Pretium Resources Inc.
TSX : PVG

Pretium Resources Inc.

November 10, 2011 05:00 ET

Pretium Resources Inc.: More High-Grade Gold Intersected in Valley of the Kings Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2011) - Pretium Resources Inc. ("Pretivm") (TSX:PVG) is pleased to report the final assay results from its Brucejack Project in northern British Columbia, including more exceptionally high-grade results from the Valley of the Kings Zone. (See Table 2 below for the final 26 holes.)

Valley of the Kings Zone

Selected highlights include:

  • Hole SU-266 intersected 0.56 meters with uncut grades of 13,600 grams of gold and 6,910 grams of silver per tonne (1.8 feet averaging 396.7 ounces gold and 201.5 ounces of silver per ton);
  • Hole SU-269 intersected 0.68 meters with uncut grades of 6,110 grams of gold and 2,220 grams of silver per tonne (2.2 feet averaging 178.2 ounces gold and 64.7 ounces silver per ton).

The bonanza-grade intercept in hole SU-266, which ended in mineralization, was intersected in an interval of 5.5 meters with cut grades of 36.8 grams of gold and 261.9 grams of silver per tonne (uncut grades of 1,414.6 grams of gold and 751.6 grams of silver per tonne.)

Also of note from drilling in the West Zone footwall is hole SU-282, which intersected 0.65 meters grading 395.0 grams of gold and 435.0 grams of silver per tonne in a wider mineralized intersection of 209.18 meters grading 2.5 grams of gold and 29.5 grams of silver per tonne.

2011 Top Brucejack High-Grade Gold Intersections

Over the course of the 2011 drilling program at Brucejack, a total of 24 intervals with uncut grades over 1,000 grams per tonne gold were intersected in 17 holes. The top ten highest-grading gold intersections from the 2011 program (all from the Valley of the Kings Zone) are shown in Table 1 below.

Table 1: 2011 Top Ten Highest-Grading Gold Intersections from the Brucejack Project (1)(2)(5)

Hole
No.
Collar Coords. Dip/
Azimuth
From
(meters)
To
(meters)
Interval (meters) Gold
(g/t)
Silver
(g/t)
SU-115 6258015N
426456E
-50 / 180 60.60 61.20 0.6 18,754 9,312
SU-260 6257998N
426481E
-45 / 180 65.84 66.34 0.50 17,750 7,780
SU-266 6258048N
426481E
-45 / 180 343.69 344.25 0.56 13,600 6,910
SU-230 6257881N
426643E
-65 / 360 305.73 306.73 1.00 7,420 3,800
SU-150 6257955N
426311E
-65 / 360 76.38 76.88 0.50 6,670 3,630
SU-269 6258051N
426373E
-50 / 180 295.08 295.76 0.68 6,110 2,220
SU-195 6257767N
426641E
-50 / 360 349.39 349.89 0.50 5,740 2,750
SU-115 6258015N
426456E
-50 / 180 76.10 76.61 0.51 4,209 2,039
SU-132 6258000N
426351E
-47 / 360 57.68 58.18 0.50 4,060 1,660
SU-249 6258051N
426507E
-57 / 180 115.59 116.09 0.50 3,880 1,745
(1) and (5), see footnotes to Table 2.
(2)All assays are uncut.

The update to the Brucejack Project mineral resource estimate is now underway, and is expected to be reported this quarter.

Table 2: Selected Brucejack Project Drill Results, November 2011 (SU-261 to SU-288)(1,4)

Hole
No.
Collar Coords. Dip/
Azimuth
From
(meters)
To
(meters)
Interval (meters) Gold
(g/t)
Silver
(g/t)
Capping(2)
VALLEY OF THE KINGS ZONE
SU-261 6257488N
426623E
-65 / 360 55.5 171.0 115.5 1.95 20.0
incl. 58.91 64.0 5.09 4.70 114.0
incl. 118.0 128.5 10.5 7.00 53.6
incl. 152.8 165.0 12.2 4.38 25.4
SU-262(3) 6257653N
426673E
-50 / 360 24.5 26.0 1.5 14.55 741.0
444.5 500.5 56.0 1.24 7.8
SU-263 6257875N
426304E
-55 / 360 337.5 416.5 79.0 1.14 4.5
SU-264(3) 6258012N
426376E
-50 / 180 175.5 224.5 49.0 0.97 8.8
249.4 279.5 30.1 1.29 3.3
SU-265 6257736N
426454E
-50 / 360 270.0 318.0 48.0 1.026 3.0
447.5 462.5 15.0 1.397 9.7
510.5 512.0 1.5 45.10 31.0
SU-266(3) 6258048N
426481E
-45 / 180 246.0 274.5 28.5 1.28 4.6
340.5 346.0 5.5 36.78 261.9 2 Au samples cut
340.5 346.0 5.5 1,414.6 751.6 uncut
incl. 343.69 344.25 0.56 13,600 6,910 uncut
365.5 366.98 1.48 6.58 1.7
SU-267 6257903N
426595E
-50 / 360 72.5 146.5 74.0 0.8 9.4
454.54 455.54 1.0 73.70 70.2
SU-268 6257907N
426327E
-65 / 360 189.5 197.0 7.5 3.57 15.4
228.5 236.0 7.5 14.80 15.6
incl. 233.0 234.5 1.5 59.50 36.8
SU-269 6258051N
426373E
-50 / 180 176.0 179.0 3.0 5.58 8.3
255.9 275.0 19.1 3.57 15.6
incl. 255.9 260.5 4.6 9.06 24.7
288.5 312.0 23.5 9.3 73.2 2 Au samples cut
incl. 294.32 295.08 0.76 569.0 317.0 uncut
incl. 295.08 295.76 0.68 6,110 2,220 uncut
SU-270 6258131N
426378E
-47 / 360 1.87 15.5 13.63 5.42 8.7 1 Au sample cut
incl. 1.87 2.37 0.5 169.0 22.9 uncut
154.5 168.0 13.5 1.27 11.9
SU-271 6257930N
426691E
-50 / 360 98.97 102.18 3.21 4.15 8.9
177.05 186.5 9.45 2.70 72.3
SU-272 6257935N
426304E
-65 / 360 253.0 268.0 15.0 3.37 7.2
253.0 254.5 1.5 25.7 34.3
SU-273 6258033N
426553E
-50 / 180 106.5 129.0 22.5 1.10 17.1
158.5 175.74 17.24 1.30 23.3
208.0 218.5 10.5 9.69 10.9
incl. 215.5 217.0 1.5 63.1 36.2
284.65 285.13 0.48 46.70 11.4
322.0 333.5 11.5 6.06 7.3 1 Au sample cut
incl. 327.15 327.63 0.48 274.0 78.0 uncut
SU-274 6258075N
426344E
-45 / 360 18.5 23.9 5.4 5.67 20.5
21.5 22.5 1.0 24.4 35.6
104.68 135.5 30.82 0.80 9.5
SU-275 6258108N
426375E
-43 / 180 110.86 111.61 0.75 9.21 84.5
SU-276 6258072N
426375E
-50 / 180 250 311.5 61.5 0.75 8.1
329.52 339.5 9.98 3.86 5.5
incl. 329.52 330.02 0.5 26.9 33.5
SU-277 6257990N
426691E
-50 / 360 264.5 285.5 21.0 0.70 1.4
SU-278 6258046N
426300E
-43 / 360 81.0 81.81 0.81 36.4 25.3
116.5 122.8 6.3 10.13 15.3
incl. 119.5 121.0 1.5 34.6 34.0
WEST ZONE
SU-279 6258713N
426448E
-50 / 225 8.5 29.39 20.89 0.78 37.5
49.0 62.5 13.5 1.67 216.6 1 Ag sample cut
incl. 61.22 62.5 1.28 8.06 3,090 uncut
158.0 214.0 56.0 1.21 6.6
SU-282 6258887N
426695E
-50 / 225 242.32 451.5 209.18 2.53 29.5 1 Au sample cut
incl. 245.0 249.58 4.58 16.6 944.8
incl. 372.0 373.5 1.5 116.0 87.5
incl. 405.92 406.57 0.65 395.0 435.0 uncut
SU-283 6258646N
426505E
-50 / 225 3.3 128.5 125.2 1.21 13.7
incl. 127.0 128.5 1.5 19.4 27.3
SU-284 6258926N
426378E
-50 / 225 88.5 119.5 31.0 0.86 2.7
163.5 264.5 101.0 1.09 8.0
incl. 183.5 188.5 5.0 4.68 18.1
SU-285 6258784N
426378E
-50 / 225 3.3 283.5 280.2 0.92 6.1
incl. 188.5 191.5 3.0 11.54 25.8
incl. 254.5 256.0 1.5 9.96 262.0
SU-287 6258567N
426581E
-50 / 225 36.0 42.0 6.0 1.84 4.3
CONDEMNATION HOLES
SU-286 6258644N
427040E
-50 / 225 237.37 239.0 1.63 1.50 208.0
SU-288 6258543N
427301E
-50 / 225 64.0 75.23 11.23 0.53 219.9
incl. 74.0 75.23 1.23 3.03 1,320
229.0 249.02 20.02 0.73 11.8 uncut
(1)True thickness to be determined.
(2)Unless otherwise indicated as uncut, all gold assays over 130 g/t were cut to 130 g/t and all silver assays over 2,100 g/t were cut to 2,100 g/t.
(3)Hole ended in mineralization
(4)Holes SU-280 and SU-281 were geotechnical holes and not sampled.
(5)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.

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 and the bulk tonnage opportunities at both Brucejack and Snowfield.

Forward Looking Statement

This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking 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 (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) 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 final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. 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
    Investor Relations Director
    (604) 558-1784
    invest@pretivm.com
    www.pretivm.com