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)
----------------------------------------------------------------------------
Hole Collar Dip/ From To Interval Gold Silver Capping
No. Coords. Azimuth (meters) (meters) (meters) (g/t) (g/t) (2)
----------------------------------------------------------------------------
SU- 6257960N
498 426223E -50/360 16.00 17.50 1.50 12.50 11.70
----------------------------------------------------------------------------
1 Au
sample
75.62 77.50 1.88 136.81 403.83 cut
----------------------------------------------------------------------------
or 75.62 77.50 1.88 1,034 403.83 uncut
----------------------------------------------------------------------------
75.62 76.12 0.50 3,874 1504.60 uncut
----------------------------------------------------------------------------
(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)
558-1784invest@pretivm.com www.pretivm.com
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