Press release from Marketwire
Pretium Resources Inc.: Underground Exploration Concludes With More High-Grade Gold Intersections and Expansion of the Valley of the Kings
Monday, December 02, 2013
Pretium Resources Inc.: Underground Exploration Concludes With More High-Grade Gold Intersections and Expansion of the Valley of the Kings06:00 EST Monday, December 02, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 2, 2013) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report the remaining assay results from underground exploration drilling in the Valley of the Kings. These results include 8 intersections grading greater than 1,000 grams per tonne gold uncut from 6,164 meters of drilling in 46 holes. (See Table 1 below for assays.)
Selected drill highlights include:
- Hole VU-365 intersected 328.91 grams of gold per tonne uncut over 20.50 meters, including 13,400 grams of gold per tonne uncut over 0.50 meters;
- Hole VU-369 intersected 96.71 grams of gold per tonne uncut over 44.95 meters, including 7,700 grams of gold per tonne uncut over 0.50 meters;
- Hole VU-384 intersected 331.99 grams of gold per tonne uncut over 8.00 meters, including 5,210 grams of gold per tonne uncut over 0.50 meters;
- Hole VU-390 intersected 179.14 grams of gold per tonne uncut over 13.50 meters, including 4,780 grams of gold per tonne uncut over 0.50 meters;
- Hole VU-397 intersected 175.44 grams of gold per tonne uncut over 10.78 meters, including 3,770 grams of gold per tonne uncut over 0.50 meters;
- Hole VU-385 intersected 1,200 grams of gold per tonne uncut over 0.50 meters;
- Hole VU-383 intersected 1,095 grams of gold per tonne uncut over 0.50 meters;
- Hole VU-391 intersected 1,040 grams of gold per tonne uncut over 0.50 meters.
The bonanza-grade gold intercepts noted above were encountered in drilling to the east and west, as well as above and below the area of the Valley of the Kings Bulk Sample Program (the "Program").
Underground exploration drilling has expanded the defined Valley of the Kings high-grade gold mineralization to the east, and mineralization remains open in all directions.
For plan views of the reported drilling please visit the following link http://media3.marketwire.com/docs/pretfig21202.pdf.
In 2013 a total of 38,830 meters of underground drilling was completed in the Valley of the Kings, comprising 16,789 meters of Program drilling and 22,041 meters of exploration drilling. Assay results from 2013 drilling include a total of 69 intercepts grading over 1,000 grams per tonne gold uncut (of which 15 were in the Cleopatra Vein).
For a summary table of Valley of the Kings assay results by grade interval please visit the following link http://media3.marketwire.com/docs/pretfig11202.pdf.
Processing of the approximately 1,500 wet tonnes of bulk sample material remaining from the Program is expected to be completed this week, with final results reported after the completion of assaying.
The results both from the 38,830 meters of underground drilling and from milling will be incorporated into the updated Mineral Resource estimate for the Valley of the Kings expected later this month.
Table 1: Valley of the Kings Drill Results, December 2013 (VU-363 to VU-408)(1,2,3,4)
|Exploration Drilling from Drill Bay Section 426700E (180 Azimuth)|
|VU-364||-33/180||3.00||19.50||16.50||21.80||52.67||1 Au sample cut|
|50.50||71.00||20.50||12.57||118.78||1 Au sample cut|
|VU-368||42/180||55.75||77.60||21.85||11.44||19.87||1 Au sample cut|
|Exploration Drilling from Drill Bay Section 426700E (165 Azimuth)|
|VU-369||-35/165||3.55||48.50||44.95||14.10||61.96||2 Au samples cut|
|68.00||76.00||8.00||29.38||46.17||1 Au sample cut|
|Exploration Drilling from Drill Bay Section 426700E (150 Azimuth)|
|Exploration Drilling from Drill Bay Section 426652E (80 Azimuth)|
|VU-384||1/80||4.07||15.50||11.43||25.46||28.34||1 Au sample cut|
|136.50||144.50||8.00||33.24||256.74||1 Au sample cut|
|94.50||108.00||13.50||18.03||114.47||1 Au sample cut|
|Exploration Drilling from Drill Bay Section 426652E (95 Azimuth)|
|123.40||148.40||25.00||11.09||13.49||1 Au sample cut|
|Exploration Drilling from Drill Bay Section 426652E (110 Azimuth)|
|Exploration Drilling from Drill Bay Section 426482E (244 Azimuth)|
|85.50||106.50||21.00||11.20||25.51||1 Au sample cut|
|VU-385||-22/244||8.77||39.90||31.13||8.77||26.43||1 Au sample cut|
|67.00||84.50||17.50||12.81||14.59||1 Au sample cut|
|Exploration Drilling from Drill Bay Section 426482E (231 Azimuth)|
|VU-391||28/231||50.80||72.50||21.70||13.23||19.74||1 Au sample cut|
|VU-397||13.5/231||73.51||84.29||10.78||20.52||111.85||1 Au sample cut|
|Exploration Drilling from Drill Bay Section 426482E (155 Azimuth)|
|Exploration Drilling from Drill Bay Section 426616E (100 Azimuth)|
|(1)||True thickness to be determined.|
|(2)||Unless otherwise indicated as uncut, all gold assays over 430 g/t were cut to 430 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 differing one in 20 samples was a field duplicate one-quarter split core assayed at ALS Chemex in Vancouver, B.C.|
|(4)||Hole ended in 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.
Pretivm is creating value through gold at its high-grade gold Brucejack Project, located in northern British Columbia. Permitting of a high-grade underground gold mine at Brucejack is underway, with commercial production targeted to commence in 2016.
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. Forward-looking information may include, but is not limited to, the estimated gold to be produced from the bulk sample program, risks related to our planned exploration and development activities, the adequacy of Pretivm's financial resources, the estimation of mineral reserves and resources, 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" 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 18, 2013 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pretium Resources Inc.
President and Chief Executive Officer
Pretium Resources Inc.
Vice President, Corporate Relations