VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 25, 2012) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report the highest-grading gold intersection encountered to date at the Brucejack project, drilled in the Valley of the Kings.
The bonanza-grade intercepts from a downhole depth of 200.97 meters in hole SU-452 include:
- 0.5 meters with uncut grades of 41,582 grams of gold per tonne (1.6 feet averaging 1,212.8 ounces gold per ton);
- 0.5 meters with uncut grades of 4,902 grams of gold per tonne (1.6 feet averaging 143.0 ounces gold per ton);
- 0.5 meters with uncut grades of 2,251 grams of gold per tonne (1.6 feet averaging 65.7 ounces gold per ton).
Assays for a three meter section of hole SU-452 have been received, which, including the three intercepts above, average 8,330 grams of gold and 5,628 grams of silver per tonne uncut over the three meters (9.8 feet averaging 243.0 ounces of gold and 164.2 ounces of silver per ton). Assays for the remaining 352 meters of hole SU-452 will be reported as they are received.
Hole SU-452 was collared on section 426625E, which also includes the high-grade intercepts from: hole SU-230, grading 7,240 grams per tonne gold over 1.0 meter, 510 grams per tonne gold over 1.23 meters and 472 grams per tonne gold over 1.5 meters; hole SU-237, grading 679 grams per tonne gold over 1.0 meter and 451 grams per tonne gold over 1.0 meter; and hole SU-325, grading 1,590 grams per tonne gold over 0.59 meters. Hole SU-452 was collared 169 meters east of the hole SU-115, which intersected 18,755 grams per tonne gold uncut over 0.6 meters, the reigning highest grade intersection prior to hole SU-452. A cross section through the Valley of the Kings at section 426625E will be posted on our web site, www.pretivm.com.
To view the cross section, please visit the following link: https://media3.marketwire.com/docs/pvg-0725-map1.pdf
Seven drills are now turning at Brucejack, with a focus on definition drilling in the Valley of the Kings as well as testing extensions of the Valley of the Kings and other high-grade zones.
We have received the permit required to commence the underground exploration program at Brucejack. The underground contractor is mobilizing equipment to site with crews to follow later this month. The first phase will be to slash out the existing West Zone underground workings to five-by-five meters down to the 1330 meter level, a distance of approximately 500 meters. The next phase will be to advance the decline from the 1330 meter level of the West Zone to the 1314 meter level in the Valley of the Kings, a distance of approximately 450 meters. We expect to take an underground bulk sample in the Valley of the Kings in the first half of 2013.
| Table 1: Selected Intercepts from Drill Hole SU-452, July 2012(1,3,4) |
|
Hole
No. |
Collar Coords. |
Dip/
Azimuth |
From
(meters) |
To
(meters) |
Interval (meters) |
Gold
(g/t) |
Silver
(g/t) |
|
Capping(2) |
| SU-452 |
6257869N
426624E |
-55/358 |
|
200.97 |
203.97 |
3.00 |
403.7 |
1,292.5 |
|
4 samples cut to 500 ppm Au/
2 samples cut to 2,500 ppm Ag |
|
|
|
or |
200.97 |
203.97 |
3.00 |
8,330 |
5,628.4 |
|
|
|
|
|
incl |
200.97 |
201.47 |
0.5 |
412.4 |
313.0 |
|
|
|
|
|
incl |
201.47 |
201.97 |
0.5 |
41,582 |
27,725 |
|
|
|
|
|
incl |
201.97 |
202.47 |
0.5 |
2,251 |
1,770 |
|
|
|
|
|
incl |
202.47 |
202.97 |
0.5 |
9.97 |
12.0 |
|
|
|
|
|
incl |
202.97 |
203.47 |
0.5 |
4,902 |
3,290 |
|
|
|
|
|
incl |
203.47 |
203.97 |
0.5 |
820.0 |
660 |
|
|
|
|
| (1) |
True thickness to be determined. |
| (2) |
Unless otherwise indicated as uncut, all gold assays over 500 g/t were cut to 500 g/t. |
| (3) |
Assays pending for the remaining 352 meters of SU-452. |
| (4) |
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. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,000 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 10 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. |
Assay results for completed drilling will be reported as they are received over the course of the 2012 drilling season.
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 creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack, which hosts a significant undeveloped high-grade gold resource.
(SEDAR filings: Pretium Resources Inc.)
Forward-Looking Statements
This Press 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, risks related to unsatisfactory results of due diligence, the ability to satisfy the conditions of closing of Offering and general economic conditions, our planned exploration and development activities, the adequacy of Pretivm's financial resources, the estimation of mineral resources, realization of mineral resource estimates, 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 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 prospectus supplement to the short form base shelf prospectus dated March 19, 2012 filed on SEDAR at www.sedar.com and in the United States 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.