Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

June 06, 2013 05:00 ET

Pretium Resources Inc.: Valley of the Kings Bulk Sample Drilling Continues to Confirm Projection of Mineralized Domains

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 6, 2013) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report that initial underground drilling as part of the Valley of the Kings bulk sample program intersected visible gold, and continues to confirm the projection of high-grade gold mineralized domains. (See Table 1 below for assays from the seven holes drilled on section 426600.)

Selected highlights from hole VU-02 include:

  • 33.20 grams of gold per tonne uncut over 17.50 meters, including 988.0 grams of gold per tonne uncut over 0.50 meters and 117.5 grams of gold per tonne over 0.50 meters.

Hole VU-02 was drilled on section 426600 as part of the first fan of drilling, at 10.3 degrees below the previously reported horizontal hole VU-01 (see news release dated May 28, 2013). This fan was drilled before commencing the section 426600 cross-cut now being excavated across the mineralized domains. The drill will be repositioned shortly to continue fan drilling.

Approximately 15,000 meters of underground drilling in 190 holes will be completed as part of the Valley of the Kings Bulk Sample Program. The drilling will define the portions of the two domains of mineralization being tested by the Program along 120 meters of strike length, and vertically for 60 meters above and 60 meters below the 1345-meter level of the Valley of the Kings. The drilling will be completed on sections 7.5 meters apart along the 120 meters of strike length. Each section will be drilled from the north or south, with drill holes at 15-meter centers vertically at the margins of the mineralized domains. The drill program will run concurrently with the excavation of the 10,000-tonne bulk sample scheduled to begin in mid-June and be completed in August.

Strathcona Mineral Services Ltd. of Toronto has been engaged as the independent Qualified Person to oversee and report on the Valley of the Kings Bulk Sample Program.

Assay results from underground drilling will be reported as they are received. Strathcona's report on the Bulk Sample Program is expected later in the year after compilation of all data.

For updated views of the bulk sample underground drilling program at the Valley of the Kings please visit the following link - http://media3.marketwire.com/docs/pvg606_F1-3.pdf.

The feasibility study for a 2,700 tonnes per day underground mine at Brucejack is nearing completion and is expected by the end of the month.

Table 1: Valley of the Kings Bulk Sample Drill Results, June 2013 (VU-01 to VU-07)(1,2,3)
Hole
No.
Collar
Coords.
Dip/
Azimuth
From
(meters)
To
(meters)
Interval
(meters)
Gold
(g/t)
Silver
(g/t)
Capping
VU-01(4) 6258007N
426599E
-0.3/
180
32.00 44.00 12.00 21.57 17.50
incl 42.75 43.25 0.50 388.00 279.00
incl 43.50 44.00 0.50 99.70 50.00
64.00 66.00 2.00 8.38 58.92
incl 65.60 66.00 0.40 31.10 22.10
VU-02 6258007N
426599E
-10.6/
180
27.00 44.50 17.50 17.25 25.07 1 Au sample cut
or 27.00 44.50 17.50 33.20 25.07 Uncut
incl 27.55 28.05 0.50 988.00 493.00 Uncut
incl 41.15 41.65 0.50 117.50 66.10
VU-03 6258007N
426599E
-22.7/
180
30.00 40.00 10.00 3.85 8.75
incl 30.00 30.50 0.50 42.30 65.50
VU-04 6258007N
426599E
13.9/
180
29.50 38.50 9.00 1.44 6.27
VU-05 6258007N
426599E
25.7/
180
29.00 42.00 13.00 1.65 6.76
VU-06 6258007N
426599E
35.0/
180
37.00 44.00 7.00 3.24 5.02
incl 40.00 41.57 1.57 10.64 9.32
VU-07 6258007N
426599E
-32.2/
179.5
30.00 45.50 15.50 10.07 18.22
incl 35.89 36.39 0.50 271.00 257.00
51.00 59.00 8.00 10.85 14.44
incl 53.95 54.45 0.50 140.00 57.60
(1) True thickness to be determined.
(2) Unless otherwise indicated as uncut, all gold assays over 421 g/t were cut to 421 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.
(4) Previously reported.

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 along strike and at depth. A feasibility study for a high-grade underground mine in Brucejack's Valley of the Kings is underway and expected this quarter.

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