Pershing Gold has unveiled 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, 0.205 ounces per ton gold 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.
Pershing Gold president, CEO, and executive chairman Stephen Alfers said: "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.
"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.
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.
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.
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.