Pershing Gold Reports Final Results from 2015 Drilling Program
LAKEWOOD, Colo., January 20, 2016 (PR Newswire)—Pershing Gold Corporation (NASDAQ:PGLC) (FWB:7PG1) ("Pershing Gold" or the "Company" - https://www.commodity-tv.net/c/mid,3159,Companies_und_Projects/?v=293796 ), an emerging Nevada gold producer, announces the final drilling results from 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:
· Jasperoid Target Area:
o RC15-451, including
§ 15.9 ft (4.8 m), 3.795 gpt, 0.111 oz/ton Au
· North Target Area:
o RC15-449, 50.6 ft (15.4 m), 4.186 gpt, 0.122 oz/ton Au
o RC15-456, including
§ 90.5 ft (27.6 m), 1.541 gpt, 0.045 oz/ton Au
“We are pleased to report the final drilling results from the successful 2015 Drilling Program at Relief Canyon. Over the course of this program the Company has encountered significant success, showing two things. First, that the high-grade zone in the North Target Area has continued south under the North Pit. Second, that the higher-grade L Zone of the Relief Canyon deposit is open to the west, south, and southwest,” stated Stephen D. Alfers, Pershing Gold’s Chairman and CEO. “In addition, the 2015 program defined a new higher-grade zone in the Jasperoid Target Area, and extended the J and L Zones into the North Target Area,” Alfers explained. “We intend to build on these results as we outline the targets for our 2016 Drilling Program, “said Alfers.
2015 Drilling Program Complete
Pershing Gold has completed another successful year of drilling at Relief Canyon. Recent results from the program include RC15-455 (Figure 1), the westernmost drill hole in section 1135N (Figure 2). RC15-455 encountered three mineralized zones, all of which are open to the west and southwest.
The 2015 Drilling Program concluded with a total of approximately 105,000 feet of drilling. In total, 178 holes were completed. This includes approximately 160 development core-holes designed to expand the Relief Canyon deposit in all directions and at depth. In addition, seven large diameter core holes were completed for metallurgical tests of all mineral zones. Column tests and bottle roll tests on that material have been in progress at McClelland Labs of Sparks, Nevada. The Company awaits results and a final report on this test work. Finally, 11 exploration holes tested for satellite deposits under cover in the northern and southern part of the district. These exploration holes account for approximately 10,000 feet of drilling to test green field targets.
Drilling data from the 2015 program has been delivered to Mine Development Associates (“MDA”) of Reno, NV. The Company, working with MDA, expects to publish an updated NI 43-101 resource update incorporating the results of the 2015 Drilling Program as well as a Preliminary Economic Analysis on Relief Canyon in the second quarter of 2016.
Figure 1 and Figure 2 see right side
Jasperoid Target Area
Recent significant intercepts in the Jasperoid Target Area include RC15-451 with an intercept of 15.9 ft (4.8 m), 3.795 gpt, 0.111 oz/ton Au (Figure 1). Drill results confirm a newly discovered additional gold zone below the J Zone. Both the J Zone and the newly identified zone extend to the surface in the Jasperoid Target Area.
North Target Area
Significant intercepts in the North Target Area include RC15-449, 50.6 ft (15.4 m), 4.186 gpt, 0.122 oz/ton Au and RC15-456, including 90.5 ft (27.6 m), 1.541 gpt, 0.045 oz/ton Au (Figure 1). Drill results from 2015 provide additional evidence for controlling structures of the high-grades encountered which appear to the northeast to southwest trending faults. Modeling is currently being conducted on these high-grade zones, which are open down dip to the west.
Southwest Target Area
Modeling of the M Zone in the Southwest Target Area shows a repetition of this zone. The uppermost zone is within 200 feet of the surface and provides much more favorable economics with a reduced strip ratio in this area. The Grass Valley formation to the south and east of the mine could have other repeated sections, with the southwest dipping South Humboldt thrust much closer to the surface resulting in better economics. Geologic mapping and selected geophysical surveys will aid in the targeting of this area in 2016.
Significant intercepts from the most recent drilling results are shown below in Table 1.
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.
2016 Drilling Program
In the first quarter of 2016, Pershing Gold plans to conduct geophysical surveys over the mine and the covered areas south and southeast of the historic pits. The commencement of drilling for the 2016 program will be determined based on the results of these surveys and available funding. The Company is currently finalizing targets for further drilling and plans to continue conducting step-out drilling along a portion of the western margin of the deposit. Based on the success of blind mineralization discovered at relatively shallow depth beneath cover rocks of the Grass Valley Formation during the 2015 Drilling Program, additional drilling during 2016 is planned along both the southeast extension and northeast highwall of the Lighbulb Pit, and southwest of the South Pit.
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; management’s belief that drilling results show that the high-grade zone in the North Target Area has continued south under the North Pit, that the higher-grade L Zone of the Relief Canyon deposit is open to the west, south, and southwest and that a new higher-grade zone in the Jasperoid Target Area has been defined, the discovery of a new gold zone below the J Zone, and the J and L Zones extend into the North Target Area; results of modeling; expected results of column and bottle roll tests; plans for the 2016 Drilling Program plans to complete validation and incorporation into the Company’s database of all assays, logging and geotechnical data; 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 Drilling Program than currently anticipated; insufficient or insufficiently favorable information to include portions of the deposit or 2015 drill results in the Company’s next updated resource; interpretations or reinterpretations of geologic and metallurgical information or unfavorable exploration results or results of column, bottle roll and other metallurgical tests that could negatively affect estimates of resources or project economics; delays in completing the validation and database incorporation of 2015 drilling results; delays in completing or publishing the updated NI 43-101 resource estimate and Preliminary Economic Analysis; less favorable results of 43-101 resource estimate updates and Preliminary Economic Analysis than currently anticipated; insufficient external funding to go forward with the 2016 Drilling Program and other planned activities in 2016; 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.
For more information, please contact:
Stephen Alfers, Executive Chairman, President and CEO
Jack Perkins, Vice President, Investor Relations