LAKEWOOD, Colo., Sept. 6, 2016 /PRNewswire/ -- Pershing Gold
Corporation (NASDAQ:PGLC) (FWB:7PG1) ("Pershing Gold" or the
"Company"), the emerging Nevada
gold producer advancing the Relief Canyon mine, today announces
initial results from Phase 1 of its 2016 Drilling Program (the
"Program").
Pershing Gold is executing a three phase drilling program for
2016-2017 designed to test opportunities identified in the
Company's recently published Preliminary Economic Assessment
("PEA"). Phase 1 includes step-out drilling to test potential
extensions of the high-grade zones at Relief Canyon discovered in
the North Target Area in 2014-2015. Pershing Gold has 16 additional
holes planned for Phase 1 in 2016. Results are reported in feet
("ft") and meters ("m"), and in grams per tonne ("gpt") and ounces
per ton ("oz/ton") of gold ("Au") or silver ("Ag").
"We are excited about RC16-462 for a number of reasons. First,
with a 200-foot step-out from previous drilling, we have
intersected all three zones of mineralization known at the Relief
Canyon deposit; the Main Zone, the Lower Zone and the Jasperoid
Zone," stated Stephen D. Alfers,
Pershing Gold's Chairman, President and CEO. "These three zones
carry excellent grades that are more than twice the average grade
of the existing Relief Canyon PEA and 43-101 resource. Finally, we
believe that the mineralization encountered here is open pit-able,
with an overall strip ratio expected to be around 4:1. This
discovery not only brings the potential to add ounces and extend
the Relief Canyon mine life, but also to further improve the
overall economics of the Relief Canyon project," said Alfers.
Phase 1 Initial Results
Pershing Gold has received
the results from the first four core drill holes from Phase 1 of
its 2016 Drilling program. Full results are listed in Table 1
below. A plan view and cross section of these drill holes are
listed below in Figures 1 and 2.
The eight intercepts (Table 1) encountered in RC16-462 include
all three mineral zones previously identified at Relief Canyon; the
Main Zone, the Lower Zone and the Jasperoid Zone. These
intercepts have a cumulative thickness of 166.3 feet (50.7m), an
average grade of 1.597 gpt, 0.046 oz/ton Au, and 23.5 gpt, 0.70
oz/ton Ag, and assume a minimum ten-foot drill width.
Notable intercepts from RC16-462 include:
- 27 ft (8.2 m), 1.414 gpt, 0.039 oz/ton Au
- 20.9 ft (6.4 m), 7.448 gpt, 0.217 oz/ton Au
- including 5.5 ft (1.7 m), 27.7 gpt, 0.809 oz/ton Au
- 18.3 ft (5.6 m), 1.189 gpt, 0.035 oz/ton Au
The Company believes that these drill intercepts will expand the
PEA pit limit as well as the mineralized grade shells to the east
and west. These zones also encounter increasing silver grades with
depth, including an intercept of 20.9 feet (6.4 m) of 129 gpt,
3.759 oz/ton Ag from 620.9 to 641.8 feet (189.3 to 195.6 m) in
RC16-462. All intercepts are 95-100% of true width.
"The PEA makes clear that the Relief Canyon deposit remains open
to the west, south and southeast. This Phase 1 drilling should
expand the PEA pit limit and expand and upgrade the in-pit
resource. The three Phase 1 drill holes completed to date have
extended the high-grade mineralization discovered in 2014-2015
beyond the west limit of the PEA pit," Alfers said. "The
mineralization of Relief Canyon is still open, and this drilling
indicates that the project should continue to get bigger and higher
grade."
Table 1
Drill
|
From
|
To
|
Width
|
gpt
|
oz/ton
|
gpt
|
oz/ton
|
Hole
|
|
feet
|
|
gold
|
gold
|
silver
|
silver
|
RC16-459
|
369
|
390.3
|
21.3
|
0.645
|
0.019
|
7.1
|
0.21
|
RC16-460
|
169.3
|
187.6
|
18.3
|
1.519
|
0.044
|
4.1
|
0.12
|
|
236
|
246
|
10.0
|
0.752
|
0.022
|
6.6
|
0.19
|
RC16-461
|
Hole abandoned
prior to target
|
|
RC16-462
|
399.9
|
413.6
|
13.7
|
0.376
|
0.011
|
2.4
|
0.07
|
|
437.1
|
465
|
27.9
|
0.294
|
0.009
|
1.2
|
0.03
|
|
520.8
|
547.8
|
27.0
|
1.414
|
0.039
|
3.7
|
0.11
|
|
596.4
|
603.4
|
10.0
|
0.318
|
0.009
|
2.8
|
0.08
|
|
620.9
|
641.8
|
20.9
|
7.448
|
0.217
|
129
|
3.76
|
including
|
620.9
|
625.5
|
4.6
|
0.042
|
0.001
|
512.0
|
14.9
|
including
|
633.8
|
639.3
|
5.5
|
27.70
|
0.809
|
52.0
|
1.52
|
|
653.6
|
671.9
|
18.3
|
1.189
|
0.035
|
3.5
|
0.10
|
|
745.9
|
778.1
|
32.2
|
0.803
|
0.023
|
27.4
|
0.80
|
including
|
766.5
|
770.6
|
4.1
|
2.778
|
0.081
|
173.0
|
5.05
|
|
817.8
|
834.1
|
16.3
|
0.467
|
0.014
|
5.3
|
0.16
|
All of the zones encountered in RC16-462 are above the sulfide
boundary and are logged as oxide/mixed. Cyanide soluble gold assay
results confirm the leach-ability of all intercepts. RC16-462
corroborates a northwest trend in this area for the Lower and
Jasperoid Zones encountered in this hole. RC16-462 should extend
economic mineralization 200 feet (61 m) west of the currently
defined pit limits. Both the Lower and Jasperoid Zones remain open
for expansion and additional holes are planned in this area.
Drill holes RC16-459 and RC16-460 are part of a program to test
the sulfide/mixed/oxide zone boundary of an area along the northern
limits of the PEA pit wall where significant mineralization was
excluded from economic contribution in the PEA due to its
classification as sulfide mineralization. This program will include
additional metallurgical testing of samples from previous drill
holes to determine if any of this material can be economically
processed. The results for RC16-460 show leachable mineralization
and should expand recoverable ounces. Conversely, the leach-ability
test for RC16-459 indicated that the mineralization is sulfide and
unsuitable for heap leach processing. RC16-459 results did not have
an economic impact as this area was already excluded in the
PEA.
Figure 1: Plan View
PDF -
http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/Pershing_Gold_Corporation-Relief_Canyon_Plan_View_PDF.pdf
Phase 1 of the Program is focused on increasing the resource at
Relief Canyon and continuing to upgrade the project's resources and
economics. This phase is planned to include approximately 20 holes
around the western and northern margin of the deposit. Phase 1 will
be completed with one core-drilling rig. The Company has contracted
with Titan Drilling, Ltd of Elko,
Nevada to initiate the Program.
Figure 2: Cross Section
PDF -
http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/Pershing_Gold_Corporation-Relief_Canyon_Cross_Section_PDF.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,
expanding adjacent open-pit-able gold deposits, 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
the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. All statements, other than
statements of historical fact, including plans for Phase 1 and
Phase 2 of our 2016 drilling program including areas planned for
drilling, initial drill and solubility test results from the Phase
1 program and the interpretation of those results as having
potential to PEA pit and resource, 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, interpretations or reinterpretations of geologic
information, unfavorable exploration results, inability to obtain
permits required for future exploration, development or production,
general economic conditions and conditions affecting the industries
in which the Company operates; the uncertainty of regulatory
requirements and approvals; and fluctuating mineral and commodity
prices. 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
Securities and Exchange Commission, including the Annual Report on
Form 10-K for the year ended December 31,
2015. 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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SOURCE Pershing Gold Corporation