Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

October 24, 2013 08:00 ET

Pretium Resources Inc.: Bulk Sample Drill Program Concludes With Additional High-Grade Gold Intersected

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 24, 2013) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report the results from the final drill fan completed as part of the Valley of the Kings Bulk Sample Program (the "Program"), and results from exploration drilling in other areas of the Valley of the Kings. Reported assays include 12 intersections grading greater than 1,000 grams per tonne gold uncut, two of which were intersected in the planned Program fan. (See Table 1 below for assays.)

Selected drill highlights include:

  • Hole VU-346 (Exploration hole) intersected 334 grams of gold per tonne uncut over 26.00 meters, including 17,100 grams of gold per tonne uncut over 0.50 meters;
  • Hole VU-313 (Exploration hole) intersected 149 grams of gold per tonne uncut over 27.57 meters, including 7,850 grams of gold per tonne uncut over 0.50 meters;
  • Hole VU-326 (Exploration hole) intersected 390.58 grams of gold per tonne uncut over 5.80 meters, including 3,950 grams of gold per tonne uncut over 0.50 meters;
  • Hole VU-344 (Exploration hole) intersected 49.48 grams of gold per tonne uncut over 45.25 meters, including 3,280 grams of gold per tonne uncut over 0.50 meters;
  • Hole VU-308 (Exploration hole) intersected 3,020 grams of gold per tonne uncut over 0.50 meters;
  • Hole VU-311 (Program hole) intersected 1,950 grams of gold per tonne uncut over 0.50 meters, 1,145 grams of gold per tonne uncut over 0.50 meters and 668 grams of gold per tonne uncut over 0.50 meters.

Holes VU-346 and VU-344 noted above encountered high-grade gold mineralization east of the Program drilling area. Hole VU-346 is located 30 meters along trend from the gold mineralization in the 615 Lateral drift. Hole VU-313 noted above was drilled to the north of the Program area.

Underground exploration drilling has focused on extending the high grade gold mineralization intersected to the east of the Bulk Sample Program area above and below the 1,345-meter level. Drilling continues to intersect mineralization in projected domains. The underground exploration drilling is in an area of limited, wide-space surface drilling and demonstrates the continued potential to outline high-grade mineralization in the Valley of the Kings, particularly along the projection of Domain 20 to the east.

Underground exploration continues with raising on the high-grade Cleopatra vein, as well as mineralized structures identified in the 615 lateral drift. Raises will be sampled to help characterize the distribution of gold in the high grade structures.

For plan and cross-section views of Program and exploration drilling please visit the following link http://media3.marketwire.com/docs/pvg1024_F1-4.pdf.

Assay results for total Program drilling (16,789 meters in 201 underground holes) have now been reported. Assays remain to be reported for 2,720 meters of underground exploration drilling and 5,400 meters of surface exploration drilling. All remaining assays will be reported on receipt.

An updated Mineral Resource estimate for the Valley of the Kings incorporating all 2013 underground and surface drilling and milling results from our 10,000-tonne bulk sample will be prepared following the receipt of all assay data.

Table 1: Valley of the Kings Drill Results, October 2013 (VU-300 to VU-351)(1,2,3)
Hole
No.
Dip/
Azimuth
From
(meters)
To
(meters)
Interval
(meters)
Gold
(g/t)
Silver
(g/t)
Capping
Bulk Sample Drill Fan Section 426637E (360 Azimuth)
VU-304 -1/360 14.34 14.80 0.46 163.00 56.40
VU-306 14/360 24.50 28.50 4.00 1.76 4.31
118.00 125.96 7.96 5.36 42.63
incl 120.00 120.50 0.50 20.70 40.60
incl 124.46 124.96 0.50 22.10 8.70
VU-311 27/360 24.04 29.00 4.96 59.23 147.01 1 Au sample cut
or 24.04 29.00 4.96 212.46 147.01 Uncut
incl 24.04 24.54 0.50 1,950 1,190 Uncut
incl 25.50 26.00 0.50 142.50 70.60
80.50 83.50 3.00 79.46 112.97 1 Au sample cut
or 80.50 83.50 3.00 198.63 112.97 Uncut
incl 80.50 81.00 0.50 29.90 32.90
incl 83.00 83.50 0.50 1,145 612.00
92.05 92.55 0.50 668.00 31.60
VU-315 37/360 26.10 29.00 2.90 5.38 64.48
VU-318 45/360 26.30 29.75 3.45 17.01 29.51
incl 26.30 26.80 0.50 30.80 39.70
incl 28.80 29.30 0.50 59.40 33.50
VU-321 54/360 31.14 32.64 1.50 126.65 132.07
incl 31.14 31.64 0.50 119.00 96.00
incl 31.64 32.14 0.50 257.00 212.00
VU-323 64/360 41.90 58.50 16.60 4.13 12.14
incl 41.90 42.47 0.57 86.50 122.00
VU-329 -38/360 73.00 93.00 20.00 1.09 20.76
VU-332 -46/360 85.00 93.50 8.50 2.37 52.59
incl 86.50 87.00 0.50 23.20 49.30
VU-336 -55/360 85.50 86.00 0.50 21.90 14.40
Exploration Drilling from Drill Bay Section 426637 (348 Azimuth)
VU-339 -10/348 23.93 31.00 7.07 31.07 25.84 1 Au sample cut
or 23.93 31.00 7.07 81.29 25.84 Uncut
incl 23.93 24.43 0.50 1,140 323.00 Uncut
VU-342 -21/348 56.00 58.50 2.50 20.12 24.80
incl 57.50 58.00 0.50 91.30 70.00
VU-345 -35/348 22.00 24.20 2.20 9.60 8.85
incl 23.70 24.20 0.50 34.80 16.40
107.50 118.00 10.50 1.40 36.94
VU-347 -48/348 5.25 5.75 0.50 20.70 16.60
27.50 28.00 0.50 30.80 51.80
72.50 76.00 3.50 6.99 18.36
incl 75.50 76.00 0.50 27.80 24.00
VU-349 -61/348 18.50 19.00 0.50 97.90 90.90
102.00 110.50 8.50 30.89 58.58 1 Au sample cut
or 102.00 110.50 8.50 79.71 58.58 Uncut
incl 102.97 103.47 0.50 1,260 725.00 Uncut
incl 103.90 104.40 0.50 43.20 34.40
incl 109.00 109.50 0.50 38.30 84.60
Exploration Drilling from Drill Bay Section 426547 (338 Azimuth)
VU-294 40/338 17.00 29.70 12.70 0.91 13.65
VU-297 34/338 12.64 18.50 5.86 3.00 6.19
44.89 45.39 0.50 733.00 538.00 Uncut
VU-300 27/338 80.00 82.50 2.50 52.55 38.34
incl 80.00 80.50 0.50 232.00 174.00
VU-303 18/338 53.48 55.50 2.02 158.06 103.42 1 Au sample cut
or 53.48 55.50 2.02 226.37 107.52 Uncut
53.48 53.98 0.50 706.00 338.00 Uncut
VU-305 9/338 5.50 10.50 5.00 0.79 3.26
VU-308 -40/338 49.50 50.70 1.20 54.20 46.60
77.90 78.40 0.50 3,020 1,650 Uncut
VU-313 -34/338 65.30 92.87 27.57 14.88 78.78 1 Au sample cut
or 65.30 92.87 27.57 149.45 78.78 Uncut
incl 65.30 65.80 0.50 328.00 178.00
incl 86.25 86.75 0.50 7,850 3,920 Uncut
VU-316 -26/338 52.25 78.00 25.75 9.56 47.46 1 Au sample cut
or 52.25 78.00 25.75 36.75 47.46 Uncut
incl 52.25 52.75 0.50 1,830 1,600 Uncut
incl 77.50 78.00 0.50 13.90 69.30
VU-319 -18/338 47.36 50.36 3.00 60.74 141.32
incl 47.36 47.86 0.50 331.00 550.00
Exploration Drilling from Drill Bay Section 426547 (354 Azimuth)
VU-322 53/354 2.50 26.00 23.50 1.11 11.42
VU-326 43/354 58.25 64.05 5.80 74.55 287.12 2 Au samples cut
or 58.25 64.05 5.80 390.58 287.12 Uncut
incl 58.25 58.75 0.50 576.00 500.00
incl 63.55 64.05 0.50 3,950 2,760 Uncut
VU-330 29/354 7.90 25.35 17.45 2.62 22.84
incl 12.50 13.80 1.30 18.15 11.70
61.77 62.77 1.00 14.60 5.10
VU-333 13/354 44.40 44.90 0.50 55.10 29.50
VU-334 -29/354 1.50 28.50 27.00 6.81 11.89
incl 2.76 3.26 0.50 242.00 243.00
incl 27.00 28.50 1.50 26.10 17.30
VU-337(4) -43/354 3.75 41.80 38.05 2.55 8.24
incl 3.75 4.25 0.50 111.00 114.00
83.95 84.45 0.50 31.60 19.30
138.10 140.80 2.70 13.46 15.59
incl 139.80 140.80 1.00 26.50 16.10
VU-340 -53/354 73.50 75.00 1.50 23.50 10.00
99.98 131.05 31.07 13.74 17.07 1 Au sample cut
or 99.98 131.05 31.07 17.51 17.07 Uncut
incl 99.98 100.50 0.52 185.50 236.00
incl 120.43 120.93 0.50 204.00 154.00
incl 130.55 131.05 0.50 664.00 431.00 Uncut
VU-343 -13/354 16.50 31.50 15.00 1.99 7.90
Exploration Drilling from Drill Bay Section 426652 (13.5 Azimuth)
VU-301 0/13.5 10.30 10.80 0.50 94.40 52.20
VU-302 13/13.5 24.00 58.50 34.50 2.13 8.11
incl 57.00 58.50 1.50 22.60 20.30
VU-307 21/13.5 25.80 31.00 5.20 8.21 13.93
incl 29.90 30.50 0.60 34.40 53.00
VU-309 29/13.5 29.60 41.70 12.10 2.94 15.86
59.85 60.35 0.50 59.50 25.30
70.50 71.80 1.30 22.30 13.80
VU-310 37/13.5 28.50 43.50 15.00 5.92 16.40
incl 30.61 31.11 0.50 72.00 18.00
VU-312 47/13.5 38.10 56.62 18.52 16.72 44.83 1 Au sample cut
or 38.10 56.62 18.52 38.45 44.83 Uncut
incl 45.50 46.00 0.50 66.40 55.00
incl 46.57 47.07 0.50 1,235 845.00 Uncut
VU-314 -16/13.5 8.00 8.50 0.50 102.00 65.50
44.66 45.16 0.50 30.00 27.30
VU-317 -34/13.5 22.00 26.50 4.50 3.89 5.19
VU-320 -50/13.5 29.05 34.50 5.45 3.13 16.42
VU-324 -63/13.5 38.80 51.00 12.20 20.21 16.76
incl 38.80 39.30 0.50 35.90 38.80
incl 49.50 51.00 1.50 140.50 64.30
Exploration Drilling from Drill Bay Section 426652 (52 Azimuth)
VU-327 20/52 5.77 6.27 0.50 364.00 241.00
41.50 68.50 27.00 9.39 5.50
incl 67.00 68.50 1.50 137.50 41.80
VU-331 11/52 34.50 40.90 6.40 3.63 36.48
55.48 55.98 0.50 48.30 31.10
103.53 128.80 25.27 9.09 28.04
incl 126.90 127.40 0.50 409.00 732.00
VU-335 0/52 28.35 36.00 7.65 16.12 13.37
incl 32.25 32.75 0.50 199.50 94.20
VU-338 -13/52 42.00 72.50 30.50 17.81 35.99 1 Au sample cut
or 42.00 72.50 30.50 64.04 35.99 Uncut
incl 42.75 43.25 0.50 71.60 43.30
incl 59.50 61.00 1.50 160.50 177.00
incl 66.07 66.57 0.50 3,250 1,135 Uncut
VU-341 -24/52 2.50 3.00 0.50 83.80 19.50
24.00 36.00 12.00 3.90 4.99
VU-344 -40/52 2.95 3.45 0.50 17.35 15.70
30.00 75.25 45.25 13.87 27.74 2 Au samples cut
or 30.00 75.25 45.25 49.48 27.74 Uncut
incl 30.00 31.50 1.50 43.60 47.50
incl 36.95 37.55 0.60 48.40 8.70
incl 45.26 45.76 0.50 803.00 408.00 Uncut
incl 55.06 55.56 0.50 57.70 29.20
incl 57.70 58.20 0.50 3,280 1,485 Uncut
incl 74.75 75.25 0.50 67.70 15.70
VU-346 -53/52 30.00 56.00 26.00 13.41 208.16 1 Au sample cut
or 30.00 56.00 26.00 333.99 208.16 Uncut
incl 31.40 31.90 0.50 79.00 278.00
incl 41.60 42.10 0.50 96.10 47.40
incl 54.13 54.63 0.50 17,100 10,000 Uncut
82.50 90.50 8.00 25.45 33.65
incl 85.10 85.68 0.58 71.10 52.40
incl 85.68 86.18 0.50 310.00 150.00
VU-348(4) -74/52 46.47 77.00 30.53 8.50 10.36 1 Au sample cut
or 46.47 77.00 30.53 13.99 10.36 Uncut
incl 46.47 46.97 0.50 765.00 342.00 Uncut
112.50 125.60 13.10 2.11 33.41
VU-350 50/52 13.50 21.50 8.00 19.47 10.17
incl 19.42 19.92 0.50 284.00 112.00
VU-351 -63/52 3.00 4.50 1.50 65.40 41.50
64.00 65.50 1.50 34.30 11.50
83.55 101.40 17.85 3.77 32.87
incl 83.55 84.05 0.50 71.70 32.10
(1) True thickness to be determined.
(2) Unless otherwise indicated as uncut, all gold assays over 430 g/t were cut to 430 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 differing one in 20 samples was a field duplicate one-quarter split core assayed at ALS Chemex in Vancouver, B.C.
(4) Hole ended in mineralization.

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 creating value through gold at its high-grade gold Brucejack Project, located in northern British Columbia. Processing of the 10,000-tonne Valley of the Kings bulk sample is expected to be completed this quarter. Permitting of a high-grade underground gold mine at Brucejack is underway, with commercial production targeted to commence in 2016.

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. Forward-looking information may include, but is not limited to, the estimated gold to be produced from the bulk sample program, risks related to our planned exploration and development activities, the adequacy of Pretivm's financial resources, the estimation of mineral reserves and resources, 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" 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 18, 2013 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.
    Robert Quartermain
    President and Chief Executive Officer
    (604) 558-1784

    Pretium Resources Inc.
    Michelle Romero
    Vice President, Corporate Relations
    (604) 558-1784
    invest@pretivm.com
    www.pretivm.com