LAKEWOOD, Colo., Jan. 23, 2018 /CNW/ -- Pershing Gold
Corporation (NASDAQ:PGLC), (TSX:PGLC), (FWB:7PG1) ("Pershing Gold"
or the "Company"), an emerging Nevada gold producer, announces the start of
its 2018 Drilling Program at Relief Canyon.
Pershing Gold has initiated its 2018 drilling program at Relief
Canyon (Figure 1).
The 2018 program is focusing on four target areas: the West
Step-out area, the North East Pit, the Main Zone, and the South
East Lightbulb Pit. The first of two drills has arrived and is
currently drilling core hole RC18-500. Drilling is being conducted
by Idea Drilling from Elko,
Nevada. A second drill is expected to be on-site next week.
The budget for the 2018 drilling program is approximately
$2.9 million. An
estimated $1 million of this budget
is expected to be spent on drilling initial targets, with
$1.9 million allocated for follow-up
drilling based on these results.
"The 2018 drilling program is designed to work hand in hand with
the Company's plans to advance Relief Canyon to commercial
production," stated Stephen D.
Alfers, Pershing Gold's Chairman, President and CEO. "This
program will target the expansion of the resource at Relief Canyon
with the goal of adding near term ounces, continuing to expand the
mine life and adding to the production profile for the project,"
explained Alfers. "We continue to work toward completing the
project finance for Relief Canyon. Upon completion of the
financing, we expect to begin the six to nine month process of
finishing construction at the mine, with the goal of operations to
follow thereafter," stated Alfers.
West Step-Out
Pershing Gold has initiated drilling the
first of 22 combined step-out and infill core holes aggregating
22,000 feet (~6,700 meters) in the West Step-Out target area. The
objectives of this program include upgrading current Measured and
Indicated Resource gold ounces to the Proven and Probable Reserve
category under Canadian National Instrument 43-101.
Additionally, this program will target the expansion of the
resource at Relief Canyon through the completion of 11 step-out
core holes along the western margin of the resource.
This is an area where previous drilling indicates that the resource
remains open and is a prospective target for potential resource
expansion.
North East Pit
The North East Pit area is targeting
the up-dip projection of the Jasperoid Zone. This target will be
tested by a total of five shallow holes aggregating 1,750 feet
(~530 meters). This target is designed to confirm the
continuation of the Jasperoid Zone to the surface beyond the
northeast pit wall of the North Pit.
Main Zone
The Main Zone program is comprised of 13
holes aggregating 7,500 feet (~2,300 meters). This program will
drill the first hole deeper than 1,000 feet (~300 meters) in the
Main Zone. Previous drill holes in this area reached a
maximum depth of approximately 700 feet (~200 meters). This
hole will be located near the historic South Pit and will test for
southerly extensions of the Lower and Jasperoid Zones.
South East Lightbulb Pit
Drilling during the 2016
drilling program, Pershing Gold intercepted significant gold
mineralization in RC16-498 in an area to the southeast of the
historic pit that had not seen previous drilling. A total of eight
holes aggregating 6,000 feet (~1,800 meters) of core drilling are
planned to potentially demonstrate continuity of the gold
mineralization southeast of the historic 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 historic 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 more than 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 and on the Frankfurt
Stock Exchange under the symbol 7PG1.
Forward Looking Statements
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 the targets for the planned 2018 drilling
program, the timing and cost of the proposed drilling program, the
timing of the arrival of a second drilling rig, a potential future
production decision for the project, and the anticipated timeline
for commencement of production. 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, inability to obtain
sufficient financing to commence construction and production, 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, 2016, 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.
View original content with
multimedia:http://www.prnewswire.com/news-releases/pershing-gold-initiates-2018-mine-expansion-drilling-program-at-relief-canyon-300586867.html
SOURCE Pershing Gold Corporation