Pretium Resources Inc. (TSX/NYSE: PVG) (“Pretivm” or the “Company”)
announces the results of the 2020 regional grassroots exploration
program, including a discovery at the Hanging Glacier Zone, and
plans for the Company’s 2021 exploration programs.
The 2020 regional grassroots exploration program
included 25,350 meters of diamond drilling completed in four
mineralized zones across the 1,200-square kilometer property that
surrounds the Brucejack Mine. The highlight from the program was
the discovery of epithermal-style gold mineralization in the
Hanging Glacier Zone, located four kilometers northwest from the
Brucejack Mine. This new zone of gold mineralization demonstrates
the district-scale potential at Brucejack. See Table 1 below for
assays from the 2020 program.
For a plan view of the 2020 program please see
the following
link: http://ml.globenewswire.com/Resource/Download/ea531186-4a1c-4ae9-886f-a8821cad410a
“This exciting discovery at Hanging Glacier,
only four kilometers from the Brucejack Mine, shows the
district-scale potential at Brucejack,” said Jacques Perron,
President and Chief Executive Officer of Pretivm. “We will
significantly increase our resource expansion and exploration
efforts in 2021 so we can surface value by extending mineral
resources and pursuing the prospects for additional gold
mineralization immediately surrounding the Brucejack Mine.”
The results from the 2020 regional grassroots
exploration program are summarized by zone below.
Hanging Glacier Zone
The Hanging Glacier Zone comprises two areas –
North Hanging Glacier and South Hanging Glacier – defined by
anomalous gold in soil samples that extend over 1.5 kilometers by
1.0 kilometer. Drilling at Hanging Glacier tested two high-grade
gold in soil anomalies assaying up to 3.21 grams per tonne gold and
followed up on mineralization intersected during the 2015
exploration program (see news release dated October 8, 2015).
At North Hanging Glacier, drilling intersected
gold mineralization hosted in pyrite localized along a monzonitic
porphyry intrusion. The 2020 discovery hole, BR-107, assayed 1.3
grams per tonne gold over 101.0 meters. A 100-meter northwest step
out hole, BR-132, assayed 2.1 grams per tonne gold over 102.0
meters, including 9.55 grams per tonne gold over 13.0 meters,
showing lateral continuity of the gold mineralization along the
porphyry contact. Select drill highlights from North Hanging
Glacier include:
- Hole BR-107
intersected 1.30 grams per tonne gold over 101.0 meters, including
3.68 grams per tonne gold over 10.5 meters.
- Hole BR-111
intersected 0.95 grams per tonne gold over 129.9 meters, including
11.09 grams per tonne gold over 3.0 meters.
- Hole BR-132
intersected 2.10 grams per tonne gold over 102.0 meters, including
9.55 grams per tonne gold over 13.0 meters, and 24.95 grams per
tonne gold over 1.7 meters.
- Hole BR-137
intersected 0.82 grams per tonne gold over 117.0 meters, including
3.08 grams per tonne gold over 9.0 meters and 17.35 grams per tonne
gold over 0.5 meters.
At South Hanging Glacier, drilling intersected
broad intervals of low-grade gold hosted in disseminated pyrite. An
epithermal-style, quartz-carbonate vein intersected in Hole BR-112
hosted native gold and pyrargyrite, assaying 8.97 grams per tonne
gold and 5,150 grams per tonne silver over 1.0 meter. Drilling at
South Hanging Glacier is located further from the porphyry contact,
showing the potential size of the epithermal system. Select drill
highlights from South Hanging Glacier include:
- Hole BR-112
intersected 8.97 grams per tonne gold and 5150 grams per tonne
silver over 1.0 meters.
- Hole BR-120
intersected 0.51 grams per tonne gold over 295.4 meters, including
4.93 grams per tonne gold over 6.0 meters.
- Hole BR-122
intersected 0.31 grams per tonne gold over 263.7 meters.
- Hole BR-142
intersected 0.34 grams per tonne gold over 240.2 meters.
A6 Zone
The A6 Anomaly Zone is located approximately 14
kilometers northeast of the Brucejack Mine. Drilling in 2020
included 19 drill holes totaling 11,883 meters, and the results
continue to define a large hydrothermal system within an altered
rhyolite dome. In West A6, Hole BR-092 intersected a 0.10-meter
interval of massive pyrite mineralization. The massive pyrite was
not anomalous for precious or base metals, indicating that the
current drilling is still distal from a productive hydrothermal
vent, requiring additional geophysics.
Koopa Zone
The Koopa Zone is located approximately 30
kilometers east-southeast of the Brucejack Mine. Drilling in 2020
tested deeper parts of the epithermal system. These holes continued
to intersect strongly altered Iskut River Formation, and gold and
silver mineralization is hosted in two generations of quartz veins.
The 2020 drilling results show that veining density and the grade
of mineralization continue consistently to depth. Select drill
highlights from Koopa include:
- Hole BR-108
intersected 0.94 grams per tonne gold over 1.5 meters and 1675
grams per tonne silver, 2.72 percent lead and 7.23 percent zinc
over 1.1 meters.
Haimila Zone
The Haimila Zone is located approximately 23
kilometers southeast of the Brucejack Mine. Drilling in 2020 tested
a zone of porphyry-style propylitic alteration. Two holes were
drilled, totaling 788 meters. One of these holes, BR-146,
intersected narrow quartz and chalcopyrite veins.
2021 Brucejack Drilling and Exploration
Programs
Two exploration programs are planned for 2021: a
definition and expansion program adjacent to the Brucejack Mine
infrastructure, and a near-mine exploration program.
The 2021 Brucejack definition and expansion
drill program is anticipated to total approximately 195,000 meters
of drilling comprised of in-reserve definition drilling (40%),
in-resource and sustaining drilling (20%) and resource expansion
drilling (40%). Underground resource expansion and exploration
drilling will target near-mine zones with the potential to extend
mineralization underground towards the West Zone, Galena Hill,
Gossan Hill, and Bridge Zone. Initially, six drills are planned to
be deployed underground, with an additional two surface drills to
be added during the summer.
The 2021 near-mine exploration program will
focus on the new discovery at Hanging Glacier, which is easily
accessible from the Brucejack Mine using existing exploration
trails. A 10,000-meter surface drill program is planned to
delineate the high-grade gold corridors and test for higher-grade,
epithermal-style veins higher up in the stratigraphy. A
high-resolution drone magnetic survey and an induced polarity (IP)
survey are also being planned to further delineate the monzonitic
porphyry intrusion and aid in targeting along the mineralized
contacts.
Additional near-mine exploration efforts will
focus on the four-kilometer trend of highly-altered rocks which
outcrop from Hanging Glacier Zone northwest of the Brucejack Mine
to Bridge Zone located southeast of the mine. Generative
exploration work, including prospecting, soil sampling, and
geophysical surveys, will be conducted to test the potential of
these zones and develop new near-mine exploration targets. An
additional 8,000 meters of surface drilling is planned to test
these zones and expand upon the mineralization potential
surrounding the Brucejack Mine.
Patrick Godin, P.Eng., Pretivm’s Vice President
and Chief Operating Officer is the Qualified Person as defined in
National Instrument 43-101 Standards of Disclosure for Mineral
Projects responsible for the regional grassroots exploration
program and has reviewed and approved the scientific and technical
information in this news release related thereto.
Table 1: Selected Grassroots Exploration Drill Results,
December 2020 (BR-107 to BR-147)(1,2)
HoleNo. |
Dip/Azimuth |
From(meters) |
To(meters) |
Interval (meters) |
Gold (g/t) |
Silver(g/t) |
Comments |
North Hanging Glacier Zone |
BR-107 |
-50/250 |
0.0 |
101.0 |
101.0 |
1.30 |
|
|
|
incl |
0.0 |
10.5 |
10.5 |
3.68 |
|
|
BR-109 |
-75/250 |
2.0 |
118.2 |
116.3 |
0.65 |
|
|
BR-111 |
-90/000 |
2.6 |
132.5 |
129.9 |
0.95 |
|
|
|
incl |
43.5 |
75.5 |
32.0 |
2.57 |
|
|
|
incl |
72.5 |
75.5 |
3.0 |
11.09 |
|
|
BR-124 |
-75/225 |
31.5 |
50.0 |
18.5 |
0.83 |
|
|
|
|
124.5 |
126.0 |
1.5 |
3.14 |
|
|
BR-128 |
-90/225 |
9.0 |
69.0 |
60.0 |
0.56 |
|
|
|
Incl |
28.5 |
50.5 |
22.0 |
0.98 |
|
|
|
And |
178.5 |
266.0 |
87.5 |
0.30 |
|
|
BR-129 |
-45/225 |
62.5 |
135.6 |
73.1 |
0.44 |
|
|
|
Incl |
110.0 |
116.3 |
6.3 |
0.97 |
|
|
BR-132 |
-65/225 |
51.0 |
153.0 |
102.0 |
2.10 |
|
|
|
Incl |
51.0 |
59.3 |
8.3 |
5.33 |
|
|
|
And |
140.0 |
153.0 |
13.0 |
9.55 |
|
|
|
Incl |
150.3 |
152.0 |
1.7 |
24.95 |
|
|
BR-134 |
-75/225 |
10.5 |
73.6 |
63.1 |
0.54 |
|
|
BR-137 |
-45/225 |
100.5 |
217.5 |
117.0 |
0.82 |
|
|
|
Incl |
174.0 |
183.0 |
9.0 |
3.08 |
|
|
|
And |
213.7 |
214.2 |
0.5 |
17.35 |
|
|
BR-141 |
-65/225 |
217.0 |
228.0 |
11.0 |
0.97 |
|
|
|
and |
273.0 |
302.0 |
29.0 |
0.39 |
|
|
South Hanging Glacier Zone |
BR-112 |
-50/265 |
198.9 |
199.9 |
1.0 |
8.97 |
5150.00 |
|
BR-118 |
-45/225 |
312.0 |
313.5 |
1.5 |
7.13 |
|
|
BR-120 |
-45/225 |
21.0 |
316.4 |
295.4 |
0.51 |
|
|
|
incl |
48.0 |
54.0 |
6.0 |
4.93 |
|
|
|
incl |
49.5 |
51.0 |
1.5 |
11.35 |
|
|
|
and |
154.5 |
210.5 |
56.0 |
0.71 |
|
|
BR-121 |
-45/225 |
11.0 |
89.0 |
78.0 |
0.32 |
|
|
BR-122 |
-65/225 |
15.5 |
279.2 |
263.7 |
0.31 |
|
|
BR-130 |
-45/225 |
36.0 |
48.0 |
12.0 |
1.09 |
|
|
BR-136 |
-45/225 |
166.5 |
328.5 |
162.0 |
0.29 |
|
|
BR-139 |
-65/225 |
74.0 |
288.0 |
214.0 |
0.34 |
|
|
BR-142 |
-45/225 |
11.8 |
252.0 |
240.2 |
0.34 |
|
|
|
Incl |
76.0 |
116.5 |
40.5 |
0.63 |
|
|
|
|
|
|
|
|
|
|
Haimila Zone |
BR-146 |
-50/225 |
47.9 |
48.3 |
0.4 |
0.15 |
|
1.93 % Cu |
Koopa Zone |
|
|
|
|
|
|
|
|
BR-097 |
-45/240 |
88.9 |
89.1 |
0.2 |
0.24 |
9.41 |
|
|
|
212.2 |
213.0 |
0.8 |
0.20 |
|
|
|
|
644.6 |
646.5 |
1.9 |
0.26 |
|
|
BR-105 |
-60/240 |
210.0 |
211.5 |
1.5 |
0.32 |
26.4 |
|
BR-108 |
-45/240 |
46.5 |
49.8 |
3.3 |
0.29 |
|
|
|
|
87.0 |
88.5 |
1.5 |
0.94 |
|
|
|
|
95.5 |
97.0 |
1.5 |
|
106 |
0.61% Pb, 1.2% Zn |
|
|
109.5 |
111.0 |
1.5 |
|
81.9 |
0.49% Pb, 0.24% Zn |
|
|
112.5 |
113.6 |
1.1 |
|
1675 |
2.72% Pb, 7.23% Zn |
BR-110 |
-85/240 |
47.5 |
49.0 |
1.5 |
0.22 |
|
|
|
|
138.5 |
140.0 |
1.5 |
|
23.8 |
0.26% Pb, 0.35% Zn |
|
|
177.0 |
178.0 |
1.0 |
0.17 |
25.1 |
0.15% Pb, 1.32% Zn |
|
|
188.4 |
189.0 |
0.6 |
0.27 |
|
|
(1) True thickness to be
determined. (2) 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-MS 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 one
in 20 samples had a sample cut from assay rejects assayed as a
field duplicate at ALS Chemex in North Vancouver, B.C. ALS Chemex
is independent of Pretivm.
About Pretivm
Pretivm is an intermediate gold producer with
the high-grade gold underground Brucejack Mine.
For further information contact:
Troy ShultzManager, Investor Relations
&Corporate Communications
Pretium Resources Inc.Suite
2300, Four Bentall Centre, 1055 Dunsmuir StreetPO Box 49334
Vancouver, BC V7X 1L4(604) 558-1784invest@pretivm.com (SEDAR
filings: Pretium Resources Inc.)
Regarding Forward-Looking Information
This news release contains “forward-looking
information” and “forward looking statements” within the meaning of
applicable Canadian and United States securities legislation
(collectively herein referred to as “forward-looking information”),
including the “safe harbour” provisions of Canadian provincial
securities legislation and the U.S. Private Securities Litigation
Reform Act of 1995, Section 21E of the U.S. Securities Exchange Act
of 1934, as amended, and Section 27A of the U.S. Securities Act of
1933, as amended. Wherever possible, words such as “plans”,
“expects”, “guidance”, “projects”, “assumes”, “budget”, “strategy”,
“scheduled”, “estimates”, “forecasts”, “anticipates”, “believes”,
“intends”, “modeled”, “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 information. Forward-looking
information may include, but is not limited to: results, analyses
and interpretations of exploration and drilling programs; our
mining (including mining methods), expansion, exploration and
development activities, including the reverse circulation drill
program, our infill, expansion and underground exploration drill
programs and our grassroots exploration program, and the plans,
results, costs and timing thereof; expectations around grade of
gold and silver production; Brucejack Mine production rate and gold
recovery rate; our operational grade control program, including
plans with respect to our infill drill program and our local grade
control model; grade reconciliation, updated geological
interpretation and mining initiatives with respect to the Brucejack
Mine; our management, operational plans and strategy; capital,
sustaining and operating cost estimates and timing thereof; the
future price of gold and silver; our liquidity and the adequacy of
our financial resources (including capital resources); our
intentions with respect to our capital resources; capital
allocation plans; the estimation of mineral reserves and mineral
resources including any updates thereto; parameters and assumptions
used to estimate mineral reserves and mineral resources;
realization of mineral reserve and mineral resource estimates; our
estimated life of mine and life of mine plan for the Brucejack
Mine; production and processing estimates and estimated rates;
estimated economic results of the Brucejack Mine; predicted
metallurgical recoveries for gold and silver; geological and
mineralization interpretations; development of our Brucejack Mine
and timing thereof; timelines and similar statements relating to
the economic viability of the Brucejack Mine, including mine life,
total tonnes mined and processed and mining operations; updates to
our mineral reserves and mineral resources and life of mine plan
for the Brucejack Mine, and the anticipated effects and timing
thereof; timing, receipt, and anticipated effects of, and
anticipated capital costs in connection with, approvals, consents
and permits under applicable legislation; and the effects of the
novel coronavirus (2019-nCoV) outbreak as a global pandemic,
including anticipated operational and financial impacts, and our
response and contingency plans. Forward-looking information is
subject to a variety of known and unknown risks, uncertainties and
other factors that could cause actual results, actions, events,
conditions, performance or achievements to materially differ from
those expressed or implied by the forward-looking information
including, without limitation, those related to: the effect of
indebtedness on cash flow and business operations; the effect of a
pandemic and particularly the COVID-19 outbreak as a global
pandemic on the Company’s business, financial condition and results
of operations and the impact of the COVID-19 outbreak on our
workforce, suppliers and other essential resources and what effect
those impacts, if they occur, would have on our business, financial
condition and results of operations; assumptions regarding expected
capital costs, operating costs and expenditures, production
schedules, economic returns and other projections; our production,
grade of gold, milling recovery, cash flow and cost estimates,
including the accuracy thereof; commodity price fluctuations,
including gold and silver price volatility; the accuracy of our
Mineral Resource and Reserve estimates (including with respect to
size, grade and mining and milling recoverability) and the
geological, operational costs and price assumptions on which they
are based; uncertainties relating to inferred Mineral Resources
being converted into Measured or Indicated Mineral Resources; our
ability to maintain or increase our annual production of gold at
the Brucejack Mine or discover, develop or acquire Mineral Reserves
for production; dependency on the Brucejack Mine for our future
operating revenue; the development of our properties and expansion
of our operations; our need or ability to raise enough capital to
mine, develop, expand or complete further exploration programs on
our mineral properties; our ability to generate operating revenues
and cash flow in the future; failure of counterparties to perform
their contractual obligations; general economic conditions; the
inherent risks in the mining industry; the commercial viability of
our current and any acquired mineral rights; availability of
suitable infrastructure or damage to existing infrastructure;
transportation, processing and refining risks; maintaining
satisfactory labour relations with employees and contractors;
significant governmental regulations, including environmental
regulations; non-compliance with permits that are obtained or delay
in obtaining or renewing, failure to obtain or renew permits
required in the future; increased costs and restrictions on
operations due to compliance with health, safety and environmental
laws and regulations; compliance with emerging climate change
regulation and the detrimental effects of climate change; potential
opposition from non-governmental organizations; uncertainty
regarding unsettled First Nations rights and title in British
Columbia; maintaining our social license to operate; uncertainties
related to title to our mineral properties and surface rights; land
reclamation and mine closure requirements; our ability to identify
and successfully integrate any material properties we acquire;
currency exchange rate fluctuations; competition in the mining
industry for properties, qualified personnel and management; our
ability to attract and retain qualified management and personnel;
potential inability to attract development partners or our ability
to identify attractive acquisitions; compliance with foreign
corrupt practices regulations and anti-bribery laws; changes to
rules and regulations, including accounting practices; limitations
in our insurance coverage and the ability to insure against certain
risks; risks related to ensuring the security and safety of
information systems, including cyber security risks; significant
growth could place a strain on our management systems; share
ownership by our significant shareholders and their ability to
influence our operations and governance and, in case of sales of
our shares by such significant shareholders, our share price;
failure to comply with certain terms of the convertible notes;
reputational risks; and certain actions under United States federal
securities laws may be unenforceable. This list is not exhaustive
of the factors that may affect any of our forward-looking
information. Although we have attempted to identify important
factors that could cause actual results, actions, events,
conditions, performance or achievements to differ materially from
those contained in forward-looking information, there may be other
factors that cause results, actions, events, conditions,
performance or achievements to differ from those anticipated,
estimated or intended. Our forward-looking information is based on
the assumptions, beliefs, expectations and opinions of management
on the date the statements are made, many of which may be difficult
to predict and beyond our control. In connection with the
forward-looking information contained in this news release, we have
made certain assumptions about, among other things: our business
and operations and that no significant event will occur outside of
our normal course of business and operations (other than as
expressly set out herein); planned exploration, development and
production activities and the results, costs and timing thereof;
future price of gold and silver and other metal prices; the
accuracy of our Mineral Resource and Mineral Reserve estimates and
related information, analyses and interpretations (including with
respect to any updates or anticipated updates); the geology and
mineralization of the Brucejack Project; operating conditions;
capital and operating cost estimates; the results, costs and timing
of future exploration and drilling; timelines and similar
statements relating to the economic viability of the Brucejack
Mine; timing and receipt of governmental, regulatory and third
party approvals, consents, licenses and permits; obtaining required
renewals for existing approvals, consents, licenses and permits;
the geopolitical, economic, permitting and legal climate that we
operate in; the adequacy of our financial resources, and our
ability to raise any necessary additional capital on reasonable
terms; commodity prices; currency exchange rates and interest
rates; political and regulatory stability; requirements under
applicable laws; market competition; sustained labour stability and
availability of equipment; positive relations with local groups;
stability in financial capital markets; and the impact of the
COVID-19 outbreak. The Company cautions that the foregoing list of
assumptions is not exhaustive. Other events or circumstances could
cause actual results to differ materially from those estimated or
projected and expressed in, or implied by, the forward-looking
information contained in this news release. Additional information
about the risks and uncertainties concerning forward-looking
information and material factors or assumptions on which such
forward-looking information is based is provided in our public
disclosure documents as filed in Canada on SEDAR at www.sedar.com
and in the United States through EDGAR at the Security and Exchange
Commission’s (the “SEC”) website at www.sec.gov. Forward-looking
information is not a guarantee of future performance. There can be
no assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information.
Forward-looking information involves statements about the future
and is inherently uncertain, and our actual achievements or other
future events or conditions may differ materially from those
reflected in the forward-looking information due to a variety of
risks, uncertainties and other factors. For the reasons set forth
above, readers should not place undue reliance on forward-looking
information. 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. Neither the TSX nor the NYSE has approved or
disapproved of the information contained herein.
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