Pretium Resources Inc.
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NYSE : PVG

Pretium Resources Inc.

May 31, 2016 05:00 ET

Pretium Resources Inc.: Valley of the Kings Infill Drilling Concludes With More High-Grade Gold Mineralization

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 31, 2016) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm" or the "Company") is pleased to report the remaining results from the underground infill drill program at the Brucejack Project's Valley of the Kings, including six intersections grading greater than 1,000 grams per tonne gold within long intervals of significant gold mineralization. (See Table 1 below for assays.) The 2015/2016 infill drill program was successful in confirming the style and grade distribution of the gold mineralization in the area that was tested. The results from the 2015/2016 infill drill program and a revised geological interpretation are being compiled and will be incorporated into an updated resource estimate for the Valley of the Kings.

Selected drill highlights include:

  • Hole VU-746 intersected 149.95 grams of gold per tonne uncut over 31.0 meters, including 9,200 grams of gold per tonne uncut over 0.50 meters;

  • Hole VU-749 intersected 69.66 grams of gold per tonne uncut over 23.3 meters, including 2,260 grams of gold per tonne uncut over 0.50 meters;

  • Hole VU-762 intersected 70.93 grams of gold per tonne uncut over 16.0 meters, including 2,140 grams of gold per tonne uncut over 0.50 meters;

  • Hole VU-696 intersected 50.31 grams of gold per tonne uncut over 17.0 meters, including 1,510 grams of gold per tonne uncut over 0.50 meters;

  • Hole VU-748 intersected 30.73 grams of gold per tonne uncut over 21.37 meters, including 1,245 grams of gold per tonne uncut over 0.50 meters; and,

  • Hole VU-756 intersected 21.07 grams of gold per tonne uncut over 33.0 meters, including 1,130 grams of gold per tonne uncut over 0.50 meters.

Holes VU-746 and VU-748 were drilled from the 1260-meter drill bay, holes VU-749 and VU-756 were drilled from the 1350-meter drill bay, hole VU-696 was drilled from the 1310-meter drill bay, while hole VU-762 was drilled from the 1270-meter drill bay while.

For a plan and section views of the reported drill fans please see the following link: http://media3.marketwire.com/docs/1057055_Map.pdf.

The 2015/2016 infill drill program was designed to target the stope areas in years one through three of the current mine plan for the Valley of the Kings. An area of roughly 200 vertical meters over a strike length of 250 meters has been drilled at 7.5 to 10-meter centers. A total of 63,444 meters in 364 drill holes returned 49 intersections grading greater than 1,000 grams of gold per tonne, including the bonanza-grade intercept in hole VU-722 which encountered 37,117 grams of gold per tonne uncut over 0.5 meters (see news release dated May 12, 2016).

Table 1: Selected Valley of the Kings Drill Results, May 2016 (VU-664 to VU-773)(1,2,3)

Hole
No.
Dip/
Azimuth
From
(meters)
To
(meters)
Interval
(meters)
Gold
(g/t)
Silver
(g/t)

Comments
1310 m Drill Bay - 426,522E/6,258,139N - 204 Azimuth
VU-696 -32.5/204 105.00 122.00 17.00 21.78 20.85 1 sample cut
or 105.00 122.00 17.00 50.31 20.85 uncut
incl 105.88 106.38 0.50 183.00 159.00
incl 115.34 115.84 0.50 1,510 409.00
VU-702 -27.5/204 120.00 121.00 1.00 23.80 25.40
171.00 172.00 1.00 11.60 8.10
VU-708 -22.5/204 115.50 132.00 16.50 15.20 16.59
incl 115.50 116.00 0.50 42.00 23.40
incl 119.12 119.62 0.50 412.00 268.00
182.99 183.49 0.50 19.45 19.80
VU-718 -17.5/204 120.14 120.64 0.50 62.60 37.90
173.00 174.00 1.00 9.32 32.40
VU-723 -12.5/204 109.96 124.00 14.04 14.84 15.16
incl 109.96 110.46 0.50 125.00 147.00
incl 115.62 116.12 0.50 271.00 148.00
163.78 164.28 0.50 25.90 12.80
VU-728 -7.5/204 66.50 67.00 0.50 239.00 136.00
111.13 111.63 0.50 48.00 59.00
VU-735 -2.5/204 136.00 137.20 1.20 8.64 10.80
1260 m South Drill Bay - 426,529E/6,258,018N - 185 Azimuth
VU-729 -36/185 21.60 24.00 2.40 15.99 45.29
incl 22.85 23.35 0.50 49.10 55.20
87.00 96.00 9.00 31.18 10.19
incl 87.99 88.49 0.50 541.00 106.00
VU-732 -28/185 119.00 120.00 1.00 8.77 4.80
131.00 132.00 1.00 8.07 3.50
VU-737 -21/185 94.00 95.00 1.00 7.85 17.50
1260 m South Drill Bay - 426,529E/6,258,018N - 190 Azimuth
VU-741 -39/190 23.00 23.95 0.95 14.70 262.00
23.95 24.45 0.50 74.70 358.00
1260 m South Drill Bay - 426,529E/6,258,018N - 195 Azimuth
VU-746 -37/195 23.00 54.00 31.00 10.28 123.70 1 sample cut
or 23.00 54.00 31.00 149.95 123.70 uncut
incl 29.40 29.90 0.50 9,200 5,500
incl 41.80 43.00 1.20 6.92 15.90
incl 52.00 53.00 1.00 6.94 663.00
67.00 67.78 0.78 52.70 11.60
101.00 113.00 12.00 24.12 15.43
incl 101.00 102.00 1.00 282.00 154.00
VU-748 -29/195 20.00 41.37 21.37 14.23 38.09 1 sample cut
or 20.00 41.37 21.37 30.73 38.09 uncut
incl 27.00 28.00 1.00 9.02 8.10
incl 29.52 30.02 0.50 1,245 977.00
incl 39.00 40.00 1.00 5.21 16.40
99.98 100.48 0.50 27.00 87.60
140.00 141.00 1.00 22.70 17.60
VU-752 -21/195 40.11 41.20 1.09 70.80 39.10
69.00 80.00 11.00 16.05 8.35
incl 69.00 70.00 1.00 23.00 6.10
incl 70.00 71.00 1.00 144.00 51.60
VU-755 -14/195 67.40 68.18 0.78 19.15 26.50
1310 m Drill Bay - 426,522E/6,258,139N - 210 Azimuth
VU-750 -30/210 3.00 4.00 1.00 21.30 7.10
98.00 106.61 8.61 31.83 27.38 1 sample cut
or 98.00 106.61 8.61 34.50 27.38 uncut
incl 106.11 106.61 0.50 586.00 299.00
VU-753 -25/210 112.00 117.00 5.00 15.57 13.05
incl 114.42 114.92 0.50 130.00 57.40
165.40 165.90 0.50 300.00 245.00
VU-757 -20/210 91.04 91.54 0.50 10.75 7.00
195.05 195.55 0.50 60.40 5.4
VU-760 -15/210 91.00 92.00 1.00 17.20 46.00
99.88 100.38 0.50 19.45 30.30
183.00 184.00 1.00 11.60 4.30
VU-763 -10/210 99.00 118.00 19.00 15.21 19.43 1 sample cut
or 99.00 118.00 19.00 17.31 19.43 uncut
incl 99.00 100.00 1.00 13.75 8.50
incl 116.94 117.44 0.50 620.00 466.00
VU-765 -5/210 89.00 90.00 1.00 8.17 11.40
VU-771 5/210 43.00 47.72 4.72 6.42 8.43
incl 47.22 47.72 0.50 44.40 53.80
1270 m Drill Bay - 426,663E/6,258,075N - 151 Azimuth
VU-743 -30/151 165.00 166.00 1.00 18.70 34.10
VU-747 -24/151 98.00 99.00 1.00 7.97 9.40
149.00 150.00 1.00 6.41 29.80
VU-751 -18/151 118.00 126.38 8.38 17.30 42.96
incl 125.88 126.38 0.50 221.00 332.00
164.74 184.00 19.26 15.43 24.01
incl 165.24 165.74 0.50 19.05 30.20
incl 178.20 178.70 0.50 522.00 251.00
VU-754 -12/151 157.00 157.90 0.90 7.78 22.50
VU-759 -6/151 15.00 16.00 1.00 8.99 8.70
VU-762 0/151 151.00 167.00 16.00 20.93 84.37 1 sample cut
or 151.00 167.00 16.00 70.93 84.37 uncut
incl 153.60 154.10 0.50 42.50 69.90
incl 164.22 164.72 0.50 2,140 2,200
VU-766 5/151 111.15 127.00 15.85 12.41 52.74
incl 117.20 118.32 1.12 49.00 128.00
incl 125.76 126.26 0.50 245.00 90.20
138.00 143.00 5.00 10.16 12.16
incl 141.00 142.00 1.00 15.60 22.20
VU-770 12.5/151 96.00 104.80 8.80 7.83 9.23 EOH
incl 102.00 102.94 0.94 64.00 37.90
VU-773 27.5/151 94.21 104.30 10.09 10.02 24.19 EOH
incl 94.21 94.71 0.50 26.80 10.40
incl 103.10 104.30 1.20 52.80 23.30 EOH
1350 m East Drill Bay - 426,706E/6,258,050N - 114 Azimuth
VU-740 4.5/114 127.00 128.00 1.00 21.30 78.10
161.20 184.70 23.50 7.42 369.70
incl 164.25 164.75 0.50 27.90 1,690.00
incl 164.75 165.25 0.50 20.60 993.00
incl 173.70 174.20 0.50 43.10 2,250.00
incl 174.20 174.70 0.50 46.10 2,230.00
incl 181.70 182.20 0.50 52.10 2,930.00
incl 182.20 182.70 0.50 42.20 2,030.00
incl 182.70 183.20 0.50 15.00 922.00
incl 183.70 184.20 0.50 20.70 1,210.00
VU-744 11.5/114 143.25 143.75 0.50 18.20 24.30
VU-749 18.5/114 14.00 15.00 1.00 9.85 148.00
124.00 147.30 23.30 32.75 40.52 1 sample cut
or 124.00 147.30 23.30 69.66 40.52 uncut
incl 138.00 139.00 1.00 31.30 16.50
incl 142.00 143.00 1.00 112.50 37.90
incl 144.70 145.20 0.50 202.00 173.00
incl 145.70 146.20 0.50 2,260 873.00
incl 146.20 146.70 0.50 473.00 366.00
1350 m West Drill Bay - 426,680E/6,258,063N - 290 Azimuth
VU-756 51/290 61.00 94.00 33.00 12.13 30.59 1 sample cut
or 61.00 94.00 33.00 21.07 30.59 uncut
incl 62.53 63.03 0.50 31.00 23.30
incl 65.00 66.00 1.00 19.70 12.30
incl 74.00 75.00 1.00 18.00 127.00
incl 88.80 89.30 0.50 1,130 619.00
VU-758 40/290 60.00 86.00 26.00 14.22 18.74
incl 62.85 63.35 0.50 182.00 154.00
incl 67.00 68.00 1.00 40.50 18.50
incl 71.00 72.00 1.00 60.10 36.40
incl 72.00 72.65 0.65 38.30 37.20
incl 73.65 74.15 0.50 19.25 29.50
incl 74.15 74.65 0.50 41.00 33.70
incl 77.00 77.70 0.70 61.70 36.70
incl 78.96 79.46 0.50 37.80 52.60
VU-761 28/290 97.35 108.56 11.21 6.50 8.37
incl 97.35 97.85 0.50 115.00 79.30
VU-764 65/290 34.00 38.00 4.00 20.56 44.63
incl 36.43 36.93 0.50 60.60 83.00
incl 36.93 38.00 1.07 47.10 98.40
63.00 76.66 13.66 5.50 60.54
incl 63.00 64.00 1.00 39.60 23.90
incl 67.00 68.00 1.00 9.57 13.50
incl 76.16 76.66 0.50 9.19 28.60
91.49 91.99 0.50 9.06 41.50
1350 m West Drill Bay - 426,680E/6,258,063N - 272 Azimuth
VU-767 28/272 45.00 48.00 3.00 6.91 29.55
incl 46.00 46.53 0.53 32.00 24.40
VU-769 41/272 46.00 46.60 0.60 10.15 249.00
53.00 54.00 1.00 5.58 7.90
56.00 57.00 1.00 6.91 5.70
58.00 59.00 1.00 11.55 7.70
VU-772 54/272 59.25 59.75 0.50 9.83 6.70
60.31 60.81 0.50 5.39 13.00
1260 m East Drill Bay - 426,537E/6,258,032N - 21 Azimuth
VU-655 -62.5/21 8.00 11.00 3.00 20.14 14.27
10.00 11.00 1.00 57.40 22.40
97.00 112.10 15.10 15.38 23.27
incl 97.00 98.00 1.00 31.50 18.90
incl 111.10 111.60 0.50 123.50 55.40
incl 111.60 112.10 0.50 249.00 293.00
265.00 266.00 1.00 19.80 11.60
1260 m East Drill Bay - 426,537E/6,258,032N - 6 Azimuth
VU-664 -60/6 22.03 22.53 0.50 9.83 3.10
63.00 68.00 5.00 12.94 9.62
incl 64.00 65.00 1.00 51.70 24.80
93.95 96.00 2.05 10.16 5.58
incl 93.95 94.45 0.50 29.70 3.90
238.00 253.00 15.00 13.82 14.06
incl 244.75 245.25 0.50 365.00 276.00
1260 m East Drill Bay - 426,537E/6,258,032N - 351 Azimuth
VU-669 -65/351 78.00 83.00 5.00 8.47 10.89
incl 81.82 82.32 0.50 80.60 93.00
VU-673 -73/351 21.00 22.00 1.00 18.80 9.50
40.00 44.24 4.24 6.91 40.12
incl 40.00 41.00 1.00 21.40 82.20
VU-692 -67/351 20.00 21.00 1.00 8.95 44.40
64.00 71.00 7.00 23.24 22.54
incl 66.00 67.00 1.00 158.5 138.00
256.60 257.10 0.50 20.50 11.10
1260 m East Drill Bay - 426,537E/6,258,032N - 29 Azimuth
VU-687 -33/29 74.00 77.00 3.00 92.70 74.53 1 sample cut
or 74.00 77.00 3.00 102.04 74.53 uncut
incl 75.88 76.38 0.50 596.00 428.00
1260 m East Drill Bay - 426,537E/6,258,032N - 44 Azimuth
VU-699 24/44 68.24 68.74 0.50 128.50 153.00
VU-703 -15/44 20.00 21.55 1.55 8.54 9.46
VU-706 -33/44 5.00 34.74 29.74 20.06 20.85
incl 6.94 7.44 0.50 62.80 34.00
incl 12.14 12.64 0.50 373.00 139.00
incl 17.00 18.00 1.00 225.00 149.00
incl 22.46 22.96 0.50 388.00 140.00
66.00 67.00 1.00 60.10 36.80
1260 m East Drill Bay - 426,537E/6,258,032N - 55 Azimuth
VU-711 -15/55 25.32 33.00 7.68 8.80 16.90
88.00 90.00 2.00 18.89 10.30
incl 89.00 90.00 1.00 32.10 16.00
VU-714 -33/55 31.00 39.55 8.55 8.35 34.08
incl 35.67 36.17 0.50 113.00 85.60
(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 one in 20 samples had a sample cut from assay rejects assayed as a field duplicate at ALS Chemex in North Vancouver, B.C. Whole core (core not split) is being assayed as part of the underground infill drill program.

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 constructing a high-grade underground gold mine at its Brucejack Project in northern British Columbia with commercial production targeted for 2017.

(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. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continues," "estimates," "expects," and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. 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 and the Brucejack Mineral Reserve 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 28, 2016 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

  • Pretium Resources Inc.
    Joseph Ovsenek
    President
    (604) 558-1784 / (877) 558-1784

    Pretium Resources Inc.
    Troy Shultz
    Manager, Investor Relations & Corporate Communications
    (604) 558-1784 / (877) 558-1784
    invest@pretivm.com