VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sep 18, 2012) - Pretium Resources Inc. (PVG.TO)(PVG) ("Pretivm") is pleased to report that drilling in Brucejack''s Valley of the Kings continues to intersect high-grade gold, with numerous assays grading over 2,000 grams per tonne gold. (See Table 1 below for assays.)
Selected highlights from the Valley of the Kings include:
- Hole SU-502 intersected 8,151 grams of gold per tonne uncut over 0.50 meters (237.7 ounces of gold per ton over 1.64 feet);
- Hole SU-510 intersected 4,673 grams of gold per tonne uncut over 0.59 meters (136.3 ounces of gold per ton over 1.94 feet);
- Hole SU-526 (previously reported) intersected 4,195 grams of gold per tonne uncut over 1.16 meters (122.3 ounces of gold per ton over 3.81 feet);
- Hole SU-512 intersected 2,790 grams of gold per tonne uncut over 0.50 meters (81.37 ounces of gold per ton over 1.64 feet);
- Hole SU-523 intersected:
- 2,370 grams of gold per tonne uncut over 0.50 meters (69.12 ounces of gold per ton over 1.64 feet) and
- 1,060 grams of gold per tonne uncut over 0.80 meters (30.92 ounces of gold per ton over 2.62 feet);
- Hole SU-524 intersected:
- 2,170 grams of gold per tonne uncut over 0.55 meters (63.29 ounces of gold per ton over 1.80 feet) and
- 2,020 grams of gold per tonne uncut over 0.50 meters (58.92 ounces of gold per ton over 1.64 feet).
Hole SU-502 was collared on section 426612E, and the bonanza-grade gold interval noted above is located approximately 35 meters from the interval from hole SU-452 which intersected 41,582 grams of gold per tonne uncut over 0.50 meters. Hole SU-524 was collared on section 426312E, and the intervals noted above were intersected roughly three meters apart at a downhole depth of 124 meters. They are located approximately 46 meters from the interval from hole SU-150 which intersected 6,670 grams per tonne gold uncut over 0.50 meters.
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/819764.pdf.
Nine drills continue turning at Brucejack, with the 2012 Brucejack Exploration Program expected to be completed early in the fourth quarter. A Technical Session discussing the geological model of the Valley of the Kings and the results of the recently-announced Interim Mineral Resource Estimate for the Brucejack Project will be held on Wednesday, September 19th at noon (EST) with a webcast at: http://services.choruscall.ca/links/pretium120919.html.
Table 1: Selected Brucejack Project Drill Results, September 2012 (SU-501 to SU-530)(1,4)
|233.50||256.00||22.50||22.65||109.05||2 Au samples cut|
|-50/178||201.16||203.00||1.84||127.09||716.11||1 Au sample cut|
|365.33||366.50||1.17||165.98||151.39||1 Au sample cut|
|250.36||252.18||1.82||163.11||310.45||1 Au sample cut|
|209.00||214.50||5.50||42.19||110.53||1 Au sample cut|
|-60/358||124.39||127.99||3.60||111.90||207.95||2 Au samples cut|
|-57/178||320.5||339.5||19.0||18.3||11.7||1 Au sample cut|
|365.92||367.81||1.89||112.00||161.60||1 Au sample cut|
|(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.|
|(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 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.|
Assay results for completed drilling will be reported as they are received over the course of the 2012 drilling season. 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.
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.
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, 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.