Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

July 18, 2012 05:00 ET

Pretium Resources Inc.: More High-Grade Gold From Valley of the Kings Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 18, 2012) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report more exceptionally high-grade results as phase two high-definition drilling continues in Brucejack's Valley of the Kings. (See Table 1 below for assays.)

Selected highlights from the Valley of the Kings include:

  • Hole SU-407 intersected 11,067 grams of gold per tonne uncut over 0.5 meters (323 ounces gold per ton over 1.6 feet); and
  • Hole SU-393 intersected 3,440 grams of gold per tonne uncut over 0.5 meters (100 ounces gold per ton over 1.6 feet); and
  • Hole SU-421 intersected 1,335 grams of gold per tonne uncut over 0.5 meters (39 ounces gold per ton over 1.6 feet).

The bonanza-grade intercept from hole SU-407 noted above was intersected approximately 12 meters from surface, and approximately 53 meters southwest from the bonanza-grade intersection in hole SU-115 grading 18,755 grams per tonne gold uncut over 0.6 meters. The intercept from Hole SU-393, drilled in the heart of the Valley of the Kings, was intersected 25 meters west of the intersection in hole SU-376 grading 6,142 grams per tonne gold uncut over 0.65 meters. The intercept from hole SU-421 was intersected 19 meters east of the intersection in hole SU-230 grading 7,420 grams per tonne gold uncut over 1.0 meter.

Drilling in the West Zone continues to expand mineralization down dip, with hole SU-403 intersecting 22.3 grams per tonne gold and 946.6 grams per tonne silver over 5.87 meters.

The updated Brucejack high-grade Mineral Resource estimate to be used as the basis for feasibility study mine planning will incorporate phase two drilling data in addition to the results of phase one in-fill drilling conducted earlier this Spring. The updated high-grade Mineral Resource estimate is expected in the third quarter.

Table 1: Selected Brucejack Project Drill Results, July 2012 (SU-379 to SU-430)(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-379 6258055N -50/0 218.31 220.0 1.69 17.00 40.20
426470E
SU-386 6257935N -50/358 49.6 50.2 0.6 142.50 28.70
426350E
200.5 202.0 1.5 61.70 25.30
SU-387 6257765N -55/355 308.5 310.0 1.5 62.20 35.60
426775E
SU-390 6257981N -45/178 20.0 26.0 6.0 15.80 31.12
426437E
incl 23.9 24.4 0.5 167.00 62.10
SU-392 6258090N -55/180 346.0 348.5 2.5 31.26 28.42
426730E
incl 346.0 347.0 1.0 64.60 46.00
SU-393 6257895N -50/358 76.02 76.52 0.5 3,440 788.0
426362E 200.0 201.5 1.5 8.14 17.90
SU-394 6258010N -45/178 79.02 79.71 0.69 174.50 74.40
426487E
SU-396 6258143N -47/176 67.67 72.0 4.33 8.29 99.98
426700E
227.0 231.0 4.0 6.92 16.54
SU-398 6257870N -60/358 216.67 217.17 0.5 30.80 22.70
426650E
222.86 223.34 0.48 13.85 5.70
SU-405 6257870N -65/358 222.47 227.31 4.84 66.74 40.29
426650E
SU-406 6257850N -55/358 19.5 21.0 1.5 36.20 32.50
426600E
207.0 208.5 1.5 16.10 10.70
347.50 352.00 4.50 17.40 18.43
incl 350.5 352.0 1.5 36.50 40.90
SU-407 6258010N -50/178 5.50 14.00 8.50 32.77 235.67 1 Gold sample cut
426475E
or 5.50 14.00 8.50 654.33 235.67 Uncut
incl 12.04 12.54 0.5 11,067 3,230 Uncut
SU-408 6257955N -50/358 24.1 24.6 0.5 720.00 293.00
426300E
63.25 63.75 0.5 49.80 21.20
76.50 77.53 1.03 16.15 39.10
SU-411 6257870N -70/358 200.57 201.07 0.50 19.75 16.00
426650E
250.5 252.0 1.5 20.30 22.10
SU-418 6257850N -60/357 238.00 245.97 7.97 6.22 4.91
426600E
268.50 270.00 1.50 15.00 9.80
313.00 314.50 1.50 21.10 17.40
SU-419 6257940N -50/358 78.0 79.5 1.5 67.80 26.00
426300E
SU-420 6258030N -50/178 70.5 72.0 1.5 17.85 90.30
426500E
SU-421 6257850N -65/178 82.58 83.08 0.50 1,335 4,000 Uncut
426662E
268.90 277.60 8.70 105.43 26.47 1 Gold sample cut
or 268.90 277.60 8.70 152.50 26.47 Uncut
incl 268.9 269.4 0.5 37.70 9.40
incl 272.14 272.64 0.50 136.00 56.10
incl 274.32 275.82 1.5 773.00 100.00
incl 277.10 277.60 0.50 91.90 41.90
321.1 321.6 0.5 16.25 46.70
SU-422 6258060N -50/178 83.00 84.50 1.50 6.41 55.20
426412E
SU-423 6257990N -45/358 75.00 77.00 2.00 9.54 4.70
426325E
121.0 122.69 1.69 38.10 46.30
SU-426 6257950N -65/358 78.0 79.5 1.5 6.10 7.10
426325E
SU-428 9257935N -65/358 169.0 170.5 1.5 15.20 26.10
426325E
SU-430 6258065N -50/178 134.00 141.50 7.50 80.65 53.52
426500E
incl 134.0 135.5 1.5 86.90 36.90
incl 135.5 137 1.5 58.40 89.70
incl 137.0 138.5 1.5 236.00 125.00
West Zone
SU-395 6258940N -73/180 345.0 348.0 3.0 6.92 241.50
426600E
382.94 383.45 0.51 160.50 50.00
395.5 398.5 3.0 11.79 9.15
SU-403 6258940N -67/180 263.5 269.0 5.5 0.77 422.03
426600E
301.13 307.0 5.87 22.28 946.61
incl 302.5 304.0 1.5 47.50 312.00
364.8 365.3 0.5 52.30 24.80
426.59 427.09 0.5 26.40 8.4
SU-415 6258940N -80/180 131.86 139.5 7.64 4.79 21.33
426600E
201.96 202.49 0.53 253.00 103.00
378.00 384.00 6.00 4.32 343.67
Gossan Hill
SU-380 6258940N -42/360 142.5 144.0 1.5 16.50 12.30
426600E
SU-388 6258940N -55/360 186.41 187.17 0.76 15.95 7.50
426600E
SU-427 6258940N -65/360 108.69 120.00 11.31 7.35 22.97
426600E
incl 108.69 109.19 0.50 85.50 33.30

(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 55,100 meters of drilling in 180 holes including geotechnical and condemnation 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.

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