Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

June 26, 2012 05:00 ET

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

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 26, 2012) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report initial results from the second phase of drilling at its high-grade gold Brucejack Project in northern British Columbia, where bonanza-grade gold continues to be intersected in the Valley of the Kings. (See Table 1 below for assays.)

Selected highlights from the Valley of the Kings include:

  • Hole SU-376 intersected 6,142 grams of gold per tonne uncut over 0.65 meters (179 ounces gold per ton over 2.1 feet); and
  • Hole SU-349 intersected 5,240 grams of gold per tonne uncut over 0.5 meters (161 ounces gold per ton over 1.6 feet).

The bonanza-grade intercept from hole SU-376 noted above was intersected approximately 78 meters down-hole in the central corridor of the Valley of the Kings, and is part of the same high-grade chute as the bonanza-grade intersection in hole SU-115 of 18,755 grams per tonne gold uncut over 0.6 meters. The bonanza-grade intercept from step-out hole SU-349 noted above was intersected approximately 5 meters from surface in the northwest area of Valley of the Kings.

Step-out hole SU-378, which includes an interval grading 93.1 grams per tonne gold over 1.5 meters within a longer interval grading 25.5 grams per tonne gold over 6.0 meters, has extended the Valley of the Kings 50 meters east. The Valley of the Kings has now been traced for 500 meters along trend and remains open to the east and at depth.

The second phase of drilling at Brucejack is focused on high-grade definition drilling of the shallow high-grade resources at the Valley of the Kings, as well as testing extensions of the Valley of the Kings and other high-grade zones.

Table 1: Selected Brucejack Project Drill Results, June 2012 (SU-349 to SU-378)(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-349 6258199N
426426E
-50/180 5.4 5.9 0.5 5,240 2,810
111.12 111.62 0.5 457.00 303.00
313.05 313.55 0.5 93.20 85.00
SU-350 6257801N
426300E
-55/360 138.0 143.5 5.5 50.40 90.60 1 Gold sample cut
138.0 143.5 5.5 85.74 90.64 uncut
incl 139.05 139.55 0.5 889.00 853.00
190.0 193.83 3.83 63.56 140.07
incl 193.33 193.83 0.5 231.00 467.00
229.12 229.62 0.5 418.00 334.00
320.0 320.5 0.5 414.00 211.00
390.21 390.71 0.5 509.00 153.00
SU-352 6258030N
426600E
-45/180 340.5 345 4.5 10.23 24.20
363.1 365.12 2.02 7.58 56.35
375.0 379.5 4.5 6.05 26.20
SU-356 6258020N
426400E
-50/360 185.36 190.0 4.64 4.07 44.66
SU-357 6257810N
426400E
-45/360 193.0 197.5 4.5 7.93 23.20
429.48 429.98 0.5 314.00 208.00
464.46 467.5 3.04 18.95 18.07
SU-358 6257990N
426445E
-50/180 38.5 40.0 1.5 72.90 48.50
SU-359 6258229N
426600E
-45/180 111 112.5 1.5 10.20 7.10
345.72 369.5 23.78 25.65 24.37
incl 345.72 346.22 0.5 434.0 298.00
incl 368 369.5 1.5 250.00 118.00
439.5 441.0 1.5 11.60 30.80
SU-360 6258259N
426425E
-50/180 36.5 38.0 1.5 9.80 24.80
320.5 322.0 1.5 17.75 10.00
427.5 429.0 1.5 34.00 11.40
511.5 513.0 1.5 36.70 25.10
SU-361 6258072N
426625E
-50/360 288.0 289.5 1.5 8.55 24.40
SU-364 6257827N
426375E
-55/360 482.0 494.0 12.0 7.00 8.17
incl 482.0 483.89 1.89 27.60 19.60
incl 492.6 494.0 1.4 18.30 16.20
SU-365 6257985N
426422E
-45/180 122.33 123.1 0.77 43.40 34.00
SU-369 6257990N
426387E
-45/178 148.24 150.3 2.06 4.71 156.92
162.5 164 1.5 9.91 4.50
SU-371 6258015N
426422E
-50/180 35.59 36.1 0.51 12.45 7.60
SU-374 6257955N
426362E
-50/358 164.0 165.48 1.48 15.45 10.30
286.15 286.65 0.5 436.00 131.00
SU-376 6258000N
426387E
-50/178 77.68 80.0 2.32 150.60 265.40 1 Gold sample cut
incl 77.68 78.33 0.65 6,142.2 881.00 uncut
SU-378 6258090N
426730E
-45/180 163.5 169.5 6.0 25.29 13.00
incl 168.0 169.5 1.5 93.10 25.50
(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.

To date, a total of 44,200 meters of drilling in 131 holes has been completed for both phase one and phase two of the 2012 Brucejack Exploration Program.

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