Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

April 05, 2016 05:00 ET

Valley of the Kings Infill Drilling Continues to Confirm Gold Mineralization

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 5, 2016) - Pretium Resources Inc. (TSX:PVG) (NYSE:PVG) ("Pretivm" or the "Company") is pleased to report a seventh 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 six intersections grading greater than 1,000 grams per tonne gold. (See Table 1 below for assays.)

Selected drill highlights include:

  • Hole VU-633 intersected 428.43 grams of gold per tonne uncut over 14.00 meters, including 11,650 grams of gold per tonne uncut over 0.50 meters;
  • Hole VU-592 intersected 37.87 grams of gold per tonne uncut over 28.00 meters, including 1,760 grams of gold per tonne uncut over 0.50 meters;
  • Hole VU-598 intersected 46.15 grams of gold per tonne uncut over 34.00 meters, including 1,660 grams of gold per tonne uncut over 0.50 meters;
  • Hole VU-622 intersected 77.30 grams of gold per tonne uncut over 9.54 meters, including 1,425 grams of gold per tonne uncut over 0.50 meters;
  • Hole VU-648 intersected 40.46 grams of gold per tonne uncut over 17.13 meters, including 1,245 grams of gold per tonne uncut over 0.50 meters;
  • Hole VU-637 intersected 26.16 grams of gold per tonne uncut over 28.85 meters, including 1,410 grams of gold per tonne uncut over 0.50 meters.

Holes VU-633 and VU-637 were drilled from the 1260-meter drill bay, hole VU-598 was drilled from the 1270-meter drill bay while holes VU-592, VU-622 and VU-648 were drilled from the 1320-meter drill bay. To date results from 231 holes (41,188 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/1049466.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. With the positive results to date, the drill program has been expanded to 64,000 meters of definition drilling. Drilling is in progress with five drills turning and is expected to be completed in the second-quarter of 2016. When completed, roughly 200 vertical meters over a strike length of 250 meters will have 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, April 2016 (VU-580 to VU-653)(1,2,3)

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

Comments
1310-meter Drill Bay - 426,522E/6,258,139N - 192 Azimuth
VU-580 -32/192 134.00 135.00 1.00 13.55 28.90
163.00 164.00 1.00 31.10 44.20
VU-583 -27/192 0.00 1.00 1.00 259.00 126.00
VU-588 -22/192 203.00 203.50 0.50 14.80 12.5
241.20 249.00 7.80 17.78 18.64
incl 242.41 243.31 0.90 101.00 98.80
incl 247.90 248.40 0.50 60.50 10.70
VU-594 -17/192 48.00 48.93 0.93 5.94 227.00
VU-600 -12/192 179.20 192.88 13.68 12.26 9.29
incl 180.35 180.85 0.50 14.70 17.70
incl 192.38 192.88 0.50 295.00 122.00
VU-605 -7/192 119.00 120.00 1.00 10.45 12.2
VU-612 -2/192 130.00 132.00 2.00 14.47 9.60
incl 130.00 131.00 1.00 26.00 12.6
VU-617 3/192 4.20 4.70 0.50 113.00 145.00
90.95 111.00 20.05 11.30 16.84
incl 90.95 91.45 0.50 20.00 21.30
incl 109.75 110.25 0.50 406.00 521.00
145.00 146.00 1.00 47.20 24.30
VU-624 8/192 99.65 100.15 0.50 12.05 5.20
144.00 145.00 1.00 9.74 8.90
1270-meter Drill Bay - 426,663E/6,258,075N - 178 Azimuth
VU-595 -35/178 130.00 131.00 1.00 7.88 3.50
180.00 181.00 1.00 15.35 100.00
VU-598 -30/178 70.00 104.00 34.00 25.32 17.42 3 samples cut
or 70.00 104.00 34.00 46.15 17.42 uncut
incl 94.09 94.59 0.50 665.00 265.00
incl 94.59 95.09 0.50 1,660 952.00
incl 95.09 95.59 0.50 711.00 455.00
incl 95.59 96.09 0.50 26.00 35.00
140.00 155.00 15.00 7.72 15.13
incl 140.00 141.00 1.00 30.80 52.80
incl 152.21 152.71 0.50 114.00 44.80
VU-602 -20/178 123.00 126.91 3.91 12.86 10.86
incl 125.76 126.26 0.50 90.30 21.40
VU-606 -15/178 92.73 98.50 5.77 12.24 39.12
incl 92.73 93.23 0.50 130.00 42.00
VU-609 -10/178 109.00 110.00 1.00 8.47 404.00
VU-614 -5/178 113.00 117.77 4.77 9.85 5.76
incl 113.00 114.00 1.00 18.40 10.10
incl 117.27 117.77 0.50 45.50 18.80
134.00 135.00 1.00 15.40 21.50
145.78 146.28 0.50 81.2 243.00
161.00 162.00 1.00 44.90 36.40
VU-618 2.5/178 86.50 87.00 0.50 30.9 15.90
1320-meter Drill Bay - 426,586E/6,258,093N - 194 Azimuth
VU-587 -50/194 50.00 51.08 1.08 8.89 11.40
VU-592 -45/194 72.00 100.00 28.00 16.08 37.90 1 sample cut
or 72.00 100.00 28.00 37.87 37.90 uncut
incl 78.90 79.40 0.50 264.00 207.00
incl 79.90 80.40 0.50 21.40 17.70
incl 83.60 84.10 0.50 1,760 1,065
127.00 128.00 1.00 51.30 12.10
191.00 193.00 2.00 20.05 16.90
VU-596 -40/194 82.00 95.00 13.00 10.00 15.92
incl 86.00 87.00 1.00 97.90 61.20
VU-601 -35/194 95.00 96.00 1.00 13.15 9.50
VU-604 -30/194 139.00 140.00 1.00 25.50 63.50
154.28 155.00 0.72 8.90 44.70
VU-607 -25/194 23.00 24.00 1.00 196.00 35.60
VU-610 -20/194 151.21 156.00 4.79 7.90 90.01
incl 152.00 153.00 1.00 15.90 17.70
VU-613 -15/194 90.35 104.00 13.65 18.39 25.91
incl 90.35 90.85 0.50 47.40 36.30
incl 103.00 104.00 1.00 222.00 295.00
148.00 149.00 1.00 19.20 11.90
VU-616 -10/194 107.00 117.00 10.00 23.73 17.03
incl 108.00 108.83 0.83 272.00 162.00
1260-meter South Drill Bay - 426,529E/6,258,018N - 180 Azimuth
VU-608 -39/180 24.00 30.00 6.00 18.58 30.03
incl 29.00 30.00 1.00 99.80 99.60
VU-611 -32/180 21.41 22.01 0.60 9.86 36.40
126.00 127.14 1.14 9.88 12.60
VU-615 -25/180 19.19 19.69 0.50 191.50 97.00
VU-625 -10/180 17.00 18.00 1.00 17.70 20.20
VU-628 -3/180 42.15 42.65 0.50 13.70 6.30
87.00 88.00 1.00 7.77 17.50
VU-630 3/180 85.00 86.00 1.00 6.49 20.40
1320-meter Drill Bay - 426,586E/6,258,093N - 200 Azimuth
VU-619 -47.5/200 128.38 155.00 26.62 10.67 14.20 1 sample cut
or 128.38 155.00 26.62 16.21 14.20 uncut
incl 128.38 128.88 0.50 835.00 484.00
VU-622 -42.5/200 90.00 92.15 2.15 11.18 10.16
incl 91.65 92.15 0.50 25.20 18.90
138.46 148.00 9.54 30.92 84.66 1 sample cut
or 138.46 148.00 9.54 77.30 84.66 uncut
incl 138.46 138.96 0.50 1,425 1,400
VU-627 -37.5/200 29.00 30.00 1.00 14.20 6.60
VU-631 -32.5/200 92.00 96.00 4.00 19.49 9.66
incl 94.24 94.74 0.50 147.00 33.80
VU-635 -27.5/200 95.00 96.00 1.00 14.80 4.90
105.00 106.00 1.00 15.30 18.10
VU-643 -17.5/200 101.90 108.00 6.10 9.01 8.78
101.90 102.40 0.50 66.50 35.10
107.00 108.00 1.00 16.00 5.70
VU-648 -12.5/200 82.19 99.32 17.13 19.88 43.83 1 sample cut
or 82.19 99.32 17.13 40.46 43.83 uncut
incl 82.19 82.69 0.50 1,245 1,290
incl 98.82 99.32 0.50 101.50 43.20
1260-meter South Drill Bay - 426,529E/6,258,018N - 190 Azimuth
VU-633 -32/190 148.00 162.00 14.00 31.65 217.04 1 sample cut
or 148.00 162.00 14.00 428.43 217.04 uncut
incl 156.80 157.30 0.50 335.00 68.00
incl 157.80 158.30 0.50 11,650 5,980
VU-637 -25/190 26.10 34.00 7.90 5.43 32.45
incl 26.90 27.40 0.50 24.60 25.50
incl 33.00 34.00 1.00 18.45 42.70
56.00 84.85 28.85 11.08 21.79 1 sample cut
or 56.00 84.85 28.85 26.16 21.79 uncut
incl 56.00 56.50 0.50 1,410 758.00
incl 60.00 61.00 1.00 15.85 16.70
incl 84.35 84.85 0.50 13.90 8.80
VU-642 -18/190 30.45 45.00 14.55 10.86 13.82
incl 30.45 30.95 0.50 199.00 127.00
incl 40.00 41.00 1.00 24.50 24.50
incl 43.90 45.00 1.10 18.85 16.30
VU-645 -10/190 29.00 30.00 1.00 25.10 16.50
59.00 81.00 22.00 29.96 14.80
incl 60.62 61.12 0.50 172.50 200.00
incl 79.00 80.00 1.00 544.00 95.20
VU-649 -3/190 100.00 101.00 1.00 18.65 11.00
133.00 134.00 1.00 10.65 7.00
VU-653 4/190 76.00 79.00 3.00 6.18 13.10
(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

    Pretium Resources Inc.
    Troy Shultz
    Manager, Investor Relations & Corporate Communications
    (604) 558-1784
    (877) 558-1784
    invest@pretivm.com