High-Grade Gold Discovered And Extends Lower Zone Mineralization At Relief Canyon Mine
LAKEWOOD, CO - Pershing Gold Corporation (PGLC) reported that seven diamond core holes recently completed at its Relief Canyon Mine in Pershing County, Nevada have confirmed that the Lower Zone has continuity that management anticipates will increase the Relief Canyon gold resource. Pershing geologists recognized the Lower Zone as a new style of mineralization below the Main Breccia Zone -- the deposit mined by previous operators. As currently defined by drilling, the Lower Zone underlies an area that extends North for a distance of about 1,500 feet from the North Pit and is roughly 650 feet wide in an east-west direction. The Lower Zone is open in all directions.
Additionally, four of the seven core holes have high-grade gold intercepts with assays higher than 0.20 ounces per ton ("opt"). The highest grade intercepts include a 2-foot ("ft") zone of 1.321 opt gold contained within a 123.8-ft intercept that averages 0.044 opt gold in RC13-115, and a 6.2-ft intercept of 0.992 opt gold contained within a 30-ft intercept of 0.27 opt gold in RC13-116. Results from all intervals for which the Company has received and verified results will be posted on the Company's website at www.pershinggold.com.
"These holes could be a game-changer that may significantly expand and upgrade the Relief Canyon gold deposit," stated Stephen D. Alfers, CEO and President. "First, the Lower Zone is emerging as an exciting new opportunity to increase the size of the deposit. The January 2013 resource estimate included only a limited part of the Lower Zone. Based on our initial results, we expect material from the Lower Zone to add significantly to the gold resource. Secondly, we have encountered high-grade gold in four holes within the Lower Zone mineralization. The expansion of the Lower Zone and the high-grade intercepts represent landmark events in the exploration history of this project."
The Company's plans for more drilling in 2013 will follow up on the high-grade intercepts in RC13-115, RC13-116, RC13-118, and RC13-121 as well as in some of the historic holes. The planned objective of this drilling will be to determine if there is potential to delineate high-grade zones within the Relief Canyon deposit.
The company plans to use the results from the 2013 drilling program to update its early 2013 resource estimate. In explaining the Company's plans, Alfers said, "We anticipate we will successfully upgrade portions of the previously reported NI 43-101 compliant in-pit resource of 463,000 ounces of Measured and Indicated gold and 101,000 ounces of Inferred gold. We believe we will also be able to expand the footprint of the resource boundary and increase the total number of ounces in the updated NI 43-101 compliant resource."