LAKEWOOD, Colo., May 8, 2017 /CNW/ -- Pershing Gold Corporation (NASDAQ:PGLC) (TSX: PGLC) (FWB:7PG1) ("Pershing Gold" or the "Company"), the emerging Nevada gold producer advancing the Relief Canyon Mine, today announced that it has initiated a drilling program in the recently consolidated Blackjack Project Area.
"With the recent consolidation of the district, for the first time Pershing Gold is free to fully explore the highly prospective Blackjack Project Area," stated Stephen Alfers, Chairman, CEO, and President of Pershing Gold. "We are hopeful that the drilling at Blackjack will result in the discovery of satellite deposits on our 25,000 acre land position, which could extend the life of the entire project."
The Blackjack Project area is located approximately six miles south of the Company's Relief Canyon Project. It is comprised of seven historic mercury and antimony mines. (Figure 1) Blackjack Hill is included in this highly prospective area and is a part of the land transaction recently announced on April 4, 2017.
Blackjack Hill comprises a highly prospective gold target in Section 15, T26N R34E (Figure 2). An aggressive detailed geological mapping and lithogeochemical sampling program has been completed over the target area. A total of six holes (four core and two reverse circulation) aggregating 3,200 feet are planned to be drilled this month. Additional detailed geological mapping as well as rock and soil sampling is in progress over the remainder of the lands covered by the recently acquired Newmont sublease. Pershing Gold is excited about the potential to develop additional high-quality, near-term drilling targets in close proximity to the Relief Canyon Mine and processing facilities.
Geology of Blackjack Hill is comprised of a stacked sequence of southwest verging thrust slices (Figures 2 and 3). Favorable host rocks to gold mineralization are a dolomitic conglomerate and a calcareous sandstone unit. Strongly anomalous surface results from rock samples have generated gold assays as high as 12.89 grams of gold (Figure 2).
Gold is associated with northwest and northeast trending steep faults, their zones of intersection, and where the steep faults cut the dolomitic conglomerate/sandstone contact, and/or thrust faults. The favorable dolomitic conglomerate/sandstone package is repeated multiple times along thrust ramps (Figure 3). The initial four core holes will test the surface target at Blackjack Hill.
A major regional north-south Fault, known as "The General's Fault" passes along the east margin of Blackjack Hill. Zones of intersection between the gold-rich NW-trending steep faults on Blackjack Hill and the N-trending General's Fault will be tested by an additional two reverse circulation holes.
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 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 and on the Frankfurt Stock Exchange under the symbol 7PG1.
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 the planned drilling program on the Blackjack property; the cost of the proposed drilling program; and the timing and scope of the planned PFS. 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, 2016, 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.
SOURCE Pershing Gold Corporation
For further information: For more information, please contact: Stephen Alfers, Executive Chairman, President and CEO, Jack Perkins, Vice President, Investor Relations, 720.974.7254, [email protected], www.PershingGold.com, http://www.pershinggold.com