Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

August 28, 2012 05:00 ET

Pretium Resources Inc.: More High-Grade Gold Intersected; Valley of the Kings Extended to the East

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 28, 2012) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report results from the ongoing drill program at its high-grade gold Brucejack Project in northern British Columbia. Current results include a number of assays grading over 1,000 grams per tonne gold and extend the zone of gold mineralization in the Valley of the Kings by 100 meters to the east. (See Table 1 below for assays.)

Selected highlights from the Valley of the Kings include:

  • Hole SU-493 intersected:

    • 1,751 grams of gold per tonne uncut over 1.19 meters (51.1 ounces gold per ton over 3.9 feet) and

    • 1,668 grams of gold per tonne uncut over 0.85 meters (48.6 ounces gold per ton over 2.8 feet);

  • Hole SU-468 intersected 1,425 grams of gold per tonne uncut over 0.50 meters (41.6 ounces gold per ton over 1.6 feet);

  • Hole SU-490 intersected 1,350 grams of gold per tonne uncut over 0.50 meters (39.4 ounces gold per ton over 1.6 feet) and

  • Hole SU-498 (previously reported) intersected 3,874 grams of gold per tonne uncut over 0.50 meters (1.6 feet averaging 112.9 ounces of gold per ton).

The high-grade intercept noted above from hole SU-468 was intersected 11.5 meters southeast and 36.0 meters below the previously-reported bonanza-grade intercept from hole SU-452 grading 41,582 grams per tonne gold uncut over 0.50 meters (see news release dated July 25, 2012).

Hole SU-496, a 100-meter eastern step-out hole, intersected 30.1 grams of gold and 1,760 grams of silver per tonne over 0.60 meters. Hole SU-496 was collared on section 426900E and is along trend with hole SU-458.

Assays over 1,000 grams per tonne gold include the previously-reported hole SU-498, a step-out hole 60 meters west of the Brucejack Fault which includes an intercept grading 3,874 grams per tonne gold uncut over 0.50 meters within a longer interval grading 1,034 grams of gold per tonne uncut over 1.88 meters (see news release dated August 14, 2012).

The Valley of the Kings now extends over 700 meters in length and is open to the east, west, and at depth. An updated plan showing the current extent of the Valley of the Kings from hole SU-498 in the west to hole SU-496 in the east will be posted on our web site, www.pretivm.com.

To view the map that accompanies this press release, please visit: http://media3.marketwire.com/docs/pvg-0828-map.pdf.

Nine drills are now turning at Brucejack, with a continued focus on definition drilling and testing extensions of the Valley of the Kings.

Table 1: Selected Brucejack Project Drill Results, August 2012 (SU-461 to SU-500)(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
SU-461 6257938N
426625E
-50/358 190.00 191.50 1.50 16.65 10.00
204.27 207.18 2.91 14.01 18.49
incl 206.68 207.18 0.50 66.60 35.80
379.30 381.00 1.70 20.70 231.00
SU-462 6258135N
426475E
-50/178 173.64 174.14 0.50 27.20 17.20
183.05 183.55 0.50 14.90 16.40
378.80 379.30 0.50 205.00 47.90
SU-463 6257960N
426450E
-45/178 9.50 15.50 6.00 18.31 21.32
incl 9.50 11.00 1.50 39.50 40.90
incl 13.42 13.92 0.50 72.50 29.10
SU-464 6257990N
426375E
-45/178 162.00 166.50 4.50 9.32 13.43
incl 165.00 166.50 1.50 23.40 17.90
SU-465 6257899N
426800E
-65/358 229.50 232.50 3.00 5.19 291.00
SU-466 6258021N
426300E
-50/178 220.50 223.49 2.99 8.27 8.84
SU-467 6258005N
426450E
-50/178 46.08 46.58 0.50 105.50 59.60
SU-468 6257870N
426625E
-65/358 40.00 41.50 1.50 7.48 389.00
142.50 144.00 1.50 26.90 19.00
216.25 228.13 11.88 26.38 53.64 1 Au sample cut
or 216.25 228.13 11.88 65.31 49.55 uncut
incl 216.25 216.75 0.50 99.30 97.00
incl 227.63 228.13 0.50 1,425 857.00
288.00 289.50 1.50 22.90 15.10
SU-469 6258050N
426300E
-50/178 169.05 169.55 0.50 201.00 80.10
268.51 270.36 1.85 22.90 20.60
SU-470 6258090N
426825E
-68/178 205.24 205.83 0.59 8.82 32.30
356.00 357.50 1.50 11.50 21.70
SU-471 6258003N
426550E
-48/178 183.00 184.50 1.50 16.30 6.30
SU-472 6257938N
426625E
-45/358 301.00 302.50 1.50 16.80 43.00
SU-473 6258035N
426450E
-50/178 90.50 100.00 9.50 18.45 23.45
incl 90.50 92.33 1.83 44.80 28.60
incl 98.50 100.00 1.50 58.50 55.40
198.99 205.00 6.01 10.86 29.83
incl 198.99 199.62 0.63 75.60 75.50
SU-474 6258085N
426425E
-50/178 55.50 57.00 1.50 7.87 96.30
358.16 359.35 1.19 7.58 307.00
SU-475 6258027N
426337E
-60/358 178.50 180.00 1.50 23.40 194.00
213.50 214.19 0.69 10.15 440.00
237.84 252.00 14.16 23.06 20.28
incl 237.84 238.34 0.50 20.50 26.50
incl 250.50 252.00 1.50 201.00 124.00
SU-476 6258080N
426300E
-50/178 127.85 128.35 0.50 17.50 5.90
135.07 135.57 0.50 19.75 10.80
173.70 183.00 9.30 21.44 15.33
incl 173.70 175.50 1.80 95.30 46.10
incl 181.50 183.00 1.50 15.10 12.20
SU-477 6257965N
426462E
-45/178 84.00 85.50 1.50 5.63 145.00
SU-479 6257938N
426625E
-53/358 212.00 213.36 1.36 6.96 11.50
226.50 227.94 1.44 5.93 8.20
SU-480 6258088N
426750E
-50/178 2.44 3.97 1.53 29.50 1,490
17.50 19.00 1.50 14.70 85.80
182.50 185.50 3.00 7.92 13.55
SU-481 6258114N
426425E
-50/178 184.75 194.02 9.27 90.23 64.31 1 Au sample cut
or 184.75 194.02 9.27 127.96 64.31 uncut
incl 184.75 185.25 0.50 403.00 328.00
incl 185.25 185.75 0.50 34.90 61.40
incl 185.75 186.50 0.75 156.50 101.00
incl 191.49 192.36 0.87 902.00 245.00
incl 193.02 194.02 1.00 57.60 49.20
SU-482 6257903N
426625E
-50/358 125.11 136.00 10.89 26.48 20.77
incl 125.11 125.63 0.52 372.00 216.00
incl 134.50 136.00 1.50 40.80 23.80
443.50 445.00 1.50 22.80 17.90
SU-484 6257980N
426462E
-45/178 33.35 41.50 8.15 12.14 17.43
incl 33.35 33.85 0.50 51.40 32.10
incl 40.00 41.50 1.50 44.90 61.90
SU-485 6257999N
426362E
-50/358 197.32 197.82 0.50 567.00 305.00
254.67 256.00 1.33 22.00 16.10
285.26 285.76 0.50 26.30 5.70
SU-486 6258175N
426750E
-50/178 10.36 10.86 0.50 717.00 611.00
54.85 59.91 5.06 13.63 15.50
incl 57.97 58.47 0.50 110.50 68.30
154.50 155.95 1.45 79.50 85.00
207.00 216.57 9.57 17.89 57.30
incl 215.93 216.57 0.64 206.00 65.20
393.00 394.50 1.50 17.40 23.90
SU-489 6258123N
426675E
-52/178 42.86 45.71 2.85 35.10 767.49
44.29 45.71 1.42 55.30 914.00
SU-490 6258115N
426350E
-45/178 67.23 79.07 11.84 46.85 38.98 2 Au samples cut
or 67.23 79.07 11.84 90.43 38.98 uncut
incl 67.23 67.73 0.50 682.00 119.00
incl 78.07 78.57 0.50 1,350 677.00
incl 78.57 79.07 0.50 97.10 43.50
364.48 364.98 0.50 517.00 151.00
SU-491 6257879N
426637E
-55/358 250.50 264.63 14.13 19.61 23.17
250.50 251.50 1.00 34.40 53.70
264.13 264.63 0.50 443.00 282.00
SU-493 6257870N
426287E
-60/358 143.91 160.88 16.97 56.75 113.75 2 Au samples cut
or 143.91 160.88 16.97 150.39 113.75 uncut
incl 143.91 145.10 1.19 1,751 1250.00 uncut
incl 152.87 153.37 0.50 700.00 387.00
incl 160.38 160.88 0.50 206.00 404.00
258.17 258.81 0.64 128.00 45.90
298.38 299.23 0.85 1,668 493.00 uncut
SU-495 6258139N
426350E
-45/178 55.12 55.62 0.50 544.00 325.00
380.34 380.91 0.57 383.00 105.00
SU-496 6257882N
426900E
-68/358 297.80 298.40 0.60 30.10 1760.00
SU-497 6258203N
426675E
-52/178 79.50 82.50 3.00 18.60 10.10
incl 79.50 81.00 1.50 31.80 10.00
254.23 254.73 0.50 47.00 28.30
451.44 451.94 0.50 828.00 511.00
SU-498(3) 6257960N
426223E
-50/360 16.00 17.50 1.50 12.50 11.70
75.62 77.50 1.88 136.81 403.83 1 Au sample cut
or 75.62 77.50 1.88 1,034 403.83 uncut
incl 75.62 76.12 0.50 3,874 1504.60 uncut
SU-499 6257811N
426503E
-90/360 55.50 61.50 6.00 0.62 344.75
SU-500 6258143N
426425E
-50/178 279.50 280.02 0.52 53.50 37.90
428.45 428.95 0.50 17.60 14.60
MAMMOTH ZONE
SU-483 6257870N
426287E
-50/178 83.60 86.56 2.96 125.73 90.27
incl 85.00 86.56 1.56 223.00 165.00
(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) Previously reported.
(4) 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 high-grade gold Brucejack Project, located in northern British Columbia. Brucejack hosts a major undeveloped high-grade gold resource and mineralization remains open in all directions. A feasibility study for a high-grade underground mine in Brucejack's Valley of the Kings is underway and expected in early 2013.

(SEDAR filings: Pretium Resources Inc.)

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, risks related to 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.

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