Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased
to report that the first underground hole drilled as part of the
Valley of the Kings bulk sample program intersected visible gold
and confirms the projection of high-grade gold mineralized domains.
(See Table 1 below for assays.)
Selected highlights from hole VU-01 include:
-- 21.57 grams of gold per tonne over 12.00 meters, including 388 grams of
gold per tonne over 0.50 meters and 99.7 grams of gold per tonne over
0.50 meters;
-- 8.38 grams of gold per tonne over 2.00 meters, including 31.10 grams of
gold per tonne over 0.40 meters.
Pilot hole VU-01 was drilled horizontally through the center of
the Valley of the Kings section 426600 cross-cut at the 1,345-meter
level, and intersected the interpreted mineralized domains.
Valley of the Kings Bulk Sample Program
The Valley of the Kings Bulk Sample Program (the "Program")
consists of two elements: the excavation of a 10,000-tonne bulk
sample and a 15,000-meter underground drill program. The Program
has been designed to test the full widths of two of the domains of
mineralization used to estimate the November 2012 Valley of the
Kings Mineral Resource. By testing the two domains of
mineralization, the Program will confirm that the resource model is
accurately projecting the range of the grade distribution in the
10-meter blocks that make up the Mineral Resource estimate within
the bulk sample area. As a result, the Program will target the full
range of the projected resource block grades which span from zero
grams of gold per tonne to in excess of 60 grams of gold per
tonne.
High-grade gold resources (5.0 grams of gold equivalent per
tonne cut-off) for the Valley of the Kings now total 8.5 million
ounces of gold in the Indicated Mineral Resource category (16.1
million tonnes grading 16.4 grams of gold per tonne) and 2.9
million ounces of gold in the Inferred Mineral Resource category
(5.4 million tonnes grading 17.0 grams of gold per tonne).
Strathcona Mineral Services Ltd. of Toronto has been engaged as
the independent Qualified Person to oversee and report on the
Program.
Excavation of Bulk Sample
The 1,345-meter level, centered at the 426600 cross-section of
the Valley of the Kings, was selected as the bulk sample location
based on Strathcona's requirements that the bulk sample be
excavated from an area representative of the (a) drillhole density
that informs the Indicated Mineral Resource, (b) average grade of
the Indicated Mineral Resource and the global resource for Valley
of the Kings, (c) proportion of low-grade, high-grade and extreme
grade populations in the overall Indicated Mineral Resource and (d)
style of stockwork gold mineralization characteristic of the Valley
of the Kings.
The 10,000-tonne bulk sample will be excavated from four
cross-cuts (excavations perpendicular to the two domains of
mineralization, spaced at 30-meter centers) and one lateral drift
(an excavation extending along the strike length of one of the
domains of mineralization). The excavation of the 10,000-tonne bulk
sample is scheduled to begin in mid-June and be completed in
August. The underground development necessary to support the
excavation of the bulk sample is currently underway.
Sample Tower and Mineral Processing
The 10,000-tonne bulk sample will be excavated in approximately
100-tonne rounds. Each round will be crushed and run through a
sample tower currently assembled on site. The sample tower has been
designed and constructed to extract two 30-kilogram representative
samples from each 100-tonne round processed by the sample tower.
The representative samples extracted by the sample tower will be
assayed, and the assay results will be reported by Strathcona in
their report on the Program.
The remainder of the 10,000-tonne bulk sample will be shipped to
a mill for processing. The mill will use a similar circuit, gravity
and flotation, to extract gold and silver from the bulk sample as
contemplated in the feasibility study for the Brucejack Project
currently underway. The bulk sample remainder is expected to be
milled in the third and fourth quarters of this year.
Bulk Sample Drilling
Approximately 15,000 meters of underground drilling in 190 holes
will be completed as part of the Program. The drilling will define
the portions of the two domains of mineralization being tested by
the Program along 120 meters of strike length, and vertically for
60 meters above and 60 meters below the 1,345-meter level of the
Valley of the Kings. The drilling will be completed on sections 7.5
meters apart along the 120 meters of strike length. Each section
will be drilled from the north or south, with drill holes at
15-meter centers vertically at the margins of the mineralized
domains. The supporting infrastructure will include an initial
cross-cut through the Valley of the Kings along section 426600, and
the north exploration drill drift. The drill program will run
concurrently with the mining of the bulk sample.
For views of the bulk sample underground drilling program at the
Valley of the Kings please visit the following link -
http://media3.marketwire.com/docs/pvg528_F1-2.pdf.
Program Reporting
Assay results from underground drilling will be reported as they
are received. Strathcona's report on the Program is expected later
in the year after compilation of all data. The amount of gold and
silver produced by the mill will be reported following the
completion of the milling of the bulk sample.
Table 1: Valley of the Kings Bulk Sample Drill Results, May 2013 (VU-
01)(1,2,3)
----------------------------------------------------------------------------
Hole Collar Dip/ From To Interval Gold Silver
No. Coords. Azimuth (meters) (meters) (meters) (g/t) (g/t)
----------------------------------------------------------------------------
VU-01 6258007N
426599E -0.3/180 32.00 44.00 12.00 21.57 17.50
----------------------------------------------------------------------------
incl 42.75 43.25 0.50 388.00 279.00
----------------------------------------------------------------------------
incl 43.50 44.00 0.50 99.70 50.00
----------------------------------------------------------------------------
64.00 66.00 2.00 8.38 58.92
----------------------------------------------------------------------------
incl 65.60 66.00 0.40 31.10 22.10
----------------------------------------------------------------------------
(1) True thickness to be determined.
(2) Unless otherwise indicated as uncut, all gold assays over 421 g/t were
cut to 421 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 one-quarter
split core assayed at ALS Chemex in Vancouver, B.C.
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 high-grade gold
Brucejack Project, located in northern British Columbia. Brucejack
hosts a major undeveloped high-grade gold resource and
mineralization remains open along strike and at depth. A
feasibility study for a high-grade underground mine in Brucejack's
Valley of the Kings is underway and expected this quarter.
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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