LAKEWOOD, Colo., Nov. 17, 2016 /CNW/ -- Pershing Gold
Corporation (NASDAQ: PGLC) (TSX: PGLC) (FWB: 7PG1) ("Pershing Gold"
or the "Company"), the emerging Nevada gold producer advancing the Relief
Canyon mine, today announces the completion of Phase 1 of its 2016
Drilling Program (the "Program"). The Program included drilling to
further offset RC16-462, previously reported. 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").
"Phase 1 of our 2016 Drilling Program has successfully extended
to the west the high-grade mineralization at Relief Canyon," stated
Stephen D. Alfers, Pershing Gold's
Chairman, President and CEO. "These additional offsets to RC16-462,
along with recently reported RC16-473 and RC16-475, further extend
the high-grade zone discovered in the North Target Area in 2015,"
explained Alfers. "The 25.1 gpt (0.733 oz/ton) Au intercept
in RC16-487 and the 8.887 gpt (0.260 oz/ton) Au intercept in
RC16-489 indicate strong potential for future growth of the
deposit, which the Company plans to explore in Phase 1a of the
Drilling Program," stated Alfers.
Phase 1 Drilling Program Results
Pershing Gold has
received results from additional core drill holes from Phase 1 of
its 2016 Drilling Program. Highlighted results are listed in Table
1 below. A complete list of results received to date is available
on our website at www.pershinggold.com.
Notable intercepts include:
- RC16-487
- including: 5 ft (1.52 m), 25.1 gpt, 0.733 oz/ton Au
- RC16-489
- including: 10 ft (3.048 m), 8.887 gpt, 0.260 oz/ton
Au
A plan view of these drill holes is listed below in Figure
1.
The Company has completed Phase 1 of its 2016 Drilling Program,
which included 22 core holes, totaling approximately 15,062 ft
(4,591 m). The Phase 1 Drilling Program has been successful,
following known mineralization at Relief Canyon down dip, with
mineralization remaining open to the west. The Company believes
there continues to be good potential for expansion of the open pit
limit.
RC16-487 and RC16-489 are 300 ft (91.4 m) north-northwest and
350 ft (106.7 m) southwest offsets to RC16-462, respectively. The
high-grade intercept in RC16-487 may represent a new high-grade
lense in the Jasperoid Zone. The high-grade intercept in RC16-489
appears to be a continuation of high grades developed in drill
holes RC16-462 and RC16-475. The Company plans a Phase 1a Drilling
Program to follow this program. Phase 1a could include step out
drilling to continue to follow the mineralization from Relief
Canyon down dip to the west and southwest, but also would include
infill drilling. This infill drilling would have the goal of
expanding the current economic pit limit at Relief Canyon.
Phase 1 included geotechnical and condemnation drill holes plus
several holes that did not reach target, which account for the gaps
in sequence for the drill hole numbers.
All intercepts reported here are within the oxide or mixed zones
of the deposit and have cyanide leach gold values that indicate
leachable material. The deeper intercepts at Relief Canyon continue
to show good leach-ability.
Table 1
Drill
|
From
|
To
|
Width*
|
gpt
|
oz/ton
|
gpt
|
oz/ton
|
Hole
|
|
feet
|
|
gold
|
gold
|
silver
|
silver
|
RC16-487
|
629.8
|
674
|
44.2
|
0.473
|
0.014
|
3.7
|
0.11
|
|
924
|
929
|
5
|
25.10
|
0.733
|
NA
|
NA
|
|
958.8
|
969
|
10.2
|
0.355
|
0.010
|
NA
|
NA
|
RC16-489
|
450
|
464
|
14
|
0.738
|
0.022
|
8.4
|
0.24
|
|
780
|
790
|
10
|
8.887
|
0.260
|
17
|
0.5
|
|
*True width is
greater or equal to 90% of the intercept width.
|
Figure 1
PDF -
http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/440598-Drill-hole-location-map-with-Phase1holes.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 and the
Toronto Stock Exchange under the symbol PGLC.
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 and applicable Canadian securities
laws. All statements, other than statements of historical fact, are
"forward-looking statements," including plans for Phase 1a and
Phase 2 Drilling Programs, including areas planned for drilling;
the interpretation of Phase 1 results including confirmation that
the deposit remains open to the west and southwest, the design of
Phase 1 to extend the western boundary of economic mineralization
at Relief Canyon, the belief that the results should expand the PEA
pit limit to the west and southwest, and the potential of some of
the higher grade gold mineralization to be economically recoverable
by heap leaching and may be included in future resource estimates.
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, and on SEDAR at www.sedar.com. 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