|
June 5,
2019
|
News Release
19-11
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Underground Exploration Drilling Intercepts Gold Mineralization at
Depth; 2019 Grassroots Regional Exploration Commences
Vancouver,
British Columbia, June 5, 2019; 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:
o
185.50 grams of
gold per tonne over 1.50 meters;
o
3.05 grams of gold
per tonne over 0.50 meters;
o
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;
o
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;
o
4.75 grams of gold
per tonne over 1.50 meters; and,
o
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 diagram
below.
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.
1
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.
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)
|
Hole
No.
|
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.
2
About Pretivm
Pretivm
is a low-cost intermediate gold producer with the high-grade gold
underground Brucejack Mine.
For
further information contact:
|
Joseph
Ovsenek
President &
CEO
|
Troy
Shultz
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.
3
4