Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

October 10, 2013 05:00 ET

Pretium Resources Inc.: Underground Bulk Sample Drilling Continues to Intersect High-Grade Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 10, 2013) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report additional underground drilling results from the Valley of the Kings Bulk Sample Program (the "Program"), and results from exploration drilling in the Valley of the Kings to the west and north of the Program area. Reported assays include seven intersections grading greater than 1,000 grams per tonne gold, three of which were intersected in the planned Program fans. (See Table 1 below for assays.)

Selected drill highlights include:

  • Hole VU-279 (Exploration hole) intersected 3,180 grams of gold per tonne uncut over 0.50 meters;
  • Hole VU-281 (Exploration hole) intersected 2,010 grams of gold per tonne uncut over 0.50 meters;
  • Hole VU-273 (Program hole) intersected 1,875 grams of gold per tonne uncut over 0.50 meters;
  • Hole VU-291 (Program hole) intersected 1,550 grams of gold per tonne uncut over 0.50 meters;
  • Hole VU-259 (Program hole) intersected 1,360 grams of gold per tonne uncut over 0.50 meters;
  • Hole VU-277 (Exploration hole) intersected 1,430 grams of gold per tonne uncut over 0.50 meters, and 1,070 grams of gold per tonne uncut over 0.50 meters.

The bonanza-grade gold intercept from exploration hole VU-279 noted above was intersected 38 meters southeast and 18 meters above the Valley of the Kings discovery hole SU-12 intercept which graded 16,948 grams per tonne gold uncut over 1.5 meters. Exploration holes VU-277 and VU-281 noted above were drilled from the 426652E drill bay as part of continued drilling to test high-grade mineralization in Domain 20, an area north and east of the 4268015N Program drill drift.

The bonanza-grade gold intercepts from the Program holes noted above were intersected on section 426652.5E (VU-259 and VU-273) and section 426600E (VU-291).

For plan and cross section views of the reported drilling please visit the following link: http://media3.marketwire.com/docs/pvg1010_F1-6.pdf.

To date, 47 intercepts grading over 1,000 grams per tonne gold uncut have been encountered in the 2013 underground drilling program in the Valley of the Kings, comprising 23 intercepts in Program fan drilling, and 24 intercepts in exploration drilling (15 from the Cleopatra Vein, 1 from the eastern extension of the Valley of the Kings, 7 from Domain 20, and 1 in the west).

Assay results have now been received and reported for 16 of the 17 planned Program drill fans. The additional surface exploration drilling of 5,000 meters has been completed, and the 16,500 meters of additional underground exploration is nearing completion. Remaining assay results for all drilling will be reported when received.

Table 1: Valley of the Kings Drill Results, October 2013 (VU-250 to VU-299)(1,2,3)
Hole
No.
Dip/
Azimuth
From
(meters)
To
(meters)
Interval
(meters)
Gold
(g/t)
Silver
(g/t)
Capping
Bulk Sample Drill Fan Section 426600E (180 Azimuth)
VU-291 -43/178 23.50 34.00 10.50 5.24 7.76
incl 32.10 32.60 0.50 40.80 15.80
incl 32.60 33.00 0.40 37.70 51.50
52.70 53.20 0.50 53.10 40.70
89.50 92.50 3.00 76.58 106.91 1 Au sample cut
or 89.50 92.50 3.00 263.24 106.91 Uncut
incl 91.40 91.90 0.50 1,550 604.00
VU-295 -50.5/178 53.70 63.20 9.50 1.31 35.21
70.20 70.70 0.50 40.10 27.20
VU-299 -60/178 71.50 81.45 9.95 1.97 16.61
Bulk Sample Drill Fan Section 426652.5E (360 Azimuth)
VU-257 -1/0 12.50 17.10 4.60 1.94 89.10
34.50 35.00 0.50 15.70 42.00
VU-259 13.5/0 18.19 20.61 2.42 90.49 209.25 1 Au sample cut
or 18.19 20.61 2.42 282.64 209.25 Uncut
incl 18.19 18.69 0.50 1,360 967.00 Uncut
32.40 36.90 4.50 8.87 21.37
incl 36.30 36.90 0.60 59.50 85.10
109.45 109.95 0.50 26.00 2,140
VU-262 26.5/0 34.50 37.75 3.25 6.07 44.48
incl 37.25 37.75 0.50 33.70 35.40
66.40 66.90 0.50 53.00 53.40
VU-263 37/0 34.50 39.60 5.10 1.61 17.19
VU-265 45.5/0 38.04 42.50 4.46 3.75 15.35
VU-266 53.5/0 43.00 46.00 3.00 3.28 39.43
VU-268 -15/0 53.50 54.00 0.50 202.00 107.00
75.65 81.00 5.35 7.69 20.58
incl 75.65 76.15 0.50 40.20 23.70
incl 76.15 76.75 0.60 24.00 20.60
VU-270 -28/0 11.00 11.50 0.50 22.40 19.90
11.50 12.00 0.50 133.00 86.50
65.00 78.50 13.50 1.43 25.23
VU-271 -38/0 30.50 31.00 0.50 30.90 17.30
37.50 38.10 0.60 14.45 5.40
77.50 84.50 7.00 2.05 10.25
VU-273 -46/0 9.45 9.95 0.50 1,875 972.00 Uncut
75.00 81.20 6.20 2.02 28.00
VU-274 -54.5/0 9.02 17.60 8.58 9.06 5.28
incl 9.02 9.52 0.50 137.00 40.60
72.50 73.00 0.50 202.00 75.8
Exploration Drilling from Drill Bay Section 426552.5E (25 Azimuth) Testing Domain 20
VU-277 0/25 23.20 36.27 13.07 16.50 14.47
incl 23.20 23.80 0.60 45.90 31.00
incl 24.40 25.00 0.60 58.50 24.20
incl 32.50 33.00 0.50 22.80 9.30
incl 35.77 36.27 0.50 256.00 220.00
63.55 77.00 13.45 32.90 57.49 2 Au samples cut
or 63.55 77.00 13.45 93.86 57.49 Uncut
incl 63.55 64.05 0.50 1,430 571.00 Uncut
incl 75.30 75.80 0.50 1,070 611.00 Uncut
VU-278 15.5/25 24.90 29.50 4.60 12.51 26.77
incl 24.90 25.40 0.50 55.20 55.20
98.65 99.15 0.50 76.10 91.20
115.40 119.70 4.30 10.61 5.47
incl 119.20 119.70 0.50 73.20 16.60
VU-281 -20/25 63.00 70.00 7.00 35.28 102.01 1 Au sample cut
or 63.00 70.00 7.00 148.14 102.01 Uncut
incl 64.78 65.28 0.50 2,010 1,070 Uncut
incl 67.40 67.90 0.50 42.80 44.50
VU-283 -37.5/25 3.50 4.00 0.50 76.30 46.70
19.65 27.50 7.85 13.55 14.51
incl 19.65 20.15 0.50 195.00 172.00
57.00 57.50 0.50 34.90 11.20
64.00 67.50 3.50 6.80 25.41
incl 64.00 64.50 0.50 23.70 31.70
incl 67.00 67.50 0.50 19.70 112.00
VU-284 -53/25 49.95 50.40 0.45 127.50 100.00
50.40 50.95 0.55 32.80 13.00
VU-286 -65.5/25 4.00 4.50 0.50 506.00 375.00
37.35 37.85 0.50 18.70 3.90
41.41 51.75 10.34 12.16 5.40
incl 41.41 41.91 0.50 43.80 11.00
incl 51.25 51.75 0.50 190.00 28.00
Exploration Drilling from Drill Bay Section 426552.5E (40 Azimuth) Testing Domain 20
VU-287 12/40 29.00 31.75 2.75 8.85 33.84
incl 31.25 31.75 0.50 17.70 71.00
57.50 59.50 2.00 6.07 23.85
115.00 115.50 0.50 28.90 90.80
VU-290 0/40 3.50 4.00 0.50 29.90 24.80
31.50 35.00 3.50 4.18 4.70
83.00 86.00 3.00 8.96 68.12
incl 85.00 86.00 1.00 19.05 29.60
VU-292 -16/40 2.79 3.29 0.50 95.50 79.00
51.20 61.25 10.05 20.19 22.00
incl 52.50 53.00 0.50 23.20 17.90
incl 60.75 61.25 0.50 367.00 221.00
VU-293 -33/40 2.60 3.10 0.50 589.00 459.00
20.00 20.50 0.50 31.40 11.20
63.00 71.00 8.00 16.47 32.88
incl 63.50 64.15 0.65 187.50 220.00
VU-296 -48/40 2.50 3.00 0.50 393.00 290.00
30.45 32.95 2.50 6.55 4.45
incl 32.45 32.95 0.50 24.00 7.80
VU-298 -61/40 49.45 49.95 0.50 60.80 25.80
93.50 125.00 31.50 1.45 3.53
Exploration Drilling from Drill Bay Section 426547.5E (270 Azimuth) Testing SU-12
VU-264 25/270 23.10 32.50 9.40 16.19 25.04
incl 31.51 32.01 0.50 289.00 173.00
63.00 63.60 0.60 24.30 61.20
VU-267 1/270 39.00 47.20 8.20 2.01 11.41
incl 39.60 40.10 0.50 16.85 10.30
VU-269 -25/270 36.65 41.75 5.10 45.36 40.73
or 36.65 41.75 5.10 64.09 40.73
incl 41.25 41.75 0.50 621.00 371.00 1 Au sample cut
65.45 66.00 0.55 16.50 8.10 Uncut
75.50 76.00 0.50 23.70 6.30
Exploration Drilling from Drill Bay Section 426547.5E (325 Azimuth) Testing SU-12
VU-272 35/325 31.00 39.60 8.60 1.56 31.99
55.95 56.45 0.50 230.00 76.20
67.27 67.77 0.50 104.00 77.90
VU-275 0/325 41.00 55.00 14.00 14.62 29.64
incl 41.00 41.60 0.60 80.90 64.60
incl 48.50 49.00 0.50 181.50 133.00
incl 54.50 55.00 0.50 100.00 65.40
VU-276 25/325 38.50 41.30 2.80 71.32 192.67
incl 39.78 40.28 0.50 395.00 233.00
70.50 71.00 0.50 11.75 10.70
71.00 71.50 0.50 84.90 55.10
88.00 88.50 0.50 28.80 32.20
VU-279 13.5/325 20.50 28.50 8.00 1.29 11.80
40.05 40.55 0.50 3,180 1,485 Uncut
68.00 68.50 0.50 61.70 53.90
VU-280 -11/325 58.50 68.10 9.60 41.48 32.69 1 Au sample cut
or 58.50 68.10 9.60 53.04 32.69 Uncut
incl 58.50 59.00 0.50 652.00 246.00 Uncut
incl 59.00 59.50 0.50 337.00 172.00
83.45 86.00 2.55 86.37 57.29 1 Au sample cut
or 83.45 86.00 2.55 98.72 57.29 Uncut
incl 83.45 83.95 0.50 493.00 275.00
VU-282 -22/325 51.50 55.00 3.50 6.23 13.77
VU-285 -32.5/325 0.50 6.50 6.00 1.11 8.92
111.00 111.50 0.50 20.70 6.40
VU-288 -40/325 3.00 13.50 10.50 1.06 8.81
VU-289 45/325 43.00 46.50 3.50 3.00 19.19
76.00 82.00 6.00 1.36 5.33
Exploration Drilling from Drill Bay Section 426570E Testing Cleopatra
VU-251 43/136 55.83 58.48 2.65 92.83 112.04 1 Au sample cut
or 55.83 58.48 2.65 150.57 112.04 Uncut
incl 55.83 56.33 0.50 736.00 487.00 Uncut
incl 57.98 58.48 0.50 41.20 11.60
VU-253 -51/126 70.00 71.50 1.50 44.10 39.60
VU-255 36/70 83.66 84.16 0.50 10.20 6.00
Exploration Drilling from Drill Bay Section 426562.5E (117Azimuth) Testing Cleopatra
VU-250 24/117 39.00 43.00 4.00 3.13 209.26
59.30 59.80 0.50 254.00 384.00
VU-252 36/117 32.20 35.50 3.30 4.34 29.98
incl 34.50 35.00 0.50 19.75 24.30
75.00 80.80 5.80 2.10 7.06
VU-254 45/117 19.00 25.14 6.14 1.38 22.82
VU-256 12.5/117 41.50 49.50 8.00 0.86 17.92
VU-258 -13/117 15.00 24.00 9.00 1.91 9.28
40.00 49.00 9.00 2.40 5.62
VU-260 -26/117 14.17 19.30 5.13 5.04 15.11
incl 14.17 14.67 0.50 41.70 59.60
56.80 58.50 1.70 7.09 11.06
VU-261 -38/117 23.00 25.65 2.65 2.72 8.52
71.00 75.00 4.00 1.55 2.43
(1) True thickness to be determined.
(2) Unless otherwise indicated as uncut, all gold assays over 430 g/t were cut to 430 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 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 high-grade gold Brucejack Project, located in northern British Columbia. Processing of the 10,000-tonne Valley of the Kings bulk sample is expected to be completed this quarter. Permitting of a high-grade underground gold mine at Brucejack is underway, with commercial production targeted to commence in 2016.

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 reserves and resources, realization of mineral reserve and 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 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 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
    Vice President, Corporate Relations
    (604) 558-1784
    invest@pretivm.com
    www.pretivm.com