LAKEWOOD, Colo., May 7, 2018 /PRNewswire/ -- Pershing Gold Corporation (NASDAQ:PGLC), (TSX:PGLC), (FWB:7PG1) ("Pershing Gold" or the "Company"), an emerging Nevada gold producer, announces results from its ongoing 2018 drilling program.
Expansion and resource growth is the focus of Pershing Gold's 2018 drilling program at the Relief Canyon Mine. It has two elements: Main Zone expansion drilling in and southwest of the pit, and the West Step Out Area (See Figures 1 and 2 below). Three core rigs have completed 15,500 feet (4,724 meters) of drilling in the West Step Out Target Area and approximately 5,300 feet (1,615 meters) in the Main Zone Target Area. To date, the Company has completed 70% of the 2018 planned program. Assay results are reported in both ounces per ton ("opt") and grams per tonne ("gpt") of gold ("Au").
"Pershing Gold reports drilling results from the Main Zone and West Step Out Target Areas," stated Stephen D. Alfers, Pershing Gold's Chairman, President and CEO. "Recent drilling indicates that the Main Zone is substantially wider than in the existing pit, and this Main Zone continues up to 900 ft (274.4 meters) to the west of the existing pit. Additionally, gold grades and cyanide solubility are consistent with previous results in the Main Zone. This could result in increased tonnage in the Main Zone and in the pit itself, which could bring more tons earlier into the mine plan," explained Alfers. "West Step Out drilling indicates that zones of mineralization are continuous to the west. This confirmed continuity of mineralization may allow us to expand the pit up to 400 feet (122 meters) to the southwest. West Step Out drilling also resulted in several intercepts with grades substantially higher than historic results, which may result in enhanced economics for the project," stated Alfers.
Main Zone Target Area
Diamond drilling confirmed gold grades in the historic reverse circulation holes in the Main Zone at the Relief Canyon Mine. To date, average grades are very similar to those encountered by the historic reverse circulation drill results. Early drill results indicate that the development of Main Zone collapse breccia may be wider than indicated by the historic drill holes.
Drilling by Pershing Gold from 2013 – 2016 along the west margin of the Main Zone resource (Figure 1, e.g., drill holes RC16-485 and RC16-486) established evidence that a wider zone of collapse breccia was potentially in the Main Zone than was previously modeled based on the historic reverse circulation drill data. Drill holes such as RC18-514, RC18-515, and RC18-518 now provide confirmation that wider zones of Main Zone collapsed breccia continue for up to 900 feet (274.4 meters) to the east from holes RC16-485 and RC16-486. The new core intercepts are substantially wider, up to 100 feet (30.5 meters) wider, than the adjacent historic reverse circulation drill holes while grades of gold, and cyanide soluble gold are consistent with the current resource model.
The Main Zone drilling program is providing excellent geological information, and a good visual look at the variability of the texture and fines content of collapse breccia. The Company is now better able to map zoned alteration along the margin of the collapse breccia column. Additionally, the historic data at Relief Canyon did not include silver results in the Main Zone, which we are now generating for the first time in the project's history. Silver values encountered thus far in the Main Zone typically range from 0.050 to 0.136 opt (1.71 to 4.66 gpt).
Main Zone gold intercepts include:
West Step Out Target Area
The West Step Out drilling is focused on extending mineralization to the west and southwest beneath cover, and has seen infill component to develop additional NI 43-101 reserves along the western margin of the current economic pit. Drill hole RC18-512 is the furthest hole to the southwest so far drilled at Relief Canyon and results continue to demonstrate continuity of the stacked mineralized zones for at least 1,000 feet (305 meters) beyond the current proposed pit limit, and provide strong indication for potential future growth. Results from infill holes RC18-507 and RC18-508 contain higher average grades relative to nearby drill holes, and support the potential to convert measured and indicated resource to NI 43-101 reserves, and potentially expand the Whittle Pit for up to 400 feet (122 meters) to the west and southwest. Improved grades and a potential pit expansion could provide a positive impact on the economics at the Relief Canyon project.
West Step Out gold intercepts include:
Significant drill intercepts are summarized in Tables 1 and 2 below.
| Table 1, Main Zone Results: |
|||||||
| Drill |
From |
To |
Width |
gpt |
opt |
gpt |
opt |
| Hole |
feet |
gold |
gold |
silver |
silver |
||
| RC18-510 |
179 |
366.4 |
187.4 |
0.44 |
0.013 |
3.70 |
0.108 |
| RC18-513 |
162.8 |
227 |
64.2 |
0.67 |
0.019 |
3.97 |
0.116 |
| 288.8 |
303.5 |
14.7 |
0.26 |
0.008 |
1.22 |
0.036 |
|
| 330.4 |
338.2 |
7.8 |
0.3 |
0.008 |
0.60 |
0.017 |
|
| RC18-513A |
163.2 |
227.1 |
63.9 |
0.62 |
0.018 |
3.49 |
0.102 |
| RC18-514 |
272.5 |
402 |
129.5 |
0.49 |
0.014 |
4.66 |
0.136 |
| 477.1 |
506.1 |
29 |
0.17 |
0.005 |
0.53 |
0.015 |
|
| RC18-515 |
288.2 |
504.3 |
216.1 |
0.53 |
0.016 |
1.81 |
0.053 |
| RC18-516 |
416.4 |
490.2 |
73.8 |
0.25 |
0.007 |
1.71 |
0.05 |
| RC18-518 |
62.4 |
197.9 |
135.5 |
0.6 |
0.018 |
pending |
|
| *All quoted widths are down-hole widths, not true widths. |
|||||||
| Table 2, West Step Out Results: |
||||||||
| Drill |
From |
To |
Width |
gpt |
opt |
gpt |
opt |
|
| Hole |
feet |
gold |
gold |
silver |
silver |
|||
| RC18-507 |
636.1 |
648 |
9.6 |
0.58 |
0.017 |
10.76 |
0.314 |
|
| 865.6 |
879.5 |
13.9 |
1.28 |
0.037 |
4.38 |
0.128 |
||
| 929.9 |
942 |
12.1 |
1.75 |
0.051 |
6.5 |
0.19 |
||
| RC18-508 |
280 |
293 |
13 |
0.29 |
0.008 |
0.87 |
0.025 |
|
| 575.7 |
579.3 |
3.6 |
2.1 |
0.061 |
21 |
0.613 |
||
| 603 |
617.2 |
14.2 |
0.51 |
0.015 |
2.6 |
0.076 |
||
| 656.1 |
688.1 |
32 |
3.06 |
0.089 |
3.95 |
0.115 |
||
| 660.9 |
665.2 |
4.3 |
13.7 |
0.400 |
15 |
0.438 |
||
| RC18-511 |
661.5 |
669.3 |
7.8 |
3.35 |
0.098 |
16.5 |
0.481 |
|
| 796.8 |
808.1 |
11.3 |
3.2 |
0.093 |
6.88 |
0.201 |
||
| 796.8 |
799.3 |
2.5 |
13.68 |
0.400 |
24 |
0.701 |
||
| 837 |
854.9 |
17.9 |
2.27 |
0.066 |
7.32 |
0.214 |
||
| RC18-512 |
757.3 |
810 |
52.8 |
0.75 |
0.022 |
3.46 |
0.101 |
|
| 1350.1 |
1389.9 |
39.8 |
1.58 |
0.046 |
7.79 |
0.227 |
||
| 1380.6 |
1384.2 |
3.6 |
9.59 |
0.280 |
12 |
0.35 |
||
| *All quoted widths are down-hole widths, not true widths. |
||||||||
Figure 1
PDF - https://mma.prnewswire.com/media/687184/Relief_Canyon_Main_Zone_Press_Release05022018.jpg
Figure 2
PDF - https://mma.prnewswire.com/media/687185/Relief_Canyon_WSO_Press_Release03152018.jpg
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 27,000 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, our ability to expand the Main Zone and the Whittle Pit; our interpretation of the assay results and their potential to enhance the economics of the project or increase the size or grade of the resource; any future recalculation 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, 2017, 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.
Cautionary Note to United States Investors Regarding Reserve Estimates
Pershing is a reporting issuer in the United States and is required to discuss mineralization estimates in accordance with US reporting standards. References to "reserves" in this press release are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards, which definitions have been adopted by NI 43-101. The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in the United States Securities and Exchange Commission's Industry Guide 7. In the United States, a mineral reserve is defined as a part of a mineral deposit, which could be economically and legally extracted or produced at the time the reserve determination is made. In most cases, the a final, or bankable, feasibility study is required in order to report reserves under Industry Guide 7. Accordingly, information contained in this press release containing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies under the United States federal securities laws and the rules and regulations thereunder.
SOURCE Pershing Gold Corporation
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