Pershing Gold Corp (OTCMKTS:PGLC) announced the best drill hole results in its history. As per Steve Alfers, the CEO, the results are indicative of the game changer. The 2014 drill plan, capped off with the best drill holes, will be included in a new resource report. Subsequent to it, the company will provide a Preliminary Economic Assessment. The company expects to commence production later this year.
The high-grade drill results
Pershing Gold reported an intercept of more than 39.0 ft./11.9 meters of 10.12 GPT Gold “AU”/0.295 OPT. It is by far the highest grade intercept at the Relief Canyon project. As per the 2014 drilling plan, RC15-264 is a surprising achievement on 135-hole drill campaign in the North Target Area. Throughout the drilling plan in 2014, Pershing Gold Corp (OTCMKTS:PGLC) reported an outline of thick intercepts with gold grades 2-5 times better than the average grade of prevailing gold resource at Relief Canyon.
RC15-264 contains an intercept of a higher grade compared to the average grade of the gold resource. It is a game changer as it demonstrates that company’s deposits are growing in size as well as in grade. The results will be featured in resource report. It will help Pershing Gold to get the position of leading emerging gold producer in Nevada.
The future ahead
Pershing Gold, an emerging gold producer in Nevada, is uniquely placed to increase shareholder value by commencing the Relief Canyon Mine in October 2015. The company divides growth strategy into four parts. First, expand and develop the gold resource, and then re-commission the prevailing heap-leach processing facility to speedup production. The third part is to explore contiguous land around Relief Canyon, and lastly create value for shareholders through strategic acquisitions. Pershing Gold Corp (OTCMKTS:PGLC) expects to start production in 4Q2015. It will unlock value by getting complete control of the resource known to be hidden in the acquired lands.