Relief Canyon Update: Pershing Gold Hits Near-Surface High-Grade Gold, 51.2 feet of 7.032 gpt (0.205 oz/ton) Including 2.8 feet of 108.72 gpt (3.17 oz/ton)

LAKEWOOD, Colo., Aug. 10, 2015 /CNW/ -- Pershing Gold Corporation (NASDAQ: PGLC, FWB:7PG1) ("Pershing Gold" or the "Company"), the emerging Nevada gold producer, today announced an update on its 2015 drilling program. Initial results from this program include RC15-314 with an intercept of 51.2 feet (15.6 meters) of 7.032 grams per tonne ("gpt"), 0.205 ounces per ton ("oz/ton") gold ("Au") in the Jasperoid Zone of the Relief Canyon deposit. The intercept begins at 10.5 feet from the surface and includes a 2.8 foot (0.85 meters) interval of 108.72 gpt (3.175 oz/ton) Au. Other notable intercepts include RC15-300 with 48.2 feet (14.7 meters) of 7.490 gpt, 0.219 oz/ton in the North Target Area and RC15-292 with 63.7 feet (19.4 meters) of 2.123 gpt, 0.062 oz/ton Au in the Main Zone drilled in the Southwest Target Area.

"The recent results from the 2015 drilling program show significant intercepts from all three of the target areas we are focusing on this season.  Results such as RC15-314 with intercepts near the surface in the Jasperoid Target Area are very promising, especially considering that it's a new target with very limited drilling completed to date," stated Stephen D. Alfers, Pershing Gold President, CEO, and Executive Chairman. "It is very exciting to see these higher grades over intercepts with mineable widths up to 64 feet. This should allow us to continue to upgrade the resource when we publish another updated resource at the end of this drilling program."

Four core-drill rigs have been operating at Relief Canyon for the past two weeks. One core-drill rig is working in the North Target Area. A second drill rig has commenced drilling in the Jasperoid Target Area. The third and fourth core rigs are drilling in the Southwest Target Area.  (Figure 1). Approximately 25% of the total 2015 drilling program has been completed to date, which includes approximately 24,500 feet (7,500 meters) and 43 holes. Assay results have been received for the first 26 holes. Significant intercepts 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.

2015 Drilling Program
The 2015 drilling program has three principal objectives that were outlined in the press release dated May 12, 2015. These objectives include expansion and better definition of the gold resource in the North Target Area, demonstrating continuity and building the resource by drilling in the Jasperoid Target Area and expansion of the gold resource in the Southwest Target Area. Additionally, the Company plans to drill several deep core holes to test for feeder zones during this drilling program. Overall the program will include approximately 75,000 feet (nearly 23,000 meters) of core drilling.

Table 1



Core Hole

From

To

Width

gpt gold

oz/ton gold

Target

Number

Feet

Feet

Feet



Area

RC15-289

327.5

338.5

11

1.081

0.032

Southwest

RC15-290

339

349.8

10.8

1.099

0.032

Southwest

RC15-291

377.5

402

24.5

0.38

0.011

Southwest


465

492.8

27.8

0.757

0.022

Southwest

RC15-292

215

278.7

63.7

2.074

0.061

Southwest

RC15-292A

214.8

269.8

55

2.611

0.076

Southwest

RC15-294

190

243.2

53.2

0.433

0.013

North


383

421.8

38.8

0.426

0.012

North


534.6

552

17.4

0.616

0.018

North


580.5

604.6

24.1

0.348

0.01

North

RC15-295

392.2

411

18.8

2.108

0.062

Southwest


434.7

460

25.3

0.598

0.017

Southwest

RC15-296

218.7

241.6

22.9

0.275

0.008

North


250.4

282

31.6

1.536

0.045

North


416.4

432

15.6

0.566

0.017

North

RC15-297

381.8

407

25.2

0.961

0.028

Southwest

RC15-298

338

355.8

17.8

1.304

0.038

North


375.1

420

44.9

1.44

0.042


RC15-299

417.5

462

44.5

0.55

0.016

Southwest

RC15-300

58.5

74.2

15.7

0.464

0.014

North


205

251.7

46.7

1.18

0.034



332

380.2

48.2

7.49

0.219


     including

340.9

354

13.1

17.335

0.506



521.6

555

33.4

0.88

0.026


RC15-301

300

345.5

45.5

1.939

0.057

Southwest

RC15-302

452

467.7

15.7

1.163

0.034

North

RC15-303

277.1

315

37.9

1.003

0.029

Southwest

RC15-305

203.9

304

100.1

1.45

0.042

Southwest

RC15-307

150

180

30

1.028

0.03

Southwest

RC15-307A

150

194.6

44.6

0.646

0.019

Southwest

RC15-308

334.4

360

25.6

0.786

0.023

North


393

452

59

1.124

0.033


RC15-309

204

248.4

44.4

0.633

0.018

Southwest

RC15-310

466

510

44

1.017

0.03

North


579

605.2

26.2

2.905

0.085


RC15-311

349

385

36

1.342

0.039

Southwest


475

495.2

20.2

0.825

0.024


RC15-312

7

23.3

16.3

0.447

0.013

Jasperoid

RC15-314

10.5

62

51.5

7.032

0.205

Jasperoid

     including

39

41.8

2.8

108.72

3.175











True widths may be different from drill widths reported. All results will be posted on the Company's website at www.pershinggold.com.

North Target Area
Eleven core holes have been completed in the North Target area with those results listed in Table 1. The most significant is the intercept in RC15-300 with 48.2 feet (14.7 meters) of 7.5 gpt, 0.219 oz/ton Au. This intercept is an offset to the high-grade zone encountered in RC13-133 reported 42.7 feet (13 meters) of 6.664 gpt, 0.194 oz/ton Au in the Lower Zone.

Up to 25 core-drill holes and approximately 16,000 feet (5,000 meters) are planned for the North Target Area this year. This area hosts the high-grades in the Lower and Jasperoid Zones encountered in the 2014 drilling program. The 2015 drilling program will include offset and step-out core drilling from several of those higher-grade results.

Jasperoid Target Area 
Initial results from the Jasperoid Target Area have been received and include RC15-314 with an intercept of 51.2 feet (15.6 meters) of 7.032 gpt, 0.205 oz/ton Au. The intercept begins at 10.5 feet from the surface and includes a 2.8 foot (0.85 meters) interval of 108.72 gpt (3.175 oz/ton) Au.

Surface rock sampling of new road cuts in the Jasperoid Target Area have returned Au values of up to 10 gpt, 0.29 oz/ton over widths of about five feet (1.5 meters). Nearly 5,000 feet (1,524 meters) of access roads and 16 drill sites have been constructed in the Jasperoid Target Area. This is Pershing Gold's first drilling program in this area. Two distinct gold bearing zones are identified and both trend north by northeast.

Drilling in the Jasperoid Target Area will use a specialized core-drill rig to test these zones near the surface. Multiple core holes will be drilled from each site and with more than 50 core-drill holes and approximately 20,000 feet (6,000 meters) planned as part of the 2015 program.

Southwest Target Area
Recently received permits allow for construction of access roads and drill sites in the Southwest Target Area. The Company plans to drill more than 30 core holes and about 20,000 feet (6,000 meters) of drilling in this area this year. There has been limited historic drilling in the Southwest Target area. Pershing Gold's past drilling results and subsequent modeling suggest that the Main Zone dips gently to the southwest and underlies this target area.

The intercepts in core-drill holes RC15-292 and RC15-292A are in the Main Zone. RC15-292 was re-drilled to confirm the mineralized interval. The re-drilled interval shows a significant increase in grade and overall increase in the gold content. RC15-292 is more than 100 feet (30 meters) south of DH97-24, which is a historic reverse circulation drill hole that encountered 65 feet (30 meters) from a depth of 250 to 315 feet (76 to 96 meters) of 1.199 gpt or 0.035 oz/ton Au. The Southwest Target Area is open to south and east. The Company plans to drill additional holes in this area this year.

Figure 1

About Pershing Gold Corporation
Pershing Gold is the emerging Nevada gold producer restarting 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 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 the anticipated additional drilling and other exploration work on Pershing Gold's Relief Canyon properties, anticipated expansion and upgrade of the Relief Canyon deposit as a result of drilling, planned update and anticipated upgrade of estimates of mineral resources and the timing thereof, interpretations of exploration results and other geologic information at Relief Canyon, 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, unanticipated delays or unfavorable results in the 2015 drilling program and updated  resource report; interpretations or reinterpretations of geologic and metallurgical information or unfavorable exploration results that could negatively affect estimates of resources; delay or inability to obtain permits required for 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; 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, 2013. The Company assumes no obligation to update any of the information contained or referenced in this press release.

Info - http://photos.prnewswire.com/prnh/20150810/257113-INFO 
Logo - http://photos.prnewswire.com/prnh/20141201/161720LOGO

 

SOURCE Pershing Gold Corporation

For further information: For more information, please contact: Jack Perkins, Vice President, Investor Relations, 720.974.7254, investors@pershinggold.com, www.PershingGold.com, http://www.PershingGold.com


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