Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

June 04, 2015 05:00 ET

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

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 4, 2015) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm" or the "Company") is pleased to report initial results from an underground infill drill program in the Brucejack Project's Valley of the Kings. Stope definition drilling intersected visible gold, and continues to confirm the continuity of gold mineralization in stope areas defined by the June 2014 Feasibility Study for the Brucejack Project. (See Table 1 below for assays.)

Selected highlights from hole VU-416 include:

  • 88.08 grams of gold per tonne uncut over 13.80 meters, including 1,325 grams of gold per tonne uncut over 0.50 meters and 647.0 grams of gold per tonne uncut over 0.50 meters.

Hole VU-416 was drilled from the 1320-meter level as part of the first fan of infill drilling targeting the stope areas for years 1-3 of the current mine plan for the Valley of the Kings. 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.

For a plan and section view of the first fan please see the following link: http://media3.marketwire.com/docs/1010904_LINK.pdf.

Assay results from drilling will continue to be reported as they are received.

Pretivm's management will present an update of the activities planned and underway to advance the Brucejack Project on June 9, 2015 at 12:00 pm ET/9:00 am PT with a live audio webcast available at http://services.choruscall.ca/links/pretivm150609.html.

Table 1: Selected Valley of the Kings Drill Results, June 2015 (VU-412 to VU-419)(1,2,3)

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

Comments
Infill Drilling 1320m-level -151 Azimuth (426587E/6258092N)
VU-412 -12.5 / 151.3 136.55 141.00 4.45 2.14 3.99
VU-413 -17.5 / 151.3 38.00 44.00 6.00 1.16 148.58
82.85 91.00 8.15 44.05 31.79
incl 90.00 91.00 1.00 347.00 169.00
VU-414 -22.5 / 151.3 12.00 15.00 3.00 6.31 6.43
85.00 115.00 30.00 16.33 16.91
incl 87.55 88.05 0.50 150.00 168.00
incl 88.05 89.00 0.95 105.50 34.10
incl 102.00 103.00 1.00 116.50 90.10
incl 107.00 108.00 1.00 83.00 42.80
incl 114.00 115.00 1.00 86.80 42.10
VU-415 -27.5 / 151.3 12.60 13.10 0.50 47.50 15.80
29.08 29.58 0.50 37.80 9.30
69.50 91.00 21.50 18.52 21.17
incl 69.50 70.50 1.00 109.50 79.00
incl 84.19 84.69 0.50 448.00 180.00
incl 90.00 91.00 1.00 19.20 14.30
164.00 165.00 1.00 34.10 21.10
VU-416 -32.5 / 151.3 86.00 99.80 13.80 55.76 97.01 2 Au samples cut
86.00 99.80 13.80 88.08 97.01 uncut
incl 96.80 97.30 0.50 1,325.00 91.90 uncut
incl 97.30 97.80 0.50 21.30 35.80
incl 98.30 98.80 0.50 188.00 56.90
incl 98.80 99.30 0.50 177.00 62.30
incl 99.30 99.80 0.50 647.00 364.00 uncut
140.00 141.00 1.00 13.25 19.90
223.00 224.00 1.00 89.8 90.00
VU-417 -37.5 / 151.3 62.00 64.00 2.00 5.02 356.00
153.00 154.00 1.00 54.1 40.70
197.00 199.00 2.00 14.04 7.45
206.00 208.00 2.00 11.86 10.90
VU-418 -42.5 / 151.3 24.57 25.07 0.50 226.00 148.00
VU-419 -47.5 / 151.3 19.19 19.69 0.50 100.00 11.40
40.00 41.00 1.00 31.4 36.90
52.00 53.00 1.00 11.35 14.30
(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, 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

    Pretium Resources Inc.
    Michelle Romero
    Vice President, Corporate

    Pretium Resources Inc.
    570 Granville Street, Suite 1600
    Vancouver, BC V6C 3P1
    (604) 558-1784
    invest@pretivm.com
    (SEDAR filings: Pretium Resources Inc.)