Pretium Resources Inc. (TSX/NYSE:PVG) (“Pretivm” or the “Company”)
reports that initial observations from the third hole drilled as
part of the 2019 deep underground exploration program continue to
indicate that Brucejack-style mineralization extends at depth below
the Valley of the Kings. Additionally, the mill modifications and
upgrades required to sustain processing at the increased production
rate of 3,800 tonnes per day are progressing on schedule.
The current analyst and investor mine tour
presentation is available here on our website.
Testing the Continuation of Brucejack-style
Mineralization at Depth
To follow-up on the successful results of the
2019 deep underground exploration program carried out earlier this
year (see news release dated June 5, 2019), a third deep hole,
VU-2019, was added to the program to test both the extent of
Brucejack-style mineralization and the porphyry potential directly
below the Valley of the Kings deposit. Hole VU-2019, which is
planned to reach a length of 2,000 meters, is targeting the center
of a low resistivity anomaly approximately 1,400 meters below the
Valley of the Kings deposit as identified from a CSMT (Controlled
Source Magnetotelluric) geophysical program.
Hole VU-2019 is being drilled from the 1130
meter level of the Valley of the Kings underground development at
an azimuth of 40 degrees and a dip of negative 85 degrees. The
orientation of Hole VU-2019 was based on geological interpretations
of key features of the Brucejack system, including: geometry of
late mineral dykes and potential major structures, alteration
patterns, results of prior drill holes and downhole geochemical
anomalies. Drilling in hole VU-2019 is approximately 50
percent completed, and an update will be provided following the
receipt of all assay results and further evaluation.
2019 Reserve Definition and Expansion
Drilling
The Company’s ongoing 70,000-meter 2019
underground drill program is expected to improve reserve definition
ahead of mining and to expand on the current Mineral Reserves at
the Valley of the Kings. The first phase of the drill program,
focusing on reserve definition at depth below the 1200 meter level,
is approximately ninety percent complete. The second phase of the
drill program, focusing on reserve definition westward towards the
Brucejack fault, is now approximately fifty-five percent
complete.
Opportunities for expansion are located at
depth, to the west, to the east, and to the north-east of the
currently defined Mineral Reserve where previous drill programs
have indicated the continuation of high-grade gold mineralization.
Underground development is underway to provide access for the third
and fourth phases of the drill program targeting reserve expansion
at depth and to the east of the current Mineral Reserves.
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 and expansion drilling and has reviewed and approved
the scientific and technical information in this news release
relating thereto.
Brucejack Ramp-up Progressing on Schedule
The modifications and upgrades required to
sustain processing at the increased production rate of 3,800 tonnes
per day are progressing on schedule. The most significant upgrade
is the shift from concentrate bagging to a bulk loading system. The
bulk loading system is now installed in its permanent location and
is operating as a fully integrated component of the concentrate
process. Modifications to the flotation circuit which include
upgraded pumps and piping and an additional cleaning cell for the
process circuit will continue during regularly scheduled shutdowns
as the final components are delivered.
Underground development is accelerating to the
targeted rate of 1,000 meters per month, with 993 meters achieved
for the month of June. Development is expected to continue at
approximately 1,000 meters per month for the remainder of the year
to ensure development remains ahead of production requirements to
achieve mining rates of 3,800 tonnes per day.
Lyle Morgenthaler, B.A.Sc., P.Eng., Chief Mine
Engineer, Pretium Resources Inc. is the QP responsible for
Brucejack Mine development, and has reviewed and approved the
scientific and technical information contained in this news release
relating thereto.
Regional Grassroots Exploration
The 2019 grassroots exploration program on
Pretivm’s Bowser Claims is underway. The program will further
evaluate several distinct areas that have the potential to host
Eskay Creek-style VMS deposits and high-grade, epithermal related
gold systems and includes a minimum of 5,000 meters of drilling.
Two drills are currently testing the high-priority VMS targets on
the northern and central parts of the property. A third drill will
be mobilized to site in mid-July to begin testing epithermal
targets on the southern part of the property. The grassroots
exploration program will continue through the summer and also
includes: sampling, regional mapping, prospecting, airborne
geophysics, ground geophysics, and hyperspectral mapping.
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.
Second Quarter 2019 Operational and
Financial Results – Webcast and Conference Call
The second quarter 2019 operational results will
be released along with the quarterly financial statements.
Pretivm plans to release second quarter 2019
operational and financial results after market close on Thursday,
August 1st, 2019. The webcast and conference call to discuss these
results will take place Friday, August 2nd, 2019 at 8:00 am PT
(11:00 am ET).
Webcast and conference call details:
Friday, August 2,
2019 at 8:00 am PT (11:00 am ET) |
Webcast |
www.pretivm.com |
Toll Free (North America) |
1-800-319-4610 |
International and Vancouver |
604-638-5340 |
About Pretivm
Pretivm is 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 StreetPO Box 49334 Vancouver, BC V7X 1L4(604)
558-1784invest@pretivm.com(SEDAR filings: Pretium Resources
Inc.)
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”). 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. 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 our
infill, expansion and underground exploration drill programs and
our 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;
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. 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 materially differ from those expressed or implied by the
forward-looking information, including, without limitation, those
related to: uncertainty as to the outcome of legal proceedings; the
effect of indebtedness on cash flow and business operations; the
effect of restrictive covenants in our agreements; our ability to
satisfy commitments under our Offtake Agreement; assumptions
regarding expected capital costs, operating costs and expenditures,
production schedules, economic returns and other projections; our
production and production cost estimates, including the accuracy
thereof; commodity price fluctuations, including gold price
volatility; 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; 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; general economic conditions; the
inherent risk in the mining industry; and significant governmental
regulations, including environmental regulations; and such other
risks, uncertainties and factors as are identified in our 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”).
This list is not exhaustive of the factors that may affect any of
our forward-looking information. 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 that no significant events will occur outside of our
normal course of business; planned exploration and development
activities and the costs and timing thereof; future prices of gold
and silver and other metal prices; the accuracy of our Mineral
Resource and Mineral Reserve estimates; the geology and
mineralization of the Brucejack Project; operating conditions;
capital and operating cost estimates; production and processing
estimates; the results, costs and timing of future exploration and
drilling; timelines and similar statements relating to the economic
viability of the Brucejack Project; 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 adequacy of
our financial resources and our ability to raise any necessary
additional capital on reasonable terms; our ability to satisfy the
terms and conditions of our debt obligations; 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; favourable equity
and debt capital markets; stability in financial and capital
markets; and such other factors and assumptions as are set out in
the Pretivm Disclosure Documents. The foregoing list of assumptions
and factors is not exhaustive. Although we believe that the
assumptions inherent in the forward-looking information are
reasonable, they are subject to significant business, social,
economic, political, regulatory, competitive and other risks and
uncertainties, contingencies and other factors that could cause
actual actions, events, conditions, results, performance or
achievements to be materially different from those projected in the
forward-looking information. 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. We do not assume any obligation to
update forward-looking information, whether as a result of new
information, future events or otherwise, or to explain any material
difference between subsequent actual events and such
forward-looking information, other than as required by applicable
law. For the reasons set forth above, readers should not place
undue reliance on forward-looking information. Neither the TSX nor
the NYSE has approved or disapproved of the information contained
herein.
Pretium Resources (TSX:PVG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pretium Resources (TSX:PVG)
Historical Stock Chart
From Jul 2023 to Jul 2024