Pretium Resources Inc.

TSX : PVG
NYSE : PVG


Pretium Resources Inc.

August 20, 2014 05:00 ET

Pretium Resources Inc.: Deep Infill Drilling Continues to Confirm High-Grade Gold Mineralization

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 20, 2014) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report the results from deep infill drilling underway in the Valley of the Kings, including the intersection of visible gold. (See Table 1 below for assays.)

Selected drill highlights include:

  • Hole SU-632-W4 intersected 335.65 grams of gold per tonne over 2.10 meters, including 4,130 grams of gold uncut over 0.80 meters and 3,530 grams of gold uncut over 0.50 meters.

The extreme gold grade noted above was intersected in hole SU-632-W4, which was wedged downhole off drillhole SU-632 at 272.5 meters. Drillhole SU-632 was collared in the western part of the Valley of the Kings. Directional drilling, which enables offset holes to be drilled downhole from a single surface drillhole, is underway as part of a deep infill drilling program in the Valley of the Kings in support of the mine plan for the Brucejack Project. Drilling is being conducted on a portion of Inferred and Indicated mineral resources from the December 2013 Valley of the Kings Mineral Resource estimate below the 1345 meter level. A second drill is currently dedicated to geotechnical drilling at site.

For plan and section views of drill holes SU-631 and SU-632 with wedge holes drilled to date please see the following link http://media3.marketwire.com/docs/963717.pdf.

Underground drilling in the Valley of the Kings is planned to commence in September after commissioning the new water treatment plant.

Table 1: Selected Valley of the Kings Drill Results, August 2014 (SU-631 and SU-632 with wedge holes)(1,2,3)

Hole
No.
Dip/
Azimuth
From
(meters)
To
(meters)
Interval (meters) Gold
(g/t)
Silver
(g/t)
Wedge hole collar
SU-631 -63/180 152.50 154.00 1.50 18.10 8.40
325.00 328.00 3.00 70.80 57.40
incl 325.00 326.50 1.50 127.50 88.90
490.30 491.80 1.50 15.25 10.10
SU-631-W1 -57/180 6.50 8.00 1.50 37.10 48.10 317m down SU-631
24.80 26.30 1.50 7.80 20.90
79.70 83.30 3.60 5.55 14.8
SU-631-W2 -58/185 38.00 39.00 1.00 8.85 10.70 303m down SU-631
61.00 62.50 1.50 8.87 6.30
SU-632 -70/180 87.00 88.00 1.00 9.67 14.20
310.55 311.71 1.16 7.62 351.86
521.88 522.38 0.50 35.20 47.70
SU-632-W1 -65/180 Wedge shifted. Hole stopped at 17 m. 299m down SU-632
SU-632-W2 -65/180 72.71 73.21 0.50 79.20 43.60 282m down SU-632
141.00 142.50 1.50 49.20 19.60
SU-632-W3 -61/178 116.00 117.5 1.50 4.71 3.7 28.5m down SU-632-W2
120.5 126.5 6.00 2.03 1.83
188.00 201.00 13.00 1.21 3.71
216.10 226.60 10.50 1.40 1.83
SU-632-W4(4) -61/178 78.76 80.86 2.10 335.65 353.43 272.5m down SU-632
Or(5) 78.76 80.86 2.10 2,415.17 353.43
Incl(5) 78.76 79.26 0.50 3,530 394.00
Incl(5) 80.06 80.86 0.80 4,130 678.00
206.30 207.80 1.50 6.68 4.90
265.42 265.92 0.50 9.31 5.50
(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 differing one in 20 samples was a field duplicate half split core assayed at ALS Chemex in Vancouver, B.C.
(4) Two samples cut to 540 g/t gold
(5) Uncut

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 advancing its 100%-owned Brucejack Project in northern British Columbia to production as a high-grade gold underground mine. Based on the results of the June 2014 Feasibility Study, Brucejack is expected to produce an average of 504,000 ounces of gold a year over the first 8 years and 404,000 ounces of gold a year over the 18-year mine life. Brucejack's Valley of the Kings hosts Proven and Probable reserves totalling 6.9 million ounces of gold (13.6 million tonnes grading 15.7 grams of gold per tonne). Commercial production at Brucejack is targeted for 2017.

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, 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, 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, 2014 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

    Pretium Resources Inc.
    570 Granville Street, Suite 1600
    Vancouver, BC V6C 3P1
    (604)558-1784
    invest@pretivm.com
    (SEDAR filings: Pretium Resources Inc.)