Pershing Resources Ramps Up for 2019 Exploration Program on New Enterprise Project, Near Kingman, Arizona
The Company Begins Detailed Mapping of the Project Site Ahead of Geophysics and Core Drilling Programs
RENO, NV / ACCESSWIRE / April 3, 2019 / Pershing Resources Company, Inc., (OTC PINK: PSGR) is pleased to announce the completion of key milestones for the 2019 mineral exploration program planned for its 100% owned New Enterprise Project site near Kingman, Arizona. Fieldwork preparations, subcontractors, and permit submissions have been secured to successfully implement the 2019 mineral exploration program. Phase 1 will concentrate on the characterization of recently identified gold-copper-bearing porphyry-related vein systems, including a focused follow-up diamond drill core program and leaching tests of the recently collected and submitted bulk samples. Completion of Phase 1 will depend on securing sufficient funds to complete the entire program.
Mapping & Geophysics
Phase 1 will initially concentrate on detailed geological mapping of the outcropping gold-copper-bearing porphyry-related vein systems. These veins are situated within the expanded New Enterprise Project that now consists of 281 contiguous BLM claims, covering approximately 10 square miles. Recently completed field preparations within the Central and Western vein systems have further confirmed the continuity of the vein systems by searching targeted locations and finding previously unreported veining. In addition, previously unreported surface bedrock exposed alteration indicative of porphyry-related systems was also readily identified within, and beyond, the vein systems. Detailed geological characterization of the gold-copper-bearing porphyry-related systems will help determine the associations and controls related to the gold and copper mineralization and assist in targeting drill hole locations.
In conjunction with the geological characterization of the vein systems, Pershing Resources has selected a Canadian geophysical service provider to execute a high-resolution tri-axial aeromagnetic heliborne survey. Scott Hogg & Associates Ltd., http://www.shageophysics.com, of Toronto, Ontario, will provide an aeromagnetic survey using their state-of-the-art equipment and processing software technology that will cover the entire New Enterprise Project with a line spacing of 50 metres (164 feet). Complementing the magnetic survey data and the recent geological mapping program will be the acquisition of detailed satellite photo imagery and analysis for the entire New Enterprise Project area, acquired from PhotoSat, https://www.photosat.ca/, ofVancouver, BC. The acquired orthophoto will be further processed to create a mineral alteration map, with an accuracy of 50 centimetres (1.64 feet) assisting in the detailed mapping work with accurate ground control of surficial features and, will also potentially detect exposed surface bedrock alteration patterns know to be associated with porphyry-related mineralization. Pending review and correlation of the data compiled by each of these surveys, Pershing Resources will likely engage a third vendor to execute a ground Induced Polarization "IP", Resistivity studies on selected areas of higher interest. None of the above described work appears to have been ever executed within the current New Enterprise Project area prior to Pershing Resources acquisition of the mineral rights.
Preliminary Core Drilling & Correlation to Bulk Samples
Phase 1 will also include an initial diamond drill core program that will include four to six holes along a strike length of approximately 1,300 feet, (420 metres), in close association with the Enterprise Mine shaft and Jewell Tunnel within the Central Vein System. The initial drilling program is intended specifically to acquire drill core material similar to the uncategorized and/or loosely hand-sorted mined material from the Enterprise shaft and Jewell Tunnel historical mine workings. A correlation between the mine dumps/spoils found on the surface and bedrock source occurrences at the Enterprise and Jewel mine sites will assist in determining the near surface mineral resource potential of these vein systems. An amended Notice of Intent to the previously approved permit for the proposed program have been submitted to Bureau of Land Management in Kingman. Pending the completion of the permitting process, anticipated to be completed on or before July, the Company will move forward with its drill program once sufficient funding is in place. Additional drilling will likely be needed to fully test the mineral resource potential of the vein systems at depth and their spatial relationship with an underlying porphyry source. None of the identified vein systems appear to have been previously drilled.
As detailed information is compiled and interpreted, additional leaching tests will be completed on the 2.5 tons of previously collected and submitted bulk samples. Pershing Resources has been conducting bench scale mineral processing test work on the mine dump material at the Enterprise Shaft. Successful lab testing of gold recovery by cyanide leaching in 2017 and 2018 has provided sufficient encouragement to collect larger, 2.5-ton bulk samples from the Enterprise Shaft mine dump and the Jewell Tunnel mine dump.
As part of the 2019 Phase 1 mineral exploration program, additional leaching tests will be completed to determine the optimum conditions for leaching gold and copper from the collected samples. Completion of Phase 1 exploration, surveys, drilling, and testing will help in assessing the mineral resource potential of the New Enterprise Project.
Pershing Resources' CEO, Steve Plumb added, "Our Geologic Team is executing a detailed mapping of the Central and Western Vein Systems to more clearly define the mineralization associated with the porphyry identified on the surface of the Enterprise Claim Block. So far, the exploration results have been very positive and, we are looking forward to getting our geophysics and drilling programs completed later this year."
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.
The 2018 Technical Report on the New Enterprise Project along with additional data and information can be found at: https://www.pershingpm.com/projects/the-new-enterprise-project/technical-report
About Pershing Resources
Pershing Resources is a precious and base metals exploration and development 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.
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.
Pershing Resources Company, Inc.
200 South Virginia Street, 8th Floor Reno, NV 89501
SOURCE: Pershing Resources Company, Inc.
Released April 3, 2019