Pretium Resources Inc. (TSX:PVG) (NYSE:PVG) (“Pretivm” or the
“Company”) is pleased to report that the ramp-up continues to
advance at the high-grade gold Brucejack Mine, and the mine remains
on track to reach steady state production mid-to-late 2018.
Additionally, an exploration drill program has been initiated
underground to test for a porphyry source and evaluate the
potential extension of the Valley of the Kings deposit to the east.
Optimizing Operations
To improve access and build stope inventory the
rate of underground development has been increased to 700 meters
per month, up from 420 meters originally envisioned in the
Brucejack Feasibility Study. A third long-hole drill is now on site
to serve as a back-up drill and will also be utilized to increase
the rate of underground production to build stope inventory, which
is expected to increase to 10 to 12 stopes with a range of grades
by mid-year. The availability of stopes representing a range
of grades, including multiple higher grade stopes, will allow
mining operations to optimize stope blending and provide
alternative stopes with comparable grades for mining in the event
of operational issues with any stopes. The increased stope
inventory is expected to improve the management of production
grades as the ramp-up continues.
Operational Grade Control
The grade control program is underway and is
currently being integrated into the mining process. The grade
control program, which comprises sampling and drilling, is designed
to refine stope dimensions, reduce dilution and optimize grade.
Stope Ring Sampling
As part of the grade control program, grade is
estimated on a ring-by ring basis to refine the shape of the
long-hole stope prior to mining. Long-hole drill cuttings are
selectively collected from each ring within a stope and split to a
smaller sample size. The reduced sample is then assayed. Assayed
data from each of the rings is then fed back into the short-term
mine planning cycle to refine stope dimensions.
The upgraded and modified underground sample
splitting station is now functional. The sample splitting station
is used to further validate the sampling process.
Reverse Circulation Drilling
Another component of the grade control program,
reverse circulation (RC) drilling to optimize stope definition, has
commenced on a trial basis. The RC drill will cross-cut the stopes
drilling 5-meter to 7.5-meter centers to refine stope location and
dimensions prior to mining. The RC drilling will provide a larger
sample per meter and is expected to be faster and more cost
effective than core drilling, which has been used for infill
drilling to date.
Exploration Drilling for Porphyry
Source
An exploration drill program has been initiated
to test for a porphyry source and evaluate the potential extension
of the Valley of the Kings to the east. The drill program will
follow-up on the success of the 2015 regional grass-roots
exploration drill program. High-grade gold was intersected in the
Flow Dome Zone, located approximately 500 meters east of the
Brucejack Mine, confirming the presence of either a new stockwork
zone or an extension of the Valley of the Kings deposit (see news
release dated October 8, 2015). A drill has been set up underground
on the eastern edge of the 1200-meter Level of the Valley of the
Kings development. Two drill holes, each 1,600 meters long will
serve to provide a continuum of information from the Valley of the
Kings to the Flow Dome Zone. The drilling will also test below the
Flow Dome Zone where structural geology combined with a geophysical
anomaly suggests a potential porphyry source.
Lyle Morgenthaler, B.A.Sc., P.Eng., Chief Mine
Engineer, Pretium Resources Inc. is the Qualified Person (“QP”)
responsible for Brucejack Mine development. Warwick Board, Ph.D.,
P.Geo, Pr.Sci.Nat., Vice President, Geology and Chief Geologist,
Pretium Resources Inc. is the Qualified Person (“QP”) responsible
for the Brucejack Mine exploration drilling.
Fourth Quarter and Year-End 2017
Financial Results – Webcast and Conference Call
Pretivm plans to release its fourth quarter and
year-end 2017 operational and financial results after market close
on Thursday, March 8, 2018. The webcast and conference call to
discuss these results will take place Friday, March 9, 2018 at 7:00
am PT (10:00 am ET).
Webcast and conference call details:
Friday, March 9, 2018 at 7:00 am PT (10:00 am
ET) |
Webcast |
www.pretivm.com |
Toll Free (North
America) |
1-800-319-4610 |
International and
Vancouver |
604-638-5340 |
About Pretivm
Pretivm is ramping-up gold production at the
high-grade underground Brucejack mine in northern British
Columbia.
For further information contact:
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Joseph Ovsenek |
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Troy Shultz |
President &
CEO |
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Manager, Investor
Relations |
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& Corporate
Communications |
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Pretium Resources Inc. Suite 2300, Four Bentall Centre, 1055
Dunsmuir Street PO Box 49334 Vancouver, BC V7X 1L4 (604) 558-1784
invest@pretivm.com (SEDAR filings: Pretium Resources Inc.)
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.
Statements contained herein that are not based on historical or
current fact, including without limitation statements containing
the words “anticipates,” “believes,” “may,” “continues,”
“estimates,” “expects,” and “will” and words of similar import,
constitute “forward-looking statements” within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking information may include, but is not limited to,
information with respect to: production and cost guidance; our
planned exploration and development activities, the accuracy of our
mineral resource estimates; capital and operating cost estimates;
production and processing estimates; the results, the adequacy of
Pretivm's financial resources, the estimation of mineral reserves
and resources including the 2016 Valley of the Kings Mineral
Resource estimate and the Brucejack Mineral Reserve estimate,
realization of mineral reserve and resource estimates and timing of
development of Pretivm's Brucejack Mine, 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 Mine, timing and receipt of approvals, consents
and permits under applicable legislation, Pretivm's executive
compensation approach and practice, and statements regarding USD
cash flows and the recurrence of foreign currency translation
adjustments. Wherever possible, words such as “plans”, “expects”,
“guidance”, “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
30, 2017 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.
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