Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

October 08, 2015 05:00 ET

Pretium Resources Inc.: Brucejack Regional Drilling Intersects Over 8,000 Grams Per Tonne Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 7, 2015) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm" or the "Company") is pleased to report a second set of drill results from the regional grass-roots exploration drill program currently underway on the property surrounding the Brucejack Project. High-grade intersections in the Flow Dome Zone east of the Brucejack project support results previously reported confirming the presence of either a new stockwork zone or an extension of the Valley of the Kings deposit (see news release dated September 21, 2015). The regional exploration drill program was established to test targets identified through extensive regional exploration as potential porphyry and epithermal-style mineralized zones similar to the Valley of the Kings. (See Table 1 below for assays.)

Selected drill highlights from the Flow Dome Zone include:

  • Hole SU-666 intersected 2,100 grams of gold per tonne uncut over 2.05 meters, including 8,600 grams of gold per tonne uncut over 0.50 meters; and
  • Hole SU-668 intersected 137 grams of gold per tonne over 0.50 meters.

In the Flow Dome Zone, high grade intersections along a broader corridor of mineralization were encountered in holes SU-666 and SU-668 up to 1,000 meters east of the Valley of the Kings. Additional drilling will be required to adequately define the zone.

In the Kitchen View Zone, hole SU-659 collard approximately 3.5 kilometers northeast of the Valley of the Kings, intersected a narrow zone with low grade gold, silver along with anomalous copper hosted in a sheared massive sulphide unit. A ground geophysical survey of the sulphide unit is planned for next year.

In the Hanging Glacier Zone, approximately 3 kilometers northwest of the Valley of the Kings, holes SU-665 and SU-667 intersected narrow zones with anomalous gold and copper values. Holes SU-669 intersected a single high grade value over 1.2 meters as well as low to medium grade gold values over intervals up to 20 meters thick.

Drilling in the Lookout Zone was focused on testing surface geochemical anomalies located 500 to 700 meters west of the Brucejack Fault. Holes SU-662, SU-663, and SU-664 intersected broad zones, up to 49 meters long, with low grade gold values. The Hanging Glacier and Lookout Zones are not currently considered priority targets for follow-up testing.

For a plan view of the reported drill results please see the following link: http://media3.marketwire.com/docs/1027904m2.pdf

The grass-roots exploration drill program will include 10,000 to 15,000 meters of surface drilling, and assay results will continue to be reported as they are received.

Table 1: Selected Grass-roots Exploration Drill Results, October 2015 (SU-659 to VU-670)(1,2,3)
Hole
No.
Dip/
Azimuth
From
(meters)
To
(meters)
Interval
(meters)
Gold
(g/t)
Silver
(g/t)

Comments
Flow Dome Zone
SU-661 -60 / 350 994.00 1,008.40 14.40 0.84 1.17
SU-666 -70 / 315 1,267.45 1,269.50 2.05 133.76 1,058 1 sample cut
or 1,267.45 1,269.50 2.05 2,100 1,058 uncut
incl 1,267.45 1,267.95 0.50 8,600 4,330
SU-668 -70 / 350 851.50 852.00 0.50 137.00 35.70
1,143.00 1,171.50 28.50 0.59 13.62
Kitchen View Zone
SU-659 -60 / 235 514.50 519.00 4.50 2.04 43.80 0.09% Cu
Hanging Glacier Zone
SU-665 -50 / 60 1.60 12.00 10.40 0.11 1.45 0.11% Cu
65.00 66.50 1.50 0.17 2.30 0.26% Cu
102.00 105.00 3.00 0.10 17.55 0.13% Cu
168.00 177.00 9.00 0.06 1.30 0.12% Cu
189.00 195.00 6.00 0.17 2.35 0.12% Cu
SU-667 -50 / 240 75.00 90.00 15.00 0.07 1.01 0.11% Cu
217.65 220.50 2.85 0.19 2.19 0.11% Cu
333.23 354.00 20.77 0.09 1.73 0.08% Cu
SU-669 -50 / 305 88.80 91.50 2.70 16.97 1.40
incl 88.80 90.00 1.20 32.90 2.40
191.50 199.00 7.50 1.79 0.50
254.50 274.50 20.00 2.74 98.08
incl 256.00 261.00 5.00 6.18 379.39
SU-670 -50 / 185 52.50 55.50 3.00 4.14 46.10
Lookout Zone
SU-662 -50 / 200 20.40 43.50 23.10 0.53 0.81
94.30 107.00 12.70 0.67 1.45
SU-663 -50 / 200 39.00 60.00 21.00 0.58 2.41
127.50 176.50 49.00 1.31 1.58
incl 151.50 152.50 1.00 5.22 1.10
incl 161.65 162.80 1.15 7.94 2.00
200.50 217.00 16.50 3.41 2.93
incl 200.50 202.00 1.50 5.55 4.40
incl 212.50 214.00 1.50 10.60 4.70
239.50 250.20 10.70 2.65 5.70
incl 248.50 250.20 1.70 8.81 21.40
SU-664 -50 / 200 15.80 24.50 8.70 3.05 11.67
incl 19.00 20.45 1.45 5.67 18.40
86.00 93.50 7.50 1.62 10.04
(1)True thickness to be determined.
(2)Unless otherwise indicated as uncut, all gold assays over 540 g/t were cut to 540 g/t.
(3)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
    (604) 558-1784 or (877) 558-1784

    Pretium Resources Inc.
    Troy Shultz
    Manager, Investor Relations & Corporate Communications
    (604) 558-1784 or (877) 558-1784
    invest@pretivm.com
    www.pretivm.com