Pretium Resources Inc.: Underground Exploration Drilling Intercepts
Gold Mineralization at Depth; 2019 Grassroots Regional Exploration
Commences
Pretium Resources Inc. (TSX/NYSE:PVG) (“Pretivm” or the “Company”)
reports that its 2019 deep underground exploration drilling program
confirmed expectations for Brucejack-style mineralization and
proximity to porphyry-style mineralization at depth and to the east
of the Brucejack Mine, with 5.56 grams of gold per tonne
intersected over 107.45 meters. (See Table 1 below for assays.)
Two deep holes totaling more than 3,500 meters
were drilled toward the southeast and northeast under the Flow Dome
Zone, an area approximately 1,000 meters east of the Brucejack Mine
where drilling in 2015 intersected Valley of the Kings-style
high-grade gold (see news release dated October 8, 2015). Holes
VU-1785 and VU-1787, both of which encountered Brucejack-style,
gold-silver bearing quartz carbonate stockwork, were drilled from
the eastern edge of the 1110-meter level in the Valley of the Kings
underground development.
Continuation of Brucejack-style Mineralization
to the East
Of particular note, Hole VU-1787 intersected a
zone of mineralized stockwork, including visible gold, extending
over 107 meters (between 198 meters and 305 meters downhole)
approximately 240 meters to the east and below the eastern limit of
the existing Valley of the Kings Mineral Resource.
Selected drill highlights from Hole VU-1787
include:
- 5.56 grams of gold per tonne over 107.45 meters (true width
between 54 and 107 meters) which included: ° 185.50
grams of gold per tonne over 1.50 meters; ° 3.05
grams of gold per tonne over 0.50 meters; ° 6.48
grams of gold per tonne over 8.39 meters, including: 28.00 grams
per tonne over 1.00 meter, 10.55 grams per tonne over 1.50 meters
and 6.16 grams per tonne over 1.50 meters; ° 6.41
grams of gold per tonne over 19.50 meters, including: 8.42 grams
per tonne over 4.50 meters, and 18.34 grams per tonne over 4.50
meters; ° 4.75 grams of gold per tonne over 1.50
meters; and, ° 72.80 grams of gold per tonne over
1.50 meters.
Hole VU-1785 was drilled 2,005 meters to the
southeast at a -65 degree angle, and hole VU-1787 was drilled 1,536
meters to the northeast at a -60 degree angle.
For a section view of the reported holes please
see the following
link: http://ml.globenewswire.com/Resource/Download/b3c64a42-5203-400d-be56-8222ffe88738
Both holes were drilled in areas uninformed by
previous drilling, confirming the potential extension of
Brucejack-style mineralization at depth and to the east of the
Brucejack Mine.
Exploration Drilling for Porphyry Source
Anomalous copper and molybdenum mineralization,
indicative of a porphyry and similar to that noted in the 2018 deep
exploration drilling (see news release dated June 18, 2018), was
intersected at depth in both holes, extending between 1,850 meters
and 2,005 meters in drill hole VU-1785 and between 1,270 meters and
1,535 meters in drill hole VU-1787. Additional geological and
geochemical features, including changes in alteration, carbonate
veining, pyrite zonation, and sphalerite composition, further
support porphyry proximity vectoring beneath the Flow Dome
Zone. Analyses of geological and geochemical samples
collected from the drill core from both drill holes is in progress
to further refine the vectoring process. A surface IP
geophysical survey will be conducted this summer to augment the
results of these analyses and generate targets for follow-up
drilling, planned for 2019.
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 and has reviewed and approved the scientific
and technical information in this news release relating
thereto.
Regional Grassroots Exploration
Crews have been mobilized to site in preparation
for the 2019 grassroots exploration program on Pretivm’s Bowser
Claims to follow up on the comprehensive regional exploration that
has previously been completed on the 1,250-square kilometer
property that surrounds the Brucejack Mine. The grassroots
exploration program includes 5,000 meters of regional exploration
drilling set to commence in early July. In addition to
drilling high-priority targets, the program will also include:
sampling, regional mapping, prospecting, airborne geophysics,
ground geophysics, and hyperspectral mapping. To date, the program
has resulted in the identification of several distinct areas that
have the potential to host Eskay Creek-style VMS deposits and
high-grade, epithermal- related gold systems.
Kenneth C. McNaughton, M.A.Sc., P.Eng., Chief
Exploration Officer, Pretium Resources Inc. is the QP responsible
for the regional grassroots exploration program and has reviewed
and approved the scientific and technical information in this news
release relating thereto.
Table 1: Selected Exploration Drill Results, June
2019 (VU-1785 & VU-1787)(1,2) |
HoleNo. |
Dip/ Azimuth |
From(meters) |
To(meters) |
Interval(meters) |
Gold (g/t) |
Silver (g/t) |
Comments |
VU-1785 |
-65/150 |
118.50 |
120.00 |
1.50 |
1.46 |
6.20 |
|
|
|
160.50 |
162.00 |
1.50 |
6.93 |
3.70 |
|
|
|
220.50 |
222.00 |
1.50 |
8.07 |
9.20 |
Visible Gold |
|
|
472.50 |
475.50 |
3.00 |
0.90 |
1.30 |
|
|
|
1,388.55 |
1,390.00 |
1.45 |
1.50 |
43.90 |
|
|
|
1,481.00 |
1,482.50 |
1.50 |
1.36 |
101.00 |
|
|
|
1,500.19 |
1,501.30 |
1.11 |
1.24 |
84.20 |
|
|
|
1,801.50 |
1,803.00 |
1.50 |
3.56 |
1.60 |
|
|
|
1,819.50 |
1,821.00 |
1.50 |
1.10 |
1.20 |
|
|
|
1,827.00 |
1,828.50 |
1.50 |
4.24 |
4.00 |
|
VU-1787 |
-60/070 |
198.50 |
306.00 |
107.50 |
5.56 |
8.41 |
|
|
Incl. |
198.50 |
200.00 |
1.50 |
185.50 |
84.70 |
Visible Gold |
|
Incl. |
207.00 |
208.50 |
1.50 |
3.05 |
2.70 |
|
|
Incl. |
221.77 |
222.19 |
0.41 |
1.60 |
142.00 |
|
|
Incl. |
244.50 |
252.89 |
8.39 |
6.48 |
8.78 |
|
|
Incl. |
244.50 |
245.50 |
1.00 |
28.00 |
45.10 |
Visible Gold |
|
Incl. |
245.50 |
247.00 |
1.50 |
10.55 |
1.90 |
Visible Gold |
|
Incl. |
251.39 |
252.89 |
1.50 |
6.16 |
9.30 |
Visible Gold |
|
Incl. |
265.50 |
267.00 |
1.50 |
6.41 |
22.03 |
|
|
Incl. |
265.50 |
270.00 |
4.50 |
8.42 |
12.07 |
|
|
Incl. |
277.50 |
282.00 |
4.50 |
18.34 |
47.17 |
|
|
Incl. |
292.50 |
294.00 |
1.50 |
1.09 |
4.70 |
|
|
Incl. |
301.50 |
306.00 |
4.50 |
26.04 |
9.90 |
|
|
Incl. |
301.50 |
303.00 |
1.50 |
4.75 |
3.20 |
|
|
Incl. |
304.50 |
306.00 |
1.50 |
72.080 |
16.50 |
Visible Gold |
|
|
343.50 |
345.00 |
1.50 |
2.23 |
3.00 |
|
|
|
378.00 |
382.50 |
4.50 |
0.97 |
7.00 |
|
|
|
405.00 |
406.50 |
1.50 |
1.48 |
4.00 |
|
|
|
426.00 |
427.50 |
1.50 |
2.47 |
2.50 |
|
|
|
429.00 |
430.50 |
1.50 |
1.13 |
16.10 |
|
|
|
442.50 |
444.00 |
1.50 |
1.29 |
26.70 |
|
|
|
495.00 |
496.50 |
1.50 |
9.91 |
2.40 |
|
|
|
529.50 |
531.00 |
1.50 |
1.26 |
1.70 |
|
(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 finish and fire assay with AA finish
for gold. Samples with over 10 ppm gold were fire assayed with a
gravimetric finish. 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. One
in 20 samples was a blank control sample, one in 20 samples was a
standard control sample, and one in 20 samples was a half-core
field duplicate. Half HQ core was assayed and the remainder stored
on-site. ALS Chemex is independent of Pretivm. |
About Pretivm
Pretivm is a low-cost intermediate gold producer
with the high-grade gold underground Brucejack Mine.
For further
information contact: |
|
|
|
Joseph Ovsenek |
Troy Shultz |
President & CEO |
Manager, Investor Relations & |
|
Corporate Communications |
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
(collectively herein referred to as “forward-looking statements” or
“forward-looking information”). 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 statements
and information. 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 statements. Forward-looking information may
include, but is not limited to, information with respect to:
results, analyses and interpretations of exploration and drilling
programs; our planned mining, expansion, exploration and
development activities (including the grassroots exploration
program), and the results, costs and timing thereof; the estimation
of Mineral Reserves and Resources, including the updates thereto;
realization of Mineral Reserve and Resource estimates; our
estimated life of mine and life of mine plan for the Brucejack
Mine; production and processing estimates; capital, sustaining and
operating cost estimates and timing thereof; estimated economic
results of the Brucejack Mine, including net cash flow and net
present value; the expected grade of gold and silver production;
predicted metallurgical recoveries for gold and silver; geological
and mineralization interpretations; production and processing
estimates; development of the Brucejack Mine; the Brucejack Mine
production rate and the ramp-up to 3,800 tonnes per day production
rate; capital modifications and upgrades, underground
development, and estimated expenditures and timelines in connection
therewith, including with respect to the ramp-up to 3,800 tonnes
per day production rate; timelines and similar statements relating
to the economic viability of the Brucejack Mine, including mine
life, total tonnes mined and processed and mining operations;
production and cost guidance; 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 operational strategy; our future
operational and financial results, including estimated cash flows,
and the timing thereof; payment of our debt and other obligations,
including the source of funds and timing thereof; the future price
of gold and silver; our liquidity and the adequacy of our financial
resources; our intentions with respect to our capital resources;
timing, receipt, and anticipated effects of, and anticipated
capital costs in connection with approvals, consents and permits
under applicable legislation; litigation matters; environmental
matters; our effective tax rate and the recognition of our
previously unrecognized income tax attributes; and statements
regarding United States dollar cash flows, currency fluctuations
and the recurrence of foreign currency translation
adjustments. Statements concerning Mineral Resource estimates
may also be deemed to constitute forward-looking statements.
Forward-looking statements are subject to a variety of known and
unknown risks, uncertainties and other factors that could cause
actual events or results to materially differ from those expressed
or implied by the forward-looking statements, including, without
limitation, those related to: the accuracy of our Mineral Resource
and Reserve estimates (including with respect to size, grade and
recoverability) and the geological, operational and price
assumptions on which they are based; uncertainties relating to
inferred Mineral Resources being converted into Measured or
Indicated Mineral Resources; commodity price fluctuations,
including gold price volatility; general economic conditions; the
inherent risk in the mining industry; significant governmental
regulations; currency fluctuations, and such other risks as are
identified in Pretivm’s Annual Information Form dated March 28,
2019, Form 40-F dated March 28, 2019, Management’s Discussion and
Analysis for the years ended December 31, 2018 and 2017
(“MD&A”) and other applicable disclosure documents as filed in
Canada on SEDAR at www.sedar.com and in the United States through
EDGAR at the SEC’s website at www.sec.gov (collectively, the
“Pretivm Disclosure Documents”). Our forward-looking statements are
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 statements contained in this news release,
we have made certain assumptions about our business, including
about our exploration, development and production activities, and
the results, costs and timing thereof; timing and receipt of
approvals, consents and permits under applicable legislation; the
geopolitical, economic, permitting and legal climate that we
operate in; the price of gold and other commodities; exchange
rates; market competition; the adequacy of our financial resources,
and such other material assumptions as are identified in the other
Pretivm Disclosure Documents. We have also assumed that no
significant events will occur outside of our normal course of
business. Although we believe that the assumptions inherent in the
forward-looking statements are reasonable as of the date of this
news release, forward-looking statements are not guarantees of
future performance and, accordingly, undue reliance should not be
put on such statements due to the inherent uncertainty therein. We
do not assume any obligation to update forward-looking statements,
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 statements. Neither the TSX nor the NYSE has
approved or disapproved of the information contained herein.
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