Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

December 15, 2015 05:00 ET

Pretium Resources Inc.: Brucejack 2015 Regional Drill Program Complete

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 15, 2015) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm" or the "Company") is pleased to report the final set of drill results from the 2015 regional grass-roots exploration program conducted on the property surrounding the Brucejack Project. Results include long intervals of low-grade gold mineralization at depth to the south and southeast of the Valley of the Kings deposit, as well as polymetallic mineralization in new zones defined 13 kilometers to the southeast of the Project (see Table 1 below for assays). The 2015 regional exploration program was successful in extending known gold zones and establishing several new zones, some that could potentially host VMS, replacement or epithermal-style mineralization.

Brucejack Area

Hole SU-671, collared approximately 700 meters south-east of the Valley of the Kings deposit, intersected an east-west trending stockwork that contained an interval of 8.68 meters averaging 9.94 grams of gold per tonne. This interval was within a broad zone of low-grade gold and elevated silver values, similar to the mineralization that was previously defined in the Bridge Zone (see news release dated November 28, 2011). The high-grade stockwork mineralization remains open to the east.

Hole SU-673, collared approximately two kilometers south of the Valley of the Kings, contained 561.5 meters averaging 0.53 grams of gold per tonne. The gold grades within this broad zone of mineralization were improving at depth with several higher grade intersections near the bottom of the hole.

The results from holes SU-671 and SU-673, in conjunction with exploration work completed to date, demonstrate that the Valley of the Kings, West Zone, Flow Dome Zone, Bridge Zone, and Kitchen View Zone are part of a large hydrothermal system that has a larger area extent than previously thought.

For a plan view showing the reported drilling and extent of the hydrothermal system please see the following link: http://media3.marketwire.com/docs/1036793f1.pdf.

Bowser Area and Kirkham Zone

Drilling in the Bowser Area, located approximately 15 kilometers southeast of the Valley of the Kings, was focused on testing a circular magnetic feature believed to overlie an intrusive center. The drill target was identified with the regional airborne EM survey completed as part of the 2015 regional exploration program. The magnetic high is coincident with a number of polymetallic showings, and encloses a broad EM anomaly. Holes SU-674 and SU-675 intersected a thick interval of Salmon River sediments (host rock to the Eskay Creek deposit, located 20 kilometers to the northwest) that contained bedded pyrite. Both holes also intersected varying thicknesses of low-grade zinc and anomalous molybdenum mineralization.

In the Kirkham Zone located approximately 13 kilometers southeast of the Valley of the Kings, a total of five holes designed to test high-grade surface showings intersected a shear hosted quartz-calcite stockwork that contained polymetallic mineralization. Hole SU-682 returned significant silver and lead values in a shear hosted, quartz-carbonate stockwork located near the base of the sediments. Another stockwork located two kilometers to the southwest returned surface values of 3% copper and 3,700 grams per tonne silver across 0.71 meters. These showings suggest the potential for finding intrusion-related, structurally controlled mineralization, particularly in the more competent volcanic units below the sediments.

2015 Regional Exploration Program

The 2015 grass-roots exploration program was comprised of airborne geophysical surveying, prospecting, airborne EM, magnetic and radiometric surveys along with a surface drill program. This program commenced in June, with drill targets selected based on extensive regional exploration previously conducted by Pretivm, including airborne geophysics completed in 2014. The 2014 airborne magnetic survey defined a series of north-south lineaments east of the Valley of the Kings over the center of the claim blocks that are parallel to the Brucejack Fault. These lineaments are believed to reflect basement structures, which were periodically reactivated up through the overlying strata, and include the Brucejack Fault with others that generally down drop to the east.

The 2015 EM survey identified a set of coincident conductors also parallel to the Brucejack Fault that trend north-south over the center of the claim block. These conductors roughly coincide with the Salmon River Formation mapped on the property. These conductors are considered to open up the potential for discovery of a buried VMS system along the trend, as well as structurally or stratigraphically controlled, intrusion related mineralization.

The 2015 surface exploration drill program consisted of approximately 20,000 meters of drilling which targeted porphyry/epithermal-style mineralization to the east of the Brucejack Project. Of this, the majority was targeted at or in the vicinity of the Flow Dome Zone approximately one kilometer east of the Brucejack Project's Valley of the Kings.

2015 Success and Follow-Up

The 2015 regional exploration program was successful in expanding the size of the hydrothermal system that includes the Valley of the Kings and confirming the potential for additional mineralized zones to the east. In addition, with the discovery of the Flow Dome Zone the program was successful in extending the strike length of the Valley of the Kings gold mineralization 1,000 meters to the east of the current Valley of the Kings Measured and Indicated Mineral Resource. Results from the 2015 program will be used to prioritize targets for follow-up regional exploration programs.

Table 1: Selected Grass-roots Exploration Drill Results, December 2015 (SU-671 to SU-684)(1,2)

Hole
No.
Dip/
Azimuth
From
(meters)
To
(meters)
Interval
(meters)
Gold
(g/t)
Silver
(g/t)

Comments
Brucejack Area
SU-671 -65 /180 740.73 741.23 0.50 6.77 1,600
802.91 804.66 1.75 1.17 246.23
856.50 1,133.50 277.00 0.88 15.64
871.50 876.00 4.50 2.75 192.13
incl 875.00 876.00 1.00 6.62 463.00
1,057.58 1,066.26 8.68 9.94 90.26
incl 1,057.58 1,058.08 0.50 15.70 224.00
incl 1,059.14 1,061.00 1.86 15.80 40.60
incl 1,065.76 1,066.26 0.50 29.10 300.00
1,118.50 1,120.00 1.50 6.24 498.00
SU-673 -55 / 170 632.85 1,194.40 561.55 0.53 13.64
incl 1,022.50 1,026.00 3.50 1.31 340.14 0.11%Pb, 0.24%Zn
incl 1,108.50 1,122.00 13.50 2.39 11.50
incl 1,117.50 1,120.50 3.00 6.34 24.40 0.64%Cu
Bowser Area
SU-674 -50 / 290 94.00 101.50 7.50 0.00 3.58 0.11%Zn
115.00 116.20 1.20 0.00 2.30 0.38%Zn
SU-675 -55 / 75 36.50 128.50 92.00 0.00 2.94 0.16%Zn
incl 103.00 127.00 24.00 0.00 3.53 0.20%Zn
SU-678 -60 / 65 366.50 369.50 3.00 0.00 0.80 0.11% Zn
Under Brucejack Lake
SU-677 -55 / 340 657.50 660.50 3.00 0.64 2.50 0.15%Pb, 0.39%Zn
Kirkham Zone
SU-679 -45 / 180 24.00 25.50 1.50 2.50 0.21% Pb
SU-680 -65 / 180 25.79 26.29 0.50 0.01 22.20 0.18%Cu, 1.72%Pb
SU-682 -85 / 180 38.25 40.53 2.28 0.01 56.32 0.05%Cu, 0.64%Pb, 0.31%Zn
incl 39.33 40.03 0.70 0.01 86.40 0.10%Cu, 1.36%Pb, 0.26%Zn
SU-683 -50 / 160 27.70 28.70 1.00 0.01 28.35 0.38%Pb, 0.19%Zn
SU-684 -50 / 200 30.30 30.80 0.50 0.01 16.40 0.37%Pb
(1) True thickness to be determined.
(2) All samples were submitted for preparation and analysis by ALS Chemex at its facilities in Terrace, B.C. All samples were analyzed using multi-digestion with ICP finish and fire assay with AA finish for gold. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,500 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 20 samples was blank, one in 20 was a standard sample, and one in 20 samples had a sample cut from assay rejects assayed as a field duplicate at ALS Chemex in North Vancouver, B.C. Whole core (core not split) is being assayed as part of the underground infill drill program.

Kenneth C. McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, Pretium Resources Inc. is the Qualified Person (QP) responsible for the Brucejack Project exploration program.

About Pretivm

Pretivm is constructing a high-grade underground gold mine at its Brucejack Project in northern British Columbia with commercial production targeted for 2017.

(SEDAR filings: Pretium Resources Inc.)

Forward-Looking Statements

This News Release contains "forward-looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continues," "estimates," "expects," and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information may include, but is not limited to, information with respect to our planned exploration and development activities, the adequacy of Pretivm's financial resources, the estimation of mineral reserves and resources including the 2013 Valley of the Kings Mineral Resource estimate and the Brucejack Mineral Reserve estimate, realization of mineral reserve and resource estimates and timing of development of Pretivm's Brucejack Project, costs and timing of future exploration, results of future exploration and drilling, production and processing estimates, capital and operating cost estimates, timelines and similar statements relating to the economic viability of the Brucejack Project, timing and receipt of approvals, consents and permits under applicable legislation, Pretivm's executive compensation approach and practice, and adequacy of financial resources. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends", "targets" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be forward-looking information.
Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's Annual Information Form dated March 31, 2015 filed on SEDAR at www.sedar.com and in the United States on Form 40-F through EDGAR at the SEC's website at www.sec.gov. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information. Neither the TSX nor the NYSE has approved or disapproved of the information contained herein.

Contact Information

  • Pretium Resources Inc.
    Joseph Ovsenek
    President Manager

    Pretium Resources Inc.
    Troy Shultz
    Investor Relations & Corporate Communications

    Pretium Resources Inc.
    Suite 2300, Four Bentall Centre, 1055 Dunsmuir Street
    PO Box 49334 Vancouver, BC V7X 1L4
    (604) 558-1784
    invest@pretivm.com
    www.pretivm.com