LAKEWOOD, Colo., March 19, 2018 /PRNewswire/ -- 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:
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.
SOURCE Pershing Gold Corporation
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