Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

April 30, 2012 05:00 ET

Pretium Resources Inc.: Valley of the Kings Intersects 9,110 g/t Gold as Drilling Resumes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2012) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report initial results from the 2012 drill program at its high-grade gold Brucejack Project in northern British Columbia (see Table 1 below for assays).

Selected highlights from the Valley of the Kings include:

  • Hole SU-316 intersected 9,110 grams of gold per tonne over 0.5 meters (266 ounces gold per ton over 1.6 feet) and 1,035 grams of gold per tonne over 0.8 meters (30 ounces gold per ton over 2.6 feet);

  • Hole SU-318 intersected 1,490 grams of gold per tonne over 0.7 meters (43 ounces gold per ton over 2.3 feet).

2012 Drill Program

An initial 25,000-meter in-fill drill program is underway with seven drills turning and numerous intersections of electrum encountered to date. The first drill holes of the 2012 drill program continue to build on the success of the 2011 drill program with a focus on delineating the eastern end of the Valley of the Kings and testing for extension of the zone to the east. The primary objective of the 2012 drill program is to increase drill density at the Valley of the Kings to upgrade Inferred gold resources to the Indicated resource category in support of the feasibility study underway.

An updated high-grade resource estimate based on the initial 2012 drill program is anticipated in the third quarter. Planning is underway for an expanded drill program anticipated to commence this summer on completion of the in-fill drill program to test extensions of the Valley of the Kings along strike and at depth as well as test the six other high-grade gold zones identified to date, but not included in the high-grade resource estimate.

Table 1: Selected Brucejack Project Drill Results, April 2012 (SU-289 to SU-310, 316, 318 and 320)(1,4)
Hole
No.
Collar Coords. Dip/
Azimuth
From
(meters)
To
(meters)
Interval (meters) Gold
(g/t)
Silver
(g/t)

Capping(2)
VALLEY OF THE KINGS ZONE
SU-289 6258061N
426645E
-75/180 297.5 309.5 12.0 5.28 10.04
incl 308.0 309.5 1.5 38.20 39.90
SU-291 6258061N
426645E
-65/180 25.72 26.42 0.7 10.85 141.00
199.5 202.0 2.5 7.30 29.59
235.0 238.0 3.0 6.40 15.05
280.5 282.0 1.5 9.31 4.10
338.0 339.5 1.5 12.55 14.20
SU-293 6257945N
426797E
-65/284 126.25 127.5 1.25 15.65 10.80
210.5 212.0 1.5 24.70 25.90
294.5 305.88 11.38 6.66 9.36
incl 296.0 297.5 1.5 24.20 12.60
381.0 387.5 6.5 9.66 407.64
incl 383.43 386.24 2.81 17.60 323.58
SU-294 6258061N
426645E
-55/180 166.5 171.0 4.5 4.09 14.63
SU-296 6257945N
426797E
-75/284 250.0 253.0 3.0 13.04 16.50
SU-297 6258100N
426537E
-45/180 104.5 106.0 1.5 53.00 62.80
203.5 218.5 15.0 6.94 10.56
incl 217.0 218.5 1.5 58.90 44.90
374.5 376.0 1.5 26.00 68.50
SU-299 6257830N
426535E
-45/360 66.67 67.17 0.5 4.00 1,180
219.5 221.0 1.5 29.50 50.80
286.88 288.11 1.23 14.05 5.70
SU-301 6258100N
426537E
-65/180 269.0 273.5 4.5 13.49 11.47
347.66 348.16 0.5 146.50 96.00
SU-302 6257955N
426595E
-60/284 298.0 305.0 7.0 6.93 12.99
incl 298.78 299.28 0.5 22.50 14.20
SU-303 6258100N
426587E
-45/180 144.86 145.36 0.5 74.10 91.10
174.5 182.0 7.5 23.02 42.90
incl 180.5 182.0 1.5 106.50 182.00
SU-304 6258223N
426406E
-75/145 302.5 303.66 1.16 120.00 97.00
SU-305 6258100N
426562E
-45/180 368.0 369.5 1.5 2.48 791.00
SU-306 6257761N
426267E
-50/30 138.09 138.59 0.5 35.60 18.80
216.44 218.0 1.56 19.75 20.90
SU-307 6257833N
426525E
-65/360 56.5 59.5 3.0 7.84 70.70
88.87 89.41 0.54 234.00 745.00
155.5 157.0 1.5 43.90 29.50
SU-310 6258100N
426562E
-55/180 162.0 167.5 5.5 26.06 18.23
incl 164.4 164.9 0.5 102.00 75.7
191.66 196.67 5.01 12.28 8.92
incl 196.17 196.67 0.5 84.00 39.70
SU-316(3) 6257930N
426473E
-75/30 302.62 326.75 24.13 29.71 119.66 2 Gold samples cut
302.62 326.75 24.13 225.85 119.66 Uncut
incl 302.62 303.12 0.5 9,110 4,030 Uncut
325.95 326.75 0.8 1,035 781 Uncut
SU-318(3) 6257857N
426500E
-70/270 29.5 36.75 7.25 3.06 45.14
61.41 71.0 9.59 42.38 68.58 1 Gold sample cut
61.41 71.0 9.59 114.64 68.58 Uncut
61.41 62.11 0.7 1,490 856 Uncut
SU-320(3) 6257900N
426550E
-45/0 9.56 20.82 11.26 14.88 32.87 1 Gold sample cut
9.56 10.06 0.5 305.00 239.00 Uncut
135.5 137 1.5 29.60 8.80 Uncut
WEST ZONE
SU-290 6258831N
426566E
-75/135 186.5 202.0 15.5 1.13 75.76
224.53 255.5 30.97 6.82 205.33
incl 224.53 234.0 9.47 8.93 506.72
291.0 308.27 17.27 1.45 4.67
SU-295 6258608N
426553E
-75/225 123.35 144.44 21.09 6.46 16.76
incl 143.94 144.44 0.5 203.00 63.10
SU-309 6258852N
426621E
-75/135 274.0 283.0 9.0 1.88 87.42
(1) True thickness to be determined.
(2) Unless otherwise indicated as uncut, all gold assays over 500 g/t were cut to 500 g/t.
(3) Partial drill results.
(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.

Assay results for completed drilling will be reported as they are received over the course of the 2012 drilling season.

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, which hosts a significant undeveloped high-grade gold resource.

Forward-Looking Statement

This Press 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 timing and completion of possible offerings or secondary offerings under the Prospectus, our planned exploration and development activities, the adequacy of the Company's financial resources, the estimation of mineral resources, realization of mineral resource estimates, timing of development of the Company'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, the Company'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" 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 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 Prospectus dated March 19, 2012 filed on SEDAR at www.sedar.com and in the United States 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.
    Robert Quartermain
    President and Chief Executive Officer
    (604) 558-1784

    Pretium Resources Inc.
    Michelle Romero
    Corporate Relations Director
    (604) 558-1784
    invest@pretivm.com
    www.pretivm.com