Pershing Gold Announces New Results from Main Zone and West Step Out Target Areas in 2018 Drilling Program

LAKEWOOD, Colo., May 7, 2018

Expansion and resource growth is the focus of Pershing Gold's 2018 drilling program at the Relief Canyon Mine. It has two elements: Main Zone expansion drilling in and southwest of the pit, and the West Step Out Area (See Figures 1 and 2 below). Three core rigs have completed 15,500 feet (4,724 meters) of drilling in the West Step Out Target Area and approximately 5,300 feet (1,615 meters) in the Main Zone Target Area.  To date, the Company has completed 70% of the 2018 planned program. Assay results are reported in both ounces per ton ("opt") and grams per tonne ("gpt") of gold ("Au"). 

"Pershing Gold reports drilling results from the Main Zone and West Step Out Target Areas," stated Stephen D. Alfers, Pershing Gold's Chairman, President and CEO. "Recent drilling indicates that the Main Zone is substantially wider than in the existing pit, and this Main Zone continues up to 900 ft (274.4 meters) to the west of the existing pit. Additionally, gold grades and cyanide solubility are consistent with previous results in the Main Zone. This could result in increased tonnage in the Main Zone and in the pit itself, which could bring more tons earlier into the mine plan," explained Alfers. "West Step Out drilling indicates that zones of mineralization are continuous to the west.  This confirmed continuity of mineralization may allow us to expand the pit up to 400 feet (122 meters) to the southwest.  West Step Out drilling also resulted in several intercepts with grades substantially higher than historic results, which may result in enhanced economics for the project," stated Alfers.

Main Zone Target Area
Diamond drilling confirmed gold grades in the historic reverse circulation holes in the Main Zone at the Relief Canyon Mine. To date, average grades are very similar to those encountered by the historic reverse circulation drill results.  Early drill results indicate that the development of Main Zone collapse breccia may be wider than indicated by the historic drill holes.

Drilling by Pershing Gold from 2013 – 2016 along the west margin of the Main Zone resource (Figure 1, e.g., drill holes RC16-485 and RC16-486) established evidence that a wider zone of collapse breccia was potentially in the Main Zone than was previously modeled based on the historic reverse circulation drill data. Drill holes such as RC18-514, RC18-515, and RC18-518 now provide confirmation that wider zones of Main Zone collapsed breccia continue for up to 900 feet (274.4 meters) to the east from holes RC16-485 and RC16-486. The new core intercepts are substantially wider, up to 100 feet (30.5 meters) wider, than the adjacent historic reverse circulation drill holes while grades of gold, and cyanide soluble gold are consistent with the current resource model. 

The Main Zone drilling program is providing excellent geological information, and a good visual look at the variability of the texture and fines content of collapse breccia.  The Company is now better able to map zoned alteration along the margin of the collapse breccia column. Additionally, the historic data at Relief Canyon did not include silver results in the Main Zone, which we are now generating for the first time in the project's history. Silver values encountered thus far in the Main Zone typically range from 0.050 to 0.136 opt (1.71 to 4.66 gpt).

Main Zone gold intercepts include: