Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

May 12, 2016 05:00 ET

Pretium Resources Inc.: Valley of the Kings Infill Drilling Intersects 37,000 Grams Per Tonne Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 12, 2016) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm" or the "Company") is pleased to report a ninth 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 three intersections grading greater than 1,000 grams per tonne gold, including the bonanza-grade intercept in hole VU-722 which encountered 37,117 grams per tonne gold uncut over 0.5 meters, the second highest grading intercept encountered to date at the Project. The highest-grading intercept was from surface hole SU-452 which intersected 41,582 grams per tonne gold uncut over 0.5 meters in 2012. (See Table 1 below for assays.)

Selected drill highlights include:

  • Hole VU-722 intersected 1,161 grams of gold per tonne uncut over 16.0 meters, including 37,117 grams of gold per tonne uncut over 0.50 meters;
  • Hole VU-715 intersected 46.08 grams of gold per tonne uncut over 23.29 meters, including 2,100 grams of gold per tonne uncut over 0.50 meters; and,
  • Hole VU-698 intersected 29.67 grams of gold per tonne uncut over 40.0 meters, including 1,850 grams of gold per tonne uncut over 0.50 meters.

Holes VU-722 and hole VU-698 were drilled from the 1270-meter drill bay while hole VU-715 was drilled from the 1350-meter drill bay. To date results from 306 holes (53,685 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/1054538_Figure.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. The infill drill program is now complete and the final assays are currently being processed. Roughly 200 vertical meters over a strike length of 250 meters has 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, May 2016 (VU-666 to VU-739)(1,2,3)

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

Comments
1270 m Drill Bay - 426,663E/6,258,075N - 165 Azimuth
VU-666 -30/165 137.19 137.69 0.50 15.80 6.1
VU-676 -25/165 91.01 91.51 0.50 17.10 9.20
98.26 98.76 0.50 30.60 22.70
116.00 140.00 24.00 8.32 8.39
incl 120.03 120.53 0.50 209.00 168.00
incl 139.00 140.00 1.00 55.10 31.70
198.00 199.00 1.00 40.80 36.80
VU-683 -20/165 110.00 111.00 1.00 25.00 15.10
VU-688 -15/165 140.49 140.99 0.50 19.40 19.50
150.45 150.95 0.50 41.40 30.50
VU-694 -10/165 99.96 137.00 37.04 10.34 23.04
incl 99.96 100.46 0.50 248.00 73.70
incl 124.88 125.40 0.52 324.00 228.00
incl 136.00 137.00 1.00 19.30 23.60
VU-698 -5/165 93.00 133.00 40.00 13.30 23.16 1 sample cut
or 93.00 133.00 40.00 29.67 23.16 uncut
incl 110.48 110.98 0.50 1,850.00 549.00
incl 119.00 119.60 0.60 23.20 27.60
incl 119.60 120.10 0.50 16.50 16.20
incl 123.63 124.13 0.50 325.00 244.00
VU-713 27.5/165 82.00 89.40 7.40 12.67 124.37
1350 m Drill Bay - 426,706E/6,258,050N - 130 Azimuth
VU-686 -23/130 112.00 113.00 1.00 10.10 16.20
157.10 158.23 1.13 14.35 807.00
VU-690 -13.5/130 79.00 94.00 15.00 6.32 7.96
incl 79.00 80.00 1.00 17.10 21.30
incl 80.00 81.00 1.00 64.90 44.20
VU-695 -4/130 71.00 72.00 1.00 19.60 36.80
160.00 162.40 2.40 19.64 147.97
incl 161.20 161.70 0.50 52.50 375.00
incl 161.70 162.40 0.70 21.30 169.00
VU-700 5.5/130 108.00 118.00 10.00 7.74 49.56
incl 108.00 109.00 1.00 18.80 26.90
incl 114.94 115.44 0.50 40.40 34.50
incl 117.20 118.00 0.80 29.30 35.60
VU-704 15/130 50.00 51.00 1.00 8.79 11.50
97.00 98.00 1.00 8.64 23.50
137.45 137.95 0.50 13.00 701.00
VU-707 24.5/130 54.00 55.00 1.00 6.36 98.10
81.00 82.00 1.00 8.42 43.60
1260 m South Drill Bay - 426,529E/6,258,018N - 210 Azimuth
VU-679 -2/210 61.90 64.60 2.70 14.55 16.33
incl 62.90 63.40 0.50 57.60 56.50
100.00 101.00 1.00 13.65 12.50
VU-684 -10/210 65.00 66.00 1.00 18.25 9.20
VU-689 -18/210 81.73 82.23 0.50 10.40 17.50
120.00 121.00 1.00 9.52 13.50
VU-693 -25/210 82.00 83.00 1.00 7.65 4.00
114.00 115.00 1.00 14.70 9.40
VU-697 -33/210 14.50 15.00 0.50 9.05 10.10
1260 m South Drill Bay - 426,529E/6,258,018N - 220 Azimuth
VU-701 -26/220 97.75 98.25 0.50 9.53 13.40
VU-709 -18/220 79.00 80.00 1.00 14.25 13.40
137.00 137.50 0.50 10.25 14.40
VU-716 -10/220 70.00 75.00 5.00 6.17 15.16
incl 71.20 71.70 0.50 46.10 73.20
128.00 129.00 1.00 6.64 7.70
1270 m Drill Bay - 426,663E/6,258,075N - 157 Azimuth
VU-717 -26/157 117.02 122.00 4.98 11.56 6.68
incl 119.42 119.92 0.50 101.50 38.20
182.00 183.00 1.00 27.00 11.10
VU-720 -20/157 152.00 166.00 14.00 27.61 40.61 1 sample cut
or 152.00 166.00 14.00 39.65 40.61 uncut
incl 152.00 153.00 1.00 18.40 29.40
incl 158.22 158.72 0.50 131.00 76.00
incl 161.32 161.82 0.50 877.00 756.00
VU-722 -14/157 67.40 67.90 0.50 57.70 27.50
165.00 181.00 16.00 17.74 671.85 1 sample cut
or 165.00 181.00 16.00 1,160.77 671.85 uncut
incl 165.64 166.14 0.50 37,117.00 21,301
VU-726 -8/157 149.00 164.05 15.05 15.85 11.77
incl 150.06 150.56 0.50 455.00 226.00
VU-730 -2/157 118.00 136.71 18.71 6.01 14.73
incl 119.13 119.63 0.50 41.70 46.50
incl 122.09 122.59 0.50 35.30 22.00
incl 134.27 134.77 0.50 28.60 11.30
incl 134.77 135.30 0.53 22.90 24.20
175.08 175.58 0.50 42.00 76.40
VU-738 20/157 55.00 56.00 1.00 5.78 8.6
VU-739 35/157 91.00 97.00 6.00 9.82 36.65
incl 94.70 95.20 0.50 96.60 96.00
1350 m Drill Bay - 426,706E/6,258,050N - 122 Azimuth
VU-715 -10.5/122 135.31 158.60 23.29 12.59 34.52 1 sample cut
or 135.31 158.60 23.29 46.08 34.52 uncut
incl 143.76 144.26 0.50 2,100.00 1,190
VU-719 -1/122 138.35 142.50 4.15 49.98 49.17
incl 138.35 138.85 0.50 258.00 256.00
incl 138.85 139.35 0.50 87.80 41.90
incl 139.35 139.85 0.50 24.60 25.40
incl 140.35 140.85 0.50 25.90 23.50
VU-725 18/122 118.71 119.21 0.50 15.95 18.30
VU-731 8.5/122 72.00 80.00 8.00 17.44 26.46
incl 73.85 74.35 0.50 232.00 204.00
incl 75.35 75.85 0.50 29.10 66.30
1260 m South Drill Bay - 426,529E/6,258,018N - 225 Azimuth
VU-721 -10/225 71.18 71.68 0.50 13.40 10.30
144.00 145.00 1.00 13.75 5.80
VU-724 -22/225 94.49 94.99 0.50 96.80 81.10
(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