Pretium Resources Inc.: 3,874 Grams Per Tonne Gold Intersection Extends Valley of the Kings West of the Brucejack Fault
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/14/12 -- Pretium Resources Inc. (TSX: PVG)(NYSE: PVG) ("Pretivm") is pleased to report that step-out drilling has extended the zone of high-grade gold mineralization in the Valley of the Kings to the west of the Brucejack Fault by over 60 meters.
The bonanza-grade intercept from a downhole depth of 75.62 meters in hole SU-498 includes:
-- 0.5 meters grading 3,874 grams of gold per tonne uncut (1.6 feet
averaging 112.9 ounces gold per ton).
The intercept from SU-498 noted above is part of a longer interval grading 1,034 grams of gold per tonne uncut over 1.88 meters (6.2 feet averaging 30.2 ounces of gold per ton). Assays for the remainder of hole SU-498 will be reported as they are received.
Hole SU-498 was collared 62 meters west of the Brucejack Fault on section 426223E, along trend and strike of the Valley of the Kings. The bonanza-grade gold interval from Hole SU-498 was intersected 88 meters west of the interval from hole SU-135 which intersected 1,070 grams per tonne gold uncut over 0.5 meters, and 90 meters west and 20 meters north of the interval from hole SU-150 which intersected 6,670 grams per tonne gold uncut over 0.5 meters. A plan view of the Valley of the Kings showing the location of hole SU-498 will be posted on our web site, www.pretivm.com.
To view the Brucejack Property, Valley of the Kings map, please visit: http://media3.marketwire.com/docs/pvg814-F1.pdf.
Seven drills are now turning at Brucejack, and in light of recent drilling success, two additional drills are being mobilized to site.
We believe the Brucejack gold-silver deposits represent (the now eastward tilted and deformed) higher level transitional meso- to epithermal mineralization within the sericitic alteration zone of a telescoped porphyry deposit, with the high-grade gold mineralization at the Valley of the Kings hosted in deformed quartz, quartz-carbonate, and quartz-adularia veins, vein breccias, and stockworks. The 2012 Brucejack Exploration Program continues to confirm our geological interpretation. In turn, our geological interpretation is consistently allowing us to expand the Valley of the Kings mineralization to the east and at depth and now, as evidenced by hole SU-498, to the west of the Brucejack Fault.
Table 1: Selected Intercepts from Drill Hole SU-498, August 2012(1,3,4)
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Hole Collar Dip/ From To Interval Gold Silver Capping
No. Coords. Azimuth (meters) (meters) (meters) (g/t) (g/t) (2)
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SU- 6257960N
498 426223E -50/360 16.00 17.50 1.50 12.50 11.70
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1 Au
sample
75.62 77.50 1.88 136.81 403.83 cut
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or 75.62 77.50 1.88 1,034 403.83 uncut
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75.62 76.12 0.50 3,874 1504.60 uncut
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(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 382 meters of SU-498.
(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.
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.
The TSX has neither approved nor disapproved of the information contained herein.
Contacts:
Pretium Resources Inc.
Robert Quartermain
President and Chief Executive Officer
(604) 558-1784
Pretium Resources Inc.
Michelle Romero
Corporate Relations Director
(604) 558-1784
invest@pretivm.com
www.pretivm.com