LAKEWOOD, Colo., May 8, 2017 /PRNewswire/ -- 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 announced that it has initiated a drilling
program in the recently consolidated Blackjack Project Area.
"With the recent consolidation of the district, for the first
time Pershing Gold is free to fully explore the highly prospective
Blackjack Project Area," stated Stephen
Alfers, Chairman, CEO, and President of Pershing Gold. "We
are hopeful that the drilling at Blackjack will result in the
discovery of satellite deposits on our 25,000 acre land position,
which could extend the life of the entire project."
Blackjack Project
The Blackjack Project area is
located approximately six miles south of the Company's Relief
Canyon Project. It is comprised of seven historic mercury and
antimony mines. (Figure 1) Blackjack Hill is included in this
highly prospective area and is a part of the land transaction
recently announced on April 4, 2017.
Blackjack Hill comprises a highly prospective gold target in
Section 15, T26N R34E (Figure 2). An aggressive detailed
geological mapping and lithogeochemical sampling program has been
completed over the target area. A total of six holes (four core and
two reverse circulation) aggregating 3,200 feet are planned to be
drilled this month. Additional detailed geological mapping as
well as rock and soil sampling is in progress over the remainder of
the lands covered by the recently acquired Newmont sublease.
Pershing Gold is excited about the potential to develop additional
high-quality, near-term drilling targets in close proximity to the
Relief Canyon Mine and processing facilities.
Blackjack Geology
Geology of Blackjack Hill is
comprised of a stacked sequence of southwest verging thrust slices
(Figures 2 and 3). Favorable host rocks to gold
mineralization are a dolomitic conglomerate and a calcareous
sandstone unit. Strongly anomalous surface results from rock
samples have generated gold assays as high as 12.89 grams of gold
(Figure 2).
Gold is associated with northwest and northeast trending steep
faults, their zones of intersection, and where the steep faults cut
the dolomitic conglomerate/sandstone contact, and/or thrust
faults. The favorable dolomitic conglomerate/sandstone
package is repeated multiple times along thrust ramps (Figure 3).
The initial four core holes will test the surface target at
Blackjack Hill.
A major regional north-south Fault, known as "The General's
Fault" passes along the east margin of Blackjack Hill. Zones of
intersection between the gold-rich NW-trending steep faults on
Blackjack Hill and the N-trending General's Fault will be tested by
an additional two reverse circulation holes.
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 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 and on the Frankfurt
Stock Exchange under the symbol 7PG1.
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 the
planned drilling program on the Blackjack property; the cost of the
proposed drilling program; and the timing and scope of the planned
PFS. 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, 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