Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

July 15, 2015 05:00 ET

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

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 15, 2015) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm" or the "Company") is pleased to report a second set of results from an underground infill drill program in the Brucejack Project's Valley of the Kings. Years 1-3 stope definition drilling continues 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-422 intersected 164.54 grams of gold per tonne uncut over 13.75 meters, including 3,424 grams of gold per tonne uncut over 0.50 meters and 716.00 grams of gold per tonne uncut over 0.50 meters;

  • Hole VU-423 intersected 259.48 grams of gold per tonne uncut over 10.00 meters, including 4,980 grams of gold per tonne uncut over 0.50 meters;

  • Hole VU-424 intersected 156.02 grams of gold per tonne uncut over 10.98 meters, including 3,330 grams of gold per tonne uncut over 0.50 meters;

  • Hole VU-426 intersected 83.89 grams of gold per tonne uncut over 15.00 meters, including 2,500 grams of gold per tonne uncut over 0.50 meters;

  • Hole VU-430 intersected 31.91 grams of gold per tonne uncut over 31.00 meters, including 1,595 grams of gold per tonne uncut over 0.50 meters;

  • Hole VU-430 also intersected 201.00 grams of gold per tonne uncut over 4.90 meters, including 1,930 grams of gold per tonne uncut over 0.50 meters.

Holes VU-422, VU-423, VU-424, and VU-426 were drilled as part of the second fan and hole VU-430 as part of the third fan from the 1320 drill bay. To date, 24 holes (5,413 meters) of the infill drilling program for the Valley of the Kings have been reported.

For plan and section views of the second and third fan please see the following link:

http://media3.marketwire.com/docs/1017197.pdf

The infill drill program will comprise approximately 40,000 meters of fan drilling from three drill stations with drill holes centres spaced at approximately 10 meters vertically and horizontally. To date, 51 holes totaling 9,003 meters have been completed which includes three geotechnical holes drilled into the proposed underground crusher location. Assay results from drilling will continue to be reported as they are received.

Table 1: Selected Valley of the Kings Drill Results, July 2015 (VU-420 to VU-439)(1,2,3)

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

Comments
1320m Drill Bay - 426586E/6258092N - 157 Azimuth
VU-420 -45.0 / 157.1 31.00 32.00 1.00 12.10 12.60
147.00 149.00 2.00 8.32 26.30
VU-421 -40.0 / 157.1 72.00 73.00 1.00 23.00 12.70
VU-422 -35.0 / 157.1 18.00 25.72 7.72 6.24 23.93
incl 25.22 25.72 0.50 42.70 35.30
122.11 135.86 13.75 53.28 69.10 2 Au samples cut
or 122.11 135.86 13.75 164.54 69.10 uncut
incl 122.11 122.61 0.50 3,423.50 1,250.00
incl 122.61 123.11 0.50 329.00 187.00
incl 123.11 123.61 0.50 716.00 357.00
incl 135.36 135.86 0.50 38.70 14.80
VU-423 -30.0 / 157.1 20.00 22.00 2.00 9.20 21.15
78.00 88.00 10.00 37.48 144.40 1 Au sample cut
or 78.00 88.00 10.00 259.48 144.40 uncut
incl 78.58 79.08 0.50 4,980.00 2,640.00
incl 86.75 87.25 0.50 169.00 91.20
VU-424 -25.0 / 157.1 32.00 36.00 4.00 11.65 831.00
80.00 99.00 19.00 14.82 16.59
incl 80.00 81.00 1.00 215.00 91.00
incl 96.00 97.00 1.00 35.90 10.60
172.00 182.98 10.98 318.06 2,044.66
172.00 182.98 10.98 28.97 186.22 1 Au sample cut
or 172.00 182.98 10.98 156.02 186.22 uncut
incl 172.00 173.00 1.00 27.50 39.20
incl 182.48 182.98 0.50 3,330.00 3,790.00
VU-425 -20.0 / 157.1 24.00 25.00 1.00 16.05 8.80
33.34 33.84 0.50 20.50 11.00
91.00 92.00 1.00 18.90 33.00
98.00 99.00 1.00 27.70 31.70
152.00 153.00 1.00 131.50 43.00
VU-426 -15.0 / 157.1 101.00 116.00 15.00 18.56 35.88 1 Au sample cut
or 101.00 116.00 15.00 83.89 35.88 uncut
incl 105.36 105.86 0.50 2,500.00 999.00
133.00 134.00 1.00 15.05 12.80
165.00 170.00 5.00 20.22 17.68
incl 169.00 170.00 1.00 86.70 74.70
VU-427 -10.0 / 157.1 93.00 100.00 7.00 7.02 5.69
94.00 95.00 1.00 32.80 13.60
195.00 200.00 5.00 19.35 18.86
incl 195.00 196.00 1.00 83.30 78.10
1320m Drill Bay - 426586E/6258092N - 163 Azimuth
VU-428 -12.5 / 163.4 127.12 140.04 12.92 19.76 22.38
incl 127.12 127.62 0.50 410.00 412.00
incl 139.54 140.04 0.50 91.10 106.00
VU-429 -17.5 / 163.4 80.00 81.00 1.00 84.20 29.20
102.61 105.40 2.79 10.36 18.24
104.00 104.69 0.69 36.00 36.40
140.00 163.08 23.08 10.81 14.35
incl 140.00 141.00 1.00 20.60 44.20
incl 162.58 163.08 0.50 431.00 280.00
VU-430 -22.5 / 163.4 91.00 122.00 31.00 14.89 30.38 1 Au sample cut
or 91.00 122.00 31.00 31.91 30.38 uncut
incl 91.00 92.00 1.00 58.90 43.10
incl 109.60 110.49 0.50 1,595.00 1,330.00
incl 120.79 121.29 0.50 225.00 228.00
145.00 149.90 4.90 59.16 125.99 1 Au sample cut
or 145.00 149.90 4.90 201.00 125.99 uncut
incl 148.00 148.74 0.74 23.50 19.90
incl 149.40 149.90 0.50 1,930.00 1,180.00
VU-431 -27.5 / 163.4 89.00 90.00 1.00 6.53 8.00
VU-432 -32.5 / 163.4 88.00 111.00 23.00 6.31 16.13
incl 88.00 89.00 1.00 19.65 13.70
incl 89.00 90.00 1.00 34.20 30.70
incl 110.00 111.00 1.00 66.90 36.10
140.00 141.00 1.00 88.80 34.50
VU-434 -37.5 / 163.4 83.00 101.00 18.00 7.14 17.28
incl 83.00 84.00 1.00 23.50 27.40
incl 90.00 91.00 1.00 39.30 22.70
incl 98.59 99.09 0.50 56.70 44.60
127.00 128.00 1.00 112.00 80.80
170.68 190.00 19.32 9.92 29.92
incl 170.68 171.18 0.50 157.50 97.80
incl 181.46 181.96 0.50 118.50 94.90
incl 188.00 189.00 1.00 21.10 18.30
199.54 200.04 0.50 27.70 14.80
VU-436 -42.5 / 163.4 53.00 54.00 1.00 9.04 554.00
120.00 133.00 13.00 46.11 23.45
incl 120.00 121.00 1.00 161.50 65.30
incl 124.00 125.00 1.00 431.00 190.00
169.00 170.00 1.00 18.65 13.50
VU-439 -47.5 / 163.4 32.00 52.00 20.00 16.29 21.22
incl 32.00 33.00 1.00 16.60 15.20
incl 48.30 49.70 1.40 57.60 25.50
incl 49.70 50.20 0.50 412.00 246.00
126.00 127.00 1.00 54.30 21.20
(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.

Grass-Roots Exploration Program

Surface drilling has commenced in the Flow Dome Zone for the grass-roots exploration program underway east of the Brucejack Project. The grass-roots exploration program will comprise additional airborne geophysical surveying and a surface drill program of 10,000 to 15,000 meters targeting porphyry/epithermal-style mineralization.

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, the Company's anticipated use of the proceeds of the Offering and 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) 558-1784
    invest@pretivm.com
    www.pretivm.com