Mining Explorers 2012: Pretivm Resources Inc.
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Last updated 11/11/2012 at Noon
PVG: TSX
President and CEO: Robert A. Quartermain, BSc (Hons), MSc, P.Geo, DSc
Chief Exploration Officer: Kenneth C. McNaughton, , M.A. Sc., P.Eng.
Chief Geologist: Warwick Board, Ph.D., P.Geo, MAusIMM, Pr.Sci.Nat.
Pretium Resources Inc. is a mineral exploration company that is advancing the Brucejack Project, located 65 kilometers (40 miles) north-northwest of Stewart, B.C. and the Snowfield Project, which borders Brucejack to the north, in northern British Columbia.
Combined, these projects are among the largest undeveloped gold resources in the world.
Pretium completed an initial 2012 exploration program of 26,230 meters of drilling in 60 holes with six drills in the Valley of the Kings Zone in early June.
In April, the company mobilized a seventh drill to site, and by the end of June, 154 drill holes had been completed or were in progress comprising some 46,845 meters of drilling.
Pretium also released an updated mineral resource estimate for the Valley of the Kings, at 5.0 grams per metric ton gold-equivalent cut-off grade, of 4.9 million ounces of gold in the indicated resource category (8.9 million metric tons grading 17.3 g/t gold); and 10.4 million ounces of gold in the inferred resource category (12.7 million metric tons grading 25.5 g/t gold).
The second phase of the 2012 Brucejack exploration program, underway in August, is focused on high-grade definition drilling of shallow high-grade Valley of the Kings resources, and testing its extensions and those of other high-grade zones.
Pretium reported a record intersection at the Brucejack project in late July - hole SU-452 intersected 0.5 meters with uncut grades of 41,582 g/t gold and 27,725 g/t silver (1.6 feet averaging 1,212.8 ounces per ton gold and 808.6 oz/t silver), within a three-meter intersection with uncut grades of 8,330 g/t gold and 5,628 g/t (9.8 feet averaging 243.0 oz/t gold and 164.2 oz/t silver per ton).
The company posted a bonanza-grade interval from hole SU-452 (including the record intercept) that extends over 10 meters, from a downhole depth of 198.79 meters, with an average grade of 2,393 g/t gold and 1,605 g/t silver uncut over 10.71 meters (70.3 oz/t gold and 46.8 oz/t silver over 35.1 feet).
Hole SU-452 intersected a total of seven separate intervals grading more than 20 g/t gold, including 0.65 meters grading 1,130 g/t gold uncut from a downhole depth of 150.79 meters, along with intersections grading greater than 1,000 g/t gold in four additional drill holes.
Pretium said it received a permit to begin an underground exploration program at Brucejack to access the Valley of the Kings underground by driving an exploration decline about 450 meters from the 1330 meter level of the existing West Zone underground workings to the 1314 meter level in the Valley of the Kings.
The company expects to take an underground bulk sample in the Valley of the Kings in early 2013.
Pretium has retained Wardrop, a Tetra Tech Company to prepare a feasibility study on Brucejack, and Snowden Mining Industry Consultants to provide an underground resource model for the high-grade gold and silver resources identified in the Valley of the Kings and West zones.
The feasibility study is expected to be completed by year's end 2012.
An access road from the Brucejack Project to Highway 37 was expected to be completed in late 2012.
Pretium planned to use a further update to the project's mineral resource estimate, anticipated by Sept. 30, as the basis for mine planning in the feasibility study, due for completion in early 2013.
Cash and short-term deposits: C$73.87 million (June 30, 2012)
Working capital: C$75.7 million (June 30, 2012)
Market capitalization: C$1.38 billion (Sept. 2, 2012)
1600 - 570 Granville Street
Vancouver, B.C. Canada V6C 3P1
Tel: 604 558-1784 Fax: 604-408-8893
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