LAKEWOOD, Colo., Jan. 20, 2016 /PRNewswire/ -- Pershing Gold
Corporation (NASDAQ:PGLC) (FWB:7PG1) ("Pershing Gold" or the
"Company"), an emerging Nevada
gold producer, announces the final drilling results from 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:
- Jasperoid Target Area:
- RC15-451, including
- 15.9 ft (4.8 m), 3.795 gpt, 0.111 oz/ton Au
- North Target Area:
- RC15-449, 50.6 ft (15.4 m), 4.186 gpt, 0.122 oz/ton
Au
- RC15-456, including
- 90.5 ft (27.6 m), 1.541 gpt, 0.045 oz/ton Au
"We are pleased to report the final drilling results from the
successful 2015 Drilling Program at Relief Canyon. Over the course
of this program the Company has encountered significant success,
showing two things. First, that the high-grade zone in the North
Target Area has continued south under the North Pit. Second, that
the higher-grade L Zone of the Relief Canyon deposit is open to the
west, south, and southwest," stated Stephen
D. Alfers, Pershing Gold's Chairman and CEO. "In addition,
the 2015 program defined a new higher-grade zone in the Jasperoid
Target Area, and extended the J and L Zones into the North Target
Area," Alfers explained. "We intend to build on these results as we
outline the targets for our 2016 Drilling Program," said
Alfers.
2015 Drilling Program Complete
Pershing Gold has
completed another successful year of drilling at Relief Canyon.
Recent results from the program include RC15-455 (Figure 1), the
westernmost drill hole in section 1135N (Figure 2). RC15-455
encountered three mineralized zones, all of which are open to the
west and southwest.
The 2015 Drilling Program concluded with a total of
approximately 105,000 feet of drilling. In total, 178 holes were
completed. This includes approximately 160 development core-holes
designed to expand the Relief Canyon deposit in all directions and
at depth. In addition, seven large diameter core holes were
completed for metallurgical tests of all mineral zones. Column
tests and bottle roll tests on that material have been in progress
at McClelland Labs of Sparks,
Nevada. The Company awaits results and a final report on
this test work. Finally, 11 exploration holes tested for satellite
deposits under cover in the northern and southern part of the
district. These exploration holes account for approximately 10,000
feet of drilling to test green field targets.
Drilling data from the 2015 program has been delivered to Mine
Development Associates ("MDA") of Reno,
NV. The Company, working with MDA, expects to publish an
updated NI 43-101 resource update incorporating the results of the
2015 Drilling Program as well as a Preliminary Economic Analysis on
Relief Canyon in the second quarter of 2016.
Figure 1
PDF -
http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/323974-pershing-gold-corporation.pdf
Figure 2
PDF -
http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/323980-crosssection.pdf
Jasperoid Target Area
Recent significant intercepts
in the Jasperoid Target Area include RC15-451 with an intercept of
15.9 ft (4.8 m), 3.795 gpt, 0.111 oz/ton Au (Figure 1).
Drill results confirm a newly discovered additional gold zone below
the J Zone. Both the J Zone and the newly identified zone extend to
the surface in the Jasperoid Target Area.
North Target Area
Significant intercepts in the North
Target Area include RC15-449, 50.6 ft (15.4 m), 4.186 gpt, 0.122
oz/ton Au and RC15-456, including 90.5 ft (27.6 m), 1.541
gpt, 0.045 oz/ton Au (Figure 1). Drill results from 2015
provide additional evidence for controlling structures of the
high-grades encountered which appear to the northeast to southwest
trending faults. Modeling is currently being conducted on these
high-grade zones, which are open down dip to the west.
Southwest Target Area
Modeling of the M Zone in the
Southwest Target Area shows a repetition of this zone. The
uppermost zone is within 200 feet of the surface and provides much
more favorable economics with a reduced strip ratio in this area.
The Grass Valley formation to the south and east of the mine could
have other repeated sections, with the southwest dipping
South Humboldt thrust much closer
to the surface resulting in better economics. Geologic mapping and
selected geophysical surveys will aid in the targeting of this area
in 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
|
RC15-432
|
416.8
|
431.7
|
14.9
|
0.930
|
0.027
|
North
|
RC15-434
|
154
|
206
|
52
|
0.375
|
0.011
|
North
|
RC15-438
|
106.6
|
145.6
|
39
|
0.848
|
0.025
|
|
RC15-438
B
|
131.3
|
154
|
22.7
|
0.412
|
0.012
|
North
|
|
178.9
|
182.3
|
3.4
|
1.585
|
0.046
|
|
RC15-440
|
356.2
|
373.9
|
17.7
|
0.335
|
0.01
|
Jasperoid
|
|
400.2
|
407
|
6.8
|
1.062
|
0.031
|
|
RC15-441
|
532.2
|
558.3
|
26.1
|
0.311
|
0.009
|
North
|
|
585
|
608.3
|
23.3
|
0.336
|
0.01
|
|
|
645
|
671.5
|
26.5
|
1.035
|
0.03
|
|
RC15-444
|
348.3
|
364.2
|
15.9
|
0.554
|
0.016
|
North
|
|
466
|
492.4
|
26.4
|
0.414
|
0.012
|
|
|
634.5
|
646
|
11.5
|
1.458
|
0.043
|
|
RC15-449
|
279.4
|
330
|
50.6
|
4.186
|
0.122
|
North
|
RC14-449A
|
299.4
|
338
|
38.6
|
1.583
|
0.046
|
North
|
RC15-451
|
5
|
47.1
|
42.1
|
1.310
|
0.038
|
Jasperoid
|
|
113
|
123
|
10
|
0.753
|
0.022
|
|
|
152.1
|
168
|
15.9
|
3.795
|
0.111
|
|
RC15-452
|
405
|
420.6
|
15.6
|
0.993
|
0.029
|
North
|
RC15-453
|
628
|
659.4
|
31.4
|
0.666
|
0.019
|
North
|
RC15-454
|
413
|
436
|
23
|
0.734
|
0.021
|
Jasperoid
|
RC15-455
|
418.5
|
490.5
|
72
|
0.737
|
0.021
|
North
|
|
578.5
|
605
|
26.5
|
1.133
|
0.033
|
|
RC15-456
|
420
|
435.5
|
15.5
|
0.601
|
0.018
|
North
|
|
449.5
|
540
|
90.5
|
1.541
|
0.045
|
|
RC15-457
|
121.5
|
170
|
48.5
|
0.684
|
0.02
|
North
|
|
226.5
|
241.8
|
15.3
|
1.487
|
0.043
|
|
|
365
|
383.7
|
18.7
|
0.603
|
0.018
|
|
RC15-458
|
461.7
|
473.8
|
12.1
|
1.075
|
0.031
|
North
|
|
555
|
582
|
27
|
0.864
|
0.025
|
|
|
630
|
643.6
|
13.6
|
1.323
|
0.039
|
|
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.
2016 Drilling Program
In the first quarter of 2016,
Pershing Gold plans to conduct geophysical surveys over the mine
and the covered areas south and southeast of the historic pits. The
commencement of drilling for the 2016 program will be determined
based on the results of these surveys and available funding. The
Company is currently finalizing targets for further drilling and
plans to continue conducting step-out drilling along a portion of
the western margin of the deposit. Based on the success of blind
mineralization discovered at relatively shallow depth beneath cover
rocks of the Grass Valley Formation during the 2015 Drilling
Program, additional drilling during 2016 is planned along both the
southeast extension and northeast highwall of the Lighbulb Pit, and
southwest of the South Pit.
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; management's belief that drilling results show that
the high-grade zone in the North Target Area has continued south
under the North Pit, that the higher-grade L Zone of the Relief
Canyon deposit is open to the west, south, and southwest and that a
new higher-grade zone in the Jasperoid Target Area has been
defined, the discovery of a new gold zone below the J Zone, and the
J and L Zones extend into the North Target Area; results of
modeling; expected results of column and bottle roll tests; plans
for the 2016 Drilling Program plans to complete 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 Drilling 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 or
results of column, bottle roll and other metallurgical tests that
could negatively affect estimates of resources or 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; insufficient external funding to go forward with the
2016 Drilling Program and other planned activities in 2016; 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.
www.PershingGold.com
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