Pershing Gold Corporation announces that Mine Development Associates of Reno, Nevada has completed an updated Canadian National Instrument 43-101 Technical Report for Pershing Gold's Relief Canyon Mine in Pershing County, Nevada.
The MDA Technical Report discusses in detail the resource estimate, previously announced in July 2015, based on the results from drilling completed through January 2015.
Pershing Gold chairman and CEO Stephen D. Alfers said: "This Technical Report presents a snapshot of the Relief Canyon resource estimate based on drilling completed through early 2015.
"We expect this resource to expand when we complete an updated resource estimate that incorporates the results from our aggressive 2015 drilling program, which commenced in May 2015," Alfers explained. "So far, the Company has drilled 80 core holes in the 2015 program, and currently has four rigs on site with drilling planned through the end of this year. We expect our 2015 core drilling program to complete approximately 100 holes and approximately 75,000 feet (22,800 meters)," commented Alfers.
As previously reported in the Company’s July 6, 2015 press release, the MDA resource estimate shows a Measured and Indicated resource of 739,000 ounces of gold and an Inferred Resource of 70,000 ounces of gold. MDA’s estimate was prepared following the definitions and guidelines adopted by the Canadian Institute of Metallurgy. These definitions and guidelines satisfy the requirements of Canadian National Instrument 43-101. MDA geologist, Paul Tietz, Certified Professional Geologist, was the qualified person responsible for preparing the Technical Report and resource estimate.
The Company’s ongoing core-drilling program will continue to test those parts of the deposit where confirmation core drilling can potentially expand the gold resource – either by adding ounces or upgrading existing ounces from the Inferred resource classification to the Indicated or Measured resource classification.