VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 23, 2013) - Pretium Resources Inc. (PVG.TO)(PVG) ("Pretivm") is pleased to report the discovery of the Cleopatra Vein within the Valley of the Kings and additional underground drill results from the Valley of the Kings Bulk Sample Program (the "Program") currently underway. (See Table 1 below for assays.)
Selected drill highlights include:
- Hole VU-009 intersected 2,567 grams of gold per tonne uncut over 5.8 meters, including 9,200 grams of gold per tonne uncut over 0.5 meters, 7,180 grams of gold per tonne uncut over 0.5 meters, 10,500 grams of gold per tonne uncut over 0.5 meters and 1,765 grams of gold per tonne uncut over 0.5 meters;
- Hole VU-013 intersected 2,560 grams of gold per tonne uncut over 0.54 meters;
- Hole VU-023 intersected 1,405 grams of gold per tonne uncut over 0.5 meters;
- Hole VU-025 intersected 2,600 grams of gold per tonne uncut over 0.5 meters;
- Hole VU-032 intersected 4,030 grams of gold per tonne uncut over 0.5 meters; and
- Hole VU-053 intersected 27,000 grams of gold per tonne uncut over 0.5 meters.
Holes VU-009, VU-013, VU-023 and VU-025 noted above were drilled on section 426615E as part of the Program, along strike of the newly discovered Cleopatra Vein. Holes VU-032 and VU-053 noted above were drilled to test the newly discovered Cleopatra Vein along strike above the 1345-meter elevation.
The Cleopatra Vein was first discovered while excavating the 6258015N east drill drift in an area of projected extreme grade mineralization by the November 2012 Valley of the Kings Mineral Resource estimate. Cleopatra intersects the 6258015N drill drift at the 426630E cross-section and trends to the south-west where it intersects the 426615E cross-cut and then trends south along section 426615E.
Following the discovery of the Cleopatra Vein, 22 drill holes in five vertical fans were drilled to test Cleopatra's vertical and horizontal continuity and extent. The high-grade gold intersections in the drill holes highlighted above are all understood to be intersections of the Cleopatra Vein. (See Table 1 below for assays of drill holes targeting the Cleopatra Vein.)
The Cleopatra Vein has now been defined for approximately 85 meters along strike, 50 meters above the 1345-meter level, 50 meters below the 1345-level and remains open in all directions. Additional underground drilling and excavating is underway to test the extent of the Cleopatra Vein.
The Cleopatra Vein is currently considered to be the deformed manifestation of a fluid conduit that was developed in an extensional fault structure active at the time of volcano-sedimentary basin formation and porphyry system development. The generally east-west trending mineralization seen in the Valley of the Kings is considered to have been fed by fluids passing through these conduits.
For a level plan and cross-sections of the Cleopatra Vein please visit the following link http://media3.marketwire.com/docs/pvg723_Cleo.pdf.
Bulk Sample Program
Drill fans on sections 426615E and 426585E have been completed and assays have been received. The drill fan on section 426585E and the other drill fans planned or underway to the west of the 426600E cross-cut are targeting the lower grade populations in the bulk sample location. The drill fan on section 426615E and the other drill fans to the east of the 426600E cross-cut are targeting the higher grade and extreme grade populations in the bulk sample location.
Excavation of the 426585E cross-cut has been completed and the excavation of the 426615E cross-cut is nearing completion. Bulk sample material excavated to date, approximately 5,550 tonnes, has been processed through the sample tower and is being transported offsite. Excavation of the 426645E cross-cut is expected to commence shortly. Planning is underway with Strathcona Mineral Services Ltd. ("Strathcona"), the independent Qualified Person for the Program, to increase the portion of the bulk sample tonnage testing the higher grade blocks in the Indicated Mineral Resource estimate to the east of the 426600E cross-cut and decrease the portion of the bulk sample tonnage to the west of the 426600E cross-cut.
The 1345-meter level, centered at the 426600E cross-section of the Valley of the Kings, was selected as the bulk sample location based on Strathcona's requirements that the bulk sample be excavated from an area representative of the (a) drillhole density that informs the Indicated Mineral Resource, (b) average grade of the Indicated Mineral Resource and the global resource for the Valley of the Kings, (c) proportion of low-grade, high-grade and extreme grade populations in the overall Indicated Mineral Resource and (d) style of stockwork gold mineralization characteristic of the Valley of the Kings.
Underground drilling for the Program is on schedule, with a total of 135 drill holes now completed or in progress comprising approximately 10,675 meters. Approximately 15,000 meters of underground drilling in 190 holes will be completed as part of the Valley of the Kings Program.
For a current plan of the development advance of the Program at the Valley of the Kings and cross-sections of the 426585E, 426600E and 426615E drill fans, please visit the following link http://media3.marketwire.com/docs/pvg723_Blk.pdf.
With the discovery of the Cleopatra Vein, further underground drilling will be carried out targeting similar feeder structures. In addition, planning is underway for a surface drill program, following completion of the Bulk Sample Program, to expand the Valley of the Kings resources and test the Cleopatra Vein to surface and for similar feeder structures.
Assay results for completed fans from the underground drilling will be reported as they are received. Strathcona's report on the Program is expected later in the year after compilation of all data. The amount of gold and silver produced by the mill will be reported following the completion of the milling of the bulk sample.
|Table 1: Valley of the Kings Drill Results, July 2013 (VU-001 to VU-058)(1,2,3)|
|Cleopatra Vein Drill Fan Section 426645E (300 Azimuth)|
|VU-032||20.0/300||13.50||15.50||2.00||110.56||341.05||1 Au sample cut|
|Cleopatra Vein Drill Fan Section 426645E (220 Azimuth)|
|Cleopatra Vein Drill Fan Section 426645E (240 Azimuth)|
|VU-053||51.5/240||30.58||32.50||1.92||116.26||3,186||1 Au sample cut|
|Cleopatra Vein Drill Fan Section 426660E (280 Azimuth)|
|Cleopatra Vein Drill Fan Section 426660E (300 Azimuth)|
|Bulk Sample Drill Fan Section 426600E(4)|
|VU-002||-10.6/180||27.00||44.50||17.50||17.25||25.07||1 Au sample cut|
|Bulk Sample Drill Fan Section 426615E (180 Azimuth)|
|VU-009||-12.0/180||32.50||38.30||5.80||201.05||1,447||5 Au samples cut|
|37.00||38.00||1.00||227.85||366.40||1 Au sample cut|
|41.00||44.50||3.50||70.72||189.59||1 Au sample cut|
|Bulk Sample Drill Fan Section 426585E (180 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.|
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. Brucejack hosts a major undeveloped high-grade gold resource, with Probable Mineral Reserves in the Valley of the Kings totalling 6.6 million ounces of gold (15.1 million tonnes grading 13.6 grams of gold per tonne). Brucejack is being advanced as a high-grade underground mine with an average of 426,000 ounces of gold produced annually for the first 10 years and an average of 321,500 ounces of gold produced annually over the Project's 22-year mine life. Commercial production is targeted to commence in 2016.
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, 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, 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 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.
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