Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

April 26, 2016 05:00 ET

Pretium Resources Inc.: Valley of the Kings Infill Drilling Continues to Intersect High Grade Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 26, 2016) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm" or the "Company") is pleased to report an eighth set of results from the underground infill drill program at the Brucejack Project's Valley of the Kings. Results continue to confirm the style and grade distribution of the Valley of the Kings gold mineralization in the area currently being tested, which includes the intersection of high grade and visible gold. Reported assays include five intersections grading greater than 1,000 grams per tonne gold as well as long intervals of gold mineralization. (See Table 1 below for assays.)

Selected drill highlights include:

  • Hole VU-644 intersected 59.13 grams of gold per tonne uncut over 38.04 meters, including 2,390 grams of gold per tonne uncut over 0.50 meters and 1,850 grams of gold per tonne uncut over 0.50 meters;

  • Hole VU-650 intersected 86.34 grams of gold per tonne uncut over 19.09 meters, including 3,280 grams of gold per tonne uncut over 0.50 meters;

  • Hole VU-658 intersected 55.87 grams of gold per tonne uncut over 9.48 meters, including 1,040 grams of gold per tonne uncut over 0.50 meters; and,

  • Hole VU-665 intersected 68.60 grams of gold per tonne uncut over 14.72 meters, including 1,975 grams of gold per tonne uncut over 0.50 meters.

Holes VU-644 was drilled from the 1350-meter drill bay while holes VU-650, VU-658 and VU-665 were drilled from the 1310-meter drill bay. To date results from 266 holes (46,956 meters) have been reported.

For a plan and section views of the reported drill fans please see the following link: http://media3.marketwire.com/docs/ccnmwebNreUpload1461626557924-16-14%20April%2026%202016%20Plans%20%20Section.pdf.

The 2015/2016 infill drill program is designed to target stope areas in years one through three of the current mine plan for the Valley of the Kings. Drilling is in progress with four drills turning and is expected to be completed by mid-May. When completed, roughly 200 vertical meters over a strike length of 250 meters will have been drilled at 7.5 to 10-meter centers. Assay results from drilling will continue to be reported as they are received.

Table 1: Selected Valley of the Kings Drill Results, April 2016 (VU-626 to VU-681)(1,2,3)
Hole
No.
Dip/
Azimuth
From
(meters)
To
(meters)
Interval (meters) Gold
(g/t)
Silver
(g/t)

Comments
1350 m Drill Bay - 426,706E/6,258,050N - 146 Azimuth
VU-640 -17/146 94.82 104.31 9.49 8.83 12.34
incl 94.82 95.32 0.50 145.00 56.40
VU-644 -7.5/146 73.96 112.00 38.04 17.59 59.32 2 samples cut
or 73.96 112.00 38.04 59.13 59.32 uncut
incl 75.00 76.00 1.00 38.60 46.30
incl 92.91 93.41 0.50 2,390 2,340
incl 93.41 93.91 0.50 42.20 45.10
incl 109.34 109.84 0.50 1,850 884.00
VU-652 2/146 45.26 45.88 0.62 17.25 728.00
VU-654 11.5/146 40.00 50.00 10.00 8.38 106.33
incl 47.10 47.60 0.50 132.00 112.00
VU-659 20/146 62.00 63.00 1.00 12.40 219.00
1270 m Drill Bay - 426,663E/6,258,075N - 171 Azimuth
VU-626 -32.5/171 82.00 83.00 1.00 22.40 8.80
153.00 154.00 1.00 28.70 11.00
VU-632 -27.5/171 110.76 116.93 6.17 7.81 7.35
incl 110.76 111.26 0.50 82.80 45.10
152.40 160.00 7.60 5.99 49.57
incl 155.00 156.00 1.00 12.15 30.60
incl 156.00 157.00 1.00 16.10 38.50
VU-641 -17.5/171 151.00 152.00 1.00 14.65 17.00
VU-651 -7.5/171 114.00 115.00 1.00 10.70 11.80
121.00 122.00 1.00 14.20 7.00
169.00 181.00 12.00 15.33 9.45
incl 170.58 171.08 0.50 352.00 130
VU-656 5/171 29.00 39.00 10.00 27.86 20.30 1 sample cut
or 29.00 39.00 10.00 34.56 20.30 uncut
incl 34.95 35.45 0.50 674.00 314.00
VU-663 35/171 88.00 94.20 6.20 8.99 6.30
incl 93.70 94.20 0.50 74.90 11.20
1260 m South Drill Bay - 426,529E/6,258,018N - 200 Azimuth
VU-657 -32/200 30.00 40.00 10.00 27.73 30.61 1 sample cut
or 30.00 40.00 10.00 40.88 30.61 uncut
incl 38.77 39.27 0.50 803.00 419.00
78.00 79.00 1.00 21.10 9.10
VU-661 -25/200 120.00 123.20 3.20 6.39 7.61
incl 122.20 122.70 0.50 19.05 7.90
VU-667 -18/200 105.00 110.40 5.40 7.22 7.25
incl 105.72 106.22 0.50 41.20 30.20
VU-675 -2/200 71.00 72.00 1.00 12.00 19.60
80.00 81.00 1.00 10.00 14.10
1310 m Drill Bay - 426,522E/6,258,139N - 198 Azimuth
VU-629 -40/198 96.00 99.00 3.00 9.96 13.77
incl 98.00 99.00 1.00 25.70 29.90
129.00 130.10 1.10 9.69 9.10
VU-634 -35/198 7.00 8.10 1.10 31.80 11.6
96.00 115.10 19.10 11.23 17.79
incl 96.00 96.60 0.60 25.10 13.1
incl 104.00 105.00 1.00 37.40 137
incl 114.60 115.10 0.50 304.00 229.00
VU-638 -30/198 97.00 98.00 1.00 17.85 7.60
VU-646 -25/198 130.00 131.00 1.00 8.44 9.40
VU-650 -20/198 0.00 3.00 3.00 36.83 31.27
incl 1.38 1.88 0.50 215.00 162.00
177.00 196.09 19.09 14.57 65.53 1 sample cut
or 177.00 196.09 19.09 86.34 65.53 uncut
incl 195.59 196.09 0.50 3,280 2,360
VU-658 -15/198 0.00 9.48 9.48 29.50 32.59 1 sample cut
or 0.00 9.48 9.48 55.87 32.59 uncut
incl 5.35 5.85 0.50 1,040 533.00
166.00 171.00 5.00 10.30 33.70
incl 168.00 169.00 1.00 46.80 54.20
VU-665 -10/198 166.28 181.00 14.72 19.86 55.18 1 sample cut
or 166.28 181.00 14.72 68.60 55.18 uncut
incl 166.28 166.78 0.50 1,975 1,450
VU-672 -5/198 162.00 175.38 13.38 7.35 15.35
incl 162.00 163.00 1.00 15.05 134.00
incl 174.88 175.38 0.50 156.00 45.00
VU-678 0/198 172.00 173.00 1.00 9.81 11.10
1350 m Drill Bay - 426,706E/6,258,050N - 138 Azimuth
VU-662 -22.5/138 67.00 68.00 1.00 44.50 9.80
97.00 112.00 15.00 9.18 13.47
incl 104.76 105.26 0.50 135.50 58.60
incl 109.37 109.87 0.50 111.00 206.00
VU-668 -13/138 80.00 81.69 1.69 8.85 47.45
VU-670 -3.5/138 70.29 99.14 28.85 12.97 24.11
incl 77.16 77.66 0.50 121.50 74.80
incl 98.14 98.64 0.50 541.00 350.00
VU-674 6/138 75.00 98.90 23.90 9.54 17.30
incl 98.40 98.90 0.50 361.00 85.90
VU-681 25/138 16.96 17.96 1.00 7.69 692.50
37.00 40.00 3.00 12.37 32.30
incl 38.00 39.00 1.00 28.20 34.60
(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.

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

    Pretium Resources Inc.
    Troy Shultz
    Investor Relations & Corporate Communications

    Pretium Resources Inc.
    Suite 2300, Four Bentall Centre, 1055 Dunsmuir Street
    PO Box 49334 Vancouver, BC V7X 1L4
    (604) 558-1784
    (877) 558-1784
    invest@pretivm.com