Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

August 19, 2015 05:00 ET

Pretium Resources Inc.: Valley of the Kings Underground Infill Drilling Continues

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 19, 2015) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm" or the "Company") is pleased to report a third set of results from an underground infill drill program in the Brucejack Project's Valley of the Kings. Stope definition drilling is now underway from two underground drill bays, the 1320 drill bay and the 1310 drill bay. Results continue to confirm the style and grade distribution of the gold mineralization in the area currently being tested, which includes the intersection of high grade and visible gold. (See Table 1 below for assays.)

Selected drill highlights include:

  • Hole VU-459 intersected 154.13 grams of gold per tonne uncut over 14.60 meters, including 4,470 grams of gold per tonne uncut over 0.50 meters;

  • Hole VU-463 intersected 29.94 grams of gold per tonne uncut over 29.50 meters, including 1,690 grams of gold per tonne uncut over 0.50 meters.

  • Hole VU-445 intersected 81.08 grams of gold per tonne uncut over 6.76 meters, including 1,080 grams of gold per tonne uncut over 0.50 meters;

  • Hole VU-445 also intersected 48.36 grams of gold per tonne uncut over 12.00 meters, including 1,090 grams of gold per tonne uncut over 0.50 meters;

  • Hole VU-455 intersected 47.06 grams of gold per tonne uncut over 14.00 meters, including 1,300 grams of gold per tonne uncut over 0.50 meters;

Holes VU-445, VU-459, and VU-463 were drilled from the 1320 drill bay and hole VU-455 was drilled from the 1310 drill bay. To date, results from 60 holes (10,572 meters) of the infill drill program for the Valley of the Kings have been reported.

For a plan and section views of the reported drill fans please see the following link: http://media3.marketwire.com/docs/1021919_Pretium_Resources_Inc.pdf.

The infill drill program will comprise in excess of 40,000 meters of fan drilling from three underground drill stations with drill hole centres spaced at approximately 10 meters vertically and horizontally. Assay results from drilling will continue to be reported as they are received.

Table 1: Selected Valley of the Kings Drill Results, August 2015 (VU-433 to VU-475)(1,2,3)

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

Comments
1310m Drill Bay - 426522E/6258139N - 157 Azimuth
VU-433 -28 / 157 110.00 111.00 1.00 11.10 15.80
VU-435 -21 / 157 3.90 5.00 1.10 22.00 14.70
VU-437 -13 / 157 3.60 4.80 1.20 5.21 6.00
6.50 7.00 0.50 6.29 7.10
VU-440 3 / 157 3.00 9.00 6.00 18.61 7.97
incl 4.00 5.00 1.00 92.70 24.30
VU-443 19 / 157 7.00 8.00 1.00 6.42 9.60
1310 m Drill Bay - 426522E/6258139N - 149 Azimuth
VU-446 7.5 / 149 7.49 7.99 0.50 45.50 16.90
43.00 44.00 1.00 10.25 138.00
VU-450 -15 / 149 4.00 11.85 7.85 14.03 14.97
incl 8.95 9.45 0.50 175.00 87.50
75.00 76.00 1.00 12.50 14.30
VU-453 -30 / 149 40.00 41.00 1.00 8.25 3.40
1320 m Drill Bay - 426586E/6258093N - 170.3 Azimuth
VU-441 -10 / 170.3 101.00 102.00 1.00 53.20 56.90
VU-445 -15 / 170.3 9.24 16.00 6.76 41.14 65.18 1 sample cut
or 9.24 16.00 6.76 81.08 65.18 uncut
incl 14.32 14.82 0.50 1,080 455.00
128.00 140.00 12.00 25.44 42.12 1 sample cut
or 128.00 140.00 12.00 48.36 42.12 uncut
incl 134.80 135.30 0.50 1,090 480.00
incl 136.22 136.72 0.50 29.40 21.00
201.00 202.00 1.00 19.00 20.50
228.00 229.00 1.00 23.80 4.50
VU-448 -30 / 170.3 99.00 103.30 4.30 7.32 18.97
incl 100.00 101.00 1.00 19.50 58.30
incl 102.10 102.60 0.50 15.25 10.30
VU-452 -30 / 170.3 103.00 112.36 9.36 13.59 15.50
incl 111.00 111.86 0.86 73.90 31.50
incl 111.86 112.36 0.50 113.50 142.00
VU-454 -35 / 170.3 32.00 33.00 1.00 23.80 36.10
81.88 116.00 34.12 13.39 11.88
incl 81.88 82.38 0.50 505.00 258.00
incl 112.00 113.00 1.00 127.50 83.80
incl 113.00 114.00 1.00 27.30 22.00
VU-457 -40 / 170.3 34.85 40.00 5.15 8.44 32.94
incl 34.85 35.35 0.50 74.00 40.60
VU-459 -45 / 170.3 46.00 49.00 3.00 10.53 96.74
93.00 107.60 14.60 19.54 120.57 1 sample cut
or 93.00 107.60 14.60 154.13 120.57 uncut
incl 106.57 107.07 0.50 4,470 2,790.00
140.00 141.00 1.00 14.30 18.00
145.43 145.93 0.50 26.80 12.10
VU-463 -50 / 170.3 37.50 67.00 29.50 10.45 28.40 1 sample cut
or 37.50 67.00 29.50 29.94 28.40 uncut
incl 39.66 40.16 0.50 1,690 1,290.00
116.00 139.00 23.00 8.89 70.35
incl 132.20 133.00 0.80 69.30 419.00
incl 133.00 134.00 1.00 60.10 442.00
incl 134.00 135.00 1.00 25.90 320.00
1310 m Drill Bay - 426522E/2258139N - 164 Azimuth
VU-455 -40 / 164 118.00 132.00 14.00 19.92 15.53 1 sample cut
or 118.00 132.00 14.00 47.06 15.53 uncut
incl 129.55 130.05 0.50 1,300 197.00
VU-456 -32 / 164 3.00 5.00 2.00 14.23 18.35
63.00 64.00 1.00 19.00 20.20
122.00 124.50 2.50 21.88 25.18
incl 122.00 122.80 0.80 65.00 70.60
VU-458 -24 / 164 2.00 3.00 1.00 10.50 12.30
15.61 16.11 0.50 17.45 16.40
106.00 128.00 22.00 20.92 22.33
incl 114.65 115.15 0.50 493.00 353.00
incl 115.15 115.65 0.50 366.00 425.00
126.33 126.83 0.50 12.45 5.00
VU-460 -16 / 164 1.00 3.00 2.00 10.32 21.55
VU-461 -8 / 164 117.00 118.00 1.00 24.20 14.20
VU-462 0 / 164 35.00 36.00 1.00 8.23 15.30
1310 m Drill Bay - 426522E/6258139N - 170.5 Azimuth
VU-465 -37.5 / 170.5 40.05 40.55 0.50 45.60 13.00
105.00 109.00 4.00 8.16 5.20
incl 105.00 106.00 1.00 23.60 5.80
VU-467 -29.5 / 170.5 21.34 22.00 0.66 13.00 15.00
112.00 114.00 2.00 16.39 9.85
incl 112.00 113.00 1.00 27.60 13.20
VU-469 -22.5 / 170.5 32.00 33.00 1.00 7.78 5.10
40.00 41.00 1.00 16.65 4.30
VU-473 -12.5 / 170.5 107.15 127.30 20.15 12.07 14.18
incl 126.07 126.57 0.50 459.00 397.00
VU-475 -7.5 /170.5 4.00 6.00 2.00 16.33 20.45
108.00 109.00 1.00 9.15 7.80
(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 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 advancing its 100%-owned Brucejack Project in northern British Columbia to production as a high-grade gold underground mine. Based on the results of the June 2014 Feasibility Study, Brucejack is expected to produce an average of 504,000 ounces of gold a year over the first 8 years and 404,000 ounces of gold a year over the 18-year mine life. Brucejack's Valley of the Kings hosts Proven and Probable reserves totalling 6.9 million ounces of gold (13.6 million tonnes grading 15.7 grams of gold per tonne). Commercial production at Brucejack is 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 31, 2015 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

    Pretium Resources Inc.
    Troy Shultz
    Manager, Investor Relations & Corporate Communications
    (604) 566-8758

    Pretium Resources Inc.
    (604) 558-1784 ext. 758
    (877) 558-1784
    invest@pretivm.com
    www.pretivm.com