PVG Pretium drills 0.5 m of 41,582 g/t Au at Brucejack
Pretium Resources Inc (TSX:PVG)
Shares Issued 93,677,636
Last Close 7/24/2012 $13.31
Wednesday July 25 2012 - News Release
Mr. Robert Quartermain reports
PRETIUM RESOURCES INC.: 41,582 GRAMS PER TONNE GOLD INTERSECTED IN THE VALLEY OF THE KINGS
Pretium Resources Inc. has released the highest-grading gold intersection encountered to date at the Brucejack project, drilled in the Valley of the Kings.
The bonanza-grade intercepts from a downhole depth of 200.97 meters in hole SU-452 include:
0.5 meters with uncut grades of 41,582 grams of gold per tonne (1.6 feet averaging 1,212.8 ounces gold per ton); 0.5 meters with uncut grades of 4,902 grams of gold per tonne (1.6 feet averaging 143.0 ounces gold per ton); 0.5 meters with uncut grades of 2,251 grams of gold per tonne (1.6 feet averaging 65.7 ounces gold per ton). Assays for a three meter section of hole SU-452 have been received, which, including the three intercepts above, average 8,330 grams of gold and 5,628 grams of silver per tonne uncut over the three meters (9.8 feet averaging 243.0 ounces of gold and 164.2 ounces of silver per ton). Assays for the remaining 352 meters of hole SU-452 will be reported as they are received.
Hole SU-452 was collared on section 426625E, which also includes the high-grade intercepts from: hole SU-230, grading 7,240 grams per tonne gold over 1.0 meter, 510 grams per tonne gold over 1.23 meters and 472 grams per tonne gold over 1.5 meters; hole SU-237, grading 679 grams per tonne gold over 1.0 meter and 451 grams per tonne gold over 1.0 meter; and hole SU-325, grading 1,590 grams per tonne gold over 0.59 meters. Hole SU-452 was collared 169 meters east of the hole SU-115, which intersected 18,755 grams per tonne gold uncut over 0.6 meters, the reigning highest grade intersection prior to hole SU-452. A cross section through the Valley of the Kings at section 426625E will be posted on our web site, www.pretivm.com.
Seven drills are now turning at Brucejack, with a focus on definition drilling in the Valley of the Kings as well as testing extensions of the Valley of the Kings and other high-grade zones.
We have received the permit required to commence the underground exploration program at Brucejack. The underground contractor is mobilizing equipment to site with crews to follow later this month. The first phase will be to slash out the existing West Zone underground workings to five-by-five meters down to the 1330 meter level, a distance of approximately 500 meters. The next phase will be to advance the decline from the 1330 meter level of the West Zone to the 1314 meter level in the Valley of the Kings, a distance of approximately 450 meters. We expect to take an underground bulk sample in the Valley of the Kings in the first half of 2013.
Table 1: Selected Intercepts from Drill Hole SU-452, July 2012(1,3,4) Interval Hole Collar Dip/ From To (met- Gold Silver Capping No. Coords. Azimuth (meters) (meters) -ers) (g/t) (g/t) (2) SU-452 6257869N -55/358 200.97 203.97 3.00 403.7 1,292.5 4 samples 426624E cut to 500 ppm Au/ 2 samples cut to 2,500 ppm Ag or 200.97 203.97 3.00 8,330 5,628.4 incl 200.97 201.47 0.5 412.4 313.0 incl 201.47 201.97 0.5 41,582 27,725 incl 201.97 202.47 0.5 2,251 1,770 incl 202.47 202.97 0.5 9.97 12.0 incl 202.97 203.47 0.5 4,902 3,290 incl 203.47 203.97 0.5 820.0 660 (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 352 meters of SU-452. (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.
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