VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 3, 2014) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to announce that additional results from surface drilling have confirmed the continuity of mineralization in the Valley of the Kings beneath the area defined by the 2013 Mineral Resource estimate. (See Table 1 below for assays.)
The gold mineralization intersected in the two deep geological holes SU-628 (750 meters) and SU-629 (958 meters) was encountered in the stockwork system associated with the latite dyke intersected by hole SU-627 (1,158 meters) previously reported (see news release dated June 4, 2014). Results from the three holes, all collared from the same location near the Brucejack camp and drilled to the south, confirm the vertical extension of gold mineralization below the block model for the December 2013 Valley of the Kings Mineral Resource estimate. Hole SU-629 ended in mineralization. Hole SU-630, an additional 640-meter hole drilled from the same collar, confirmed the extension of mineralization to the east.
For plan and section views of the surface drill program shown in relation to the 2013 Valley of the Kings Mineral Resource estimate please see the following link: http://media3.marketwire.com/docs/955618-F1.pdf.
An initial surface drill program of 5,000 meters targeting a deep zone of Indicated mineral resources in the Valley of the Kings is now underway. The underground drilling from the 1345-level access ramp is planned to commence in September after the installation of a new water treatment plant, which is in progress.
Assay results from drilling will continue to be reported as they are received.
| Table 1: Selected Valley of the Kings Drill Results, July 2014 (SU-627 to SU-630)(1,2,3) | |||||||
| Hole No. |
Dip/ Azimuth |
From (meters) |
To (meters) |
Interval (meters) |
Gold (g/t) |
Silver (g/t) |
|
| SU-627(4) | -65/180 | 513.00 | 523.93 | 10.93 | 43.57 | 29.22 | |
| incl | 522.22 | 523.93 | 1.71 | 270.42 | 92.63 | ||
| or | 522.22 | 522.72 | 0.50 | 531.00 | 200.00 | ||
| or | 522.72 | 523.22 | 0.50 | 156.00 | 65.10 | ||
| or | 523.22 | 523.93 | 0.71 | 167.50 | 36.40 | ||
| 585.85 | 586.35 | 0.50 | 26.00 | 37.70 | |||
| 712.12 | 712.62 | 0.50 | 5.54 | 881.00 | |||
| 944.50 | 946.00 | 1.50 | 5.97 | 2.00 | |||
| 1,006.00 | 1,007.50 | 1.50 | 6.22 | 2.10 | |||
| 1,066.00 | 1,069.00 | 3.00 | 3.01 | 3.05 | |||
| 1,120.00 | 1,121.50 | 1.50 | 5.21 | 2.30 | |||
| SU-628 | -58/180 | incl | 33.50 | 45.50 | 12.00 | 5.42 | 5.15 |
| 44.00 | 45.50 | 1.50 | 36.20 | 12.40 | |||
| 318.21 | 318.71 | 0.50 | 17.95 | 19.20 | |||
| 723.00 | 724.00 | 1.00 | 5.84 | 5.20 | |||
| SU-629(5) | -50/195 | 453.50 | 457.75 | 4.25 | 1.98 | 107.14 | |
| 957.00 | 958.50 | 1.50 | 19.05 | 8.20 | |||
| SU-630 | -60/160 | 23.00 | 28.00 | 5.00 | 17.34 | 6.96 | |
| incl | 25.00 | 26.00 | 1.00 | 75.60 | 22.50 | ||
| 98.00 | 103.00 | 5.00 | 5.12 | 9.76 | |||
| incl | 100.00 | 101.00 | 1.00 | 14.20 | 14.60 | ||
| 337.00 | 338.50 | 1.50 | 32.50 | 25.50 | |||
| 357.50 | 358.50 | 1.00 | 11.35 | 5.50 | |||
| 378.25 | 378.75 | 0.50 | 11.10 | 328.00 | |||
| 452.50 | 455.50 | 3.00 | 2.94 | 434.50 | |||
| (1) | True thickness to be determined. |
| (2) | Unless otherwise indicated as uncut, all gold assays over 540 g/t were cut to 540 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 half split core assayed at ALS Chemex in Vancouver, B.C. |
| (4) | Previously reported. |
| (5) | Hole ended in mineralization. |
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 advancing its 100%-owned Brucejack Project in northern British Columbia to production as a high-grade gold underground mine. Based on the results of the June 2014 Feasibility Study, Brucejack is expected to produce an average of 504,000 ounces of gold a year over the first 8 years and 404,000 ounces of gold a year over the 18-year mine life. Brucejack's Valley of the Kings hosts Proven and Probable reserves totalling 6.9 million ounces of gold (13.6 million tonnes grading 15.7 grams of gold per tonne). Commercial production at Brucejack is targeted for 2017.
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, information with respect to our planned exploration and development activities, the adequacy of Pretivm's financial resources, the estimation of mineral reserves and resources including the 2013 Valley of the Kings Mineral Resource estimate, realization of mineral reserve and resource estimates and 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", "targets" 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 Annual Information Form dated March 31, 2014 filed on SEDAR at www.sedar.com and in the United States on Form 40-F 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:
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