Pershing Gold Corp. (OTCQB: PGLC, Stock Forum) released results Tuesday from fall drilling at its Relief Canyon Mine in Pershing County, Nevada.
The drilling program was comprised of 83 holes (27,300 feet) and designed to accomplish three objectives:
- To expand the resource in the Main Breccia Zone south of the existing South and Light Bulb Pits, the southernmost pits at Relief Canyon.
- To evaluate the gold mineralization potential in a 1980’s-vintage waste rock dump.
- To drill a series of piezometer holes (well holes in which groundwater level may be determined) to define the depth to the water table in the vicinity of the pits.
The results of this program are expected to contribute new ounces to the Relief Canyon resource estimate that Roscoe Postle Associates, LTD., USA is currently preparing and is expected to complete by December 2012, the company said in a release.
Trading at 35.7 cents on Tuesday, Pershing Gold has a market cap of $92 billion, based on 256.6 million shares outstanding. The 52-week range is 97 cents and 25.2 cents.