LAKEWOOD, Colo., Nov. 11, 2015 /PRNewswire/ -- Pershing Gold
Corporation (NASDAQ:PGLC) (FWB:7PG1) ("Pershing Gold" or the
"Company"), an emerging Nevada
gold producer, announces additional results for 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:
- North Pit:
- RC15-373, 15 ft (4.572 m), 7.395 gpt, 0.216 oz/ton
Au
- North Target Area:
- RC15-347: 57.9 ft (17.6 m) of 0.852 gpt, 0.025 oz/ton
Au
- RC15-355:
- 22.5 ft (6.9 m) of 0.936 gpt, 0.027 oz/ton Au
- 25 ft (7.6 m) of 1.148 gpt, or 0.033 oz/ton Au
- RC15-365: 73.7 ft (22.47 m) of 1.048 gpt, 0.031 oz/ton
Au
- RC15-375:
- 27.2 ft (8.3 m) of 2.701 gpt, 0.079 oz/ton Au
- 35.5 ft (10.8 m) of 1.664 gpt, 0.049 oz/ton Au
- 18.3 ft (5.6 m) of 0.942 gpt, 0.027 oz/ton Au
- Southwest Target Area:
- RC15-349: 48.6 ft (14.27 m) of 1.276 gpt, 0.037 oz/ton
Au
- RC15-353: 27.0 ft (8.23 m) of 1.382 gpt, 0.04 oz/ton
Au
- RC15-359: 29.9 ft (9.11 m) of 0.793 gpt, 0.023 oz/ton
Au
- RC15-370: 64.4 ft (19.6 m), 1.453 gpt, 0.042 oz/ton
Au
- Jasperoid Target Area:
- RC15-382: 36.9 ft (11.0 m), 2.158 gpt, 0.063 oz/ton
Au
- RC15-390: 17.3 ft (5.37 m), 2.969 gpt, 0.087 opt Au
"We are pleased to report ongoing drilling success in our 2015
Drilling Program. We continue to encounter multiple high-grade
intercepts in all the target areas in the 2015 program," stated
Stephen D. Alfers, Pershing Gold's
Chairman and CEO, "including drilling in the North Pit that
discovered a new extension of the high-grade Lower Zone under the
floor of the pit."
"Following completion of this program, we intend to publish an
updated NI 43-101 resource estimate in the second quarter of 2016,"
Alfers explained. "Building on the success of our previous resource
updates, an increased NI 43-101 resource based on this years'
drilling should enhance what we already believe are robust
economics for Relief Canyon," commented Alfers.
The geology encountered in the drilling at Relief Canyon
includes three stacked mineralized zones, which the Company has
previously identified as the Main Zone ("M Zone"), the Lower Zone
("L Zone") and the Jasperoid Zone ("J Zone") (Figure 1). This
drilling program includes four target areas; The North Pit, the
North Target Area, the Jasperoid Target Area and the Southwest
Target Area (Figure 2).
Figure 1
PDF -
http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/286107-orezones1105N-Model-_1_.pdf
North Pit
Core hole RC15-373 in the North Pit shows
15 ft (4.572 m) of 7.395 gpt, 0.216 oz/ton Au from 512 to
527 ft (174.5 to 160.6 m) in the L Zone at Relief Canyon. This is
the most southern intercept in the L Zone to date. The intercept is
on the south side of a major mafic dike and is open to the west and
south. Follow up drilling of this intercept to the west and south
has been completed and the results are pending.
North Target Area
Drilling continues to expand
mineralization to the west in the North Target Area at Relief
Canyon. The westernmost step-out hole, RC15-365, continued to
encounter excellent grade mineralization with an intercept of
73.7 ft (22.47 m) of 1.048 gpt, 0.031 oz/ton Au. Other
significant core holes include RC15-347 with an intercept including
57.9 ft (17.6 m) of 0.852 gpt, 0.025 oz/ton Au and RC15-375
with intercepts including 27.2 ft (8.3 m) of 2.701 gpt, 0.079
oz/ton Au, 35.5 ft (10.8 m) of 1.664 gpt, 0.049 oz/ton Au and 18.3
ft (5.6 m) of 0.942 gpt, 0.027 oz/ton Au.
Figure 2
PDF -
http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/286108-PressRelease-DrillHoles_SW_Jasp_NT_Oct-23-2015b.pdf
Jasperoid Target Area
Drill results in the Jasperoid
Target Area show multiple new zones of significant near surface
gold mineralization. Recent significant core holes include RC15-382
with 36.9 ft (11.25 m) of 2.158 gpt, 0.063 oz/ton Au from
50.8 to 87.7 ft (15.5 to 26.7 m) and RC15-390 with 17.3 ft (5.37
m) of 2.969 gpt, 0.087 opt Au. These intercepts are the up-dip
equivalent of the high-grade intercepts in RC15-304A and RC15-306A,
previously reported in the Company's September 16, 2015 press
release, and RC15-365, reported in the North Target Area section of
this release. The Jasperoid Target Area itself is proximate to the
existing North Pit of the mine. These near surface zones with
favorable strip ratio in the early years of the Relief Canyon mine
should improve project economics. Drilling from the Jasperoid
Target Area is not included in NI 43-101 resource estimate
published on Relief Canyon in June of this year, but will be
included in the updated NI 43-101 expected in Q2 2016.
Southwest Target Area
The Southwest Target Area
includes the extension of the M Zone to the southwest that was
explored historically by wide-spaced reverse circulation drill
holes. Recent drilling has discovered a higher-grade portion
of the M Zone developed at the intersection of two faults.
This higher-grade mineralization is also encountered much closer to
the surface and is expected to result in significantly improved
economics through lower mining costs and enhanced recovery.
Drilling in the Southwest Target Area was designed to expand the
known resource of the M Zone to the west, south, and east.
This new drilling in the Southwest area will also improve the
geologic model of Relief Canyon.
Recent Southwest Target Area drill results include RC15-349 with
an intercept of 48.6 ft (14.27m) of 1.276 gpt, 0.037 oz/ton
gold, RC15-353 with 27.0 ft (8.23 m) of 1.382 gpt, 0.04
oz/ton Au, and RC15-370 with 64.4 ft (19.63 m) of 1.453 gpt,
0.042 oz/ton Au, all of which are expected to add additional
size to the growing resource at Relief Canyon.
Table 1
Core
Hole
|
From
|
To
|
Width
|
gpt
gold
|
oz/ton
gold
|
Target
|
Number
|
|
feet
|
|
|
|
Area
|
RC15-342
|
100.3
|
109.9
|
9.6
|
1.936
|
0.056
|
Jasperoid
|
RC15-343
|
455
|
487
|
32
|
0.711
|
0.021
|
North
|
RC15-344
|
33.3
|
47.6
|
14.3
|
1.806
|
0.053
|
Jasperoid
|
RC15-346
|
53.6
|
64.7
|
11.1
|
0.887
|
0.026
|
Jasperoid
|
RC15-347
|
364.8
|
373.2
|
8.4
|
1.09
|
0.032
|
North
|
|
478.1
|
536
|
57.9
|
0.852
|
0.025
|
|
RC15-349
|
228.4
|
277
|
48.6
|
1.276
|
0.037
|
Southwest
|
RC15-350
|
0
|
15
|
15
|
0.36
|
0.011
|
Jasperoid
|
RC15-352
|
131
|
149
|
18
|
0.404
|
0.012
|
Jasperoid
|
RC15-353
|
255
|
282
|
27
|
1.382
|
0.04
|
Southwest
|
RC15-355
|
486
|
508.5
|
22.5
|
0.936
|
0.027
|
North
|
|
552
|
587
|
25
|
1.148
|
0.033
|
|
RC15-356
|
23.8
|
31
|
7.2
|
0.478
|
0.014
|
Jasperoid
|
RC15-357
|
604.1
|
609.4
|
5.3
|
2.693
|
0.079
|
Southwest
|
RC15-358
|
0
|
53.1
|
53.1
|
0.419
|
0.012
|
|
|
280
|
305
|
25
|
0.493
|
0.014
|
|
|
326.2
|
370
|
43.8
|
0.346
|
0.01
|
|
|
410
|
449.4
|
39.4
|
0.387
|
0.011
|
|
|
489
|
510.2
|
21.2
|
0.926
|
0.027
|
|
RC15-359
|
302.5
|
332.4
|
29.9
|
0.793
|
0.023
|
Southwest
|
RC15-360
|
24
|
34
|
10
|
1.018
|
0.03
|
Jasperoid
|
RC15-363
|
494.2
|
500
|
5.8
|
0.937
|
0.027
|
Southwest
|
RC15-364
|
480
|
507
|
27
|
0.833
|
0.024
|
Southwest
|
RC15-365
|
463.3
|
537
|
73.7
|
1.048
|
0.031
|
North
|
RC15-366
|
335
|
377.2
|
42.2
|
0.65
|
0.019
|
Southwest
|
RC15-367
|
0
|
35
|
35
|
0.36
|
0.011
|
North
|
RC15-368
|
7.6
|
23.5
|
15.9
|
0.72
|
0.021
|
Jasperoid
|
RC15-369
|
160
|
199.4
|
39.4
|
0.232
|
0.007
|
North
|
|
325
|
334.2
|
9.2
|
1.628
|
0.047
|
|
|
354.9
|
390
|
35.1
|
1.022
|
0.03
|
|
|
405
|
415
|
10
|
1.494
|
0.044
|
|
|
476.5
|
485
|
8.5
|
1
|
0.029
|
|
RC15-370
|
399.6
|
464
|
64.4
|
1.453
|
0.042
|
Southwest
|
RC15-371
|
201
|
217.8
|
16.8
|
0.265
|
0.008
|
North
|
|
251
|
271
|
20
|
2.518
|
0.073
|
|
|
491
|
511
|
20
|
0.454
|
0.013
|
|
|
646
|
655.5
|
9.5
|
1.238
|
0.036
|
|
|
|
|
|
|
|
|
RC15-373
|
0
|
26
|
26
|
0.221
|
0.006
|
North
Pit
|
|
46.7
|
67
|
20.3
|
0.281
|
0.008
|
|
|
467
|
481.7
|
14.7
|
1.95
|
0.057
|
|
|
512
|
527
|
15
|
7.395
|
0.216
|
|
RC15-375
|
190
|
212.1
|
22.1
|
0.312
|
0.009
|
North
|
|
232.8
|
260
|
27.2
|
2.701
|
0.079
|
|
|
444.5
|
480
|
35.5
|
1.664
|
0.049
|
|
|
673.7
|
692
|
18.3
|
0.942
|
0.027
|
|
RC15-378
|
499
|
548.2
|
49.2
|
0.375
|
0.011
|
Southwest
|
RC15-379
|
0
|
54
|
54
|
0.492
|
0.014
|
|
|
407.8
|
447
|
39.2
|
1.836
|
0.054
|
|
RC15-380
|
18.8
|
34.5
|
15.7
|
0.422
|
0.012
|
Jasperoid
|
|
105.6
|
113.8
|
8.2
|
0.379
|
0.011
|
|
RC15-381
|
414.8
|
442
|
27.2
|
2.542
|
0.074
|
North
|
RC15-382
|
50.8
|
87.7
|
36.9
|
2.158
|
0.063
|
Jasperoid
|
RC15-384
|
45.5
|
71
|
25.5
|
0.268
|
0.008
|
Jasperoid
|
RC15-385
|
314
|
322.2
|
8.2
|
0.736
|
0.021
|
Southwest
|
|
508.7
|
536.6
|
27.9
|
0.699
|
0.02
|
|
RC15-386
|
264.2
|
282.6
|
18.4
|
0.89
|
0.026
|
|
RC15-388
|
68
|
79.3
|
11.3
|
0.632
|
0.018
|
Jasperoid
|
|
123
|
126.7
|
3.7
|
2.154
|
0.063
|
|
RC15-389
|
417.8
|
453.8
|
36
|
1.419
|
0.041
|
North
|
RC15-390
|
73.5
|
87.8
|
14.3
|
0.797
|
0.023
|
Jasperoid
|
|
126
|
143.3
|
17.3
|
2.969
|
0.087
|
|
|
181
|
188.5
|
7.5
|
0.481
|
0.014
|
|
RC15-396
|
22
|
39.8
|
17.8
|
0.421
|
0.012
|
Jasperoid
|
RC15-407
|
82
|
95.4
|
13.4
|
1.518
|
0.044
|
Jasperoid
|
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.
Summary
Five drill rigs are currently operating on
site with four core-drill rigs conducting development drilling at
Relief Canyon and one reverse circulation drill rig in operation at
Buffalo Pediment. One core-drill rig is working in the Jasperoid
Target Area, two drill rigs are operating in the North Target Area,
and the fourth rig is drilling in the Southwest Target Area (Figure
2).
More than 90% of the 2015 Drilling Program has been completed to
date. The initial plan for the 2015 Drilling Program was to include
a total of approximately 70,000 ft (14,200 m) in 100 holes. Due to
the Company's recent drilling success, this program has been
expanded to approximately 155 development holes and seven
metallurgical holes, totaling approximately 93,000 ft (28,346 m).
Assay results have been received for approximately 80% of the
holes, with the remainder of the results pending.
The Company plans to complete the 2015 Drilling Program in
December and expects to publish an updated NI 43-101 resource
update incorporating these results as well as a PEA on Relief
Canyon in Q2 2016. Significant intercepts from the most
recent drilling results are shown above in Table 1.
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; planned release of preliminary economics for the
Relief Canyon mine including cash costs and life-of-mine and
average annual production in the fourth quarter 2015; planned
completion of the 2015 drill program in December 2015 with 155 development holes, seven
metallurgical holes and 93,000 feet of drilling estimated;
advancements in understanding the Relief Canyon resource model as a
result of the 2015 drilling program; management's belief that
the economics of mining Relief Canyon are robust and will be
enhanced by the anticipated increased NI 43-101 resource based on
the 2015 drilling program, by mineralization in the Jasperoid
Target Area with favorable strip ratios in the early years of the
anticipated mine life and higher grade mineralization in the
Southwest Target Area 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 exploration program than currently anticipated;
insufficient or insufficiently favorable information to include
portions of the deposit in the Jasperoid and Southwest target areas
in the Company's next updated resource or to impact Relief Canyon
economics as positively as currently anticipated; interpretations
or reinterpretations of geologic and metallurgical information or
unfavorable exploration results that could negatively affect
estimates of resources of project economics; delays in publishing
preliminary economics or releasing less information than currently
anticipated; delays in publishing the updated NI 43-101 resource
estimate and Preliminary Economic Analysis; less favorable results
of preliminary economic studies, 43-101 resource estimate updates
and Preliminary Economic Analysis than currently anticipated;
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.
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SOURCE Pershing Gold Corporation