Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

June 06, 2012 05:00 ET

Pretium Resources Inc.: Continued High-Grade Results From Valley of the Kings Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 6, 2012) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report results from drilling at its high-grade gold Brucejack Project in northern British Columbia which continue to confirm the projection and continuity of high-grade mineralization in the Valley of the Kings, and include a significant number of assays grading over 1,000 grams per tonne gold. (See Table 1 below for assays).

Selected highlights from the Valley of the Kings include:

  • Hole SU-345 intersected:
    • 2,470 grams of gold per tonne uncut over 0.7 meters (72 ounces gold per ton over 2.3 feet); and
    • 1,470 grams of gold per tonne uncut over 0.5 meters (43 ounces gold per ton over 1.6 feet);
  • Hole SU-338 intersected 2,350 grams of gold per tonne uncut over 0.64 meters (68 ounces gold per ton over 2.0 feet);
  • Hole SU-341 intersected 1,840 grams of gold per tonne uncut over 0.5 meters (54 ounces gold per ton over 1.6 feet);
  • Hole SU-334 intersected 1,160 grams of gold per tonne uncut over 0.5 meters (34 ounces gold per ton over 1.6 feet).

All holes reported were drilled in the western half of the Valley of the Kings, and include 32 intervals grading over 30 grams per tonne gold. A number of reported intervals are outside of currently defined mineral resources.

A total of 26,230 meters of drilling in 60 holes has been completed in this first phase of the 2012 Brucejack Exploration Program, which has now concluded. An updated high-grade Mineral Resource estimate for Brucejack is expected in the third quarter and will be used as the basis for the mine plan for the feasibility study currently underway.

Phase two of the 2012 Brucejack Exploration Program is now underway and focused on high-grade definition drilling of the shallow high-grade resources at the Valley of the Kings and testing extensions of the Valley of the Kings and other high-grade zones.

Table 1: Selected Brucejack Project Drill Results, June 2012 (SU-326 to SU-348)(1,3)
Hole
No.
Collar Coords. Dip/
Azimuth
From
(meters)
To
(meters)
Interval (meters) Gold
(g/t)
Silver
(g/t)

Capping(2)
VALLEY OF THE KINGS
SU-326 6257975N
426451E
-45/360 187.0 194.5 7.5 2.62 113.32
SU-327 6257900N
426550E
-55/360 20.74 25.79 5.05 39.71 56.45
incl 20.74 21.24 0.5 388.00 255.00
334.6 336.5 1.9 129.13 46.77
377.33 377.92 0.59 149.00 52.60
SU-328 6258068N
426327E
-45/180 62.5 65.73 3.23 45.95 32.81
incl 65.18 65.73 0.55 229.00 160.00
88.69 89.19 0.5 434.00 338.00
307.5 321.0 13.5 4.47 4.86
incl 319.5 321.0 1.5 19.75 6.60
SU-329 6257878N
426646E
-68/360 173.2 174.0 0.8 42.90 44.90
SU-330 6258089N
426613E
-59/180 16.5 18.0 1.5 14.30 142.00
SU-331 6258162N
426377E
-45/180 7.0 8.5 1.5 17.20 28.60
26.81 28.0 1.19 18.10 50.10
142.5 144.0 1.5 16.85 35.30
464.5 466.0 1.5 25.20 33.90
SU-332 6258001N
426426E
-45/180 126.78 131.0 4.22 3.47 25.33
SU-333 6257755N
426329E
-50/360 98.35 98.93 0.58 30.40 19.20
207.5 208.18 0.68 17.50 38.50
316.6 317.1 0.5 134.50 72.30
453.5 464.0 10.5 24.80 21.17
incl 453.5 455.0 1.5 157.00 124.00
SU-334 6257900N
426550E
-64/360 262.61 263.11 0.5 202.00 218.00
305.78 306.28 0.5 41.10 38.60
381.68 382.18 0.5 1,160 453.00 Uncut
508.0 524.3 16.3 2.71 19.77
543.41 543.91 0.5 432.00 289.00
SU-335 6258102N
426297E
-50/180 171.65 172.5 0.85 104.50 75.60
221.98 226.5 4.52 45.43 33.83
incl 225.5 226.5 1.0 130.50 71.20
SU-337 6258085N
426350E
-45/180 332.45 333.39 0.94 45.40 41.10
SU-338 6258214N
426451E
-50/180 141.0 147.0 6.0 5.82 51.35
336.38 337.02 0.64 2,350 876.00 Uncut
SU-339 6257935N
426480E
-73/30 254 255.5 1.5 22.20 22.10
278.39 278.89 0.5 19.35 6.10
SU-340 6258102N
426297E
-60/180 232.36 232.86 0.5 81.10 50.10
258.16 259.19 1.03 150.27 68.97
293.82 294.82 1.0 233.50 105.50
311.5 316.0 4.5 4.58 9.17
SU-341 6258121N
426453E
-50/180 173.52 176.15 2.63 183.33 174.78 1 Gold sample cut
173.52 176.15 2.63 438.08 174.78 Uncut
incl 173.52 174.02 0.5 462.00 175.00
incl 175.65 176.15 0.5 1,840 730.00 Uncut
SU-342 6257755N
426329E
-61/360 78.93 79.43 0.5 15.20 11.80
158.3 158.8 0.5 98.50 34.30
323.5 325.0 1.5 24.20 16.50
340.0 341.5 1.5 86.00 44.40
SU-343 6258293N
426456E
-50/180 171.0 177.0 6.0 2.48 55.90
SU-344 6258099N
426298E
-45/360 76.37 76.87 0.5 16.45 26.30
92.24 92.74 0.5 51.20 20.00
SU-345 6258085N
426350E
-53/180 125 134.94 9.94 5.86 42.77
162.19 173 10.81 39.63 19.44 1 Gold sample cut
162.19 173 10.81 167.20 19.44 Uncut
incl 162.19 162.89 0.7 2,470 84.10 Uncut
232.5 245.5 13.0 26.50 42.43 1 Gold sample cut
232.5 245.5 13.0 63.81 42.43 Uncut
incl 232.5 233.55 1.05 59.80 142.00
incl 233.55 234.05 0.5 1,470 621.00 Uncut
393.5 397.5 4.0 9.36 6.83
incl 395.49 395.99 0.5 46.80 26.10
SU-346 6257880N
426351E
-55/360 257.43 259 1.57 22.00 42.90
399.18 399.83 0.65 75.40 98.10
SU-348 6258277N
426524E
-45/180 331.9 332.4 0.5 64.60 49.40
(1) True thickness to be determined.
(2) Unless otherwise indicated as uncut, all gold assays over 500 g/t were cut to 500 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. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,000 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 10 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. Assay results for completed drilling will be reported as they are received over the course of the 2012 drilling season. 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 advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack, which hosts a significant undeveloped high-grade gold resource.

(SEDAR filings: Pretium Resources Inc.)

Forward-Looking Statements

This Press 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 unsatisfactory results of due diligence, the ability to satisfy the conditions of closing of Offering and general economic conditions, our planned exploration and development activities, the adequacy of Pretivm's financial resources, the estimation of mineral resources, realization of mineral 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 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.

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
    Corporate Relations Director
    (604)558-1784
    invest@pretivm.com
    www.pretivm.com