Pretium Resources Inc.: Valley of the Kings Exploration Program
Underway; Project Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 4, 2014) -
Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased
to announce the initial results from surface drilling in the Valley
of the Kings and provide updates for the Brucejack Project.
Exploration
A surface drilling
program comprising three deep geological holes collared near the
Brucejack camp and drilled to the south is now underway to test
gold mineralization at depth in the Valley of the Kings. The
results from hole SU-627 (1,158 meters) confirm that the gold
mineralization extends below the block model for the December 2013
Valley of the Kings Mineral Resource estimate, and demonstrate the
significant untested exploration potential at the Valley of the
Kings. Assay results from SU-627 are in Table 1 below.
The high-grade gold
intersections encountered between 500 meters and 600 meters down
hole in SU-627 are interpreted to be the down dip extension of the
northern part of the Valley of the Kings. The mineralization
encountered at depth from 900 meters to 1,121 meters down hole is
over 500 meters below the deepest intersections used in the
December 2013 Valley of the Kings Mineral Resource estimate.
Drilling in hole
SU-628 (750 meters) has been completed, and drilling in hole SU-629
(900 meters planned) has just begun. For a section view of the
surface drill program shown in relation to the 2013 Valley of the
Kings Mineral Resource estimate please see the following link:
http://media3.marketwire.com/docs/950066-F1.pdf.
Assay results from
drilling will continue to be reported as they are received.
Underground drilling
in the Valley of the Kings from the 1345-level access ramp planned
to target a deep zone of Indicated mineral resources is scheduled
to commence in July following completion of infrastructure upgrades
at site.
Table 1: Selected
Valley of the Kings Drill Results, June 2014 (SU-627)(1,2,3)
Hole No. |
Dip/ Azimuth |
|
From (meters) |
To (meters) |
Interval (meters) |
Gold (g/t) |
Silver (g/t) |
SU-627 |
-65/180 |
|
513.00 |
523.93 |
10.93 |
43.57 |
29.22 |
|
|
incl |
522.22 |
523.93 |
1.71 |
270.42 |
92.63 |
|
|
or |
522.22 |
522.72 |
0.50 |
531.00 |
200.00 |
|
|
or |
522.72 |
523.22 |
0.50 |
156.00 |
65.10 |
|
|
or |
523.22 |
523.93 |
0.71 |
167.50 |
36.40 |
|
|
|
585.85 |
586.35 |
0.50 |
26.00 |
37.70 |
|
|
|
712.12 |
712.62 |
0.50 |
5.54 |
881.00 |
|
|
|
944.50 |
946.00 |
1.50 |
5.97 |
2.00 |
|
|
|
1,006.00 |
1,007.50 |
1.50 |
6.22 |
2.10 |
|
|
|
1,066.00 |
1,069.00 |
3.00 |
3.01 |
3.05 |
|
|
|
1,120.00 |
1,121.50 |
1.50 |
5.21 |
2.30 |
(1) |
True
thickness to be determined. |
(2) |
Unless otherwise indicated as uncut, all gold assays over 540 g/t
were cut to 540 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 half split core
assayed at ALS Chemex in Vancouver, B.C. |
Permitting
We remain on track finalizing our Environmental Assessment
Certificate application and expect to file it with the British
Columbia Environmental Assessment Office ("BCEAO") by the end of
June. Once filed, the application will be evaluated for
completeness over a 30-day period by BCEAO with the involvement of
a working group including representatives of First Nations and
local governments and other government agencies. Once the
application has been accepted, the BCEAO has a maximum of 180 days
to complete its review and prepare an assessment report for a
decision by the Minister of Environment and the Minister of Energy
and Mines.
In coordination with the British Columbia provincial permitting
process, the Canadian Environmental Assessment Agency will review
the Environmental Impact Statement ("EIS"), which we expect to
submit this July. Provincial and federal approval of the EAC
application and EIS, respectively, allow for the issuance of the
statutory permits and authorizations to begin construction of a
mine at Brucejack.
Amended Feasibility Study
The amended Brucejack Project feasibility study for a 2,700
tonnes-per-day underground mine is on track for completion in June.
The June 2013 Feasibility Study for the Brucejack Project is being
amended based on the Valley of the Kings December 2013 Mineral
Resource estimate using base case metal prices of $1,100 per ounce
gold and $17 per ounce silver and a Canadian:US Dollar exchange
rate of 0.92.
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. Ian I
Chang, M.A.Sc., P.Eng., Vice President, Project Development,
Pretium Resources Inc. is the Qualified Person (QP) responsible for
Brucejack Project development.
About Pretivm
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, information with
respect to our planned exploration and development activities, the
adequacy of Pretivm's financial resources, the estimation of
mineral reserves and resources including the 2013 Valley of the
Kings Mineral Resource estimate, 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", "targets" 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 31, 2014 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.
Pretium Resources Inc.Robert QuartermainPresident and Chief
Executive Officer(604) 558-1784Pretium Resources Inc.Michelle
RomeroVice President, Corporate Relations(604)
558-1784invest@pretivm.comwww.pretivm.com
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