Pretivm Exploration and Brucejack Update
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.
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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.
Pretivm is a low-cost intermediate gold producer with the high-grade gold underground Brucejack Mine.