LAKEWOOD, Colo., March 3, 2015 -- Pershing Gold Corporation (PGLC) ("Pershing Gold" or the "Company") today announces that core drilling at the Relief Canyon Mine in Pershing County, Nevada continues to discover new very high-grade gold intercepts. Drill hole RC15-279 encountered 0.5 meters (1.4 feet) of 123.900 grams per tonne ("gpt") gold ("Au")/3.618 ounces per ton ("opt") Au that is included in a 11.3 meter (37.0 foot) intercept of 5.069 gpt Au/0.148 opt Au.
Another highly mineralized hole, RC15-283, contains a 10.7 meter (35.1 foot) intercept of 9.886 gpt Au/0.289 opt Au that includes 3.9 meters (12.9 feet) of 25.367 gpt Au /0.741 opt Au and 1.0 meter (3.3 feet) of 84.319 gpt Au/2.462 opt Au.
"The results from the 14 holes announced today complete our 2014 - early 2015 Relief Canyon drilling program comprised of 134 core holes. With these results Pershing Gold confirms the significance of multi-ounce gold values in the North Target Area. The perception of Relief Canyon is changing from that of a lower-grade gold deposit to one with multiple stacked zones of mineralization with a core of very high-grade gold mineralization," said Stephen D. Alfers, Pershing Gold's Chairman and CEO. "We are planning future drilling in the vicinity of the intercepts to better define the orientations and ultimate extent of these important structural zones."
All of the very high-grade drill hole intercepts occur in the Lower and Jasperoid Zones, which lie beneath the Main Zone portion of the deposit that was mined in the 1980s. Pershing Gold first recognized the significance of the Lower Zone and the additional presence of the Jasperoid Zones in its 2013 drilling program. Many of the holes drilled during the 2014 - early 2015 drilling program have helped to further delineate the Lower and Jasperoid Zones, which remain open to the east, west, and south in the North Target Area. The January 2015 holes containing multi-ounce gold intercepts appear to represent another breakthrough discovery, which suggests that future core drilling has significant potential to expand and upgrade the Relief Canyon deposit.
The intercepts reported today and in our February 4th and February 11th press releases appear to be associated with structural features such as folds and faults that may play a significant role in focusing mineralization and producing localized zones of very high-grade gold mineralization. The distribution of the holes that have been drilled to date suggests there may be multiple structures that host multi-ounce gold mineralization.
Figure 1 shows the locations of the holes discussed in this news release, as well as other previously drilled high-grade holes in the North Target Area. Table 1 lists the highlights of the drilling results in metric units for the holes being reported today. A table showing the same highlighted intervals in U.S. units is available on our website.
Table 1: Highlights of new drilling results in the North Target Area
- RC15-XXX denotes "Relief Canyon 2015" followed by the drill hole number.
- The reported width is not the true width of the intercept.
- Results from all intervals for which we have received and verified results will be posted on our website at www.pershinggold.com
- gpt means grams per metric tonne; opt means troy ounces per short ton
- gpt can be converted into opt by multiplying gpt by 0.0292
Assay data have been received for all of the 134 core holes completed during the 2014 and early 2015 drilling program at Relief Canyon. Now that these results are available, the Company is planning to incorporate this data into an updated resource estimate, which is anticipated to be completed in the second quarter of 2015. The current Relief Canyon resource estimate announced March 31, 2014 does not include any of the 2014 - 2015 drilling results.
Metallic screen analysis is in progress for selected intervals listed in Table 1. This type of analysis is part of Pershing Gold's routine Quality Assurance/Quality Control ("QA/QC") procedures whenever very high gold grades are intercepted or if coarse gold is suspected. The metallic screen results will be posted on the Company's web page when the results are available.
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, 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 or Inspectorate America Corporation also 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 procedures include the regular use of blanks, standards, and duplicate samples.
About Pershing Gold Corporation
Pershing Gold is an emerging Nevada gold producer on a fast-track to re-open the Relief Canyon Mine, which 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. The Company is currently listed on the OTCQB and has submitted an application to up-list to the NASDAQ stock exchange.
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 the planned reopening of the Relief Canyon mine commencement of production, anticipated drilling and other exploration on Pershing Gold's Relief Canyon properties, anticipated expansion and upgrade of the Relief Canyon deposit and estimates of resources as a result of the 2014 and early 2015 drilling programs, interpretations of exploration results and other geologic information at Relief Canyon including the possibility of multiple structures that host multi-ounce gold production and the significant potential of future core drilling to further expand and upgrade the Relief Canyon deposit 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, inability to obtain external financing to fund the development of plans for and the reopening and commencement of production at the Relief Canyon Mine, additional drilling focused on further expanding and upgrading the deposit, other planned exploration, permit modifications or to maintain property rights; interpretations or reinterpretations of geologic information or unfavorable exploration results that could negatively affect estimates of mineralized material and resources; timing and results of updated mineral resource estimates delay or inability to obtain permits required for planned production, including permits to mine the deposit below the water table, for exploration and other activities; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; the possibility of further declines in gold prices and continuing fluctuating 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, 2013. The Company assumes no obligation to update any of the information contained or referenced in this press release.
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