Pershing Gold Corporation Increases Mineralized Material At Relief Canyon By A Factor Of Nearly Five And Announces An In-Pit Gold Resource Estimate
The approximate outline of the current deposit projected to the surface is shown in Figure 1. Much of the SEC Guide 7 mineralized material within the deposit is located on claims owned by Gold Acquisition Corp., Pershing Gold's wholly owned subsidiary. The rest occurs on private lands and mining claims that Pershing Gold acquired in April 2012 when it purchased the interests of Victoria Resources (US), a subsidiary of Victoria Gold Corp. (TSX:VIT-V) in a 2006 Mineral Lease and Sublease with Newmont USA Limited, doing business in Nevada as Newmont Mining Corporation ("Newmont") (NYSE:NEM). The leased lands and claims are subject to an Area of Interest ("AOI") with Newmont. The approximate in-situ resource boundary shown in Figure 1 illustrates that Pershing Gold's strategic consolidation of the lands and claims surrounding the Relief Canyon Mine has given them exclusive rights to lands inside the currently defined boundary of SEC Guide 7 mineralized material associated with the Relief Canyon deposit.
Figure 1: Map featuring the approximate outline of the current gold deposit compared to the current pit boundary is available at: https://media.globenewswire.com/cache/19459/file/17778.pdf
Pershing Gold has drilled a total of 127 holes (approximately 61,100 feet) since initiating its work at the mine in the fall of 2011. The SEC Guide 7 mineralized material estimate by Pershing Gold is based on data from these holes plus the 588 holes that previous owners of the mine drilled. The Company's mineralized material estimate uses a cutoff grade of 0.0046 opt Au, and is based on 67 plan views spaced 20 feet apart.
Historic production at the Relief Canyon Mine included recoveries of silver at a ratio of one part gold to three parts silver. Silver is not included in the current SEC Guide 7 mineralized material or 43-101 resource estimates because the database for most of the historic holes does not include silver assays. Silver assays are planned for holes drilled in the future so this information can be added to the silver assay data from the holes Pershing Gold has drilled to date. Any identified silver resources will be included in future mineralized material and resource estimates.
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