Pershing Resources Acquires the Century Claim Property and Receives Hyperspectral Data for Its New Enterprise Project
Acquisition of Century Claim, Grab Sample Assay Results, and Hyperspectral Satellite Alteration Map Adds to Porphyry-related Cu-Au Exploration Model for New Enterprise Project.
RENO, NV/ March 19, 2020 / Pershing Resources Company, Inc., (OTC PINK: PSGR) is pleased to announce the acquisition of the Century Claim and preliminary interpretation of the World-View 3 hyperspectral data for its New Enterprise Project, located approximately 14 miles southeast of Kingman, Arizona. The acquisition of the Century Claim more than doubles the extent of porphyry-related Cu-Au-bearing vein systems within the Project area from approximately 0.9 miles to approximately 2.0 miles. Initial interpretation of the World-View 3 hyperspectral data further supports the Company’s assertion that the Project area is underexplored and has greater potential for porphyry Cu-Au mineralization than previously considered.
Pershing Resources’ acquisition of the Century Claim resulted from the lapsing of the primary mining claim holder that had been situated directly over the historic mine site and subsequently over staked by Pershing Resources. When the primary mining claim rights lapsed due to the lack of annual payment fees, the mineral rights automatically became Pershing Resources at no cost. Historical records report the primary commodity mined within the Century Claim during the early 1900’s was Cu, with secondary Mo and Zn from approximately 1,000 feet of underground workings. The mined rock was then processed on-site through a 100 ton/day on-site mill and flotation plant that was subsequently removed.
Following the acquisition of the Century Claim, Pershing Resources collected 35 grab samples of vein and host rock material from bedrock exposures of the vein approximately 50 metres above the tunnel, vein exposures around the tunnel and shaft openings and mine spoils adjacent to the shaft. Samples were securely shipped and submitted for multi-element analysis to ALS Geochemistry, Reno, Nevada. The selected grab samples reported gold values ranging from below detection limit to a high of 0.96 g/t Au with 12 of the 35 samples reporting >0.1 g/t Au. Reported copper values ranged from below detection limit to a high of 0.82 % Cu with five of the samples reporting >0.1 % Cu. The width of the vein system varies but appears to be approximately 6 metres and the strike extent of the mineralized vein is unknown. It is important to note the presence of Au and Ag mineralization in the altered host rocks adjacent to the veins (Sample CEN19-18 and CEN19-30). Summary of selected reported values are outlined in the table below.
|SAMPLE||Grab Sample Description||Au ppm||Ag ppm||Cu %||Pb %||Zn %|
|CEN19-26||Bedrock: Quartz Vein above Tunnel||0.96||153.00||0.44||1.70||0.02|
|CEN19-27||Bedrock: Quartz Vein above Tunnel||0.15||59.20||0.05||0.61||0.00|
|CEN19-28||Bedrock: Quartz Vein above Tunnel||0.37||94.20||0.11||0.35||0.01|
|CEN19-29||Bedrock: Quartz Vein above Tunnel||0.83||99.10||0.50||2.75||0.01|
|CEN19-18||Bedrock: Host Rock beside Tunnel||0.12||12.80||0.07||0.11||0.20|
|CEN19-30||Bedrock: Host Rock above Tunnel||0.27||19.25||0.01||0.10||0.00|
|CEN19-1Q||Mine Spoils: Quartz Vein||0.12||10.45||0.01||0.05||0.07|
|CEN19-9 Q-3||Mine Spoils: Quartz Vein||0.85||66.10||0.56||0.15||4.88|
|CEN19-9 Q-4||Mine Spoils: Quartz Vein||0.45||43.80||0.82||0.11||7.44|
|CEN19-7Q||Mine Spoils: Quartz Vein||0.10||10.25||0.01||0.03||0.03|
|CEN19-8Q||Mine Spoils: Quartz Vein||0.20||8.81||0.00||0.03||0.02|
|CEN19-9 Q-2||Mine Spoils: Quartz Vein||0.11||14.05||0.00||0.07||0.14|
Early initial interpretation of the World-View 3 imagery and data from PhotoSat suggests that one of the two identified styles of vein mineralization that make up the more than 2 miles of conjugate veining system correlates well with porphyry-style hydrothermal alteration while the other does not. Previous work completed by Pershing Resources had identified at least two distinctly different styles of mineralization within the vein systems based on bedrock exposure and geochemical results. The older of the two mineralization events were considered to correlate with a previously unidentified porphyry-style mineralization that included porphyry-related Cu and Au mineralization. In addition, the presence of significant montmorillonite within the hyperspectral survey area correlates with a historically outlined “pyrite-shell” and sericite alteration. The presence of low temperature argillic alteration in association with phyllic alteration in both roof rocks and porphyry host rocks further substantiates Pershing Resources geological model that suggests the “top” of the porphyry system has not been faulted away, as previous operators in the area had proposed. The results also support Pershing Resources assertion that the New Enterprise property is an underexplored area and has greater potential for porphyry Cu-Au mineralization than previously considered.
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 development company with exploration projects held exclusively in North America. The Company is based in Reno, Nevada and 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. Pershing Resources is committed to responsible mining practices.
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 March 19, 2020