LAKEWOOD, Colo., Dec. 15, 2015 /PRNewswire/ -- Pershing Gold
Corporation (NASDAQ:PGLC) (FWB:7PG1) ("Pershing Gold" or the
"Company"), an emerging Nevada
gold producer, announces the completion of its 2015 Drilling
Program at the Relief Canyon project in Pershing County, Nevada. Results are reported
in feet ("ft") and meters ("m"), and in grams per tonne ("gpt") and
ounces per ton ("oz/ton") of gold ("Au").
Highlighted intercepts include:
- Southwest Target Area:
- RC15-429, 18.8 ft (5.7 m), 5.921 gpt, 0.172 oz/ton
Au
- North Target Area:
- RC15-405, 2.3 ft (0.7 m), 9.337 gpt, 0.274 oz/ton
Au
- RC15-419, 20.8 ft (6.3 m), 2.098 gpt, 0.061 oz/ton
Au
- RC15-421, 33.7 ft (10.3 m), 3.716 gpt, 0.108 oz/ton
Au
"We are pleased to report the completion of the 2015 Drilling
Program at Relief Canyon. As of November
15, all five drill rigs have ceased operating on site.
Preliminary results of this final phase of drilling are listed in
the table below," stated Stephen D.
Alfers, Pershing Gold's Chairman and CEO. "These results
expand a high-grade zone of gold mineralization previously
announced in the Southwest Target Area. In addition, these
results extend high-grade zones discovered in 2015 in the North
Target Area, the North Pit and the Jasperoid Target Area. We
expect these high-grade intercepts, taken together with those
previously announced in 2015, to improve overall project economics
by continuing to significantly drive down the already low-cost
profile for Relief Canyon," Alfers explained.
Southwest Target Area
The Company has discovered a new
block of mineralization in the Southwest Target Area, bringing
mineralization 100 to 250 feet closer to the surface than was
previously projected. RC15-429 with 18.8 ft (5.7 m), 5.921 gpt,
0.172 oz/ton Au (Figure 1) is the highest-grade intercept yet
encountered in this area. This new discovery is associated with a
repeated section of the stratigraphy along a generally northwest
trending zone. RC15-429 tested the extreme northwest extension of
an area of mineralization discovered earlier this year.
North Target Area
Recent drilling in the North Target
Area primarily focused on step outs to the east designed to test
the L and J mineralized zones (Figure 2). Noteworthy intercepts
include RC15-405 with 2.3 ft (0.7 m) of 9.337 gpt, 0.274 oz/ton
Au, RC15-419 with 20.8 ft (6.3 m), 2.098 gpt, 0.061 oz/ton
Au and RC15-421 with 33.7 ft (10.3 m), 3.716 gpt, 0.108
oz/ton Au. These intercepts expand the deposit at Relief Canyon
eastward and toward the surface in the Jasperoid Target Area.
Figure 1
PDF -
http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/295855-PressRelease-DrillHoles_SW_Jasp_NT_Dec-2015-All.pdf
The 2015 Drilling Program concluded with a total of
approximately 105,000 feet of drilling. In total, 177 holes, which
include some re-drill holes, were completed. This includes
approximately 160 development core-holes, 7 metallurgical holes,
and 10 exploration holes. The 10 exploration holes account for
approximately 10,000 feet of drilling to test green field targets.
The average cost of contracted drilling for the 2015 program was
slightly less than $38 per foot. In
total, the Company spent approximately $5
million for the development drilling in this program.
Approximately 75% of the assay results have been received by the
Company and have cleared Quality Assurance/Quality Control
("QA/QC") review. The Company plans to validate all assays,
logging, and geotechnical data and incorporate the results into the
Company's database by the end of this month. The Company will
complete its review of the 2015 Drilling Program in the first
quarter of 2016 and will then announce its 2016 Drilling Program to
follow up on the success of the 2015 program.
The Company expects to publish an updated NI 43-101 resource
update incorporating these results as well as a Preliminary
Economic Analysis on Relief Canyon in the second quarter of 2016.
Significant intercepts from the most recent drilling results are
shown below in Table 1.
Table 1
Core
Hole
|
From
|
To
|
Width
|
gpt
gold
|
oz/ton
gold
|
Target
|
Number
|
|
feet
|
|
|
|
Area
|
RC15-392
|
93
|
100
|
7
|
0.493
|
0.014
|
Jasperoid
|
|
137
|
157.1
|
20.1
|
0.259
|
0.008
|
|
RC15-396
|
22
|
39.8
|
17.8
|
0.420
|
0.012
|
Jasperoid
|
RC15-398
|
42
|
48.7
|
6.7
|
1.090
|
0.032
|
Jasperoid
|
RC15-400
|
39
|
44
|
5
|
1.006
|
0.0294
|
Jasperoid
|
RC15-404
|
117
|
118.9
|
1.9
|
1.978
|
0.058
|
Jasperoid
|
RC15-405
|
388
|
403
|
15
|
0.858
|
0.026
|
North
|
|
448
|
450.3
|
2.3
|
9.337
|
0.274
|
|
RC15-407
|
82
|
95.4
|
13.4
|
1.518
|
0.044
|
North
|
RC15-409
|
0
|
18
|
18
|
0.294
|
0.009
|
North
|
|
299.3
|
313
|
13.7
|
0.791
|
0.023
|
|
RC15-410
|
11.7
|
22
|
10.3
|
0.300
|
0.009
|
Jasperoid
|
|
114.7
|
118.8
|
4.1
|
0.548
|
0.016
|
|
RC15-411
|
520.6
|
555
|
34.4
|
0.392
|
0.011
|
North
|
|
569
|
624
|
55
|
0.884
|
0.026
|
|
RC15-412
|
50
|
54.3
|
4.3
|
1.082
|
0.032
|
Jasperoid
|
|
119
|
124.2
|
5.2
|
1.278
|
0.037
|
|
RC15-413
|
389.2
|
404.8
|
15.6
|
0.766
|
0.022
|
Southwest
|
RC15-417
|
0
|
11
|
11
|
0.347
|
0.01
|
North
|
|
298
|
313
|
15
|
0.614
|
0.018
|
|
RC15-418
|
284.7
|
302
|
17.3
|
0.372
|
0.011
|
Jasperoid
|
RC15-419
|
198
|
218.8
|
20.8
|
2.098
|
0.061
|
North
|
RC15-421
|
185
|
217.9
|
32.9
|
1.912
|
0.056
|
North
|
|
265
|
298.7
|
33.7
|
3.716
|
0.108
|
|
RC15-422
|
210
|
242.4
|
32.4
|
0.683
|
0.02
|
North
|
RC15-423
|
443.2
|
521.8
|
78.6
|
0.323
|
0.009
|
Southwest
|
|
543
|
658
|
115
|
.464
|
0.013
|
|
RC15-424
|
220.2
|
231
|
10.8
|
1.972
|
0.058
|
North
|
RC15-425
|
41.5
|
59
|
17.5
|
0.294
|
0.009
|
North
|
RC15-426
|
190.3
|
200.8
|
10.5
|
0.413
|
0.012
|
Jasperoid
|
RC15-427
|
542
|
558
|
16
|
0.487
|
0.014
|
Southwest
|
RC15-429
|
181.2
|
200
|
18.8
|
5.921
|
0.172
|
Southwest
|
RC15-430
|
218.7
|
222.2
|
3.5
|
0.577
|
0.017
|
North
|
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.
The geology encountered in the drilling at Relief Canyon
includes three stacked mineralized zones, identified as the M Zone,
the L Zone and the J Zone (Figure 2). The 2015 Drilling Program
includes four target areas; The North Pit, the North Target Area,
the Jasperoid Target Area and the Southwest Target Area (Figure 1).
Recent drilling results discussed above highlight the North Target
Area and Southwest Target Area. Additional results are pending for
the central and eastern sections of the Jasperoid Target Area, as
are results from recent drilling in the North Pit.
Figure 2
PDF -
http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/295857-Cross-Section-1100N-copy.pdf
About Pershing Gold Corporation
Pershing Gold is an
emerging gold producer whose primary asset is the Relief
Canyon Mine in Pershing County,
Nevada. Relief Canyon 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.
Pershing Gold 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 current
results from and expectations regarding the results of the 2015
drilling program, the potential update of and expansion of the
Relief Canyon resource and publication of an updated NI 43-101
resource estimate and Preliminary Economic Analysis in the second
quarter 2016; discovery of a new block of mineralization in the
Southwest Target area; plans to complete by the end of December 2015 validation and incorporation into
the Company's database of all assays, logging and geotechnical
data; 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, less favorable results from
and impact on Relief Canyon economics of results from the 2015
exploration program than currently anticipated; insufficient or
insufficiently favorable information to include portions of the
deposit or 2015 drill results in the Company's next updated
resource; interpretations or reinterpretations of geologic and
metallurgical information or unfavorable exploration results that
could negatively affect estimates of resources of project
economics; delays in completing the validation and database
incorporation of 2015 drilling results; delays in completing or
publishing the updated NI 43-101 resource estimate and Preliminary
Economic Analysis; less favorable results of 43-101 resource
estimate updates and Preliminary Economic Analysis than currently
anticipated; 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, 2014. 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