Pretium Resources Inc.
TSX : PVG

Pretium Resources Inc.

September 12, 2011 05:00 ET

Pretium Resources Inc.: Valley of the Kings Drilling Continues to Demonstrate Continuity of High-Grade Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 12, 2011) - Pretium Resources Inc. ("Pretivm") (TSX:PVG) is pleased to report results from the Brucejack Project where ongoing drilling in the Valley of the Kings Zone continues to demonstrate the continuity of high-grade gold mineralization. (See Table 1 for the most recent 15 holes.)

Valley of the Kings Zone

Selected highlights include:

  • Hole SU-195 intersected 0.5 meters with uncut grades of 5,740 grams of gold and 2,750 grams of silver per tonne (1.6 feet averaging 167.4 ounces gold and 80.2 ounces of silver per ton);
  • Hole SU-193 intersected 1.5 meters with uncut grades of 1,040 grams of gold per tonne (4.9 feet averaging 30.3 ounces gold per ton).

In addition to these bonanza-grade intercepts, drilling continues to intersect significant gold mineralization over broad widths. Hole SU-193 noted above encountered additional mineralization at depth grading 7.2 grams per tonne gold over 43 meters, including 1.5 meters with an uncut grade of 268 grams per tonne gold. Hole SU-200, collared 300 meters to the northeast of hole SU-193, intersected 15.5 meters grading 13.3 grams per tonne gold, including 1.5 meters with an uncut grade of 399 grams per tonne gold. These results demonstrate that many of the high-grade intersections occur within wide zones of economically significant lower-grade gold mineralization. There are now seven drills turning in the Valley of the Kings Zone.

Other Zones

We are continuing to define the high-grade structures in the Gossan Hill Zone. Hole SU-201 intersected 1.5 meters with an uncut grade of 168.5 grams per tonne gold. Hole SU-207 intersected 48.5 meters grading 7.7 grams per tonne gold, which included higher-grade intervals of 0.5 meters with an uncut grade of 350 grams per tonne gold, and 1.5 meters with an uncut grade of 224 grams per tonne gold.

Drilling in the Golden Marmot Zone, located three and a half kilometers north of the Valley of the Kings Zone, has identified a new high-grade structure. Hole SU-197, the first hole drilled in the Golden Marmot Zone, intersected 1.3 meters grading 23 grams per tonne gold within a wider zone of 17.3 meters grading 2.8 grams per tonne gold.

Pretivm has now completed over 58,000 meters of the planned 70,000-meter drill program on the Brucejack Project. Eight drills are on site, and the Valley of the Kings Zone remains a major focus. Assay results for completed drilling will be reported as they are received.

Table 1: Selected Brucejack Project Drill Results, September 2011 (SU-193 to SU-207)(1,4)

Hole
No.
Collar
Coords.
Dip/
Azimuth
From
(m)
To
(m)
Inter-
val
(m)
Gold
(g/t)
Silver
(g/t)
Capping(2)
VALLEY OF THE KINGS ZONE
SU-193 6257711N
426255E
-50/35 84.5 122.5 38.0 6.11 3.7 1 Au sample cut
incl. 93.5 95.0 1.5 1,040.0 29.5 uncut
186.0 192.0 6.0 6.18 6.5
incl. 186.0 187.5 1.5 18.95 12.3
298.0 341.0 43.0 7.25 8.3 2 Au samples cut
incl. 298.0 299.54 1.54 268.0 47.6 uncut
incl. 312.0 312.5 0.5 331.0 85.9 uncut
673.99 683.5 9.51 7.68 8.2 1 Au sample cut
incl. 673.99 674.49 0.5 223.0 132 uncut
SU-194 6257972N
426376E
-52/360 13.5 108.5 95.0 1.10 10.3
incl. 105.48 107 1.52 26.0 48.3
SU-195 6257766N
426641E
-50/360 149.77 173.5 23.73 1.67 13.7
332.7 349.89 17.19 9.49 75.0 3 Au samples cut
incl. 332.7 333.2 0.5 46.0 50 uncut
incl. 339.69 340.19 0.5 632.0 323 uncut
incl. 349.39 349.89 0.5 5,740.0 2,750 uncut
401.0 449.5 48.5 1.08 3.9
SU-196 6258041N
426342E
-50/360 7.5 102.9 95.4 0.75 7.7
145.0 197.0 52.0 1.76 12.1
SU-200 6257991N
426311E
-45/360 14.0 29.5 15.5 13.29 25.1 1 Au sample cut
incl. 20.5 22.0 1.5 399.0 154.0 uncut
176.0 235.0 59.0 1.19 6.5
incl. 234.5 235.0 0.5 20.5 7.8
SU-204 6257741N
426600E
-54/360 41.0 44.0 3.0 13.6 13.6
148.7 149.2 0.5 1.60 1,350
342.5 480.0 137.5 1.0 6.8
SU-205 6257972N
426376E
-58/360 81.0 103.0 22.0 0.82 11.5
252.0 287.0 35.0 2.07 10.0
incl. 258.6 259.1 0.5 121.0 63.0 uncut
324.5 339.5 15.0 3.17 5.8
incl. 330.5 332.0 1.5 17.15 35.7
SU-206 6257967N
426327E
-45/360 251.5 310.0 58.5 1.02 5.7
356.0 362.5 6.5 12.62 8.3
incl. 359.0 361.2 2.2 31.46 16.5
GOSSAN HILL ZONE
SU-198 6259131N
426532E
-50/360 63.0 93.0 30.0 1.47 10.9
240.5 242.0 1.5 14.8 10.2
SU-201 6259131N
426532E
-62/360 52.0 53.5 1.5 168.5 94.1 uncut
285.5 313.5 28.0 0.83 3.8
SU-207 6258844N
426600E
-45/360 179.0 227.5 48.5 7.7 22.3 2 Au samples cut
incl. 204.6 205.1 0.5 350.0 740.0 uncut
incl. 209.5 211.0 1.5 224.0 153.0 uncut
WATERLOO ZONE
SU-199 6258127N
425954E
-52/45 33.0 73.5 40.5 1.09 5.1
SU-203 87.5 112.0 24.5 1.14 5.5
GALENA HILL ZONE
SU-202(3) 6258127N
426495E
-45/180 60.0 70.8 10.8 2.09 8.9
480.8 481.3 0.5 73.8 52.1 uncut
519.0 538.6 19.6 1.01 4.5
GOLDEN MARMOT
SU-197 6261340N
425365E
-50/45 403.7 421.0 17.3 2.78 10.0
incl. 419.7 421.0 1.3 23.10 34.2
(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)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 open pit 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