Pretium Resources Inc.: Exploration and Resource Drilling Update

by Keith Powell
Aerial view of the Brucejack Mine in British Columbia.

Aerial view of the Brucejack Mine in British Columbia. — Photo courtesy Pretium Resources Inc.

Pretium Resources Inc. (TSX/NYSE:PVG) (“Pretivm” or the “Company”) is pleased to provide an update on the progress from the 2018 exploration activities at the Valley of the Kings and the Bowser Claims along with plans for 2019.

2018 Regional Grass-roots Exploration Results

Results of the 8,000-meter regional exploration drill program conducted on the Bowser Claims confirm the presence of Brucejack style high-grade gold mineralization hosted in broad zones of low-grade stockwork, highlighting the potential for discovery of porphyry-related copper-gold mineralization and high-level epithermal mineralization on the property (see Table 1 below for select assays). Additional drilling is being planned to further evaluate these targets in 2019.

The wholly-owned, approximately 1,200-square-kilometer Bowser Claims, located east of the Brucejack Mine, include the American Creek, Bluffy, and Koopa Zones, along with the newly discovered Upper Kirkham Zone.  A summary of results by zones follows. For a plan view of the 2018 program please see the following link: http://resource.globenewswire.com/Resource/Download/1163ad22-0e19-4143-83a7-23c2590750fa.

American Creek Zone

Several gold and silver epithermal targets were tested in the American Creek Zone, located approximately 25 kilometers southeast of the Brucejack Mine. Drilling successfully intersected broad zones of low-grade mineralization at the north end of the American Creek Zone (Lillianne showing) and an upper expression of a polymetallic epithermal vein system near the center of the American Creek Zone (Virginia K showing). At the south end of the American Creek Zone (Outlaw showing), vein-hosted copper mineralization was intersected which is interpreted as the upper expression of a porphyry system. A review of the strong alteration and metal zonation intersected in drill core will be conducted over the winter to focus future drilling on the higher grade segments of these mineralization systems.

Selected drill highlights from the American Creek Zone include:

  • Hole BR-001 intersected 1.82 grams per tonne gold over 6.60 meters, including 9.19 grams per tonne gold and 196.00 grams per tonne silver over 0.74 meters.
  • Hole BR-003 intersected 10.15 grams per tonne gold over 1.50 meters.
  • Hole BR-007 intersected 0.47 grams per tonne gold over 10.70 meters, including 3.16 grams per tonne gold over 1.00 meters.
  • Hole BR-016 intersected 41.54 grams per tonne silver, 0.56% lead and 2.12% zinc over 25.50 meters, including 230.00 grams per tonne silver, 1.00% lead and 7.55% zinc over 1.50 meters.
  • Bluffy Zone

The Bluffy Zone, located 30 kilometers south-southeast of the Brucejack Mine hosts disseminated sulphide mineralization in the Unuk River Formation of the Lower Hazelton Group, which also hosts the Valley of the Kings deposit. Drilling intersected broad zones of low-grade gold hosted in shear zones, which contain narrow veins of high grade gold and base metal values.  This drilling has confirmed that a substantial mineral system was active at Bluffy and additional work is being planned to further delineate the higher grade mineralization.

Koopa Zone

The Koopa Zone, located approximately 30 kilometers east-southeast of the Brucejack Mine, is dominated by intensely quartz-sericite pyrite altered Salmon River Formation volcanics and Quock Formation sediments of the Upper Hazelton Group, which also hosts the Eskay Creek deposit. At Koopa, a structurally controlled epithermal system appears to be overprinting a VMS style alteration system. The stratigraphy, alteration, and broad halo of pathfinder elements are indicative of a potentially large mineralization system. Follow-up drilling in the Koopa Zone is planned in 2019.

Upper Kirkham Zone

The 2018 prospecting program successfully resulted in the discovery of the Upper Kirkham Zone, located four kilometers southwest of the Bowser Camp. Epithermal-style polymetallic veins with strong quartz-sericite pyrite alteration halos were intersected in an area recently exposed by the receding glacier. Prospecting samples collected across the Upper Kirkham Zone returned assays as high as 3.55 grams per tonne of gold, greater than 10,000 grams per tonne of silver, 4.71% copper, greater than 20% lead and 3.81% zinc.  Follow-up drilling as well as additional prospecting is planned to resume in 2019.

2019 Regional Exploration

The regional exploration campaign was initiated in 2016 to identify mineralized zones similar to the Valley of the Kings and Eskay Creek deposits. In 2019, this work will continue with additional drilling planned in the areas tested this year, and continued expansion of the regional prospecting and mapping programs, with an emphasis on continued identification of Eskay Creek style VMS mineralization in the preserved Salmon River formation, and epithermal and porphyry related gold mineralization in the deeper parts of the stratigraphy. The comprehensive regional exploration program has included the collection of over 13,000 samples, regional mapping, prospecting, airborne geophysics, ground geophysics, hyperspectral mapping, and data compilation.

Kenneth C. McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, Pretium Resources Inc. is the Qualified Person (“QP”) responsible for the 2018 and 2019 regional grassroots exploration program.

2019 Underground Exploration Drilling for Porphyry Source

Over the summer, a surface geophysical program was conducted to follow-up on the successful underground exploration drilling that demonstrated mineralization continuity between the Valley of the Kings and the Flow Dome Zone, an area approximately 1,000 meters east of the Brucejack Mine.  Two drill holes, both over 1,500-meters in length, drilled east from the Valley of the Kings intersected Brucejack-style mineralization throughout. In addition, the drilling intersected anomalous copper and molybdenum mineralization, which coupled with mineralogical indicators, suggest proximity to porphyry-style mineralization at depth.

Results from the follow-up geophysical program which included downhole and surface IP and reflection seismic surveys, are currently being processed. Mineral chemistry evaluation for porphyry vectoring and geochronology of porphyritic material at depth is currently underway. The drill results, along with the geophysics and mineral chemistry, will be integrated to refine targeting of this zone for subsequent drilling. Preliminary plans are to drill three to four targeted holes to further test the porphyry potential below the Flow Dome Zone.

Valley of the Kings Resource Definition and Expansion Drilling

Zones at depth, to the east, west and north-east of the Valley of the Kings resource will be drilled as part of an approximately 70,000 meter drill program planned for 2019. The purpose of the drilling is to expand the current mineral resource and reserve to the east and at depth and to improve resource definition ahead of mining.

The area to the north-east of the currently defined mineral resource is considered highly prospective for additional resource expansion. A re-interpretation of previous drill results indicates the presence of a repetition, through faulting, of the key stratigraphy that hosts high-grade gold mineralization in the Valley of the Kings.

Warwick Board, Ph.D., P.Geo, Pr.Sci.Nat., Vice President, Geology and Chief Geologist, Pretium Resources Inc. is the QP responsible for the Brucejack Mine resource and exploration drilling.

About Pretivm

Pretivm is a low-cost intermediate gold producer with the high-grade underground Brucejack Mine in northern British Columbia.

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