Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

August 15, 2013 05:00 ET

Pretium Resources Inc.: Bulk Sample Program Continues to Confirm Projection of Mineralized Domains

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 15, 2013) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report additional underground drill results from the Valley of the Kings Bulk Sample Program (the "Program") currently underway. Assays from the Program continue to confirm the projection of high-grade gold mineralized domains, and visible gold continues to be encountered. (See Table 1 below for assays.)

Selected drill highlights include:

  • Hole VU-068 intersected 1,695 grams of gold per tonne uncut over 0.5 meters;
  • Hole VU-084 intersected 2,700 grams of gold per tonne uncut over 0.5 meters;
  • Hole VU-114 intersected 1,685 grams of gold per tonne uncut over 0.59 meters;
  • Hole VU-124 intersected 2,270 grams of gold per tonne uncut over 0.5 meters;
  • Hole VU-125 intersected:
    • 1,065 grams of gold per tonne uncut over 5.18 meters, including 10,850 grams of gold per tonne uncut over 0.5 meters; and
    • 3,050 grams of gold per tonne uncut over 0.5 meters; and
  • Hole VU-133 intersected 1,945 grams of gold per tonne uncut over 0.5 meters.

The bonanza-grade intercepts noted above were intersected in areas with projected high-grade resources.

Bulk Sample Program

Of the 17 planned drill fans for the Program, assay results have been received for nine fans and four fans remain to be drilled. A total of 163 drill holes have now been completed or in progress comprising approximately 13,750 meters. Approximately 15,000 meters of underground drilling in 190 holes will be completed as part of the Program, which is expected to conclude in early September.

For cross sections of the reported drill fans from the Valley of the Kings bulk sample please visit the following link - http://media3.marketwire.com/docs/pvg815-sections.pdf.

The excavation of the four cross-cuts and one lateral drift planned for the 10,000-tonne bulk sample is nearing completion. Based on available tonnage under the legislated 10,000-tonne bulk sample limit, the lateral drift will now be excavated from 426615E to 426645E crosscuts, with any additional available tonnage to be a drift excavated from 426555E to 426585E crosscuts (in lieu of a drift from 426585E to 426615E crosscuts as originally planned). Bulk sample material excavated to date, approximately 8,600 tonnes, has been processed through the sample tower and is being transported offsite.

For a current plan of the development advance of the Program at the Valley of the Kings please visit the following link - http://media3.marketwire.com/docs/pvg815-level.pdf.

Strathcona Mineral Services Ltd. ("Strathcona"), has been engaged as the independent Qualified Person to oversee and report on the 10,000-tonne bulk sample for the Program.

The 1345-meter level, centered at the 426600E cross-section of the Valley of the Kings, was selected as the bulk sample location based on Strathcona's requirements that the bulk sample be excavated from an area representative of the (a) drillhole density that informs the Indicated Mineral Resource, (b) average grade of the Indicated Mineral Resource and the global resource for the Valley of the Kings, (c) proportion of low-grade, high-grade and extreme grade populations in the overall Indicated Mineral Resource and (d) style of stockwork gold mineralization characteristic of the Valley of the Kings.

Additional Drilling

Additional underground drilling and excavating is underway to test the extent of the recently-discovered high-grade Cleopatra Vein in the Valley of the Kings (see news release dated July 23, 2013). Cleopatra has been defined for approximately 85 meters along strike, 50 meters above the 1345-meter level, 50 meters below the 1345-level and remains open in all directions. Underground drilling is also underway to target similar feeder structures. Following the completion of the Bulk Sample Program, a surface drill program is planned to expand the Valley of the Kings resources and test the Cleopatra Vein to surface and for similar feeder structures.

Program Reporting

Assay results for completed fans from the underground drilling will be reported as they are received. Strathcona's report on the Program is expected later in the year after compilation of all data. The amount of gold and silver produced by the mill will be reported following the completion of the milling of the bulk sample.

Table 1: Valley of the Kings Drill Results, August 2013 (VU-046 to VU-135)(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 426555E (180 Azimuth)
VU-046 1/180 17.50 40.50 23.00 1.22 7.42
VU-049 14/180 15.70 16.30 0.60 14.40 698.00
VU-051 14/180 17.1 40.55 23.45 1.15 7.75
VU-054 26/180 8.90 53.00 44.10 0.92 10.06
VU-057 35.5/180 25.30 25.80 0.50 16.20 5.80
39.88 46.64 6.76 7.74 8.37
39.88 40.37 0.49 65.90 26.10
46.00 46.64 0.64 24.50 15.90
VU-062 51/180 61.50 81.00 19.50 1.46 8.69
VU-067 -12/180 17.00 42.10 25.10 1.11 5.68
VU-070 -24/180 12.05 36.58 24.53 10.78 12.18 1 Au sample cut
12.05 36.58 24.53 12.33 12.18 Uncut
incl 12.05 12.52 0.47 511.00 212.00 Uncut
incl 30.95 31.46 0.51 66.20 38.80
66.27 66.77 0.50 22.20 35.70
VU-071 -34/180 14.50 35.45 20.95 1.48 5.54
VU-074 -42.5/180 20.80 45.50 24.70 1.62 6.21
VU-078 -50/180 18.00 25.00 7.00 1.05 13.15
VU-080 -59.5/180 12.50 15.70 3.20 11.06 11.52
incl 12.50 13.10 0.60 20.90 18.20
and 15.20 15.70 0.50 42.50 26.2
Bulk Sample Drill Fan Section 426645E (180 Azimuth)
VU-060 1/180 23.50 31.00 7.50 0.94 4.09
VU-063 14.5/180 29.50 30.20 0.70 23.00 8.20
VU-065 26/180 19.94 30.6 10.66 1.68 5.56
VU-068 36/180 26.20 37.50 11.30 24.79 69.89 1 Au sample cut
26.20 37.50 11.30 80.76 69.89 Uncut
incl 26.20 26.70 0.50 1,695 1,325 Uncut
incl 34.83 35.33 0.50 101.00 137.00
VU-072 44/180 40.00 46.70 6.70 32.22 50.85
incl 43.00 45.10 2.10 88.04 117.98
and 46.10 46.70 0.60 43.60 92.70
VU-076 51.5/180 7.50 8.00 0.50 13.90 12.00
55.10 58.00 2.90 2.69 76.96
VU-079 -12.5/180 55.76 56.50 0.74 8.31 4.50
VU-082 -24.5/180 53.53 57.50 3.97 49.24 42.08
incl 53.53 54.02 0.49 286.00 180.00
and 54.02 54.52 0.50 104.50 127.00
70.25 73.23 2.98 40.95 15.66
incl 70.25 70.75 0.50 29.60 7.90
and 72.73 73.23 0.50 213.00 79.20
VU-083 -35/180 8.00 8.50 0.50 106.00 171.00
63.28 68.60 5.32 5.65 23.61
incl 63.28 63.78 0.50 46.90 186.00
VU-086 -43/180 22.40 23.00 0.60 7.56 13.20
VU-088 -50.5/180 89.50 90.1 0.60 19.95 169.00
VU-091 -60.5/180 67.2 79.5 12.30 1.63 3.55
Bulk Sample Drill Fan Section 426607.5E (360 Azimuth)
VU-061 -1/0 9.00 29.19 20.19 1.55 15.45
incl 28.69 29.19 0.50 16.55 11.80
VU-064 12.5/0 38.30 40.70 2.40 9.42 25.87
incl 40.00 40.70 0.70 25.20 71.00
VU-066 25.5/0 20.8 35 14.20 1.00 6.33
VU-069 36/0 38.00 56.10 18.10 1.04 9.50
VU-073 44/0 22.00 45.70 23.70 1.75 14.38
incl 31.60 32.00 0.40 28.10 28.20
VU-075 52.5/0 49.50 67.50 18.00 3.36 13.78
61.70 67.50 5.80 6.51 9.24
incl 62.40 62.80 0.40 68.30 28.50
VU-077 62.5/0 42.30 42.70 0.40 17.95 8.80
VU-081 41/0 40.50 58.50 18.00 1.44 17.78
VU-085 -15/0 19.10 39.30 20.20 1.07 4.03
VU-089 -27.5/0 0.50 11.50 11.00 0.76 15.76
VU-092 -37.5 27.75 56 28.25 2.08 4.20
incl 30.00 30.50 0.50 11.25 8.10
incl 55.00 55.50 0.50 43.70 17.30
VU-094 -45.5/0 19.00 36.50 17.50 1.15 7.70
VU-096 -53.5/0 33.50 34.00 0.50 40.60 27.00
50.50 53.50 3.00 21.89 21.04
incl 52.90 53.50 0.60 101.00 82.50
73.50 77.00 3.50 13.82 10.94
incl 75.50 76.00 0.50 87.90 62.60
Bulk Sample Drill Fan Section 426660E (180 Azimuth)
VU-095 1/180 34.50 38.00 3.50 24.89 13.49
34.50 35.00 0.50 162.50 77.10
VU-098 12.5/180 21.30 27.03 5.73 9.26 12.57
incl 21.30 21.80 0.50 29.90 18.80
and 26.53 27.03 0.50 73.10 100.00
VU-102 23/180 10.00 10.50 0.50 25.50 22.50
35.50 38.00 2.50 7.46 16.70
47.50 48.00 0.50 36.00 26.10
71.20 71.70 0.50 59.80 7.80
VU-104 32/180 16.44 16.94 0.50 674.00 266.00
29.00 32.00 3.00 19.59 41.76
incl 30.00 30.50 0.50 102.00 124.00
44.80 45.40 0.60 18.00 15.00
VU-107 40/180 15.20 17.30 2.10 27.67 26.53
incl 15.20 15.80 0.60 27.40 38.30
and 16.70 17.30 0.60 67.90 37.30
34.70 39.25 4.55 4.64 20.36
VU-113 46.5/180 28.74 29.24 0.50 313.00 156.00
42.32 42.82 0.50 7.79 15.00
VU-117 -10.5/180 7.50 8.00 0.50 16.95 20.90
35.30 35.84 0.54 24.00 29.90
73.00 73.50 0.50 242.00 143.00
VU-120 -21.5/180 0.50 1.00 0.50 11.10 9.80
30.56 31.06 0.50 99.30 35.20
40.43 45.50 5.07 30.39 37.00
incl 40.43 40.93 0.50 292.00 273.00
VU-122 -30.5/180 0.50 1.00 0.50 9.92 9.70
9.00 9.50 0.50 76.40 65.80
27.80 28.20 0.40 39.20 14.50
VU-125 -38.5/180 0.92 1.42 0.50 11.60 6.60
8.70 9.20 0.50 14.20 38.40
26.24 26.74 0.50 20.30 42.70
49.32 54.50 5.18 59.55 573.81 1 Au sample cut
49.32 54.50 5.18 1,065 573.81 Uncut
incl 49.32 49.82 0.50 166.50 42.50
and 54.00 54.50 0.50 10,850 5,820 Uncut
66.87 67.37 0.50 45.30 24.30
84.73 85.23 0.50 3,050 1,630 Uncut
VU-129 -45/180 66.50 67.00 0.50 6.63 3.40
85.65 87.45 1.80 25.10 32.41
incl 85.65 86.15 0.50 27.40 43.20
and 86.95 87.45 0.50 56.60 57.60
VU-132 -53.5/180 68.00 80.70 12.70 1.48 6.00
Bulk Sample Drill Fan Section 426592.5E (360 Azimuth)
VU-103 -1/0 31.00 45.10 14.10 1.30 6.03
VU-106 13/0 30.00 43.50 13.50 1.49 8.73
VU-109 25.5/0 24.59 47.50 22.91 1.35 7.71
VU-115 36/0 39.80 43.20 3.40 3.80 5.85
65.39 65.89 0.50 19.25 16.10
VU-111 44/0 43.60 72.00 28.40 1.74 9.62
67.22 68.00 0.78 12.00 84.80
VU-118 52.5/0 46.90 66.00 19.10 1.08 7.16
VU-121 62.5/0 16.00 16.50 0.50 9.61 4.70
VU-124 -14.5/0 16.37 16.85 0.48 2,270 224.00 Uncut
35.50 37.20 1.70 5.95 11.34
VU-127 -27/0 44.20 44.70 0.50 40.00 31.70
60.50 61.00 0.50 57.40 64.00
VU-130 -37/180 76.15 78.00 1.85 87.94 41.02
incl 76.15 76.60 0.45 104.50 60.00
and 77.50 78.00 0.50 231.00 93.00
VU-133 -45/0 41.50 48.40 6.90 33.85 127.10 1 Au sample cut
41.50 48.40 6.90 143.63 127.10 Uncut
incl 41.50 42.00 0.50 23.80 17.70
and 46.33 46.83 0.50 1,945 1,655 Uncut
VU-135 -53.5/0 78.80 79.30 0.50 180.00 36.50
Bulk Sample Drill Fan Section 426630E (180 Aziumuth)
VU-084 1/180 26.00 32.60 6.60 35.81 122.47 1 Au sample cut
26.00 33.60 6.60 207.78 122.47 Uncut
incl 26.00 26.40 0.40 17.95 82.50
and 31.25 31.75 0.50 2,700 1,430
42.20 42.70 0.50 34.80 10.90
50.10 50.60 0.50 226.00 36.00
64.69 65.19 0.50 633.00 357.00
VU-087 14/180 52.78 61.00 8.22 9.28 5.03
incl 52.78 53.28 0.50 106.00 26.60
and 58.90 59.40 0.50 33.90 7.70
VU-090 25.5/180 44.43 44.93 0.50 12.25 4.10
59.50 62.57 3.07 69.60 61.04
incl 62.07 62.57 0.50 422.00 355.00
VU-093 35/180 69.00 69.50 0.50 10.25 11.10
VU-097 43/180 48.70 50.20 1.50 11.26 218.35
VU-101 50/180 73.28 73.78 0.50 34.00 20.20
VU-105 -12/180 30.60 31.68 1.08 25.48 20.22
incl 30.6 31.18 0.58 30.80 25.50
and 31.18 31.68 0.50 19.30 14.10
44.8 45.3 0.50 109.00 44.50
VU-108 -23.5/180 37.54 38.04 0.50 64.20 31.10
48.00 48.50 0.50 32.10 24.80
51.30 52.30 1.00 16.48 4.70
VU-110 -33.5/180 60.50 61.00 0.50 7.24 2.70
VU-112 -41.5/180 26.92 27.42 0.50 694.00 387.00
45.00 45.50 0.50 9.59 10.80
62.00 62.50 0.50 51.00 73.00
72.97 73.47 0.50 57.90 47.60
VU-114 -49/180 74.70 81.00 6.30 45.60 108.70 1 Au sample cut
74.70 81.00 6.30 163.13 108.70 Uncut
incl 74.7 75.33 0.63 19.45 31.80
and 78.71 79.3 0.59 1,685 1,065
and 80.50 81.00 0.50 36.80 36.50
88.00 88.60 0.60 59.10 35.70
90.50 91.05 0.55 9.35 276.00
VU-116 -58.5/180 50.02 51.54 1.52 272.39 125.61 1 Au sample cut
50.02 51.54 1.52 305.94 125.61 Uncut
incl 50.02 50.52 0.50 532.00 152.00 Uncut
and 51.04 51.54 0.50 397.00 226.00
68.12 68.62 0.50 247.00 92.70
(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.

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. Brucejack hosts a major undeveloped high-grade gold resource, with Probable Mineral Reserves in the Valley of the Kings totalling 6.6 million ounces of gold (15.1 million tonnes grading 13.6 grams of gold per tonne). Brucejack is being advanced as a high-grade underground mine with an average of 425,700 ounces of gold produced annually for the first 10 years and an average of 321,500 ounces of gold produced annually over the Project's 22-year mine life. Commercial production is 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, 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, 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 prospectus supplement to the short form base shelf prospectus dated March 19, 2012 filed on SEDAR at www.sedar.com and in the United States 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.

The TSX has neither approved nor 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