LAKEWOOD, Colo., May 7, 2018 /CNW/ -- 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:
- RC18-510: 187.4 feet (57.1 meters) at 0.013 opt (0.44
gpt) Au
- RC18-514: 129.5 feet (39.5 meters) at 0.014 opt (0.49
gpt) Au
- RC18-515: 216.1 feet (65.9 meters) at 0.016 opt (0.53
gpt) Au
- RC18-518: 135.5 feet (41.3 meters) at 0.018 opt (0.60
gpt) Au
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:
- RC18-507:
-
- 13.9 feet (4.2 meters) at 0.037 opt (1.28 gpt ) Au
- 12.1 feet (3.7 meters) at 0.051 opt (1.75 gpt) Au
- RC18-508:
-
- 3.6 feet (1.1 meters) at 0.061 opt (2.10 gpt) Au
- 32 feet (9.8 meters) at 0.089 opt (3.06 gpt) Au
- 4.3 feet (1.3 meters) at 0.400 opt (13.70 gpt) Au
- RC18-511:
-
- 7.8 feet (2.4 meters) at 0.098 opt (3.35 gpt) Au
- 11.3 feet (3.4 meters) at 0.093 opt (3.2 gpt) Au
- 2.5 feet (0.8 meters) at 0.400 opt (13.68 gpt) Au
- 17.9 feet (5.5 meters) at 0.066 opt (2.27 gpt) Au
- RC18-512:
-
- 39.8 feet (12.1 meters) at 0.046 opt (1.58 gpt) Au
- 3.6 feet (1.1 meters) at 0.280 opt (9.59 gpt) Au
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.
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SOURCE Pershing Gold Corporation