Summary
-
Blockbuster drill results reported on October 21st including 0.119 ounces per ton, "opt" equivalent to 4.07 grams per tonne "got," over 58.1 feet. Best drill results in Pershing's history.
-
These results coming just 3 weeks after another set of high-grade, wide intercept drill results were announced on September 15th.
-
Pershing receives $10 million non-brokered strategic investment from Levon Resources Ltd. Pershing Gold remains debt free and poised for production in 2015.
Pershing Gold Corporation (OBB: PGLC, Stock Forum) has released 4 very meaningful press releases in the past 5 weeks, two of which depictblockbuster, high grade and wide interval drill results. One describes a $10 million strategic investment from Levon Resources Ltd. (TSX: LVN, Stock Forum) leaving Pershing debt free and very close to fully-funded to production. Another press release discusses key permitting developments at the Relief Canyon Mine. All roads point to a prudent and well managed path to the start of mining next year. Nevada is a tremendous place to do business. Sometimes permitting takes longer than hoped for, but following proper channels, the permits typically are granted. Having said that, the highlights of the past 4 press releases, culminating with today's (October 21st) press release, has been the exciting and better than expected drill results. This news is worth updating the market on.
Blockbuster drill results reported
On October 21, 2014, Pershing Gold announced spectacular results from continued step-out core drilling at its Relief Canyon mine. This set of drill holes was the best in the company's history and some of the best holes by any junior company in Nevada this year. Pershing continues to expand its new high grade gold zones in the North Target area. It should be understood that step-out drilling is far from a no-brainer, it's still an exploration exercise prone to disappointments. Pershing's team seems to have found a formula that works. It would be criminal for me to write another word without reporting the main highlight-- hole RC14-203 reported 0.119 ounces per ton ("opt") gold ("Au")/4.070 grams per ton ("gpt") Au over 58.1 feet. According to the press release: