Pershing Resources Provides Update on New Enterprise Project Activities
The Company Sends Bulk Samples for Process Testing and Prepares for Drilling In 2019
RENO, Nev., Jan. 09, 2019 (GLOBE NEWSWIRE) -- Pershing Resources Company, Inc., (OTC PINK: PSGR), is pleased to announce the completion of several project milestones related to its wholly owned New Enterprise Project site near Kingman, Arizona. The Company has recently updated and renewed the Notice of Intent with the Bureau of Land Management, (BLM), allowing time to execute a Bulk Sampling Program, applied for in September 2018, that was given the green light to proceed in early November. The permit and bond will be in effect for a further period of two years.
The primary target of the bulk sampling program is a pre-existing stockpile from mine workings (mine spoils from historical underground workings) located on the Central Vein System that have been estimated to contain eight to ten thousand tons of unprocessed broken rock, some of which was likely uncategorized and/or loosely hand-sorted ore from historical mine workings. Three separately bagged samples, totaling approximately 2.5 short tons, were collected manually from the Enterprise and Jewel mine spoil dumps that comprise the preliminary stage of the bulk sampling program. Initial assaying of the material has been completed by AuRic Metallurgical Laboratories of Salt Lake City Utah. Head grade assays of representative splits from each of the three bulk samples are reported by AuRic as follows:
| Sample No: |
Customer Sample ID No: |
Method Code 1 Code 2 |
Gold (Tr oz/ston) |
Silver (Tr oz/ston) |
|||
| 13405 | Bag 1 | FAL/ICPE | 0.038 | 0.900 | |||
| 13406 | Bag 2 | FAL/ICPE | 0.094 | 0.903 | |||
| 13407 | Bag 3 | FAL/ICPE | 0.059 | 1.673 | |||
AuRic Labs will be performing laboratory and bench scale milling and metallurgical leach testing on the three preliminary samples to determine the optimal process for metals extraction that can then be applied to a much larger sample. Detailed results of the fire assay and 40 element chemical ICP analysis on each of the three bulk samples are available on the Company’s website at https://www.pershingpm.com/projects/the-new-enterprise-project/technical-report
Additionally, the Company has filed an Amended Notice of Intent with the BLM that begins laying out drill pad sites for a preliminary drilling program that is planned for 2019. The Company anticipates drilling up to six angled core holes of up to 300 feet in length along the strike of the Central Vein System. The Central Vein System is generally north-south striking and extends through, and between, the Jewel and Enterprise mine workings for approximately 1,320 feet; presumably connecting the historical workings from which the mini bulk samples were taken. Pending the completion of the permitting process, the Company will move forward with its drill program once sufficient funding is in place.
Pershing Resources' CEO, Steve Plumb stated, "We are very pleased to have gotten this part of our project plan for the New Enterprise underway. The initial assay and recovery numbers coming from the preliminary mini bulk sample material are exciting, and may infer that a commercially viable project is present. This is an important step to get us to the next stage of our exploration and development plan for the New Enterprise. We are looking forward to beginning our initial drilling program and making substantial progress in the coming months."
All bulk sample collection, analysis, and interpretation were completed by Professional Geoscientists independent of Pershing Resources. Analyses were completed by AuRic Metallurgical Laboratories of Salt Lake City, Utah, http://auriclabs.com/index.html, with standard quality assurance and quality control methods and procedures. All quality assurance, quality control, and sample security work met expectations for their intended purposes.
The technical content of this press release has been reviewed and/or prepared by Edward C. Walker, Ph.D., P.Geo., an independent consultant as defined by National Instrument 43-101.
About Pershing Resources
Pershing Resources is a precious and base metals exploration and mining company with several projects in North America. The Company is based in Reno, Nevada and owns an operations facility near Kingman, Arizona. It is currently focused on the development of its 100% owned New Enterprise and Mohave-Standard properties, collectively referred to as the New Enterprise project. The New Enterprise Project is located between the Mineral Park Porphyry Cu-Mo mine (approximately 20 miles to the northwest) and the Baghdad Cu-Mo mine (approximately 45 miles to the southeast). The Company's other assets are comprised of mining properties in various stages of development located in the Western United States.
As opportunities arise, the Company will seek to strengthen its balance sheet through acquisition of additional mineral rights and mining properties. Pershing Resources is committed to responsible mining practices and, we believe, is positioned to deliver sustained growth and performance for years to come.
Forward-Looking Statements
The information contained in this press release as well as the information on the Company's website is provided solely for the reader's general knowledge. Such information is not intended to be a comprehensive review of all matters pertaining to the Company. Certain statements included herein and on the Company's website, constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, these forward-looking statements are based on the beliefs of, assumptions made by, and information currently available to the Company's management. When used in this press release and on the Company's website, the words "estimate," "project," "believe," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and/or achievements of the Company or of the gold mining industry in general to be materially different from future results, performance and/or achievements expressed or implied by those forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties related to fluctuations in gold, silver and other commodity prices, uncertainties relating to interpretation of drill results and the geology of the Company's properties, uncertainty of estimates of capital and operating costs, the need for cooperation of government agencies in the development of the Company's mineral projects, the need to obtain additional financing to develop the Company's mineral projects, the possibility of delay in development programs or in construction projects, and uncertainty of meeting anticipated program milestones for the Company's mineral projects.
All forward-looking statements are expressly qualified in their entirety by this cautionary notice. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. The Company has no obligation, and expressly disclaims any obligation, to update, revise or correct any of the forward-looking statements, whether because of new information, future events or otherwise.
Contact:
Corporate Office Pershing Resources
200 South Virginia Street, 8th Floor Reno, NV 89501
Phone: 775-398-3124
Email: info@pershingpm.com
Source: Pershing Resources Company, Inc.
Released January 9, 2019