VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct 3, 2012) - Pretium Resources Inc. (PVG.TO)(PVG) ("Pretivm") is pleased to report that drilling in Brucejack''s Valley of the Kings continues to confirm the projection and continuity of high-grade gold, with numerous intervals grading over 1 kilogram per tonne gold. (See Table 1 below for assays.)
Selected highlights from the Valley of the Kings include:
- Hole SU-542 intersected:
- 2,258 grams of gold per tonne uncut over 2.30 meters (65.9 ounces of gold per ton over 7.55 feet) and
- 8,912 grams of gold per tonne uncut over 0.50 meters (259.9 ounces of gold per ton over 1.64 feet);
- Hole SU-548 intersected:
- 3,450 grams of gold per tonne uncut over 0.50 meters (100.6 ounces of gold per ton over 1.64 feet) and
- 1,105 grams of gold per tonne uncut over 0.50 meters (32.2 ounces of gold per ton over 1.64 feet);
- Hole SU-535 intersected:
- 2,410 grams of gold per tonne uncut over 0.50 meters (70.3 ounces of gold per ton over 1.64 feet) and
- 1,695 grams of gold per tonne uncut over 0.60 meters (49.4 ounces of gold per ton over 1.97 feet).
The two bonanza-grade gold intercepts noted above from hole SU-542, which was collared on section 426300E, are located 120 meters deeper and 12.5 meters east of the bonanza-grade gold interval from SU-493 grading 1,751 grams per tonne gold uncut over 1.2 meters, and approximately two meters east of the interval from hole SU-340 grading 150 grams per tonne gold over 1.0 meter. Additionally, hole SU-542 encountered two exceptionally high-grade intervals near surface: an interval grading 1,780 grams per tonne gold uncut over 0.5 meters at a downhole depth of 16.0 meters, and an interval grading 2,420 grams per tonne gold uncut over 0.5 meters at a downhole depth of 20.8 meters.
Hole SU-535, which was collared on section 426325E, intercepted a total of 10 separate gold intervals grading over 12 grams per tonne gold, with six grading over 100 grams per tonne gold, from a downhole depth of approximately 12.5 meters to a downhole depth of 501.6 meters. The two bonanza intercepts noted above are located 35 meters southeast of the near-surface intercepts from SU-542.
The Valley of the Kings now extends over 800 meters in strike length and is open to the east, west, and at depth. A plan of the Valley of the Kings highlighting the location of the holes noted above is located at http://media3.marketwire.com/docs/pvg310-F1.pdf.
The 2012 Brucejack Exploration Program is nearing conclusion, and the final assays will be reported when they are received. The assays for all holes after SU-466 will be incorporated in the final 2012 Mineral Resource estimate for the Brucejack Project expected later in the fourth quarter of 2012 or in the first quarter of 2013.
|Table 1: Selected Brucejack Project Drill Results, October 2012 (SU-531 to SU-555)(1,3) |
|VALLEY OF THE KINGS|
|-55/358||12.45||17.50||5.05||42.03||31.19||1 Au |
|-60/358||16.00||21.32||5.32||72.08||307.28||2 Au |
|269.86||272.16||2.30||179.01||391.48||1 Au |
|-45/177||351.73||352.23||0.50||30.30||13.60||2 Au |
|290.50||309.50||19.00||31.24||65.88||2 Au |
|(1) True thickness to be determined.|
|(2) Unless otherwise indicated as uncut, all gold assays over 380 g/t were cut to 380 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 and mineralization remains open in all directions. A feasibility study for a high-grade underground mine in Brucejack''s Valley of the Kings is underway and expected in the second quarter of 2013.
(SEDAR filings: Pretium Resources Inc.)
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 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.