Pershing Gold Corporation (NASDAQ: PGLC) is an emerging Nevada gold producer on a fast-track to re-open the Relief Canyon Mine. The Relief Canyon Mine is situated at the southern edge of the Pershing Gold and Silver Trend along the Humboldt Range, approximately 95 miles north of Reno, Nevada, in mining friendly Pershing County.
PGLC is led by seasoned mining executive Steve Alfers and has put in place a leadership team fully prepared to move Relief Canyon back into production.
Relief Canyon: Shovel-Ready and Poised to Resume Operations
PGLC’s key asset, the Relief Canyon Mine and processing facility, includes three open-pit mines and a state-of-the-art, fully permitted and operational heap leach facility.
PGLC is currently permitted to resume mining at Relief Canyon under the existing Plan of Operations. The leach pad is now permitted to hold 21 million tons and can be readily expanded. The facility is ideally situated to process ore from future discoveries of satellite deposits.
Rapidly Expanding Resource
PGLC has identified a NI 43-101 compliant gold resource at Relief Canyon of 552,000 Measured and Indicated and 165,000 Inferred ounces of gold. This represents a more than five-fold increase in the Mineralized Material at Relief canyon since the Company's creation in 2011. In 2014 and early 2015 PGLC completed a drilling program with over 100 core holes, more than doubling the number of core holes at Relief Canyon. Some highlights of this program include the very high-grade holes RC15-264 and RC15-265A that include gold intercepts of 76.8 and 87.9 grams per tonne (2.24 and 2.57 ounces per ton), respectively. The average historic grade of the Relief Canyon deposit is roughly 1 gram per tonne.
Additionally, the Company controls ~25,000 acres in and around the Relief Canyon mine, allowing for future discoveries and mine expansion.