LAKEWOOD, Colo., March 19, 2018 /CNW/ -- Pershing Gold Corporation
(NASDAQ:PGLC), (TSX:PGLC), (FWB:7PG1) ("Pershing Gold" or the
"Company"), an emerging Nevada
gold producer, announces initial results from its 2018 drilling
program.
In January 2018, Pershing Gold
began a drilling program focusing on resource growth and reserve
expansion of the West Step Out Area of its Relief Canyon Mine
project (See Figures 1 and 2 below).
Initial assay results have been received for six of the eight
completed angled-core-holes and include high-grade intervals of
1.764 ounces per ton ("opt"), or 60.4 grams per tonne ("gpt"),
of gold ("Au") over a width of 5.0 feet (1.52 meters) in hole
RC18-503, and 0.87 opt, or 29.8 gpt, Au over a width of 3.9
feet (1.19 meters) in hole RC18-506.
Notable intercepts include:
- RC18-500: 20.5 feet (6.25 meters) at 0.05 opt Au (1.61 gpt
Au)
- RC18-501: 53.7 feet (16.4 meters) at 0.04 opt Au (1.31 gpt
Au)
- RC18-502:
-
- 33.0 feet (10.1 meters) at 0.13 opt Au (4.31 gpt
Au)
- 31.9 feet (9.73 meters) at 0.03 opt Au (1.16 gpt
Au)
- RC18-503: 14.0 feet (4.27 meters) at 0.64 opt Au (21.78 gpt
Au)
- RC18-506:
-
- 18.8 feet (5.73 meters) at 0.19 opt Au (6.57 gpt
Au)
- 29.4 feet (8.96 meters) at 0.08 opt (2.88 gpt Au)
Significant drill intercepts are summarized in Table 1
below.
"We are encouraged by these initial results, that include
step-outs as wide as 800 feet. We believe this drilling confirms
the lateral continuity of the three-stacked mineralized zones to
the southwest of the existing pits at the project. We are confident
that these results will expand the economic pit shell, thereby
increasing the size of the resource, and may increase the average
grade of the resource," stated Stephen D.
Alfers, Pershing Gold's Chairman, President and CEO. "The
2018 drilling program continues to work lockstep with the Company's
plans to advance Relief Canyon to commercial production. The
program's stated goals of adding near-term ounces, continuing to
extend mine-life and adding to the overall production profile for
the project, remain the primary focus of the program," explained
Alfers.
West Step Out Target Area
Overall, this program is
providing a mix of infill holes to provide tighter drill density
for the expressed purpose of expanding the whittle pit and
converting measured and indicated resources to reserves. Previous
drill holes from 2016 that were drilled after the 2016 resource
update indicate the potential for further resource growth in the
West Step Out Target Area.
Table 1:
Hole
|
Depth
|
From
|
To
|
Width
|
Gold
|
Gold
|
Silver
|
Silver
|
Number
|
feet
|
gpt
|
opt
|
gpt
|
opt
|
RC18-500
|
950
|
282.6
|
311.3
|
28.7
|
0.34
|
0.01
|
3.15
|
0.09
|
Infill
|
|
369.3
|
374.9
|
5.6
|
0.86
|
0.03
|
23.93
|
0.69
|
|
|
502.6
|
523.1
|
20.5
|
1.61
|
0.05
|
7.39
|
0.22
|
|
|
696.3
|
720.4
|
24.1
|
0.54
|
0.02
|
4.36
|
0.13
|
|
|
755.6
|
759.3
|
3.4
|
1.47
|
0.04
|
7.50
|
0.22
|
RC18-501
|
898
|
277.8
|
322.6
|
44.8
|
0.30
|
0.01
|
4.10
|
0.12
|
Infill
|
|
520.4
|
574.1
|
53.7
|
1.31
|
0.04
|
4.96
|
0.15
|
|
|
662.6
|
667.6
|
5.0
|
0.62
|
0.02
|
4.04
|
0.12
|
RC18-502
|
888
|
325.1
|
358.0
|
32.9
|
0.11
|
0.00
|
0.74
|
0.02
|
Infill
|
|
513.5
|
545.4
|
31.9
|
1.16
|
0.03
|
4.89
|
0.14
|
|
|
662.7
|
668.0
|
5.3
|
2.42
|
0.07
|
2.80
|
0.09
|
|
|
735.3
|
768.3
|
33.0
|
4.31
|
0.13
|
8.72
|
0.26
|
RC18-503
|
1033
|
413.6
|
428.7
|
15.1
|
0.33
|
0.01
|
2.29
|
0.07
|
Step-out
|
|
729.0
|
743.0
|
14.0
|
21.78
|
0.64
|
35.19
|
1.03
|
including
|
|
729.0
|
734.0
|
5.0
|
60.40
|
1.76
|
95
|
2.77
|
|
|
784.4
|
798.5
|
14.1
|
1.29
|
0.04
|
5.26
|
0.15
|
|
|
816.0
|
820.1
|
4.1
|
1.50
|
0.04
|
2.70
|
0.08
|
|
|
838.3
|
869.6
|
31.3
|
0.41
|
0.01
|
1.29
|
0.04
|
RC18-504
|
903
|
358.5
|
378.0
|
19.5
|
0.27
|
0.01
|
1.67
|
0.05
|
Infill
|
|
613.0
|
623.0
|
10.0
|
2.23
|
0.07
|
1.65
|
0.05
|
RC18-505
|
1153
|
Awaiting
assays
|
|
|
|
|
Step-out
|
|
|
|
|
|
|
|
|
RC18-506
|
948
|
269.8
|
287.6
|
17.8
|
0.26
|
0.01
|
9.09
|
0.27
|
Infill
|
|
508.2
|
539.1
|
30.9
|
0.22
|
0.01
|
2.09
|
0.06
|
|
|
557.4
|
597.1
|
39.7
|
0.53
|
0.02
|
2.01
|
0.06
|
|
|
658.0
|
676.8
|
18.8
|
6.57
|
0.19
|
6.05
|
0.18
|
including
|
|
665.2
|
669.1
|
3.9
|
29.80
|
0.87
|
23
|
0.67
|
|
|
696.6
|
726.0
|
29.4
|
2.88
|
0.08
|
7.55
|
0.22
|
* All quoted widths are down-hole widths, not true widths.
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.
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 Anthony P.
Taylor PhD, PG, Certified Professional Geologist #CPG11464 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 McClelland
Laboratories Inc., 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. All quoted widths in this press release are
down-the-hole widths, not true widths.
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 future
prospects of the 2018 drilling program, further resource growth,
and our goal of expanding the whittle pit and converting measured
and indicated resource to reserve; our interpretation of the assay
results and their potential to expand the economic pit shell or
increase the size or grade of the resource; our plans to advance
Relief Canyon to production; our goals of adding near-term ounces,
expanding mine-life, and adding to the production profile for the
project.. 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, future unfavorable exploration results, inability to
obtain permits required for future exploration, development or
production, inability to obtain sufficient financing to conduct
future exploration or 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.
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SOURCE Pershing Gold Corporation