PERSHING GOLD CORP 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
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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
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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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