
|
4.
|
gpt means grams per
metric tonne; opt means troy ounces per short ton
|
|
5.
|
gpt can be converted
into opt by multiplying gpt by 0.0292
|
Assay data have been received for all of the 134 core holes
completed during the 2014 and early 2015 drilling program at Relief
Canyon. Now that these results are available, the Company is
planning to incorporate this data into an updated resource
estimate, which is anticipated to be completed in the second
quarter of 2015. The current Relief Canyon resource estimate
announced March 31, 2014 does not include any of the 2014 – 2015
drilling results.
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. The Company is
currently listed on the OTCQB and has submitted an application to
up-list to the NASDAQ stock exchange.
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 estimates of resources as a result of the
2014 and early 2015 drilling programs, interpretations of
exploration results and other geologic information at Relief Canyon
including the possibility of multiple structures that host
multi-ounce gold production and the significant potential of future
core drilling to further expand and upgrade the Relief Canyon
deposit 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,
additional drilling focused on further expanding and upgrading the
deposit, other 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 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; the
possibility of further declines in gold prices and continuing
fluctuating 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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visit:http://www.prnewswire.com/news-releases/pershing-gold-hits-highest-grade-gold-to-date-in-relief-canyon-with-12390-grams-per-tonne-3618-ounces-per-ton-intercept-300044203.html
SOURCE Pershing Gold Corporation