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Pershing Gold kicks off 2018 drill programme in Nevada

The budget is around US$2.9mln, with an estimated US$1mln expected to go on drilling initial targets

Pershing Gold kicks off 2018 drill program in Nevada
Pictured is the Relief Canyon mine in Nevada

Pershing Gold Corporation (NASDAQ:PGLC, TSX:PGLC) has kicked off its 2018 drill programme at the Relief Canyon project in Nevada in a bid to expand the resource.

The work will focus on four areas - the West Step-out area, the North East Pit, the Main Zone, and the South East Lightbulb Pit.

READ - Pershing Gold chief excited as firm brings in US$14.6mln gross to advance Relief Canyon

The budget is around US$2.9mln for the programme, with an estimated US$1mln expected to go on drilling initial targets, with US$1.9mln allocated for follow-up drilling based on the results.

"The 2018 drilling programme is designed to work hand in hand with the company's plans to advance Relief Canyon to commercial production," Stephen D. Alfers, Pershing Gold's chairman, president and chief executive, told investors.

"This programme will target the expansion of the resource at Relief Canyon with the goal of adding near term ounces, continuing to expand the mine life and adding to the production profile for the project."

Alfers added that Pershing continued to work towards completing project finance for Relief Canyon.

"Upon completion of the financing, we expect to begin the six to nine month process of finishing construction at the mine, with the goal of operations to follow thereafter," he said.

At the West Step-Out area, the firm aims to upgrade the current measured and indicated resource gold ounces to the proven and probable reserve under NI 43-101 categorisation,  while the North East Pit area is targeting the up-dip projection of the Jasperoid zone.

Just before the Christmas holiday, Pershing revealed it had raised around US$14.6mln gross after closing two financings to advance its Relief Canyon project in Nevada.

In December it announced a public offering of stock to run concurrently with a private placing to a group of select investors.

Shares today added 2.56% to US$2.40.

Quick facts: Pershing Gold

Price: 1.68 CAD

TSX:PGLC
Market: TSX
Market Cap: $56.58 m
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Watch

'It's a very exciting time for us' - Pershing Gold's Jack Perkins

Jack Perkins, vice president of investor relations at Pershing Gold Corporation's (NASDAQ:PGLC, TSE: PGLC) talks Proactive's Andrew Scott through their resource estimate and preliminary feasibilty study (PFS) for the Relief Canyon project.

on 9/6/17

2 min read