Pershing Gold today announces the completion of Phase 1 of its 2016 Drilling Program
LAKEWOOD, Colo., November 17, 2016 (PR NEWSWIRE)— Pershing Gold Corporation (NASDAQ:PGLC) (TSX: PGLC) (FWB:7PG1) ("Pershing Gold" or the "Company" - https://www.commodity-tv.net/c/mid,5428,Company_Updates/?v=296460 ), the emerging Nevada gold producer advancing the Relief Canyon mine, today announces the completion of Phase 1 of its 2016 Drilling Program (the “Program”). The Program included drilling to further offset RC16-462, previously reported. Results are reported in feet (“ft”) and meters (“m”), and in grams per tonne (“gpt”) and ounces per ton (“oz/ton”) of gold (“Au”) or silver (“Ag”).
“Phase 1 of our 2016 Drilling Program has successfully extended to the west the high-grade mineralization at Relief Canyon,” stated Stephen D. Alfers, Pershing Gold’s Chairman, President and CEO. “These additional offsets to RC16-462, along with recently reported RC16-473 and RC16-475, further extend the high-grade zone discovered in the North Target Area in 2015,” explained Alfers. “The 25.1 gpt (0.733 oz/ton) Au intercept in RC16-487 and the 8.887 gpt (0.260 oz/ton) Au intercept in RC16-489 indicate strong potential for future growth of the deposit, which the Company plans to explore in Phase 1a of the Drilling Program,” stated Alfers.
Phase 1 Drilling Program Results
Pershing Gold has received results from additional core drill holes from Phase 1 of its 2016 Drilling Program. Highlighted results are listed in Table 1 below. A complete list of results received to date is available on our website at www.pershinggold.com.
Notable intercepts include:
- including: 5 ft (1.52 m), 25.1 gpt, 0.733 oz/ton Au
- including: 10 ft (3.048 m), 8.887 gpt, 0.260 oz/ton Au
A plan view of these drill holes is listed below in Figure 1.
The Company has completed Phase 1 of its 2016 Drilling Program, which included 22 core holes, totaling approximately 15,062 ft (4,591 m). The Phase 1 Drilling Program has been successful, following known mineralization at Relief Canyon down dip, with mineralization remaining open to the west. The Company believes there continues to be good potential for expansion of the open pit limit.
RC16-487 and RC16-489 are 300 ft (91.4 m) north-northwest and 350 ft (106.7 m) southwest offsets to RC16-462, respectively. The high-grade intercept in RC16-487 may represent a new high-grade lense in the Jasperoid Zone. The high-grade intercept in RC16-489 appears to be a continuation of high grades developed in drill holes RC16-462 and RC16-475. The Company plans a Phase 1a Drilling Program to follow this program. Phase 1a could include step out drilling to continue to follow the mineralization from Relief Canyon down dip to the west and southwest, but also would include infill drilling. This infill drilling would have the goal of expanding the current economic pit limit at Relief Canyon.
Phase 1 included geotechnical and condemnation drill holes plus several holes that did not reach target, which account for the gaps in sequence for the drill hole numbers.
All intercepts reported here are within the oxide or mixed zones of the deposit and have cyanide leach gold values that indicate leachable material. The deeper intercepts at Relief Canyon continue to show good leach-ability.
*True width is greater or equal to 90% of the intercept width.
About Pershing Gold Corporation
Pershing Gold is an emerging gold producer whose primary asset is theRelief Canyon Mine in Pershing County, Nevada. Relief Canyon includes three open-pit mines, expanding adjacent open-pit-able gold deposits, 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 and the Toronto Stock Exchange under the symbol PGLC.
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 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 plans for Phase 1a and Phase 2 Drilling Programs, including areas planned for drilling; the interpretation of Phase 1 results including confirmation that the deposit remains open to the west and southwest, the design of Phase 1 to extend the western boundary of economic mineralization at Relief Canyon, the belief that the results should expand the PEA pit limit to the west and southwest, and the potential of some of the higher grade gold mineralization to be economically recoverable by heap leaching and may be included in future resource estimates 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, unfavorable exploration results, inability to obtain permits required for future exploration, development or production, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; 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, 2015, 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.
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