LAKEWOOD, Colo., Aug. 10, 2015 /CNW/ -- Pershing Gold
Corporation (NASDAQ:PGLC, FWB:7PG1) ("Pershing Gold" or the
"Company"), the emerging Nevada
gold producer, today announced an update on its 2015 drilling
program. Initial results from this program include RC15-314 with an
intercept of 51.2 feet (15.6 meters) of 7.032 grams per tonne
("gpt"), 0.205 ounces per ton ("oz/ton") gold ("Au") in the
Jasperoid Zone of the Relief Canyon deposit. The intercept begins
at 10.5 feet from the surface and includes a 2.8 foot (0.85
meters) interval of 108.72 gpt (3.175 oz/ton) Au. Other notable
intercepts include RC15-300 with 48.2 feet (14.7 meters) of
7.490 gpt, 0.219 oz/ton in the North Target Area and RC15-292
with 63.7 feet (19.4 meters) of 2.123 gpt, 0.062 oz/ton Au
in the Main Zone drilled in the Southwest Target Area.
"The recent results from the 2015 drilling program show
significant intercepts from all three of the target areas we are
focusing on this season. Results such as RC15-314 with
intercepts near the surface in the Jasperoid Target Area are very
promising, especially considering that it's a new target with very
limited drilling completed to date," stated Stephen D. Alfers, Pershing Gold President, CEO,
and Executive Chairman. "It is very exciting to see these higher
grades over intercepts with mineable widths up to 64 feet. This
should allow us to continue to upgrade the resource when we publish
another updated resource at the end of this drilling program."
Four core-drill rigs have been operating at Relief Canyon for
the past two weeks. One core-drill rig is working in the North
Target Area. A second drill rig has commenced drilling in the
Jasperoid Target Area. The third and fourth core rigs are drilling
in the Southwest Target Area. (Figure 1). Approximately 25%
of the total 2015 drilling program has been completed to date,
which includes approximately 24,500 feet (7,500 meters) and 43
holes. Assay results have been received for the first 26 holes.
Significant intercepts are shown below in Table 1.
Complete results stated in both imperial and metric units will
be posted on the Pershing Gold website at
www.pershinggold.com as those results clear quality assurance
and quality control ("QA/QC"), and are finalized.
2015 Drilling Program
The 2015 drilling program has
three principal objectives that were outlined in the press release
dated May 12, 2015. These objectives
include expansion and better definition of the gold resource in the
North Target Area, demonstrating continuity and building the
resource by drilling in the Jasperoid Target Area and expansion of
the gold resource in the Southwest Target Area. Additionally, the
Company plans to drill several deep core holes to test for feeder
zones during this drilling program. Overall the program will
include approximately 75,000 feet (nearly 23,000 meters) of core
drilling.
Table
1
|
|
|
Core
Hole
|
From
|
To
|
Width
|
gpt
gold
|
oz/ton
gold
|
Target
|
Number
|
Feet
|
Feet
|
Feet
|
|
|
Area
|
RC15-289
|
327.5
|
338.5
|
11
|
1.081
|
0.032
|
Southwest
|
RC15-290
|
339
|
349.8
|
10.8
|
1.099
|
0.032
|
Southwest
|
RC15-291
|
377.5
|
402
|
24.5
|
0.38
|
0.011
|
Southwest
|
|
465
|
492.8
|
27.8
|
0.757
|
0.022
|
Southwest
|
RC15-292
|
215
|
278.7
|
63.7
|
2.074
|
0.061
|
Southwest
|
RC15-292A
|
214.8
|
269.8
|
55
|
2.611
|
0.076
|
Southwest
|
RC15-294
|
190
|
243.2
|
53.2
|
0.433
|
0.013
|
North
|
|
383
|
421.8
|
38.8
|
0.426
|
0.012
|
North
|
|
534.6
|
552
|
17.4
|
0.616
|
0.018
|
North
|
|
580.5
|
604.6
|
24.1
|
0.348
|
0.01
|
North
|
RC15-295
|
392.2
|
411
|
18.8
|
2.108
|
0.062
|
Southwest
|
|
434.7
|
460
|
25.3
|
0.598
|
0.017
|
Southwest
|
RC15-296
|
218.7
|
241.6
|
22.9
|
0.275
|
0.008
|
North
|
|
250.4
|
282
|
31.6
|
1.536
|
0.045
|
North
|
|
416.4
|
432
|
15.6
|
0.566
|
0.017
|
North
|
RC15-297
|
381.8
|
407
|
25.2
|
0.961
|
0.028
|
Southwest
|
RC15-298
|
338
|
355.8
|
17.8
|
1.304
|
0.038
|
North
|
|
375.1
|
420
|
44.9
|
1.44
|
0.042
|
|
RC15-299
|
417.5
|
462
|
44.5
|
0.55
|
0.016
|
Southwest
|
RC15-300
|
58.5
|
74.2
|
15.7
|
0.464
|
0.014
|
North
|
|
205
|
251.7
|
46.7
|
1.18
|
0.034
|
|
|
332
|
380.2
|
48.2
|
7.49
|
0.219
|
|
including
|
340.9
|
354
|
13.1
|
17.335
|
0.506
|
|
|
521.6
|
555
|
33.4
|
0.88
|
0.026
|
|
RC15-301
|
300
|
345.5
|
45.5
|
1.939
|
0.057
|
Southwest
|
RC15-302
|
452
|
467.7
|
15.7
|
1.163
|
0.034
|
North
|
RC15-303
|
277.1
|
315
|
37.9
|
1.003
|
0.029
|
Southwest
|
RC15-305
|
203.9
|
304
|
100.1
|
1.45
|
0.042
|
Southwest
|
RC15-307
|
150
|
180
|
30
|
1.028
|
0.03
|
Southwest
|
RC15-307A
|
150
|
194.6
|
44.6
|
0.646
|
0.019
|
Southwest
|
RC15-308
|
334.4
|
360
|
25.6
|
0.786
|
0.023
|
North
|
|
393
|
452
|
59
|
1.124
|
0.033
|
|
RC15-309
|
204
|
248.4
|
44.4
|
0.633
|
0.018
|
Southwest
|
RC15-310
|
466
|
510
|
44
|
1.017
|
0.03
|
North
|
|
579
|
605.2
|
26.2
|
2.905
|
0.085
|
|
RC15-311
|
349
|
385
|
36
|
1.342
|
0.039
|
Southwest
|
|
475
|
495.2
|
20.2
|
0.825
|
0.024
|
|
RC15-312
|
7
|
23.3
|
16.3
|
0.447
|
0.013
|
Jasperoid
|
RC15-314
|
10.5
|
62
|
51.5
|
7.032
|
0.205
|
Jasperoid
|
including
|
39
|
41.8
|
2.8
|
108.72
|
3.175
|
|
|
|
|
|
|
|
|
|
|
True widths may be different from drill widths reported. All
results will be posted on the Company's website at
www.pershinggold.com.
North Target Area
Eleven core holes have been
completed in the North Target area with those results listed in
Table 1. The most significant is the intercept in RC15-300 with
48.2 feet (14.7 meters) of 7.5 gpt, 0.219 oz/ton Au. This
intercept is an offset to the high-grade zone encountered in
RC13-133 reported 42.7 feet (13 meters) of 6.664 gpt, 0.194 oz/ton
Au in the Lower Zone.
Up to 25 core-drill holes and approximately 16,000 feet (5,000
meters) are planned for the North Target Area this year. This area
hosts the high-grades in the Lower and Jasperoid Zones encountered
in the 2014 drilling program. The 2015 drilling program will
include offset and step-out core drilling from several of those
higher-grade results.
Jasperoid Target Area
Initial results from the
Jasperoid Target Area have been received and include RC15-314 with
an intercept of 51.2 feet (15.6 meters) of 7.032 gpt, 0.205
oz/ton Au. The intercept begins at 10.5 feet from the surface
and includes a 2.8 foot (0.85 meters) interval of 108.72 gpt
(3.175 oz/ton) Au.
Surface rock sampling of new road cuts in the Jasperoid Target
Area have returned Au values of up to 10 gpt, 0.29 oz/ton over
widths of about five feet (1.5 meters). Nearly 5,000 feet (1,524
meters) of access roads and 16 drill sites have been constructed in
the Jasperoid Target Area. This is Pershing Gold's first drilling
program in this area. Two distinct gold bearing zones are
identified and both trend north by northeast.
Drilling in the Jasperoid Target Area will use a specialized
core-drill rig to test these zones near the surface. Multiple core
holes will be drilled from each site and with more than 50
core-drill holes and approximately 20,000 feet (6,000 meters)
planned as part of the 2015 program.
Southwest Target Area
Recently received permits allow
for construction of access roads and drill sites in the Southwest
Target Area. The Company plans to drill more than 30 core holes and
about 20,000 feet (6,000 meters) of drilling in this area this
year. There has been limited historic drilling in the Southwest
Target area. Pershing Gold's past drilling results and subsequent
modeling suggest that the Main Zone dips gently to the southwest
and underlies this target area.
The intercepts in core-drill holes RC15-292 and RC15-292A are in
the Main Zone. RC15-292 was re-drilled to confirm the mineralized
interval. The re-drilled interval shows a significant increase in
grade and overall increase in the gold content. RC15-292 is more
than 100 feet (30 meters) south of DH97-24, which is a historic
reverse circulation drill hole that encountered 65 feet (30 meters)
from a depth of 250 to 315 feet (76 to 96 meters) of 1.199 gpt or
0.035 oz/ton Au. The Southwest Target Area is open to south and
east. The Company plans to drill additional holes in this area this
year.
Figure 1
About Pershing Gold Corporation
Pershing Gold is the
emerging Nevada gold producer
restarting 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
listed on the NASDAQ Global Market under the symbol PGLC and the
Frankfurt Stock Exchange under the symbol 7PG1.
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 #11720, 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 QA/QC includes
the regular use of blanks, standards, and duplicate samples.
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
anticipated additional drilling and other exploration work on
Pershing Gold's Relief Canyon properties, anticipated expansion and
upgrade of the Relief Canyon deposit as a result of drilling,
planned update and anticipated upgrade of estimates of mineral
resources and the timing thereof, interpretations of exploration
results and other geologic information at Relief Canyon, 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, unanticipated delays or unfavorable results in the 2015
drilling program and updated resource report; interpretations
or reinterpretations of geologic and metallurgical information or
unfavorable exploration results that could negatively affect
estimates of resources; delay or inability to obtain permits
required for 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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