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Int'l Speculator refreshes Pretium buy
2011-12-13 19:38 ET - In the News
This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.
Year end bargains...
What has the tax loss man brought thee? What's a screaming buy for you?
I picked up some Evolving Gold this week. EVG.TO EVOGF.PK
PVG.TO +0.60 $13.26
Hit as high as $14.19 this past March, but that is the only move that has bettered this one (so far).
Pretivm has strongly outperformed gold and the majority of gold stocks this entire past month.
Volume has remained pretty stong as well, ever since the Nov 28th announcement of the Significant Increase in Brucejack's Gold Resources - http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-45750832.html?x=0
Much more to come in 2012!
I've been quite pleased with how well Pretivm has held up during this correction, and am happy to continue to hold it. Once we start heading higher again, I expect it to lead on the upside as well.
Are You Tempted to Sell, or Eagar to Buy?
http://news.goldseek.com/GoldSeek/1324480200.php (go to link to view graphics)
By Jeff Clark, Casey Research
It wasn't a fun week for gold. By the close on Friday, the metal was down 6.7% (based on London PM fix prices), the biggest weekly decline since September. It got downright irritating when the mainstream media seemingly rejoiced at gold's decline. Economist Nouriel Roubini poked fun at gold bugs in a Tweet. Über investor Dennis Gartman said he sold his holdings. CNBC ran an article proclaiming gold was no longer a safe-haven asset (talk about an overreaction).
While the worry may have been real, let's focus on facts. Have the reasons for gold's bull market changed in any material way such that we should consider exiting? Instead of me providing an answer, ask yourself some basic questions: Is the current support for the US dollar an honest indication of its health? Are the sovereign debt problems in Europe solved? How will the US repay its $15 trillion debt load without some level of currency dilution? Is there likely to be more money printing in the future, or less? Are real interest rates positive yet? Has gold really lost its safe haven status as a result of one bad week?
And one more: What is the mainstream media's record on forecasting precious metals prices?
Our take won't surprise you: not one fact relating to the trend for gold changed last week. We remain strongly bullish.
So why did gold, silver, and related stocks fall so hard?
The reasons outlined in this month's BIG GOLD are still in play (the MF Global fallout, a rising dollar, year-end tax-loss selling, and the need for cash and liquidity to meet margin calls or redemption requests). Last Wednesday's 3.5% fall took on a life of its own, selling begetting selling, fear adding to fear (especially the case with gold stocks). None of these reasons, however, have anything to do with the fundamental factors that ultimately drive this market. Once those issues shift, then we'll talk about exiting.
So, should we buy now? Is the bottom in?
Let's take a fresh look at gold's corrections and compare them to the recent one. I've updated the following chart to include the recent selloff.
[How do I calculate the data? I look for the periods in every annual gold chart that represent a distinct fall greater than 5%, then measure the highs and lows.]
Our recent drop equals 12.5%. This isn't to suggest that the correction is over, but it does show that we've already matched the average decline, which is also 12.5%. This comes on the heels of the 15.6% fall in September. You'll notice something else: We've now had three major corrections (greater than 5%) in one year, the first time that's happened in this bull market.
The worst-case scenario would be a drop that matched the biggest on record, 27.7%. From $1,795 – the recent interim peak price – that would take us to $1,295. That wouldn't be fun, but a fall to that level would not by any stretch signal the end of the bull market, nor a fall into unprofitability for our producers. And it would represent a true blood-in-the-streets buying opportunity. After all, that's exactly what happened in 2006 and again in 2008, and in both instances gold eventually powered much higher. The bears were wrong then, and they'll be wrong again this time, even if that extreme scenario were to come to pass.
Here's the updated picture for silver:
Silver's volatile nature really comes through in these data, which measure corrections of 10% or more. The recent decline tallies 18.4%. It, too, comes on the heels of a recent correction, a 35.2% tumble in September. The average of these declines is 20.3%, which would take our current correction to $28.22, close to last Thursday's price. Like gold, we've now had more corrections this year (four) than we've ever had in this bull market.
The worst plausible scenario we see for silver in the near term would be a fall to $16.32, matching 2008's 53.9% drop. But you'd have to be awfully bearish to think it will plummet that far.
These data should actually give you some comfort. We've been here before. We've seen worse before. And yet, in every instance, gold and silver eventually climbed higher. So, unless you really believe that Obama and Merkel have brought happy days back to the world economy, precious metals will resume their ascent, and probably sooner rather than later. And when they do, you may well never be able to buy at these prices again. Those who were too scared to buy at $560 in 2006 and $700 in 2008 missed out on what were some of the greatest buying opportunities of this bull market.
Would I buy now? Given that each metal has already met its average decline, and that both have seen more corrections this year than any other, we're likely closer to the bottom than the top. So yes, I added an extra contribution to my favorite bullion accumulation program last week.
Either way, my advice is to spend a little more time watching the drivers for gold and a little less time worrying about the price. Until those things change, look for an entrance, not an exit.
[While no one can know just yet if gold has bottomed or not, those who understand the inevitable path of all fiat currencies know these prices represent a good buying opportunity. Learn more about how to protect yourself from being robbed by your government – and how to invest in gold for maximum profit potential.]
PVG.TO +0.21 $12.45 PXZRF.PK +3%
Volume this week, so far, of over 3.5 million shares.
That's about as much as was traded in the entire month preceding.
That is some HEAVY accumulation.
This story is just getting started.
I almost wish they did away with the studies and just started building ala GORO and the Reids, but I guess the capex is too big for these projects and the studies will be needed to get the funding. Thankfully Quartermain is the man to get that done.
Patience...
PVG.TO +0.21 $12.45 PXZRF.PK +3%
Volume this week, so far, of over 3.5 million shares.
That's about as much as was traded in the entire month preceding.
That is some HEAVY accumulation.
This story is just getting started.
I almost wish they did away with the studies and just started building ala GORO and the Reids, but I guess the capex is too big for these projects and the studies will be needed to get the funding. Thankfully Quartermain is the man to get that done.
Patience...
Pretium's Quartermain sets stage for high grade Brucejack gold mine
http://www.mineweb.com/mineweb/view/mineweb/en/page66?oid=140679&sn=Detail&pid=102055
Pretium's president and CEO takes Mineweb through the company's plans for its Brucejack mine a day after it released a new, improved resource estimate
Author: Kip Keen
Posted: Wednesday , 30 Nov 2011
HALIFAX, NS -
Because of higher gold grades, a new scoping study of the Brucejack project will be "much more robust," Robert Quartermain, Pretium Resources president and CEO, told Mineweb in a telephone interview on Tuesday.
Quartermain, speaking from Dubai, said he was making his way around financial centers in the Middle East and Europe on what he described as a thank-you tour to investors that put close to $300 million into Pretium through its IPO last year. Pretium's qualifying transaction was to buy the adjacent Brucejack and Snowfield projects in BC, Canada, from Silver Standard Resources, a company which Quartermain had headed up until recently.
It was almost exactly a year ago, Quartermain said, that he knocked on doors around the world showing off a handful of high grade intercepts from Brucejack, "the likes of which I had never before seen," to potential investors. They were intercepts he wanted to follow up on as part of taking on the larger Brucejack-Snowfield project which came with tens of millions of ounces gold in bulk tonnage resources.
As indicated by Pretium's sizeable IPO Quartermain's pitch was convincing.
Now, Quartermain gets to show-off the fruits of Pretium's labour a year later, a key part of which is the new five million ounce high-grade gold resource at Brucejack, which Pretium announced Monday. It is what Quartermain has described as Pretium's near-term thrust; two bulk tonnage projects, one at Brucejack, and then the other at Snowfield stand as important but longer term projects for Pretium.
As reported on these pages Monday, Pretium turned out a resource that in terms of grade and size is a rare sight: 9.3 million tonnes @ 16.92 gold and 105.6 g/t silver in the measured and indicated categories or five million ounces gold and 32 million ounces silver in contained metal. This nearly quintupled the number of gold ounces and doubled gold grades as compared to a now nine-month old resource estimate that had formed the basis of a Brucejack scoping study out this past June. In it Pretium outlined a 1,500-tonne-per-day underground mine that would produce 173,000 ounces gold a year in the first ten years of operation.
But how will that scope change with a five million ounce high-grade gold deposit?
Quartermain could not be pinned down on specifics, but he did nonetheless map out the next major steps Pretium would take in its quest to develop Brucejack as a mining project. He also hinted at economics that, all other things being equal, could only get better with improving grades and more ounces in play.
Quartermain said the new Brucejack high-grade resource would first be plugged into the same framework that was used in the previous scoping study, which means that 1,500 tonnes per day will stand as throughput in an updated scoping study expected out in early 2012. However, more ounces would clearly extend mine-life beyond the 16 years previously envisioned and higher grades would presumably increase gold output.
Quartermain wouldn't guess by how much, but noted that the average mill feed had been set at less than 10 g/t gold. The new resource, with higher grades, suggests the new mill feed is also set to get significantly better grade-wise. One "could do some calculation around that," Quartermain said, referring to the grades suggested by the new resource estimate.
Could the gold grade of mill feed double as it did in the new resource estimate? Quartermain didn't say, but if it did then Brucejack gold output would jump to more than 300,000 ounces a year.
Whatever the case may be, with overall better grade, the new scoping study would "rerate the best cash-flow scenario," Quartermain said.
He also said that in the new scoping study Pretium would optimize how to mine bonanza gold pockets where it has hit intercepts that graded in the multi-kilogram per tonne gold range. Mine-wise these could lead to a "pretty good first few years," Quartermain said.
But the full effect of the new Brucejack resource estimate will have to wait a bit longer. Quartermain said Pretium would use the scoping study to figure out how the Brucejack project might best be scaled up to greater throughput as a mine. It is clear that Pretium, with a much larger resource, has such room to manoeuvre in outlining a higher grade mining project. That would come in a feasibility study, Quartermain said, to which Pretium would most likely proceed to directly after putting together the next scoping study. He said Pretium could skip a prefeasibility stage as a previous operator had already produced high-quality data on an underground mining scenario at Brucejack.
Globe says Pretium boosted to "sector outperformer"
This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.
Globe says Pretium boosted to "sector outperformer"
This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.
PXZRF.PK +7% $10.52 PVG.TO +0.70 $10.87
Strong again today on more heavy volume. This could be the start of an exteneded run to new highs. Still VERY excited about this company's future.
PXZRF.PK +20% $9.58 PVG.TO +1.45 $9.83
Pretium Resources Inc.: Significant Increase in Brucejack's Gold Resources
http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-45750832.html?x=0
VANCOUVER, BRITISH COLUMBIA--(Marketwire -11/28/11)- Pretium Resources Inc. ("Pretivm") (TSX: PVG.TO - News) is pleased to report an updated mineral resource estimate for its wholly-owned Brucejack Project located in northern British Columbia. High-grade and bulk-tonnage gold resources have increased significantly as a result of the update.
High-Grade (5.0 grams of gold-equivalent per tonne cut-off) Grade & Tonnage Estimate
-- 5.06 million ounces of gold in the Measured and Indicated resource categories (9.3 million tonnes grading 16.92 grams of gold per tonne), for a 460% percent increase; and-- 3.33 million ounces of gold in the Inferred resource category (4.0 million tonnes grading 25.67 grams of gold per tonne).Bulk-Tonnage (1.25 grams of gold-equivalent per tonne cut-off) Grade & Tonnage Estimate
-- 8.46 million ounces of gold in the Measured and Indicated resource categories (74.1 million tonnes grading 3.55 grams of gold per tonne), for a 164% percent increase; and-- 6.76 million ounces of gold in the Inferred resource category (78.5 million tonnes grading 2.68 grams of gold per tonne).Bulk-Tonnage Mineral Resource Estimate (0.30 grams of gold-equivalent per tonne cut-off)
-- 12.89 million ounces of gold in the Measured and Indicated resource categories (305.3 million tonnes grading 1.31 grams of gold per tonne), for a 57.5% percent increase; and-- 18.20 million ounces of gold in the Inferred resource category (813.7 million tonnes grading 0.70 grams of gold per tonne).Brucejack High-Grade Project
-- An update to the Preliminary Economic Assessment (PEA) (see news release dated June 2, 2011) using the updated Brucejack high-grade gold and silver resource is now underway and is planned to be completed in the first quarter of 2012;-- A Feasibility Study for the Brucejack high-grade development opportunity will commence shortly;-- Additionally, a PEA on an integrated high-grade underground and bulk tonnage project is planned to commence later this quarter.Mineral Resource Modeling and Estimation
The Brucejack Project comprises seven modeled deposits. The resource models are based on 1,190 diamond drill holes totalling 219,394 metres, which include 452 historical surface drill holes, 442 historical underground drill holes exclusively in the West Zone, and 296 surface drill holes completed since 2009. Mineralization in the SG, Gossan Hill, Galena Hill and Bridge Zones was modelled using Ordinary Kriging, a block size of 25 x 25 x10 metres, and used a top cut for gold between 10 g/t and 30 g/t. The mineral resource estimates for Shore Zone, West Zone and Valley of the Kings Zone used Median Indicator Kriging, and a block size of 25 x 25 x 10 metres. Median Indicator Kriging is a non-linear form of estimation used when the mineralization is shown to be hosted in distinct populations. In this case, the low grade population was defined as all composite samples with Au values below 4.0 g/t gold, and the high grade population was defined as all composite samples with Au values above 4.0 g/t gold. Median Indicator Kriging restricts the contribution of the various sample populations in any given block. As a further restriction, composites in the Valley of the Kings Zone were capped at 900 g/t gold and in the West Zone and Shore Zone were capped at 220 g/t gold prior to grade estimation.
Table 1: Brucejack Project 5.0 g/t Grade & Tonnage Estimate - November 2011(1)(4)(5) (Based on a cut-off grade of 5.0 grams of gold-equivalent/tonne within the 0.30 grams of gold-equivalent/tonne cut-off optimized pit shell)---------------------------------------------------------------------------- Contained(3) ---------------------------- Tonnes Gold Silver Gold SilverCategory (millions) (g/t) (g/t) (million oz) (million oz) ----------------------------------------------------------Measured 2.4 7.93 236.1 0.60 18.0----------------------------------------------------------------------------Indicated 6.9 19.99 60.9 4.46 13.6----------------------------------------------------------------------------M+I 9.3 16.92 105.6 5.06 31.6----------------------------------------------------------------------------Inferred(2) 4.0 25.67 20.6 3.33 2.7----------------------------------------------------------------------------(1) Mineral resources which are not mineral reserves do not havedemonstrated economic viability. The estimate of mineral resources may bematerially affected by environmental, permitting, legal, marketing, or otherrelevant issues. The mineral resources in this news release were estimatedusing the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIMStandards on Mineral Resources and Reserves, Definitions and Guidelinesprepared by the CIM Standing Committee on Reserve Definitions and adopted byCIM Council.(2) The quantity and grade of reported Inferred resources in this estimationare uncertain in nature and there has been insufficient exploration todefine these inferred resources as an Indicated or Measured mineral resourceand it is uncertain if further exploration will result in upgrading them toan Indicated or Measured mineral resource category.(3) Contained metal may differ due to rounding.(4) The Mineral Resource Estimate stated in Table 3 is defined using 25 x 25x 10 meter blocks and contained within a Whittle optimized pit shell thatincorporates project metal recoveries, estimated operating costs and metalsprice assumptions. Parameters used in the estimate include metals prices(and respective recoveries) of US$1,200/oz. gold (71%) and US$22.00/oz.silver (70%). The pit optimization utilized the following cost parameters:Mining US$2.00/tonne, Processing US$7.00/tonne and G&A US$1.25/tonne alongwith pit slopes of 45 degrees.(5) The 5.0 g/t Grade & Tonnage Estimate is a subset of the bulk-tonnageMineral Resource Estimate in Table 3 and as such is included within thebulk-tonnage Mineral Resource Estimate in Table 3 and is not in addition tothe bulk-tonnage Mineral Resource Estimate. Table 2: Brucejack Project 1.25 g/t Grade & Tonnage Estimate - November 2011(1)(4)(5) (Based on a cut-off grade of 1.25 grams of gold-equivalent/tonne within the 0.30 grams of gold-equivalent/tonne cut-off optimized pit shell)---------------------------------------------------------------------------- Contained(3) ---------------------------- Tonnes Gold Silver Gold SilverCategory (millions) (g/t) (g/t) (million oz) (million oz)----------------------------------------------------------------------------Measured 9.3 3.08 102.2 0.92 30.6----------------------------------------------------------------------------Indicated 64.8 3.62 23.7 7.53 49.4----------------------------------------------------------------------------M+I 74.1 3.55 33.6 8.46 80.0----------------------------------------------------------------------------Inferred(2) 78.5 2.68 16.3 6.76 41.2----------------------------------------------------------------------------(1), (2), (3) and (4) See footnotes to Table 1.(5) The 1.25 g/t Grade & Tonnage Estimate is a subset of the bulk-tonnageMineral Resource Estimate in Table 3, and as such, is included within thebulk-tonnage Mineral Resource Estimate in Table 3, and is not in addition tothe bulk-tonnage Mineral Resource Estimate.Table 3: Brucejack Project Bulk-Tonnage Mineral Resource Estimate - November 2011(1)(4) (Based on a cut-off grade of 0.30 grams of gold-equivalent/tonne)---------------------------------------------------------------------------- Contained(3) ---------------------------- Tonnes Gold Silver Gold SilverCategory (millions) (g/t) ( g/t) (million oz) (million oz)----------------------------------------------------------------------------Measured 12.2 2.50 81.6 0.99 32.1----------------------------------------------------------------------------Indicated 293.0 1.26 10.5 11.91 99.3----------------------------------------------------------------------------M+I 305.3 1.31 13.4 12.89 131.5----------------------------------------------------------------------------Inferred(2) 813.7 0.70 7.7 18.20 201.2----------------------------------------------------------------------------(1), (2), (3) and (4) See footnotes to Table 1.Underground Sensitivity to the Resource Estimate (5.0 grams of gold-equivalent per tonne cut-off)
A sensitivity analysis of the Brucejack underground mining potential was also completed simultaneously with the bulk tonnage Mineral Resource Estimate. For mine planning purposes, the grades in the sensitivity analysis were estimated for the Valley of the Kings and West Zone using 5 x 5 x 5 metre blocks and the same grade estimation parameters as the bulk tonnage Mineral Resource Estimation. The underground sensitivity analysis is not restricted to the Whittle pit shell. The inclusion of the underground sensitivity analysis in this news release is not meant to supersede or replace the results of the bulk-tonnage Mineral Resource Estimate.
Table 4: Brucejack Project Underground Sensitivity to the Resource Estimate - November 2011 (1)(4) (Based on a cut-off grade of 5.0 grams of gold-equivalent/tonne)---------------------------------------------------------------------------- Contained(3) ---------------------------- Tonnes Gold Silver Gold SilverCategory (millions) (g/t) ( g/t) (million oz) (million oz)----------------------------------------------------------------------------Measured 2.4 7.29 241.2 0.57 18.9----------------------------------------------------------------------------Indicated 6.1 24.13 53.3 4.76 10.5----------------------------------------------------------------------------M+I 8.6 19.35 106.7 5.33 29.4----------------------------------------------------------------------------Inferred(2) 4.0 25.73 22.0 3.29 2.8----------------------------------------------------------------------------(1), (2) and (3) See footnotes to Table 1.(4) The underground sensitivity analysis is a sensitivity analysis of theBrucejack underground potential and is not meant to supersede or replace theresults of the bulk-tonnage Mineral Resource Estimate. These sensitivityresults are not reported within a constraining Whittle pit shell."Since acquiring Brucejack 11 months ago, we are very pleased with the substantial progress we have made in outlining the potential for a high-grade underground project," said Robert Quartermain, Pretivm's President and Chief Executive Officer.
The above tables summarize the sensitivities and bulk-tonnage Brucejack Project Mineral Resource Estimate totals. The Mineral Resource Estimate contained in this news release were prepared by Eugene Puritch, P.Eng., F.H. Brown, M.Sc. (Eng.), CPG Pr.Sci.Nat., of P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, and Caroline Vallat, P.Geo., of GeoSpark Consulting, all of whom are independent qualified persons, as defined by National Instrument 43-101. Mr. Puritch, Mr. Brown and Ms. Vallat have reviewed and approved the contents of this news release.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the bulk tonnage opportunities at both Brucejack and Snowfield.
Forward-Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, 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 information.
The TSX has neither approved nor disapproved of the information contained herein.
..Contact:.
.
Pretium Resources Inc.
Robert Quartermain
President and Chief Executive Officer
(604)558-1784
Pretium Resources Inc.
Michelle Romero
Investor Relations Director
(604)558-1784
invest@pretivm.com
www.pretivm.com
PXZRF.PK +20% $9.58 PVG.TO +1.45 $9.83
Pretium Resources Inc.: Significant Increase in Brucejack's Gold Resources
http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-45750832.html?x=0
VANCOUVER, BRITISH COLUMBIA--(Marketwire -11/28/11)- Pretium Resources Inc. ("Pretivm") (TSX: PVG.TO - News) is pleased to report an updated mineral resource estimate for its wholly-owned Brucejack Project located in northern British Columbia. High-grade and bulk-tonnage gold resources have increased significantly as a result of the update.
High-Grade (5.0 grams of gold-equivalent per tonne cut-off) Grade & Tonnage Estimate
-- 5.06 million ounces of gold in the Measured and Indicated resource categories (9.3 million tonnes grading 16.92 grams of gold per tonne), for a 460% percent increase; and-- 3.33 million ounces of gold in the Inferred resource category (4.0 million tonnes grading 25.67 grams of gold per tonne).Bulk-Tonnage (1.25 grams of gold-equivalent per tonne cut-off) Grade & Tonnage Estimate
-- 8.46 million ounces of gold in the Measured and Indicated resource categories (74.1 million tonnes grading 3.55 grams of gold per tonne), for a 164% percent increase; and-- 6.76 million ounces of gold in the Inferred resource category (78.5 million tonnes grading 2.68 grams of gold per tonne).Bulk-Tonnage Mineral Resource Estimate (0.30 grams of gold-equivalent per tonne cut-off)
-- 12.89 million ounces of gold in the Measured and Indicated resource categories (305.3 million tonnes grading 1.31 grams of gold per tonne), for a 57.5% percent increase; and-- 18.20 million ounces of gold in the Inferred resource category (813.7 million tonnes grading 0.70 grams of gold per tonne).Brucejack High-Grade Project
-- An update to the Preliminary Economic Assessment (PEA) (see news release dated June 2, 2011) using the updated Brucejack high-grade gold and silver resource is now underway and is planned to be completed in the first quarter of 2012;-- A Feasibility Study for the Brucejack high-grade development opportunity will commence shortly;-- Additionally, a PEA on an integrated high-grade underground and bulk tonnage project is planned to commence later this quarter.Mineral Resource Modeling and Estimation
The Brucejack Project comprises seven modeled deposits. The resource models are based on 1,190 diamond drill holes totalling 219,394 metres, which include 452 historical surface drill holes, 442 historical underground drill holes exclusively in the West Zone, and 296 surface drill holes completed since 2009. Mineralization in the SG, Gossan Hill, Galena Hill and Bridge Zones was modelled using Ordinary Kriging, a block size of 25 x 25 x10 metres, and used a top cut for gold between 10 g/t and 30 g/t. The mineral resource estimates for Shore Zone, West Zone and Valley of the Kings Zone used Median Indicator Kriging, and a block size of 25 x 25 x 10 metres. Median Indicator Kriging is a non-linear form of estimation used when the mineralization is shown to be hosted in distinct populations. In this case, the low grade population was defined as all composite samples with Au values below 4.0 g/t gold, and the high grade population was defined as all composite samples with Au values above 4.0 g/t gold. Median Indicator Kriging restricts the contribution of the various sample populations in any given block. As a further restriction, composites in the Valley of the Kings Zone were capped at 900 g/t gold and in the West Zone and Shore Zone were capped at 220 g/t gold prior to grade estimation.
Table 1: Brucejack Project 5.0 g/t Grade & Tonnage Estimate - November 2011(1)(4)(5) (Based on a cut-off grade of 5.0 grams of gold-equivalent/tonne within the 0.30 grams of gold-equivalent/tonne cut-off optimized pit shell)---------------------------------------------------------------------------- Contained(3) ---------------------------- Tonnes Gold Silver Gold SilverCategory (millions) (g/t) (g/t) (million oz) (million oz) ----------------------------------------------------------Measured 2.4 7.93 236.1 0.60 18.0----------------------------------------------------------------------------Indicated 6.9 19.99 60.9 4.46 13.6----------------------------------------------------------------------------M+I 9.3 16.92 105.6 5.06 31.6----------------------------------------------------------------------------Inferred(2) 4.0 25.67 20.6 3.33 2.7----------------------------------------------------------------------------(1) Mineral resources which are not mineral reserves do not havedemonstrated economic viability. The estimate of mineral resources may bematerially affected by environmental, permitting, legal, marketing, or otherrelevant issues. The mineral resources in this news release were estimatedusing the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIMStandards on Mineral Resources and Reserves, Definitions and Guidelinesprepared by the CIM Standing Committee on Reserve Definitions and adopted byCIM Council.(2) The quantity and grade of reported Inferred resources in this estimationare uncertain in nature and there has been insufficient exploration todefine these inferred resources as an Indicated or Measured mineral resourceand it is uncertain if further exploration will result in upgrading them toan Indicated or Measured mineral resource category.(3) Contained metal may differ due to rounding.(4) The Mineral Resource Estimate stated in Table 3 is defined using 25 x 25x 10 meter blocks and contained within a Whittle optimized pit shell thatincorporates project metal recoveries, estimated operating costs and metalsprice assumptions. Parameters used in the estimate include metals prices(and respective recoveries) of US$1,200/oz. gold (71%) and US$22.00/oz.silver (70%). The pit optimization utilized the following cost parameters:Mining US$2.00/tonne, Processing US$7.00/tonne and G&A US$1.25/tonne alongwith pit slopes of 45 degrees.(5) The 5.0 g/t Grade & Tonnage Estimate is a subset of the bulk-tonnageMineral Resource Estimate in Table 3 and as such is included within thebulk-tonnage Mineral Resource Estimate in Table 3 and is not in addition tothe bulk-tonnage Mineral Resource Estimate. Table 2: Brucejack Project 1.25 g/t Grade & Tonnage Estimate - November 2011(1)(4)(5) (Based on a cut-off grade of 1.25 grams of gold-equivalent/tonne within the 0.30 grams of gold-equivalent/tonne cut-off optimized pit shell)---------------------------------------------------------------------------- Contained(3) ---------------------------- Tonnes Gold Silver Gold SilverCategory (millions) (g/t) (g/t) (million oz) (million oz)----------------------------------------------------------------------------Measured 9.3 3.08 102.2 0.92 30.6----------------------------------------------------------------------------Indicated 64.8 3.62 23.7 7.53 49.4----------------------------------------------------------------------------M+I 74.1 3.55 33.6 8.46 80.0----------------------------------------------------------------------------Inferred(2) 78.5 2.68 16.3 6.76 41.2----------------------------------------------------------------------------(1), (2), (3) and (4) See footnotes to Table 1.(5) The 1.25 g/t Grade & Tonnage Estimate is a subset of the bulk-tonnageMineral Resource Estimate in Table 3, and as such, is included within thebulk-tonnage Mineral Resource Estimate in Table 3, and is not in addition tothe bulk-tonnage Mineral Resource Estimate.Table 3: Brucejack Project Bulk-Tonnage Mineral Resource Estimate - November 2011(1)(4) (Based on a cut-off grade of 0.30 grams of gold-equivalent/tonne)---------------------------------------------------------------------------- Contained(3) ---------------------------- Tonnes Gold Silver Gold SilverCategory (millions) (g/t) ( g/t) (million oz) (million oz)----------------------------------------------------------------------------Measured 12.2 2.50 81.6 0.99 32.1----------------------------------------------------------------------------Indicated 293.0 1.26 10.5 11.91 99.3----------------------------------------------------------------------------M+I 305.3 1.31 13.4 12.89 131.5----------------------------------------------------------------------------Inferred(2) 813.7 0.70 7.7 18.20 201.2----------------------------------------------------------------------------(1), (2), (3) and (4) See footnotes to Table 1.Underground Sensitivity to the Resource Estimate (5.0 grams of gold-equivalent per tonne cut-off)
A sensitivity analysis of the Brucejack underground mining potential was also completed simultaneously with the bulk tonnage Mineral Resource Estimate. For mine planning purposes, the grades in the sensitivity analysis were estimated for the Valley of the Kings and West Zone using 5 x 5 x 5 metre blocks and the same grade estimation parameters as the bulk tonnage Mineral Resource Estimation. The underground sensitivity analysis is not restricted to the Whittle pit shell. The inclusion of the underground sensitivity analysis in this news release is not meant to supersede or replace the results of the bulk-tonnage Mineral Resource Estimate.
Table 4: Brucejack Project Underground Sensitivity to the Resource Estimate - November 2011 (1)(4) (Based on a cut-off grade of 5.0 grams of gold-equivalent/tonne)---------------------------------------------------------------------------- Contained(3) ---------------------------- Tonnes Gold Silver Gold SilverCategory (millions) (g/t) ( g/t) (million oz) (million oz)----------------------------------------------------------------------------Measured 2.4 7.29 241.2 0.57 18.9----------------------------------------------------------------------------Indicated 6.1 24.13 53.3 4.76 10.5----------------------------------------------------------------------------M+I 8.6 19.35 106.7 5.33 29.4----------------------------------------------------------------------------Inferred(2) 4.0 25.73 22.0 3.29 2.8----------------------------------------------------------------------------(1), (2) and (3) See footnotes to Table 1.(4) The underground sensitivity analysis is a sensitivity analysis of theBrucejack underground potential and is not meant to supersede or replace theresults of the bulk-tonnage Mineral Resource Estimate. These sensitivityresults are not reported within a constraining Whittle pit shell."Since acquiring Brucejack 11 months ago, we are very pleased with the substantial progress we have made in outlining the potential for a high-grade underground project," said Robert Quartermain, Pretivm's President and Chief Executive Officer.
The above tables summarize the sensitivities and bulk-tonnage Brucejack Project Mineral Resource Estimate totals. The Mineral Resource Estimate contained in this news release were prepared by Eugene Puritch, P.Eng., F.H. Brown, M.Sc. (Eng.), CPG Pr.Sci.Nat., of P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, and Caroline Vallat, P.Geo., of GeoSpark Consulting, all of whom are independent qualified persons, as defined by National Instrument 43-101. Mr. Puritch, Mr. Brown and Ms. Vallat have reviewed and approved the contents of this news release.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the bulk tonnage opportunities at both Brucejack and Snowfield.
Forward-Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, 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 information.
The TSX has neither approved nor disapproved of the information contained herein.
..Contact:.
.
Pretium Resources Inc.
Robert Quartermain
President and Chief Executive Officer
(604)558-1784
Pretium Resources Inc.
Michelle Romero
Investor Relations Director
(604)558-1784
invest@pretivm.com
www.pretivm.com
JAG "acknowledges that it has received proposals over the past few weeks."
Thats a plural for proposals - would love to see another one see the light of day - especially from a NYSE Amex kind of company, not some obscure Chinese Shandong Gold Group (obscure to most people outside of China at least). I ain't selling anytime soon thats for sure.
Share price currently under $8 with a $9.30 cash offer on the table. A little validity from another company could go a long long way.
Cheaply valued gold producers are pretty hard to come by. JAG is cheap because of its continually disappointing management. Most companies that have started producing recently have already experienced pretty significant gains and the fun is mostly over.
The real value is in the near term producers, but the risk is higher too obviously. Most are still awaiting permits and run into other startup delays. Should it all come together though the gains should be great. I'm holding VGZ and TLR for these reasons. PVG.TO PXZRF is a longer term play as they have quite a bit of work to do before production can be considered anywhere near term.
JAG Open - finally! Up around 50% to the low $8s so far - still well short of the $9.30 offer price but I'll take it!
Jaguar Mining Responds to News Articles Regarding Unsolicited Offer
http://www.newswire.ca/en/releases/archive/November2011/16/c6457.html
CONCORD, NH, Nov. 16, 2011 /CNW/ - Jaguar Mining Inc. ("Jaguar" or the "Company") (JAG: TSX/NYSE) in response to news articles today regarding an unsolicited offer to buy the Company, acknowledges that it has received proposals over the past few weeks.
The Company confirmed that, in light of the publicized unsolicited offer, the Board of Directors has determined to initiate a strategic process to explore alternatives to maximize shareholder value. At this time, none of these proposals has progressed beyond the exploratory stage. The Board has retained financial and legal advisors to assist in this regard. There is no assurance that the process will culminate in a change of control transaction.
Jaguar's Board of Directors intends to update the shareholders of the Company at the appropriate time.
About Jaguar
Jaguar is a gold producer in Brazil with operations in a prolific greenstone belt in the state of Minas Gerais. Jaguar is also engaged in developing the Gurupi Project in the state of Maranhão as described above. Based on its development plans, Jaguar is one of the fastest growing gold producers in Brazil. The Company is actively exploring and developing additional mineral resources at its approximate 256,300-hectare land base in Brazil. Additional information is available on the Company's website at www.jaguarmining.com.
For further information:
Investors and Analysts may contact:
Roger Hendriksen
Vice President, Investor Relations
603-224-4800
rhendriksen@jaguarmining.com
Members of the media may contact:
Valéria Rezende DioDato
Director of Communication
603-224-4800
valeria@jaguarmining.com
JAG
http://www.newswire.ca/en/releases/archive/November2011/16/c6348.html
Investment Industry Regulatory Organization of Canada Trading Halt - JAGTORONTO, Nov. 16, 2011 /CNW/ - The following issues have been halted by IIROC:
Company: Jaguar Mining Inc.
TSX Symbol: JAG
Reason: Pending News
Halt Time (ET): 9:14 AM ET
IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
For further information:
IIROC Inquiries 1-877-442-4322 (Option 3) - Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Yes! Jaguar! Every dog has its day I guess lol.
http://www.bloomberg.com/news/2011-11-16/shandong-gold-said-to-make-785-million-offer-to-buy-jaguar.html
Premarket bidding only in the low $8s so far though - not $9.30. Hopefully its up there by the open.
Took a risk on this poorly managed company a little while ago and was dissapointed again last quarter, but Shandong to the rescue!
Pretivm Reports Third Quarter 2011 Results
http://finance.yahoo.com/news/Pretivm-Reports-Third-Quarter-iw-4092594682.html?x=0&l=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire -11/10/11)- Pretium Resources Inc. (TSX: PVG.TO - News) ("Pretivm") is pleased to report the following highlights from the third quarter of 2011 and updates for its Brucejack and Snowfield projects in northern British Columbia.
Third Quarter 2011 Highlights:
-- Intersected a total of 24 intervals with uncut grades over 1,000 grams per tonne gold in 17 holes during the course of the 2011 drill program;-- Completed a total of 72,144 meters in 176 holes on conclusion of the 2011 drill program in mid-October;-- Closed a private placement of 1,390,000 flow-through common shares at a price of $10.85 per share for aggregate gross proceeds of $15,081,500; and-- Ended the quarter with working capital of $33.0 million.Brucejack Project
Drilling over the course of the quarter demonstrated the continuity of high-grade gold mineralization in the Valley of the Kings Zone, with numerous intersections of visible gold. High-grade structures were identified in the Bridge and Gossan Hill zones, which also contained significant zones of gold values over broader widths. A significant number of gold intersections from the 2011 drill program grade higher than the grade cap of 130 grams per tonne gold used in the current Brucejack mineral resource estimate (see news release dated February 22, 2011). The preparation of a new mineral resource estimate is underway and is expected to be completed this quarter.
During the quarter, the camp was expanded and winterized for year-round operations. The de-watering of the 5,300 meters of historic West Zone underground workings has commenced, and work continues on the rehabilitation and extension of the access road to Highway 37. A power line study was completed during the quarter which examined alternatives for routing electric power to the Brucejack Project.
An updated preliminary economic assessment ("PEA") on the high-grade gold and silver resources at Brucejack is planned to commence this quarter with completion expected in the first quarter of next year. Concurrent with the preparation of an updated PEA, a full feasibility study for the Brucejack Project high-grade development opportunity is planned. Additionally, a PEA on an integrated high-grade underground and bulk tonnage project which incorporates a greater amount of the mineral resources at the Brucejack Project is planned to commence late this quarter.
Snowfield Project
During the third quarter, work continued on the joint engineering study with Seabridge Gold Inc. ("Seabridge") announced in early May to examine the economic synergies of developing our Snowfield Project and Seabridge's KSM Project as a single operation (see news release dated May 9, 2011). This study is expected to be completed later this quarter.
Other Developments
Pretivm acquired additional project claims to support potential project infrastructure. Project claims now total over 90,000 hectares (222,000 acres), also providing further exploration potential.
On July 15th, Pretivm announced the closing of a private placement of 1,390,000 flow-through common shares at a price of $10.85 per share for aggregate gross proceeds of $15,081,500.
Pretivm's working capital as at September 30, 2011 was $33.0 million; there is sufficient working capital to fund our studies and administrative overheads through 2012.
Pretivm's unaudited consolidated financial statements and Management Discussion and Analysis for the three and nine months ended September 30, 2011 will be available on SEDAR.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the bulk tonnage opportunities at both Brucejack and Snowfield.
Forward-Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.
Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, 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 information.
The TSX has neither approved nor disapproved of the information contained herein.
..Contact:.
.
Pretium Resources Inc.
Robert Quartermain
President and Chief Executive Officer
(604) 566-8782
Pretium Resources Inc.
Michelle Romero
Investor Relations Director
(604) 566-8782
invest@pretivm.com
www.pretivm.com
PXZRF.PK -5% $8.77 PVG.TO -$0.43 $8.98
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aPVG-1898293&symbol=PVG®ion=C
Pretium drills 13,600 g/t Au over 0.56 m at Brucejack
2011-11-10 07:50 ET - News Release
Mr. Robert Quartermain reports
PRETIUM RESOURCES INC.: MORE HIGH-GRADE GOLD INTERSECTED IN VALLEY OF THE KINGS ZONE
Pretium Resources Inc. has released the final assay results from its Brucejack project in Northern British Columbia, including more exceptionally high-grade results from the Valley of the Kings zone.
Valley of the Kings zone
Selected highlights include:
Hole SU-266 intersected 0.56 metre with uncut grades of 13,600 grams of gold and 6,910 grams of silver per tonne (1.8 feet averaging 396.7 ounces gold and 201.5 ounces of silver per ton);
Hole SU-269 intersected 0.68 metre with uncut grades of 6,110 grams of gold and 2,220 grams of silver per tonne (2.2 feet averaging 178.2 ounces gold and 64.7 ounces silver per ton).
The bonanza-grade intercept in hole SU-266, which ended in mineralization, was intersected in an interval of 5.5 metres with cut grades of 36.8 grams of gold and 261.9 grams of silver per tonne (uncut grades of 1,414.6 grams of gold and 751.6 grams of silver per tonne).
Also of note from drilling in the West zone footwall is hole SU-282, which intersected 0.65 metre grading 395.0 grams of gold and 435.0 grams of silver per tonne in a wider mineralized intersection of 209.18 metres grading 2.5 grams of gold and 29.5 grams of silver per tonne.
2011 top Brucejack high-grade gold intersections
Over the course of the 2011 drilling program at Brucejack, a total of 24 intervals with uncut grades over 1,000 grams per tonne gold were intersected in 17 holes. The top 10 highest-grading gold intersections from the 2011 program (all from the Valley of the Kings zone) are shown in the table, "2011 top 10 highest-grading gold intersections from the Brucejack project."
2011 TOP 10 HIGHEST-GRADING GOLD INTERSECTIONS
FROM THE BRUCEJACK PROJECT
Hole From To Interval Gold Silver
No. (m) (m) (m) (g/t) (g/t)
SU-115 60.60 61.20 0.60 18,754 9,312
SU-260 65.84 66.34 0.50 17,750 7,780
SU-266 343.69 344.25 0.56 13,600 6,910
SU-230 305.73 306.73 1.00 7,420 3,800
SU-150 76.38 76.88 0.50 6,670 3,630
SU-269 295.08 295.76 0.68 6,110 2,220
SU-195 349.39 349.89 0.50 5,740 2,750
SU-115 76.10 76.61 0.51 4,209 2,039
SU-132 57.68 58.18 0.50 4,060 1,660
SU-249 115.59 116.09 0.50 3,880 1,745
The update to the Brucejack project mineral resource estimate is now under way, and is expected to be reported this quarter.
SELECTED BRUCEJACK PROJECT DRILL RESULTS,
NOVEMBER, 2011 (SU-261 TO SU-288)
Hole From To Interval Gold Silver
No. (m) (m) (m) (g/t) (g/t)
Valley of the Kings zone
SU-261 55.5 171.0 115.5 1.95 20.0
incl. 58.91 64.0 5.09 4.70 114.0
incl. 118.0 128.5 10.5 7.00 53.6
incl. 152.8 165.0 12.2 4.38 25.4
SU-262 24.5 26.0 1.5 14.55 741.0
444.5 500.5 56.0 1.24 7.8
SU-263 337.5 416.5 79.0 1.14 4.5
SU-264 175.5 224.5 49.0 0.97 8.8
SU-265 270.0 318.0 48.0 1.026 3.0
447.5 462.5 15.0 1.397 9.7
510.5 512.0 1.5 45.10 31.0
SU-266 246.0 274.5 28.5 1.28 4.6
340.5 346.0 5.5 36.78 261.9
340.5 346.0 5.5 1,414.6 751.6
incl. 343.69 344.25 0.56 13,600 6,910
365.5 366.98 1.48 6.58 1.7
SU-267 72.5 146.5 74.0 0.8 9.4
454.54 455.54 1.0 73.70 70.2
SU-268 189.5 197.0 7.5 3.57 15.4
228.5 236.0 7.5 14.80 15.6
incl. 233.0 234.5 1.5 59.50 36.8
SU-269 176.0 179.0 3.0 5.58 8.3
255.9 275.0 19.1 3.57 15.6
incl. 255.9 260.5 4.6 9.06 24.7
288.5 312.0 23.5 9.3 73.2
incl. 294.32 295.08 0.76 569.0 317.0
incl. 295.08 295.76 0.68 6,110 2,220
SU-270 1.87 15.5 13.63 5.42 8.7
incl. 1.87 2.37 0.5 169.0 22.9
154.5 168.0 13.5 1.27 11.9
SU-271 98.97 102.18 3.21 4.15 8.9
177.05 186.5 9.45 2.70 72.3
SU-272 253.0 268.0 15.0 3.37 7.2
253.0 254.5 1.5 25.7 34.3
SU-273 106.5 129.0 22.5 1.10 17.1
158.5 175.74 17.24 1.30 23.3
208.0 218.5 10.5 9.69 10.9
incl. 215.5 217.0 1.5 63.1 36.2
284.65 285.13 0.48 46.70 11.4
322.0 333.5 11.5 6.06 7.3
incl. 327.15 327.63 0.48 274.0 78.0
SU-274 18.5 23.9 5.4 5.67 20.5
21.5 22.5 1.0 24.4 35.6
104.68 135.5 30.82 0.80 9.5
SU-275 110.86 111.61 0.75 9.21 84.5
SU-276 250 311.5 61.5 0.75 8.1
329.52 339.5 9.98 3.86 5.5
incl. 329.52 330.02 0.5 26.9 33.5
SU-277 264.5 285.5 21.0 0.70 1.4
SU-278 81.0 81.81 0.81 36.4 25.3
116.5 122.8 6.3 10.13 15.3
incl. 119.5 121.0 1.5 34.6 34.0
West zone
SU-279 8.5 29.39 20.89 0.78 37.5
49.0 62.5 13.5 1.67 216.6
incl. 61.22 62.5 1.28 8.06 3,090
158.0 214.0 56.0 1.21 6.6
SU-282 242.32 451.5 209.18 2.53 29.5
incl. 245.0 249.58 4.58 16.6 944.8
incl. 372.0 373.5 1.5 116.0 87.5
incl. 405.92 406.57 0.65 395.0 435.0
SU-283 3.3 128.5 125.2 1.21 13.7
incl. 127.0 128.5 1.5 19.4 27.3
SU-284 88.5 119.5 31.0 0.86 2.7
163.5 264.5 101.0 1.09 8.0
incl. 183.5 188.5 5.0 4.68 18.1
SU-285 3.3 283.5 280.2 0.92 6.1
incl. 188.5 191.5 3.0 11.54 25.8
incl. 254.5 256.0 1.5 9.96 262.0
SU-287 36.0 42.0 6.0 1.84 4.3
Condemnation holes
SU-286 237.37 239.0 1.63 1.50 208.0
SU-288 64.0 75.23 11.23 0.53 219.9
incl. 74.0 75.23 1.23 3.03 1,320
229.0 249.02 20.02 0.73 11.8
Kenneth C. McNaughton, MASc, PEng, chief exploration officer, Pretium Resources, is the qualified person responsible for the Brucejack project exploration program.
We seek Safe Harbor.
Pretivm dropping because latest results are only pretty awesome, and not super duper awesome LOL. A good buying opp. for sure. The long term outlook on this company remains extremely bright.
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aPVG-1898293&symbol=PVG®ion=C
Pretium drills 13,600 g/t Au over 0.56 m at Brucejack
2011-11-10 07:50 ET - News Release
Mr. Robert Quartermain reports
PRETIUM RESOURCES INC.: MORE HIGH-GRADE GOLD INTERSECTED IN VALLEY OF THE KINGS ZONE
Pretium Resources Inc. has released the final assay results from its Brucejack project in Northern British Columbia, including more exceptionally high-grade results from the Valley of the Kings zone.
Valley of the Kings zone
Selected highlights include:
Hole SU-266 intersected 0.56 metre with uncut grades of 13,600 grams of gold and 6,910 grams of silver per tonne (1.8 feet averaging 396.7 ounces gold and 201.5 ounces of silver per ton);
Hole SU-269 intersected 0.68 metre with uncut grades of 6,110 grams of gold and 2,220 grams of silver per tonne (2.2 feet averaging 178.2 ounces gold and 64.7 ounces silver per ton).
The bonanza-grade intercept in hole SU-266, which ended in mineralization, was intersected in an interval of 5.5 metres with cut grades of 36.8 grams of gold and 261.9 grams of silver per tonne (uncut grades of 1,414.6 grams of gold and 751.6 grams of silver per tonne).
Also of note from drilling in the West zone footwall is hole SU-282, which intersected 0.65 metre grading 395.0 grams of gold and 435.0 grams of silver per tonne in a wider mineralized intersection of 209.18 metres grading 2.5 grams of gold and 29.5 grams of silver per tonne.
2011 top Brucejack high-grade gold intersections
Over the course of the 2011 drilling program at Brucejack, a total of 24 intervals with uncut grades over 1,000 grams per tonne gold were intersected in 17 holes. The top 10 highest-grading gold intersections from the 2011 program (all from the Valley of the Kings zone) are shown in the table, "2011 top 10 highest-grading gold intersections from the Brucejack project."
2011 TOP 10 HIGHEST-GRADING GOLD INTERSECTIONS
FROM THE BRUCEJACK PROJECT
Hole From To Interval Gold Silver
No. (m) (m) (m) (g/t) (g/t)
SU-115 60.60 61.20 0.60 18,754 9,312
SU-260 65.84 66.34 0.50 17,750 7,780
SU-266 343.69 344.25 0.56 13,600 6,910
SU-230 305.73 306.73 1.00 7,420 3,800
SU-150 76.38 76.88 0.50 6,670 3,630
SU-269 295.08 295.76 0.68 6,110 2,220
SU-195 349.39 349.89 0.50 5,740 2,750
SU-115 76.10 76.61 0.51 4,209 2,039
SU-132 57.68 58.18 0.50 4,060 1,660
SU-249 115.59 116.09 0.50 3,880 1,745
The update to the Brucejack project mineral resource estimate is now under way, and is expected to be reported this quarter.
SELECTED BRUCEJACK PROJECT DRILL RESULTS,
NOVEMBER, 2011 (SU-261 TO SU-288)
Hole From To Interval Gold Silver
No. (m) (m) (m) (g/t) (g/t)
Valley of the Kings zone
SU-261 55.5 171.0 115.5 1.95 20.0
incl. 58.91 64.0 5.09 4.70 114.0
incl. 118.0 128.5 10.5 7.00 53.6
incl. 152.8 165.0 12.2 4.38 25.4
SU-262 24.5 26.0 1.5 14.55 741.0
444.5 500.5 56.0 1.24 7.8
SU-263 337.5 416.5 79.0 1.14 4.5
SU-264 175.5 224.5 49.0 0.97 8.8
SU-265 270.0 318.0 48.0 1.026 3.0
447.5 462.5 15.0 1.397 9.7
510.5 512.0 1.5 45.10 31.0
SU-266 246.0 274.5 28.5 1.28 4.6
340.5 346.0 5.5 36.78 261.9
340.5 346.0 5.5 1,414.6 751.6
incl. 343.69 344.25 0.56 13,600 6,910
365.5 366.98 1.48 6.58 1.7
SU-267 72.5 146.5 74.0 0.8 9.4
454.54 455.54 1.0 73.70 70.2
SU-268 189.5 197.0 7.5 3.57 15.4
228.5 236.0 7.5 14.80 15.6
incl. 233.0 234.5 1.5 59.50 36.8
SU-269 176.0 179.0 3.0 5.58 8.3
255.9 275.0 19.1 3.57 15.6
incl. 255.9 260.5 4.6 9.06 24.7
288.5 312.0 23.5 9.3 73.2
incl. 294.32 295.08 0.76 569.0 317.0
incl. 295.08 295.76 0.68 6,110 2,220
SU-270 1.87 15.5 13.63 5.42 8.7
incl. 1.87 2.37 0.5 169.0 22.9
154.5 168.0 13.5 1.27 11.9
SU-271 98.97 102.18 3.21 4.15 8.9
177.05 186.5 9.45 2.70 72.3
SU-272 253.0 268.0 15.0 3.37 7.2
253.0 254.5 1.5 25.7 34.3
SU-273 106.5 129.0 22.5 1.10 17.1
158.5 175.74 17.24 1.30 23.3
208.0 218.5 10.5 9.69 10.9
incl. 215.5 217.0 1.5 63.1 36.2
284.65 285.13 0.48 46.70 11.4
322.0 333.5 11.5 6.06 7.3
incl. 327.15 327.63 0.48 274.0 78.0
SU-274 18.5 23.9 5.4 5.67 20.5
21.5 22.5 1.0 24.4 35.6
104.68 135.5 30.82 0.80 9.5
SU-275 110.86 111.61 0.75 9.21 84.5
SU-276 250 311.5 61.5 0.75 8.1
329.52 339.5 9.98 3.86 5.5
incl. 329.52 330.02 0.5 26.9 33.5
SU-277 264.5 285.5 21.0 0.70 1.4
SU-278 81.0 81.81 0.81 36.4 25.3
116.5 122.8 6.3 10.13 15.3
incl. 119.5 121.0 1.5 34.6 34.0
West zone
SU-279 8.5 29.39 20.89 0.78 37.5
49.0 62.5 13.5 1.67 216.6
incl. 61.22 62.5 1.28 8.06 3,090
158.0 214.0 56.0 1.21 6.6
SU-282 242.32 451.5 209.18 2.53 29.5
incl. 245.0 249.58 4.58 16.6 944.8
incl. 372.0 373.5 1.5 116.0 87.5
incl. 405.92 406.57 0.65 395.0 435.0
SU-283 3.3 128.5 125.2 1.21 13.7
incl. 127.0 128.5 1.5 19.4 27.3
SU-284 88.5 119.5 31.0 0.86 2.7
163.5 264.5 101.0 1.09 8.0
incl. 183.5 188.5 5.0 4.68 18.1
SU-285 3.3 283.5 280.2 0.92 6.1
incl. 188.5 191.5 3.0 11.54 25.8
incl. 254.5 256.0 1.5 9.96 262.0
SU-287 36.0 42.0 6.0 1.84 4.3
Condemnation holes
SU-286 237.37 239.0 1.63 1.50 208.0
SU-288 64.0 75.23 11.23 0.53 219.9
incl. 74.0 75.23 1.23 3.03 1,320
229.0 249.02 20.02 0.73 11.8
Kenneth C. McNaughton, MASc, PEng, chief exploration officer, Pretium Resources, is the qualified person responsible for the Brucejack project exploration program.
We seek Safe Harbor.
AUN.V AUNFF.PK $0.74
Is this what people were waiting for? Share price action is muted so far... Although somewhat attractive I can't seem to bring myself on board. O/S is just too ridiculous and IR didn't even bother to address my simple question emailed a year or so ago.
Update: They are waiting on the lawsuit outcome with Sprott (thanks Bobwins post fom yesterday).
Aurcana Corporation Receives Final Permit for Shafter Mine
http://finance.yahoo.com/news/Aurcana-Corporation-Receives-iw-3243855864.html?x=0
OUVER, BRITISH COLUMBIA--(Marketwire -11/03/11)- Aurcana Corporation (TSX-V: AUN.V - News)(OTCQX: AUNFF.PK - News)(PINK SHEETS: AUNFF) ("Aurcana" or the "Company") is pleased to report that all permits required for the Shafter silver mine to commence production have been received. The final permit was to amend a water discharge permit which allows the Shafter mine to increase operations from 900 tonnes per day to 1500 tonnes per day. Approval for this permit amendment was received on Wednesday, November 2, 2011. The Shafter mine is now fully permitted.
"We are pleased to report that all permits are now 100% approved for the development of the Shafter mine in Texas. With the mine completion date only six months away and the last of the permits received the mine is now fully prepared to begin silver production in the second quarter of 2012," reported Lenic Rodriguez, President and CEO of Aurcana Corporation.
The Shafter silver mine is on schedule to complete construction in May, 2012. Once complete and production is at full capacity the Shafter silver mine will be the second largest pure silver producing mine in the U.S. and it will produce about 10% of all U.S. silver.
Shafter Mine Construction Milestones for 2011 and 2012
Listed below are the remaining construction milestones for completing the Shafter mine and mill by May, 2012.
-- Delivery of 2nd set of mining equipment will start arriving in December. The mine is now operating 24/7 and ramp development is expected to be at block #3 in January.-- Thickener and leach tanks is scheduled to be completed in December.-- Ball mill will be installed on pedestal this month.-- Merrill Crowe and refinery is complete and is ready to be shipped.-- Filter presses are schedule to be installed January.-- Assay Lab construction to start in January.Corporate
The Company's shares are now also traded in the United States on OTCQX under the symbol "AUNFF". Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcqx.com and www.otcmarkets.com.
About Aurcana Corporation:
The Shafter Silver Mine is scheduled to start production within 6 months and it is estimated to produce 3.8 million ounces silver in the first year of operation. It has an NI 43-101 Measured and Indicated Resource of 24.6 million ounces of silver and an Inferred Resource of 22.8 million ounces of silver using a 4.0 ounce per ton cut off. The 92% owned La Negra silver-lead-zinc-copper mine has produced 1 million ounces of contained silver over the last 4 quarters.
The reader should be cautioned that the Company has not completed a feasibility study to confirm the projected production capacity for La Negra and there is no certainty the Company's plans will be economically viable.
This scientific and technical information contained in this news release has been reviewed by Andy Nichols, P.Eng., of the Company, and a Qualified Person ("QP") as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
Lenic Rodriguez, President and C.E.O.
For further information, visit the website at www.aurcana.com.
NR-11-11
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include unsuccessful exploration results, changes in metal prices, changes in the availability of funding for mineral exploration and development, unanticipated changes in key management personnel and general economic conditions. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Aurcana CorporationLenic RodriguezPresident and C.E.O.604-331-9333 or Toll Free: 1-866-532-9333604-633-9179 (FAX)info@aurcana.comwww.aurcana.com
WRP.V +11.39% $0.44 another strong day!
PXZRF.PK +3.79% $10.03 PVG.TO +0.24 $9.94
Pretium Resources Inc.: Brucejack's Valley of the Kings Drilling Intersects 17,750 Grams Per Tonne Gold
http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-1103512734.html?x=0
VANCOUVER, BRITISH COLUMBIA--(Marketwire -10/27/11)- Pretium Resources Inc. (TSX: PVG.TO - News) ("Pretivm") is pleased to report further assay results from its Brucejack Project in northern British Columbia which continue to demonstrate the continuity of high-grade gold mineralization in the Valley of the Kings Zone. Twelve intersections grade over 100 grams per tonne gold, including an intercept from hole SU-260 grading 17,750 grams per tonne gold over 0.5 meters, the second-highest grading gold intersection to date on the property (see Table 1 for the most recent 28 holes).
Selected highlights include:
-- Hole SU-260 intersected 0.5 meters with uncut grades of 17,750 grams of gold and 7,780 grams of silver per tonne (1.6 feet averaging 517.7 ounces gold and 226.9 ounces of silver per ton);-- Hole SU-249 intersected 0.5 meters with uncut grades of 3,880 grams of gold and 1,745 grams of silver per tonne (1.6 feet averaging 113.2 ounces gold and 50.9 ounces silver per ton);-- Hole SU-239 intersected 1.0 meter with uncut grades of 3,460 grams of gold and 1,515 grams of silver per tonne (3.3 feet averaging 100.9 ounces gold and 44.2 ounces silver per ton).The bonanza-grade interval in hole SU-260 noted above was intersected at a depth of 68.4 meters down-hole, demonstrating the proximity of high-grade, visible gold to surface. Hole SU-260 was drilled 25 meters east of hole SU-115, which also intercepted near-surface high-grade gold with an interval of 0.5 meters with uncut grades of 18,755 grams of gold and 9,312 grams of silver per tonne at a down-hole depth of approximately 60 meters (see news release dated June 8, 2011).
The high-grade interval from hole SU-249 noted above is located approximately 100 meters above the high-grade interval from hole SU-12, drilled in 2009, with uncut grades of 16,948 grams of gold and 8,696 grams of silver per tonne over 1.5 meters.
The high-grade interval from hole SU-239 noted above is located on section with high-grade intervals from holes SU-135 and SU-150. Hole SU-135 intersected 0.5 meters with an uncut grade of 1,070 grams of gold, and SU-150 intersected two 0.5 meter intervals with uncut grades of 6,670 grams of gold and 1,640 grams of gold per tonne (see news releases dated July 27, 2011 and August 11, 2011).
Also of note from the results is hole SU-237, which intersected 3.0 meters grading 377 grams per tonne gold and 248 grams per tonne silver, located on the same section as SU-195 and SU-230.
Assay results for 26 holes from the 2011 drill program are outstanding, of which 18 are for the Valley of the Kings Zone. Pretivm will continue to report results as they are received, and will update the mineral resource estimate for Brucejack this quarter.
Table 1: Selected Brucejack Project Drill Results, October 2011 (SU-231 to SU-260)(1,4,5)--------------------------------------------------------------------------- Inter- From To val Cap-Hole Collar Dip/ (met- (met- (met- Gold Silver pingNo. Coords Azimuth ers) ers) ers) (g/t) (g/t) (2)--------------------------------------------------------------------------- VALLEY OF THE KINGS ZONE---------------------------------------------------------------------------SU-231 6257943N -58/360 320.88 351.5 30.62 1.74 4.0 426282E--------------------------------------------------------------------------- incl. 336.0 337.5 1.5 21.4 8.1---------------------------------------------------------------------------SU-232 6258090N -50/180 158.0 177.5 19.5 1.13 4.7 426311E--------------------------------------------------------------------------- 230.0 237.5 7.5 5.24 6.1--------------------------------------------------------------------------- incl. 230.0 231.5 1.5 15.9 18.5--------------------------------------------------------------------------- 312.76 336.0 23.24 6.09 5.6--------------------------------------------------------------------------- incl. 328.5 336.0 7.5 16.2 9.7--------------------------------------------------------------------------- 385.5 387 1.5 48.9 31.2---------------------------------------------------------------------------SU-234 6258125N -57/180 192.0 207.0 15.0 7.87 9.3 426501E--------------------------------------------------------------------------- 192.0 193.5 1.5 66.7 39.4--------------------------------------------------------------------------- 243.5 269.0 25.5 1.03 3.9--------------------------------------------------------------------------- 313.5 377.0 63.5 1.17 4.1---------------------------------------------------------------------------SU-235 6258028N -50/180 29.3 53.5 24.2 1.96 9.1 426430E--------------------------------------------------------------------------- incl. 94.5 108.85 14.35 3.52 13.5--------------------------------------------------------------------------- incl. 162.46 164.0 1.54 12.3 783.0---------------------------------------------------------------------------SU-236 6258252N -50/180 207.2 235.5 28.3 0.85 5.1 426552E--------------------------------------------------------------------------- 412.5 434.0 21.5 8.61 31.6 2 Au samples cut--------------------------------------------------------------------------- incl. 415.18 417.22 2.04 195.8 146.0 uncut--------------------------------------------------------------------------- incl. 416.55 417.22 0.67 493.0 338.0 uncut---------------------------------------------------------------------------SU-237 6257880N -59/360 144.52 147.52 3.0 87.15 248.4 2 Au 426642E sam- ples cut--------------------------------------------------------------------------- or 144.52 147.52 3.0 377.2 248.4 uncut--------------------------------------------------------------------------- incl. 144.52 145.52 1.0 679.0 498.0 uncut--------------------------------------------------------------------------- 280.0 290.0 10.0 2.60 47.6--------------------------------------------------------------------------- incl. 288.0 288.5 0.5 26.9 72.4---------------------------------------------------------------------------SU-238 6258252N -50/180 172.0 181.0 9.0 8.97 62.9 426452E--------------------------------------------------------------------------- incl. 172.0 173.5 1.5 43.5 119.0--------------------------------------------------------------------------- 279.42 279.92 0.5 50.7 39.0--------------------------------------------------------------------------- 446.0 452.0 6.0 7.69 25.0---------------------------------------------------------------------------SU-239 6258090N -60/180 61.5 63.0 1.5 165.0 78.3 uncut 426311E--------------------------------------------------------------------------- 289.54 290.54 1.0 190.5 49.5 uncut--------------------------------------------------------------------------- 310.84 325.5 14.66 22.72 112.6 1 Au sample cut--------------------------------------------------------------------------- incl. 310.84 311.84 1.0 3,460.0 1515.0 uncut--------------------------------------------------------------------------- incl. 324.0 325.5 1.5 129.5 75.3 uncut---------------------------------------------------------------------------SU-241 6258125N -65/180 225.82 235.5 9.68 18.53 11.1 1 Au 426501E sample cut--------------------------------------------------------------------------- incl. 225.82 226.82 1.0 133.5 53.8 uncut---------------------------------------------------------------------------SU-242 6257880N -45/360 123.5 133.0 9.5 1.44 4.1 426642E---------------------------------------------------------------------------SU-243 6258048N -50/180 35.5 78.79 43.29 3.53 16.9 426430E--------------------------------------------------------------------------- incl. 37.0 38.5 1.5 78.0 66.2--------------------------------------------------------------------------- 175.0 179.5 4.5 0.96 135.1---------------------------------------------------------------------------SU-244 6258090N -65/180 163.5 165.0 1.5 20.70 8.8 426311E--------------------------------------------------------------------------- 200.0 203.75 3.75 6.46 8.3--------------------------------------------------------------------------- 248.0 254.0 6.0 33.56 35.5 1 Au sample cut--------------------------------------------------------------------------- incl. 251.0 252.5 1.5 162.5 126.0 uncut--------------------------------------------------------------------------- 322.5 324.0 1.5 37.5 18.5---------------------------------------------------------------------------SU-246 6257796N -53/360 274.61 313.5 38.89 0.80 3.8 426552E--------------------------------------------------------------------------- 355.5 384.0 28.5 1.99 6.5--------------------------------------------------------------------------- incl. 357.0 358.5 1.5 22.5 27.8---------------------------------------------------------------------------SU-247 6257880N -50/360 138.5 141.5 3.0 10.49 12.8 426691E--------------------------------------------------------------------------- 280.61 281.33 0.72 32.8 51.1---------------------------------------------------------------------------SU-248 6258068N -50/180 110.0 118.32 8.32 1.57 40.7 426430E--------------------------------------------------------------------------- 230.01 249.5 19.49 1.69 9.2--------------------------------------------------------------------------- incl. 230.01 230.51 0.5 28.0 51.0---------------------------------------------------------------------------SU-249 6258051N -57/180 115.59 117.5 1.91 37.29 460.0 1 Au 426507E sample cut--------------------------------------------------------------------------- incl. 115.59 116.09 0.5 3,880.0 1,745.0 uncut--------------------------------------------------------------------------- 220.0 304.0 84.0 1.33 7.9---------------------------------------------------------------------------SU-250 6257840N -50/360 335.0 336.5 1.5 19.15 11.9 426347E--------------------------------------------------------------------------- 367.0 368.5 1.5 50.0 40.0--------------------------------------------------------------------------- 383.59 484.5 100.91 0.81 5.0---------------------------------------------------------------------------SU-252 6257706N -55/360 154.86 155.86 1.0 15.95 11.5(3) 426641E--------------------------------------------------------------------------- 191.86 199 7.14 4.99 360.9--------------------------------------------------------------------------- incl. 197.5 199.0 1.5 18.6 1,230.0--------------------------------------------------------------------------- 372.5 596.49 223.99 0.85 5.1---------------------------------------------------------------------------SU-253 6257880N -58/360 178.3 184.5 6.2 5.27 9.0 426691E--------------------------------------------------------------------------- 319.5 325.5 6.0 7.49 4.0---------------------------------------------------------------------------SU-254 6258051N -55/150 203.0 224.0 21.0 3.05 8.7(3) 426507E--------------------------------------------------------------------------- incl. 203.0 204.5 1.5 22.1 26.7--------------------------------------------------------------------------- 264.0 348.99 84.99 1.44 4.1--------------------------------------------------------------------------- incl. 274.72 275.72 1.0 35.6 57.5---------------------------------------------------------------------------SU-255 256.0 271.0 15.0 0.94 2.7--------------------------------------------------------------------------- 343.5 363.5 20.0 1.09 4.2------------------------------------------------------------------------------------------------------------------------------------------------------SU-256 6258088N -50/180 122.5 148.0 25.5 1.6 8.7 426430E---------------------------------------------------------------------------SU-257 6257806N -50/360 179.0 233.0 54.0 1.16 5.5 426454E--------------------------------------------------------------------------- 389.84 390.34 0.5 58.3 38.5---------------------------------------------------------------------------SU-259 6257840N -58/360 202.5 215.5 13.0 11.35 27.5 426347E--------------------------------------------------------------------------- incl. 204.0 205.5 1.5 75.7 60.0--------------------------------------------------------------------------- 398.5 433.0 34.5 1.96 5.0--------------------------------------------------------------------------- incl. 431.5 433.0 1.5 17.1 19.0--------------------------------------------------------------------------- 507.0 508.5 1.5 264.0 274.0--------------------------------------------------------------------------- 526.5 528.0 1.5 40.2 17.8---------------------------------------------------------------------------SU-260 6257998N -45/180 63.5 66.34 2.84 71.59 391.4 1 Au 426481E sample cut--------------------------------------------------------------------------- incl. 63.5 65.0 1.5 92.0 38.6 uncut--------------------------------------------------------------------------- incl. 65.84 66.34 0.5 17,750.0 7,780.0 uncut--------------------------------------------------------------------------- 112.5 144.0 31.5 1.12 9.4--------------------------------------------------------------------------- WEST ZONE---------------------------------------------------------------------------SU-233 6258926N -50/225 250.0 273.35 23.35 6.83 23.0 426520E--------------------------------------------------------------------------- incl. 254.42 255.42 1.0 107.0 71.8--------------------------------------------------------------------------- 327.77 357.5 29.73 1.45 5.9---------------------------------------------------------------------------SU-240 6258784N -50/225 39.6 43.33 3.73 2.15 614.0 426519E--------------------------------------------------------------------------- 72.0 95.5 23.5 0.89 73.9--------------------------------------------------------------------------- 174.0 287.0 113.0 1.29 12.7---------------------------------------------------------------------------SU-245 6258997N -50/225 141.0 202.5 61.5 1.03 8.0 426449E--------------------------------------------------------------------------- incl. 190.5 192.0 1.5 14.6 12.3--------------------------------------------------------------------------- 367.5 408.42 40.92 1.29 3.0--------------------------------------------------------------------------- incl. 407.0 408.42 1.42 12.6 20.0---------------------------------------------------------------------------(1) True thickness to be determined.(2) Unless otherwise indicated as uncut, all gold assays over 130 g/t were cut to 130 g/t and all silver assays over 2,100 g/t were cut to 2,100 g/t.(3) Hole ended in mineralization.(4) Holes SU-251 and SU-258 were metallurgical holes and not sampled.(5) 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.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.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield.
(SEDAR filings: Pretium Resources Inc.)
Forward-Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.
Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, 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 information.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Pretium Resources Inc.Robert QuartermainPresident and Chief Executive Officer(604) 558-1784Pretium Resources Inc.Michelle RomeroInvestor Relations Director(604) 558-1784invest@pretivm.comwww.pretivm.com
PXZRF.PK +3.79% $10.03 PVG.TO +0.24 $9.94
Pretium Resources Inc.: Brucejack's Valley of the Kings Drilling Intersects 17,750 Grams Per Tonne Gold
http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-1103512734.html?x=0
VANCOUVER, BRITISH COLUMBIA--(Marketwire -10/27/11)- Pretium Resources Inc. (TSX: PVG.TO - News) ("Pretivm") is pleased to report further assay results from its Brucejack Project in northern British Columbia which continue to demonstrate the continuity of high-grade gold mineralization in the Valley of the Kings Zone. Twelve intersections grade over 100 grams per tonne gold, including an intercept from hole SU-260 grading 17,750 grams per tonne gold over 0.5 meters, the second-highest grading gold intersection to date on the property (see Table 1 for the most recent 28 holes).
Selected highlights include:
-- Hole SU-260 intersected 0.5 meters with uncut grades of 17,750 grams of gold and 7,780 grams of silver per tonne (1.6 feet averaging 517.7 ounces gold and 226.9 ounces of silver per ton);-- Hole SU-249 intersected 0.5 meters with uncut grades of 3,880 grams of gold and 1,745 grams of silver per tonne (1.6 feet averaging 113.2 ounces gold and 50.9 ounces silver per ton);-- Hole SU-239 intersected 1.0 meter with uncut grades of 3,460 grams of gold and 1,515 grams of silver per tonne (3.3 feet averaging 100.9 ounces gold and 44.2 ounces silver per ton).The bonanza-grade interval in hole SU-260 noted above was intersected at a depth of 68.4 meters down-hole, demonstrating the proximity of high-grade, visible gold to surface. Hole SU-260 was drilled 25 meters east of hole SU-115, which also intercepted near-surface high-grade gold with an interval of 0.5 meters with uncut grades of 18,755 grams of gold and 9,312 grams of silver per tonne at a down-hole depth of approximately 60 meters (see news release dated June 8, 2011).
The high-grade interval from hole SU-249 noted above is located approximately 100 meters above the high-grade interval from hole SU-12, drilled in 2009, with uncut grades of 16,948 grams of gold and 8,696 grams of silver per tonne over 1.5 meters.
The high-grade interval from hole SU-239 noted above is located on section with high-grade intervals from holes SU-135 and SU-150. Hole SU-135 intersected 0.5 meters with an uncut grade of 1,070 grams of gold, and SU-150 intersected two 0.5 meter intervals with uncut grades of 6,670 grams of gold and 1,640 grams of gold per tonne (see news releases dated July 27, 2011 and August 11, 2011).
Also of note from the results is hole SU-237, which intersected 3.0 meters grading 377 grams per tonne gold and 248 grams per tonne silver, located on the same section as SU-195 and SU-230.
Assay results for 26 holes from the 2011 drill program are outstanding, of which 18 are for the Valley of the Kings Zone. Pretivm will continue to report results as they are received, and will update the mineral resource estimate for Brucejack this quarter.
Table 1: Selected Brucejack Project Drill Results, October 2011 (SU-231 to SU-260)(1,4,5)--------------------------------------------------------------------------- Inter- From To val Cap-Hole Collar Dip/ (met- (met- (met- Gold Silver pingNo. Coords Azimuth ers) ers) ers) (g/t) (g/t) (2)--------------------------------------------------------------------------- VALLEY OF THE KINGS ZONE---------------------------------------------------------------------------SU-231 6257943N -58/360 320.88 351.5 30.62 1.74 4.0 426282E--------------------------------------------------------------------------- incl. 336.0 337.5 1.5 21.4 8.1---------------------------------------------------------------------------SU-232 6258090N -50/180 158.0 177.5 19.5 1.13 4.7 426311E--------------------------------------------------------------------------- 230.0 237.5 7.5 5.24 6.1--------------------------------------------------------------------------- incl. 230.0 231.5 1.5 15.9 18.5--------------------------------------------------------------------------- 312.76 336.0 23.24 6.09 5.6--------------------------------------------------------------------------- incl. 328.5 336.0 7.5 16.2 9.7--------------------------------------------------------------------------- 385.5 387 1.5 48.9 31.2---------------------------------------------------------------------------SU-234 6258125N -57/180 192.0 207.0 15.0 7.87 9.3 426501E--------------------------------------------------------------------------- 192.0 193.5 1.5 66.7 39.4--------------------------------------------------------------------------- 243.5 269.0 25.5 1.03 3.9--------------------------------------------------------------------------- 313.5 377.0 63.5 1.17 4.1---------------------------------------------------------------------------SU-235 6258028N -50/180 29.3 53.5 24.2 1.96 9.1 426430E--------------------------------------------------------------------------- incl. 94.5 108.85 14.35 3.52 13.5--------------------------------------------------------------------------- incl. 162.46 164.0 1.54 12.3 783.0---------------------------------------------------------------------------SU-236 6258252N -50/180 207.2 235.5 28.3 0.85 5.1 426552E--------------------------------------------------------------------------- 412.5 434.0 21.5 8.61 31.6 2 Au samples cut--------------------------------------------------------------------------- incl. 415.18 417.22 2.04 195.8 146.0 uncut--------------------------------------------------------------------------- incl. 416.55 417.22 0.67 493.0 338.0 uncut---------------------------------------------------------------------------SU-237 6257880N -59/360 144.52 147.52 3.0 87.15 248.4 2 Au 426642E sam- ples cut--------------------------------------------------------------------------- or 144.52 147.52 3.0 377.2 248.4 uncut--------------------------------------------------------------------------- incl. 144.52 145.52 1.0 679.0 498.0 uncut--------------------------------------------------------------------------- 280.0 290.0 10.0 2.60 47.6--------------------------------------------------------------------------- incl. 288.0 288.5 0.5 26.9 72.4---------------------------------------------------------------------------SU-238 6258252N -50/180 172.0 181.0 9.0 8.97 62.9 426452E--------------------------------------------------------------------------- incl. 172.0 173.5 1.5 43.5 119.0--------------------------------------------------------------------------- 279.42 279.92 0.5 50.7 39.0--------------------------------------------------------------------------- 446.0 452.0 6.0 7.69 25.0---------------------------------------------------------------------------SU-239 6258090N -60/180 61.5 63.0 1.5 165.0 78.3 uncut 426311E--------------------------------------------------------------------------- 289.54 290.54 1.0 190.5 49.5 uncut--------------------------------------------------------------------------- 310.84 325.5 14.66 22.72 112.6 1 Au sample cut--------------------------------------------------------------------------- incl. 310.84 311.84 1.0 3,460.0 1515.0 uncut--------------------------------------------------------------------------- incl. 324.0 325.5 1.5 129.5 75.3 uncut---------------------------------------------------------------------------SU-241 6258125N -65/180 225.82 235.5 9.68 18.53 11.1 1 Au 426501E sample cut--------------------------------------------------------------------------- incl. 225.82 226.82 1.0 133.5 53.8 uncut---------------------------------------------------------------------------SU-242 6257880N -45/360 123.5 133.0 9.5 1.44 4.1 426642E---------------------------------------------------------------------------SU-243 6258048N -50/180 35.5 78.79 43.29 3.53 16.9 426430E--------------------------------------------------------------------------- incl. 37.0 38.5 1.5 78.0 66.2--------------------------------------------------------------------------- 175.0 179.5 4.5 0.96 135.1---------------------------------------------------------------------------SU-244 6258090N -65/180 163.5 165.0 1.5 20.70 8.8 426311E--------------------------------------------------------------------------- 200.0 203.75 3.75 6.46 8.3--------------------------------------------------------------------------- 248.0 254.0 6.0 33.56 35.5 1 Au sample cut--------------------------------------------------------------------------- incl. 251.0 252.5 1.5 162.5 126.0 uncut--------------------------------------------------------------------------- 322.5 324.0 1.5 37.5 18.5---------------------------------------------------------------------------SU-246 6257796N -53/360 274.61 313.5 38.89 0.80 3.8 426552E--------------------------------------------------------------------------- 355.5 384.0 28.5 1.99 6.5--------------------------------------------------------------------------- incl. 357.0 358.5 1.5 22.5 27.8---------------------------------------------------------------------------SU-247 6257880N -50/360 138.5 141.5 3.0 10.49 12.8 426691E--------------------------------------------------------------------------- 280.61 281.33 0.72 32.8 51.1---------------------------------------------------------------------------SU-248 6258068N -50/180 110.0 118.32 8.32 1.57 40.7 426430E--------------------------------------------------------------------------- 230.01 249.5 19.49 1.69 9.2--------------------------------------------------------------------------- incl. 230.01 230.51 0.5 28.0 51.0---------------------------------------------------------------------------SU-249 6258051N -57/180 115.59 117.5 1.91 37.29 460.0 1 Au 426507E sample cut--------------------------------------------------------------------------- incl. 115.59 116.09 0.5 3,880.0 1,745.0 uncut--------------------------------------------------------------------------- 220.0 304.0 84.0 1.33 7.9---------------------------------------------------------------------------SU-250 6257840N -50/360 335.0 336.5 1.5 19.15 11.9 426347E--------------------------------------------------------------------------- 367.0 368.5 1.5 50.0 40.0--------------------------------------------------------------------------- 383.59 484.5 100.91 0.81 5.0---------------------------------------------------------------------------SU-252 6257706N -55/360 154.86 155.86 1.0 15.95 11.5(3) 426641E--------------------------------------------------------------------------- 191.86 199 7.14 4.99 360.9--------------------------------------------------------------------------- incl. 197.5 199.0 1.5 18.6 1,230.0--------------------------------------------------------------------------- 372.5 596.49 223.99 0.85 5.1---------------------------------------------------------------------------SU-253 6257880N -58/360 178.3 184.5 6.2 5.27 9.0 426691E--------------------------------------------------------------------------- 319.5 325.5 6.0 7.49 4.0---------------------------------------------------------------------------SU-254 6258051N -55/150 203.0 224.0 21.0 3.05 8.7(3) 426507E--------------------------------------------------------------------------- incl. 203.0 204.5 1.5 22.1 26.7--------------------------------------------------------------------------- 264.0 348.99 84.99 1.44 4.1--------------------------------------------------------------------------- incl. 274.72 275.72 1.0 35.6 57.5---------------------------------------------------------------------------SU-255 256.0 271.0 15.0 0.94 2.7--------------------------------------------------------------------------- 343.5 363.5 20.0 1.09 4.2------------------------------------------------------------------------------------------------------------------------------------------------------SU-256 6258088N -50/180 122.5 148.0 25.5 1.6 8.7 426430E---------------------------------------------------------------------------SU-257 6257806N -50/360 179.0 233.0 54.0 1.16 5.5 426454E--------------------------------------------------------------------------- 389.84 390.34 0.5 58.3 38.5---------------------------------------------------------------------------SU-259 6257840N -58/360 202.5 215.5 13.0 11.35 27.5 426347E--------------------------------------------------------------------------- incl. 204.0 205.5 1.5 75.7 60.0--------------------------------------------------------------------------- 398.5 433.0 34.5 1.96 5.0--------------------------------------------------------------------------- incl. 431.5 433.0 1.5 17.1 19.0--------------------------------------------------------------------------- 507.0 508.5 1.5 264.0 274.0--------------------------------------------------------------------------- 526.5 528.0 1.5 40.2 17.8---------------------------------------------------------------------------SU-260 6257998N -45/180 63.5 66.34 2.84 71.59 391.4 1 Au 426481E sample cut--------------------------------------------------------------------------- incl. 63.5 65.0 1.5 92.0 38.6 uncut--------------------------------------------------------------------------- incl. 65.84 66.34 0.5 17,750.0 7,780.0 uncut--------------------------------------------------------------------------- 112.5 144.0 31.5 1.12 9.4--------------------------------------------------------------------------- WEST ZONE---------------------------------------------------------------------------SU-233 6258926N -50/225 250.0 273.35 23.35 6.83 23.0 426520E--------------------------------------------------------------------------- incl. 254.42 255.42 1.0 107.0 71.8--------------------------------------------------------------------------- 327.77 357.5 29.73 1.45 5.9---------------------------------------------------------------------------SU-240 6258784N -50/225 39.6 43.33 3.73 2.15 614.0 426519E--------------------------------------------------------------------------- 72.0 95.5 23.5 0.89 73.9--------------------------------------------------------------------------- 174.0 287.0 113.0 1.29 12.7---------------------------------------------------------------------------SU-245 6258997N -50/225 141.0 202.5 61.5 1.03 8.0 426449E--------------------------------------------------------------------------- incl. 190.5 192.0 1.5 14.6 12.3--------------------------------------------------------------------------- 367.5 408.42 40.92 1.29 3.0--------------------------------------------------------------------------- incl. 407.0 408.42 1.42 12.6 20.0---------------------------------------------------------------------------(1) True thickness to be determined.(2) Unless otherwise indicated as uncut, all gold assays over 130 g/t were cut to 130 g/t and all silver assays over 2,100 g/t were cut to 2,100 g/t.(3) Hole ended in mineralization.(4) Holes SU-251 and SU-258 were metallurgical holes and not sampled.(5) 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.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.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield.
(SEDAR filings: Pretium Resources Inc.)
Forward-Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.
Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, 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 information.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Pretium Resources Inc.Robert QuartermainPresident and Chief Executive Officer(604) 558-1784Pretium Resources Inc.Michelle RomeroInvestor Relations Director(604) 558-1784invest@pretivm.comwww.pretivm.com
WRP
dr_airtime you are exactly right - his first top pick: http://watch.bnn.ca/#clip555920
Talks about it a second time 4 minutes in.
Pretium Resources Inc.: Brucejack Project Update
http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-1782323784.html?x=0
VANCOUVER, BRITISH COLUMBIA--(Marketwire -10/17/11)- Pretium Resources Inc. ("Pretivm") (TSX: PVG.TO - News) is pleased to provide the following update on the progress of activities at its high-grade gold Brucejack Project in northern British Columbia.
Exploration
The Brucejack camp is now being expanded and winterized for year-round operations. A crew and equipment have been mobilized to begin de-watering the 5,300 meters of historic West Zone underground workings. Once the workings have been de-watered, alternatives for underground access to the Valley of the Kings Zone high-grade gold mineralization will be assessed for potential underground drilling and/or bulk sampling.
Exploration drilling at Brucejack has concluded for the season, with 176 holes completed totalling 72,144 meters. Assay results for 54 outstanding holes, of which 43 are from the Valley of the Kings Zone, will continue to be reported as they are received. The update to the Brucejack mineral resource estimate will be completed later this quarter. Updated corebox.net 3D drill models for the Brucejack exploration zones, including a new drill model for the Valley of the Kings Zone, is now available in the Brucejack Project section of Pretivm's website.
Engineering
The Preliminary Economic Assessment (PEA) reported in June 2011 contemplates the use of diesel power for the Brucejack high-grade project (see news release June 2, 2011). A power line study has just been completed which examines the alternatives for routing electric power into the Brucejack Project. The study covered potential interconnections to the transmission line from the Long Lake hydroelectric power project, to the existing transmission line between Meziadin and Stewart, and to the proposed Northwest Transmission line. The results of the study will be incorporated into the update of the PEA which is to commence this quarter and is expected to be completed in the first quarter of 2012.
Work continues on the rehabilitation and extension of the access road from Brucejack to Highway 37. The road is expected to be completed in late 2012.
Condemnation and geotechnical drilling has been conducted in support of a feasibility study. Two condemnation holes have been drilled at the mill site, and a drill has been mobilized to begin further condemnation drilling at the site of the Highway 37 concentrate processing facility. Geotechnical drilling has included ten holes totalling 610 meters.
Pretivm has acquired additional project claims to support potential project infrastructure. Project claims now total over 90,000 hectares (222,000 acres). An updated claim boundary map is also available on Pretivm's website.
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. Ian I Chang, M.A.Sc., P.Eng., Vice President, Project Development, Pretium Resources Inc. is the Qualified Person (QP) responsible for Brucejack Project development.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.
Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, 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 information.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Pretium Resources Inc.Robert QuartermainPresident and Chief Executive Officer(604) 558-1784Pretium Resources Inc.Michelle RomeroInvestor Relations Director(604) 558-1784invest@pretivm.comwww.pretivm.com
Pretium Resources Inc.: Brucejack Project Update
http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-1782323784.html?x=0
VANCOUVER, BRITISH COLUMBIA--(Marketwire -10/17/11)- Pretium Resources Inc. ("Pretivm") (TSX: PVG.TO - News) is pleased to provide the following update on the progress of activities at its high-grade gold Brucejack Project in northern British Columbia.
Exploration
The Brucejack camp is now being expanded and winterized for year-round operations. A crew and equipment have been mobilized to begin de-watering the 5,300 meters of historic West Zone underground workings. Once the workings have been de-watered, alternatives for underground access to the Valley of the Kings Zone high-grade gold mineralization will be assessed for potential underground drilling and/or bulk sampling.
Exploration drilling at Brucejack has concluded for the season, with 176 holes completed totalling 72,144 meters. Assay results for 54 outstanding holes, of which 43 are from the Valley of the Kings Zone, will continue to be reported as they are received. The update to the Brucejack mineral resource estimate will be completed later this quarter. Updated corebox.net 3D drill models for the Brucejack exploration zones, including a new drill model for the Valley of the Kings Zone, is now available in the Brucejack Project section of Pretivm's website.
Engineering
The Preliminary Economic Assessment (PEA) reported in June 2011 contemplates the use of diesel power for the Brucejack high-grade project (see news release June 2, 2011). A power line study has just been completed which examines the alternatives for routing electric power into the Brucejack Project. The study covered potential interconnections to the transmission line from the Long Lake hydroelectric power project, to the existing transmission line between Meziadin and Stewart, and to the proposed Northwest Transmission line. The results of the study will be incorporated into the update of the PEA which is to commence this quarter and is expected to be completed in the first quarter of 2012.
Work continues on the rehabilitation and extension of the access road from Brucejack to Highway 37. The road is expected to be completed in late 2012.
Condemnation and geotechnical drilling has been conducted in support of a feasibility study. Two condemnation holes have been drilled at the mill site, and a drill has been mobilized to begin further condemnation drilling at the site of the Highway 37 concentrate processing facility. Geotechnical drilling has included ten holes totalling 610 meters.
Pretivm has acquired additional project claims to support potential project infrastructure. Project claims now total over 90,000 hectares (222,000 acres). An updated claim boundary map is also available on Pretivm's website.
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. Ian I Chang, M.A.Sc., P.Eng., Vice President, Project Development, Pretium Resources Inc. is the Qualified Person (QP) responsible for Brucejack Project development.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.
Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, 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 information.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Pretium Resources Inc.Robert QuartermainPresident and Chief Executive Officer(604) 558-1784Pretium Resources Inc.Michelle RomeroInvestor Relations Director(604) 558-1784invest@pretivm.comwww.pretivm.com
Pretium drills one m of 7,420 g/t Au at Brucejack
2011-09-29 06:45 ET - News Release
Mr. Robert Quartermain reports
PRETIUM RESOURCES INC.: VALLEY OF THE KINGS DRILL RESULTS CONFIRM HIGH-GRADE GOLD CONTINUITY
Pretium Resources Inc. has released results from the Brucejack project where continuing drilling continues to demonstrate the continuity of high-grade gold mineralization, and visible gold continues to be encountered. (See the associated table for the most recent 23 holes.)
Valley of the Kings zone
Selected highlights include:
Hole SU-230 intersected one metre with uncut grades of 7,420 grams of gold and 3,800 grams of silver per tonne (3.3 feet averaging 216.4 ounces gold and 110.8 ounces of silver per ton).
Hole SU-226 intersected 0.5 metre with uncut grades of 1,465 grams of gold and 863 grams of silver per tonne (1.6 feet averaging 42.7 ounces gold and 25.2 ounces silver per ton).
The bonanza-grade intercept in hole SU-230 noted above was intersected within a 6.5-metre interval with cut grades of 76.8 grams of gold and 478.5 grams of silver per tonne (uncut grades of 1,349 grams of gold and 740 grams of silver per tonne). This interval is located approximately 40 metres from the high-grade interval from hole SU-195 with uncut grades of 5,740 grams of gold and 2,750 grams of silver per tonne over 0.5 metre (see news release dated Sept. 12, 2011). Both holes were drilled on the easternmost section of the Valley of the Kings zone, which remains open to the east and downdip.
Other zones
Drill results from other zones on the Brucejack property continue to encounter high-grade gold within broader intervals of significant gold values. A highlight is hole SU-215 in the Galena Hill zone, which intersected 55.0 metres grading 4.7 grams of gold and 47.5 grams of silver per tonne, including 0.5 metre with uncut grades of 462 grams of gold and 311 grams of silver per tonne.
To date this season, Pretium has completed 164 holes totalling 68,000 metres on the Brucejack project. Assay results for 34 holes are outstanding, of which 29 are for holes drilled in the Valley of the Kings zone. The company will complete another eight exploration holes totalling 4,000 metres and an additional 2,000 metres of geotechnical and condemnation drilling in support of a feasibility study. Results for the remaining holes will be reported when the company receives them. The drill program is expected to conclude by the second week in October, and the update to the mineral resource estimate for Brucejack will be completed in the fourth quarter.
SELECTED BRUCEJACK PROJECT DRILL RESULTS
(September, 2011 (SU-208 to SU-230)(1,3)
Valley of the Kings zone
Hole No. From (m) To (m) Interval (m) Gold (g/t) Silver (g/t)
SU-208(2) 422.0 475.5 53.6 2.20 3.1
incl. 422.0 422.5 0.5 153.0 70.0
SU-210 31.5 79.5 48.0 0.85 7.8
387.0 388.3 1.3 19.45 12.3
519.7 520.2 0.5 10.3 1.6
SU-213 110.8 185.5 74.7 1.25 8.3
264.0 316.5 52.5 0.71 5.3
SU-214 293.0 387.0 94.0 0.95 3.6
SU-216 75.5 87.5 12.0 6.14 24.3
144.5 146.0 1.5 84.1 56.3
SU-219 72.0 170.5 98.5 1.6 13.4
incl. 72.0 74.0 2.0 19.5 25.3
incl. 158.5 162.6 4.1 15.0 13.8
249.0 344.5 95.5 2.27 5.7
incl. 343.0 344.5 1.5 88.0 37.6
SU-220 85.5 106.0 20.5 0.96 15.3
443.0 478.5 35.5 0.83 2.1
584.0 585.5 1.5 50.9 28.6
SU-223 137.5 139.0 1.5 16.8 37.7
301.14 326.0 24.86 0.95 3.0
SU-224 5.0 6.5 1.5 6.52 13.4
194.5 196.0 1.5 22.3 14.2
233.5 249.5 16.0 1.57 3.2
266.0 280.74 14.74 7.45 18.9
incl. 273.5 276.15 2.65 21.5 25.5
370.0 471.0 101.0 0.73 3.3
SU-225 300.0 330.0 30.0 1.4 7.1
383.58 416.5 32.92 1.2 3.6
SU-226 108.0 222.0 114.0 1.07 11.0
161.0 173.5 12.5 2.86 15.4
299.0 338.5 39.5 2.62 19.6
incl. 335.82 336.34 0.52 1,465 863.0
SU-230 162.5 163.65 1.15 17.6 19.3
301.5 308 6.5 76.8 478.5
incl. 301.5 303 1.5 472.0 318.0
incl. 304.5 305.73 1.23 510.0 390.0
incl. 305.73 306.73 1.0 7,420 3,800
Gossan Hill zone
Hole No. From (m) To (m) Interval (m) Gold (g/t) Silver (g/t)
SU-211 71.5 88.0 16.5 11.59 48.4
incl. 74.5 76.0 1.5 109.0 90.2
131.5 246.5 115.0 1.13 10.3
SU-212 40.0 53.0 13.0 1.68 2.3
SU-217 235.0 259.0 24.0 0.53 2.8
West zone
Hole No. From (m) To (m) Interval (m) Gold (g/t) Silver (g/t)
SU-222 143.16 150.0 6.84 3.57 103.4
211.5 215.54 4.04 6.82 224.3
253.38 278.0 24.62 6.0 34.7
incl. 268.83 272.91 4.08 26.7 58.0
346.5 411.0 64.5 0.69 4.9
SU-229 104.5 160.0 55.5 1.05 13.2
184.0 220.19 36.19 1.09 3.0
incl. 218.5 220.19 1.69 11.1 34.2
Galena Hill zone
Hole No. From (m) To (m) Interval (m) Gold (g/t) Silver (g/t)
SU-215 114.5 169.5 55.0 4.70 47.5
incl. 117.5 118.0 0.5 95.8 60.6
incl. 131.7 144.7 13.0 7.68 140.8
incl. 167.4 167.9 0.5 462.0 311.0
231.0 322.0 91.0 1.03 11.3
371.4 371.9 0.5 18.2 2,700
SU-221 144.0 207.0 63.0 1.04 9.7
246.5 291.5 45.0 1.15 6.3
397.59 398.04 0.45 5.59 1,690
SU-228 76.5 85.5 9.0 3.07 22.3
109.0 124.0 15.0 1.75 16.3
161.5 215.5 54.0 2.72 23.8
incl. 176.5 181.0 4.5 10.52 110.2
Golden Marmot
Hole No. From (m) To (m) Interval (m) Gold (g/t) Silver (g/t)
SU-209 366.5 392.5 26.0 0.77 11.5
SU-218 107.5 140.5 33.0 0.30 80.4
157.0 176.0 19.0 0.44 31.1
SU-227 186.21 192.5 6.29 1.0 3.5
Notes
(1) True thickness to be determined.
(2) Hole ended in mineralization.
(3) All samples were submitted for preparation and analysis by ALS Chemex at
its facilities in Terrace, B.C. All samples were analyzed using
multidigestion with ICP finish. Samples over 100 parts per million (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.
Kenneth C. McNaughton, MASc, PEng, chief exploration officer, Pretium Resources, is the qualified person (QP) responsible for the Brucejack project exploration program.
We seek Safe Harbor.
Make that high for PVG.TO $13.00 and a close at the high on 4x+ volume!
Strong day today on good volume too
PXZRF.PK +10.42% $12.8856
PVG.TO hit as high as $12.39
That March 7th high of $14.19 not so far away!
cl001 - would love to hear your comments about the site visit to Pretivm's Brucejack project.
PVG.TO PXZRF.PK
Barron's has not to my knowledge published a single bullish comment on the gold market for at least the last ten years. They consistently put out hit pieces on gold companies that have done amazingly well and outperformed every other asset on the planet. In sum, they have no idea what they are talking about. They continue with that tradition in the below article.
Is There Gold In Them Thar Hills?
http://online.barrons.com/article/SB50001424052702304251404576556972309396458.html
A company-led tour of a gold mine can yield useful information. But it can't answer the big questions: how much gold is in the ground, and how much value is in the miner's shares?
According to legend, Mark Twain once described a gold mine as a hole in the ground with a liar standing next to it. As the price of gold has skyrocketed, the number of holes has multiplied, as has the number of liars, and the government has increased its warnings about unscrupulous pitchmen and gold-stock scams. Sometimes there is no gold in a mine; other times, there isn't even a hole in the ground. Perhaps the only way to ascertain what's what in the world of junior gold-mining companies is to see it with your very own eyes.
Some gold-stock investors think so, and some mining companies are happy to oblige, with guided tours of properties in remote climes. Or sometimes young companies in search of investors arrange for five-star dog-and-pony shows on site. In either case, what can a first-time visitor really see? And is seeing believing? The search for answers found this reporter trekking through northern British Columbia one brilliant late-August morning, to Pretium Resources' Brucejack project in Canada's Boundary Range.
Pretium is a small Vancouver-based exploration company, whose shares (ticker: PVG.Canada) trade on the Toronto Stock Exchange. Founded last October, the company went public in December at six Canadian dollars per share, and now trades at C$12 (roughly $12). It doesn't actually produce gold yet, but CEO Robert Quartermain says that could happen by 2015 or 2016. According to Quartermain, Brucejack and the company's nearby Snowfield deposit constitute the fifth-largest undeveloped gold resource in the world. He calls the properties "the most exciting thing" he's been involved with in 35 years in the mining business. A preliminary economic assessment in early June estimated that Brucejack could produce an average of 173,200 ounces of gold a year.
Enlarge Image
CloseAngus MacGillivray for Barron's
Pretium Resources says its Brucejack and Snowfield prospects in British Columbia constitute the fifth largest undeveloped gold resource in the world.
.In the course of a day-long visit to the region, a group made up mostly of Pretium shareholders toured mine sites, studied maps and rocks, and paid a visit to the "crack shack," where workers break core samples into smaller pieces to be sent to independent assayers for grading. The group saw some gorgeous scenery, met workers at the camp and heard about the company's drilling plans and early hits. But for all that, it was impossible to tell whether the Brucejack and Snowfield projects will produce any gold commercially, much less in the quantities that Pretium management has forecast.
THE BRUCEJACK TOUR BEGAN in Vancouver with Quartermain's dinner presentation about the property. The next day, the group donned company-issue fleece vests and climbed aboard a Central Mountain Air Beechcraft 1900D at the south terminal of the Vancouver Airport, the departure point for many adventurers into British Columbia's wilds and beyond. (Pretium arranged for all transportation to and from the site, but not to and from Vancouver.)
A fellow passenger and mine-tour veteran, Chen Lin, abandoned his doctoral studies in aeronautical engineering at Princeton in the late 1990s and now writes a newsletter with the no-nonsense title "What Is Chen Buying? What Is Chen Selling?" His rationale for flying to the middle of nowhere to look at rocks? "I was on a trip two weeks ago, where it was hard to imagine what the property was like just from the press release," he said. "You can't get a feel for the scale or the spacing of the holes."
The plane landed on an air strip in Stewart, British Columbia, the northernmost ice-free port in North America. From there we hopped a helicopter, which flew over the Salmon and Frank Mackie glaciers, with Quartermain playing tour guide. The 56-year-old geologist and former CEO of Silver Standard Resources (SSRI) came out of retirement in 2010 to run Pretium, which purchased Snowfield and Brucejack from Silver Standard for $450 million in cash and stock. Silver Standard owns 29% of Pretium.
Quartermain directed the group's attention to the Snowfield property, a reddish-gold mountainside to the north of Brucejack. A short time later, Brucejack came into view adjacent to a blue-green lake. The company says both properties have measured and indicated resources of 34 million ounces of gold and 98 million ounces of silver.
Helicopter service to Brucejack began only in 2006. Prior to that, visitors traveled up Canada's Highway 37, took a boat across Bowser Lake and followed a rugged access road to the site. Pretium is rebuilding the access road and extending it directly to the highway.
The chopper touched down at camp, where about 120 workers, including some from the Tahltan First Nations, a native tribe, are employed. Fred Lacy, an investor who says he made a fortune on technology stocks in the late 1990s, was "very pleased" to learn from a Brucejack worker that two of the local Tahltan chief's children work at the site, given that one of the biggest risks to mining projects in North America is local opposition. Lacy, of Newport Beach, Calif., said that was "a very big tell, and something you would never find out without visiting a site."
A Pretium investor, Lacy has been visiting mines since 1998, because he finds analysts' reports "beyond useless." Some mine visits, he says, convinced him that he should not buy shares of exploration companies. One mine was "too close to the town, and I could see the people would be upset." At another, "the drillers were all just green kids."
Infrastructure is one thing he must see. "If there is no water, there's no mine," he says. "The companies only tell you the best stuff, the minimum of what the law requires."
CHARLIE GREY, A GEOLOGIST, AND Ken McNaughton, Pretium's chief exploration officer, gave the group an overview of the project, which Grey called "a very well endowed belt." Pointing to a geological map, he identified a field that previously was developed by Newhawk Gold Mines from the mid-1980s to about 1994, when the price of gold made drilling unprofitable.
Grey, one of eight geologists working at the site, says drillers have been getting "lots of hits," some at five grams of gold per ton, at the Valley of the Kings, one of the claim sites. He then displayed a polished chunk of mineral from that site, with gold veins visibly running through it. "You don't see visible gold like that commonly," he said.
McNaughton discussed some other high-grade hits, and the construction of a 10,000-square-foot warehouse the company just completed building in Stewart. Laura Stein, the private investor in natural resources and precious metals who had first brought the Pretium tour to Barron's attention, asked whether she was correct to assume that the company is drilling an underground mine, which is more expensive than an open pit. She was. Stein, a regular visitor to gold mines, says that listening to questions from more experienced investors is one of the best reasons to make a site visit.
The Bottom Line
Gold-mine visits can yield useful information about geology, drilling prospects and management's plans. But seeing isn't always believing.
.Pretium began drilling holes on the Brucejack property 200 meters apart, and gradually reduced the spacing. McNaughton said the gradient, or slope, was so consistent that the drillers were coming up with five-kilogram hits in "the basement," an area 600 meters below the surface. Holes 100 meters deep can be drilled in a day; those 500 meters deep take a week. Late last month, Pretium reported "bonanza-grade" intercepts that include 16,949 grams per ton of gold and 8,696 grams per ton of silver.
THE CANADIAN GOLD-EXPLORATION business was rocked in the late 1990s by a massive scandal involving Calgary-based Bre-X Minerals, whose claims to enormous gold deposits in Borneo proved fraudulent. Core samples at the site were found to have been salted with gold, but not before Bre-X, a one-time penny stock, had attained a stock-market value of C$6 billion. After the company collapsed, many investors appropriately grew more skeptical about small mining stocks and mining-company claims.
Some investors seek to assuage their skepticism by touring exploration prospects. For others, a site visit is a chance to learn more about geology, drilling technologies and management's plans, and meet fellow gold enthusiasts. What you won't learn, however, is whether drilling results will bear out the company's claims, or whether the company's shares are in fact a good investment.
Barron's has not to my knowledge published a single bullish comment on the gold market for at least the last ten years. They consistently put out hit pieces on gold companies that have done amazingly well and outperformed every other asset on the planet. In sum, they have no idea what they are talking about. They continue with that tradition in the below article.
Is There Gold In Them Thar Hills?
http://online.barrons.com/article/SB50001424052702304251404576556972309396458.html
A company-led tour of a gold mine can yield useful information. But it can't answer the big questions: how much gold is in the ground, and how much value is in the miner's shares?
According to legend, Mark Twain once described a gold mine as a hole in the ground with a liar standing next to it. As the price of gold has skyrocketed, the number of holes has multiplied, as has the number of liars, and the government has increased its warnings about unscrupulous pitchmen and gold-stock scams. Sometimes there is no gold in a mine; other times, there isn't even a hole in the ground. Perhaps the only way to ascertain what's what in the world of junior gold-mining companies is to see it with your very own eyes.
Some gold-stock investors think so, and some mining companies are happy to oblige, with guided tours of properties in remote climes. Or sometimes young companies in search of investors arrange for five-star dog-and-pony shows on site. In either case, what can a first-time visitor really see? And is seeing believing? The search for answers found this reporter trekking through northern British Columbia one brilliant late-August morning, to Pretium Resources' Brucejack project in Canada's Boundary Range.
Pretium is a small Vancouver-based exploration company, whose shares (ticker: PVG.Canada) trade on the Toronto Stock Exchange. Founded last October, the company went public in December at six Canadian dollars per share, and now trades at C$12 (roughly $12). It doesn't actually produce gold yet, but CEO Robert Quartermain says that could happen by 2015 or 2016. According to Quartermain, Brucejack and the company's nearby Snowfield deposit constitute the fifth-largest undeveloped gold resource in the world. He calls the properties "the most exciting thing" he's been involved with in 35 years in the mining business. A preliminary economic assessment in early June estimated that Brucejack could produce an average of 173,200 ounces of gold a year.
Enlarge Image
CloseAngus MacGillivray for Barron's
Pretium Resources says its Brucejack and Snowfield prospects in British Columbia constitute the fifth largest undeveloped gold resource in the world.
.In the course of a day-long visit to the region, a group made up mostly of Pretium shareholders toured mine sites, studied maps and rocks, and paid a visit to the "crack shack," where workers break core samples into smaller pieces to be sent to independent assayers for grading. The group saw some gorgeous scenery, met workers at the camp and heard about the company's drilling plans and early hits. But for all that, it was impossible to tell whether the Brucejack and Snowfield projects will produce any gold commercially, much less in the quantities that Pretium management has forecast.
THE BRUCEJACK TOUR BEGAN in Vancouver with Quartermain's dinner presentation about the property. The next day, the group donned company-issue fleece vests and climbed aboard a Central Mountain Air Beechcraft 1900D at the south terminal of the Vancouver Airport, the departure point for many adventurers into British Columbia's wilds and beyond. (Pretium arranged for all transportation to and from the site, but not to and from Vancouver.)
A fellow passenger and mine-tour veteran, Chen Lin, abandoned his doctoral studies in aeronautical engineering at Princeton in the late 1990s and now writes a newsletter with the no-nonsense title "What Is Chen Buying? What Is Chen Selling?" His rationale for flying to the middle of nowhere to look at rocks? "I was on a trip two weeks ago, where it was hard to imagine what the property was like just from the press release," he said. "You can't get a feel for the scale or the spacing of the holes."
The plane landed on an air strip in Stewart, British Columbia, the northernmost ice-free port in North America. From there we hopped a helicopter, which flew over the Salmon and Frank Mackie glaciers, with Quartermain playing tour guide. The 56-year-old geologist and former CEO of Silver Standard Resources (SSRI) came out of retirement in 2010 to run Pretium, which purchased Snowfield and Brucejack from Silver Standard for $450 million in cash and stock. Silver Standard owns 29% of Pretium.
Quartermain directed the group's attention to the Snowfield property, a reddish-gold mountainside to the north of Brucejack. A short time later, Brucejack came into view adjacent to a blue-green lake. The company says both properties have measured and indicated resources of 34 million ounces of gold and 98 million ounces of silver.
Helicopter service to Brucejack began only in 2006. Prior to that, visitors traveled up Canada's Highway 37, took a boat across Bowser Lake and followed a rugged access road to the site. Pretium is rebuilding the access road and extending it directly to the highway.
The chopper touched down at camp, where about 120 workers, including some from the Tahltan First Nations, a native tribe, are employed. Fred Lacy, an investor who says he made a fortune on technology stocks in the late 1990s, was "very pleased" to learn from a Brucejack worker that two of the local Tahltan chief's children work at the site, given that one of the biggest risks to mining projects in North America is local opposition. Lacy, of Newport Beach, Calif., said that was "a very big tell, and something you would never find out without visiting a site."
A Pretium investor, Lacy has been visiting mines since 1998, because he finds analysts' reports "beyond useless." Some mine visits, he says, convinced him that he should not buy shares of exploration companies. One mine was "too close to the town, and I could see the people would be upset." At another, "the drillers were all just green kids."
Infrastructure is one thing he must see. "If there is no water, there's no mine," he says. "The companies only tell you the best stuff, the minimum of what the law requires."
CHARLIE GREY, A GEOLOGIST, AND Ken McNaughton, Pretium's chief exploration officer, gave the group an overview of the project, which Grey called "a very well endowed belt." Pointing to a geological map, he identified a field that previously was developed by Newhawk Gold Mines from the mid-1980s to about 1994, when the price of gold made drilling unprofitable.
Grey, one of eight geologists working at the site, says drillers have been getting "lots of hits," some at five grams of gold per ton, at the Valley of the Kings, one of the claim sites. He then displayed a polished chunk of mineral from that site, with gold veins visibly running through it. "You don't see visible gold like that commonly," he said.
McNaughton discussed some other high-grade hits, and the construction of a 10,000-square-foot warehouse the company just completed building in Stewart. Laura Stein, the private investor in natural resources and precious metals who had first brought the Pretium tour to Barron's attention, asked whether she was correct to assume that the company is drilling an underground mine, which is more expensive than an open pit. She was. Stein, a regular visitor to gold mines, says that listening to questions from more experienced investors is one of the best reasons to make a site visit.
The Bottom Line
Gold-mine visits can yield useful information about geology, drilling prospects and management's plans. But seeing isn't always believing.
.Pretium began drilling holes on the Brucejack property 200 meters apart, and gradually reduced the spacing. McNaughton said the gradient, or slope, was so consistent that the drillers were coming up with five-kilogram hits in "the basement," an area 600 meters below the surface. Holes 100 meters deep can be drilled in a day; those 500 meters deep take a week. Late last month, Pretium reported "bonanza-grade" intercepts that include 16,949 grams per ton of gold and 8,696 grams per ton of silver.
THE CANADIAN GOLD-EXPLORATION business was rocked in the late 1990s by a massive scandal involving Calgary-based Bre-X Minerals, whose claims to enormous gold deposits in Borneo proved fraudulent. Core samples at the site were found to have been salted with gold, but not before Bre-X, a one-time penny stock, had attained a stock-market value of C$6 billion. After the company collapsed, many investors appropriately grew more skeptical about small mining stocks and mining-company claims.
Some investors seek to assuage their skepticism by touring exploration prospects. For others, a site visit is a chance to learn more about geology, drilling technologies and management's plans, and meet fellow gold enthusiasts. What you won't learn, however, is whether drilling results will bear out the company's claims, or whether the company's shares are in fact a good investment.
Vista Gold Corp. ("Vista" or the "Company") (TSX & NYSE Amex Equities: VGZ) announced today that as a result of unusual market activity in the Company's common shares on September 12, 2011, the NYSE Amex contacted the Company in accordance with the NYSE Amex's usual practice and requested that the Company issue a public statement regarding the unusual market activity. The Company states that its policy is not to comment on unusual market activity.
I don't follow the BS that comes out of barrons.
Just about every gold stock is down around 3.5% today with gold down almost $50.
Only stock doing well today is VGZ, up 14.59% to $4.24. Don't know why, other than the fact that its been quite undervalued for some time now.
Pretium drills 0.5 m of 5,740 g/t Au at Brucejack
2011-09-12 06:45 ET - News Release
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aPVG-1880827&symbol=PVG®ion=C
Mr. Robert Quartermain reports
PRETIUM RESOURCES INC.: VALLEY OF THE KINGS DRILLING CONTINUES TO DEMONSTRATE CONTINUITY OF HIGH-GRADE GOLD
Pretium Resources Inc. has released results from the Brucejack project where continuing drilling in the Valley of the Kings zone continues to demonstrate the continuity of high-grade gold mineralization. (See the associated table for the most recent 15 holes.)
Valley of the Kings zone
Selected highlights include:
Hole SU-195 intersected 0.5 metre with uncut grades of 5,740 grams per tonne gold (g/t Au) and 2,750 grams of silver per tonne (1.6 feet averaging 167.4 ounces gold and 80.2 ounces of silver per ton).
Hole SU-193 intersected 1.5 metres with uncut grades of 1,040 grams of gold per tonne (4.9 feet averaging 30.3 ounces gold per ton).
In addition to these bonanza-grade intercepts, drilling continues to intersect significant gold mineralization over broad widths. Hole SU-193 noted above encountered additional mineralization at depth grading 7.2 grams per tonne gold over 43 metres, including 1.5 metres with an uncut grade of 268 grams per tonne gold. Hole SU-200, collared 300 metres to the northeast of hole SU-193, intersected 15.5 metres grading 13.3 grams per tonne gold, including 1.5 metres with an uncut grade of 399 grams per tonne gold. These results demonstrate that many of the high-grade intersections occur within wide zones of economically significant lower-grade gold mineralization. There are now seven drills turning in the Valley of the Kings zone.
Other zones
The company is continuing to define the high-grade structures in the Gossan Hill zone. Hole SU-201 intersected 1.5 metres with an uncut grade of 168.5 grams per tonne gold. Hole SU-207 intersected 48.5 metres grading 7.7 grams per tonne gold, which included higher-grade intervals of 0.5 metre with an uncut grade of 350 grams per tonne gold, and 1.5 metres with an uncut grade of 224 grams per tonne gold.
Drilling in the Golden Marmot zone, located 3-1/2 kilometres north of the Valley of the Kings zone, has identified a new high-grade structure. Hole SU-197, the first hole drilled in the Golden Marmot zone, intersected 1.3 metres grading 23 grams per tonne gold within a wider zone of 17.3 metres grading 2.8 grams per tonne gold.
Pretium has now completed over 58,000 metres of the planned 70,000-metre drill program on the Brucejack project. Eight drills are on-site, and the Valley of the Kings zone remains a major focus. Assay results for completed drilling will be reported as they are received.
SELECTED BRUCEJACK PROJECT DRILL RESULTS
September, 2011 (SU-193 to SU-207)(1,4)
Valley of the Kings zone
Hole From To Interval Gold Silver
No. (m) (m) (m) (g/t) (g/t)
SU-193 84.5 122.5 38.0 6.11 3.7
incl. 93.5 95.0 1.5 1,040.0 29.5
186.0 192.0 6.0 6.18 6.5
incl. 186.0 187.5 1.5 18.95 12.3
298.0 341.0 43.0 7.25 8.3
incl. 298.0 299.54 1.54 268.0 47.6
incl. 312.0 312.5 0.5 331.0 85.9
673.99 683.5 9.51 7.68 8.2
incl. 673.99 674.49 0.5 223.0 132
SU-194 13.5 108.5 95.0 1.10 10.3
incl. 105.48 107 1.52 26.0 48.3
SU-195 149.77 173.5 23.73 1.67 13.7
332.7 349.89 17.19 9.49 75.0
incl. 332.7 333.2 0.5 46.0 50
incl. 339.69 340.19 0.5 632.0 323
incl. 349.39 349.89 0.5 5,740.0 2,750
401.0 449.5 48.5 1.08 3.9
SU-196 7.5 102.9 95.4 0.75 7.7
145.0 197.0 52.0 1.76 12.1
SU-200 14.0 29.5 15.5 13.29 25.1
incl. 20.5 22.0 1.5 399.0 154.0
176.0 235.0 59.0 1.19 6.5
incl. 234.5 235.0 0.5 20.5 7.8
SU-204 41.0 44.0 3.0 13.6 13.6
148.7 149.2 0.5 1.60 1,350
342.5 480.0 137.5 1.0 6.8
SU-205 81.0 103.0 22.0 0.82 11.5
252.0 287.0 35.0 2.07 10.0
incl. 258.6 259.1 0.5 121.0 63.0
324.5 339.5 15.0 3.17 5.8
incl. 330.5 332.0 1.5 17.15 35.7
SU-206 251.5 310.0 58.5 1.02 5.7
356.0 362.5 6.5 12.62 8.3
incl. 359.0 361.2 2.2 31.46 16.5
Gossan Hill zone
Hole From To Interval Gold Silver
No. (m) (m) (m) (g/t) (g/t)
SU-198 63.0 93.0 30.0 1.47 10.9
240.5 242.0 1.5 14.8 10.2
SU-201 52.0 53.5 1.5 168.5 94.1
285.5 313.5 28.0 0.83 3.8
SU-207 179.0 227.5 48.5 7.7 22.3
incl. 204.6 205.1 0.5 350.0 740.0
incl. 209.5 211.0 1.5 224.0 153.0
Waterloo zone
Hole From To Interval Gold Silver
No. (m) (m) (m) (g/t) (g/t)
SU-199 33.0 73.5 40.5 1.09 5.1
SU-203 87.5 112.0 24.5 1.14 5.5
Galena Hill zone
Hole From To Interval Gold Silver
No. (m) (m) (m) (g/t) (g/t)
SU-202 60.0 70.8 10.8 2.09 8.9
480.8 481.3 0.5 73.8 52.1
519.0 538.6 19.6 1.01 4.5
Golden Marmot
Hole From To Interval Gold Silver
No. (m) (m) (m) (g/t) (g/t)
SU-197 403.7 421.0 17.3 2.78 10.0
incl. 419.7 421.0 1.3 23.10 34.2
Notes
(1) True thickness to be determined.
(2) Unless otherwise indicated as uncut, all gold assays
over 130 g/t were cut to 130 g/t, and all silver assays
over 2,100 g/t were cut to 2,100 g/t.
(3) Hole ended in mineralization.
(4) All samples were submitted for preparation and
analysis by ALS Chemex at its facilities in Terrace,
B.C. All samples were analyzed using multidigestion
with ICP finish. Samples over 100 parts per million (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.
Kenneth C. McNaughton, MASc, PEng, chief exploration officer, Pretium Resources, is the qualified person (QP) responsible for the Brucejack project exploration program.
We seek Safe Harbor.
Pretium drills 0.5 m of 5,740 g/t Au at Brucejack
2011-09-12 06:45 ET - News Release
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aPVG-1880827&symbol=PVG®ion=C
Mr. Robert Quartermain reports
PRETIUM RESOURCES INC.: VALLEY OF THE KINGS DRILLING CONTINUES TO DEMONSTRATE CONTINUITY OF HIGH-GRADE GOLD
Pretium Resources Inc. has released results from the Brucejack project where continuing drilling in the Valley of the Kings zone continues to demonstrate the continuity of high-grade gold mineralization. (See the associated table for the most recent 15 holes.)
Valley of the Kings zone
Selected highlights include:
Hole SU-195 intersected 0.5 metre with uncut grades of 5,740 grams per tonne gold (g/t Au) and 2,750 grams of silver per tonne (1.6 feet averaging 167.4 ounces gold and 80.2 ounces of silver per ton).
Hole SU-193 intersected 1.5 metres with uncut grades of 1,040 grams of gold per tonne (4.9 feet averaging 30.3 ounces gold per ton).
In addition to these bonanza-grade intercepts, drilling continues to intersect significant gold mineralization over broad widths. Hole SU-193 noted above encountered additional mineralization at depth grading 7.2 grams per tonne gold over 43 metres, including 1.5 metres with an uncut grade of 268 grams per tonne gold. Hole SU-200, collared 300 metres to the northeast of hole SU-193, intersected 15.5 metres grading 13.3 grams per tonne gold, including 1.5 metres with an uncut grade of 399 grams per tonne gold. These results demonstrate that many of the high-grade intersections occur within wide zones of economically significant lower-grade gold mineralization. There are now seven drills turning in the Valley of the Kings zone.
Other zones
The company is continuing to define the high-grade structures in the Gossan Hill zone. Hole SU-201 intersected 1.5 metres with an uncut grade of 168.5 grams per tonne gold. Hole SU-207 intersected 48.5 metres grading 7.7 grams per tonne gold, which included higher-grade intervals of 0.5 metre with an uncut grade of 350 grams per tonne gold, and 1.5 metres with an uncut grade of 224 grams per tonne gold.
Drilling in the Golden Marmot zone, located 3-1/2 kilometres north of the Valley of the Kings zone, has identified a new high-grade structure. Hole SU-197, the first hole drilled in the Golden Marmot zone, intersected 1.3 metres grading 23 grams per tonne gold within a wider zone of 17.3 metres grading 2.8 grams per tonne gold.
Pretium has now completed over 58,000 metres of the planned 70,000-metre drill program on the Brucejack project. Eight drills are on-site, and the Valley of the Kings zone remains a major focus. Assay results for completed drilling will be reported as they are received.
SELECTED BRUCEJACK PROJECT DRILL RESULTS
September, 2011 (SU-193 to SU-207)(1,4)
Valley of the Kings zone
Hole From To Interval Gold Silver
No. (m) (m) (m) (g/t) (g/t)
SU-193 84.5 122.5 38.0 6.11 3.7
incl. 93.5 95.0 1.5 1,040.0 29.5
186.0 192.0 6.0 6.18 6.5
incl. 186.0 187.5 1.5 18.95 12.3
298.0 341.0 43.0 7.25 8.3
incl. 298.0 299.54 1.54 268.0 47.6
incl. 312.0 312.5 0.5 331.0 85.9
673.99 683.5 9.51 7.68 8.2
incl. 673.99 674.49 0.5 223.0 132
SU-194 13.5 108.5 95.0 1.10 10.3
incl. 105.48 107 1.52 26.0 48.3
SU-195 149.77 173.5 23.73 1.67 13.7
332.7 349.89 17.19 9.49 75.0
incl. 332.7 333.2 0.5 46.0 50
incl. 339.69 340.19 0.5 632.0 323
incl. 349.39 349.89 0.5 5,740.0 2,750
401.0 449.5 48.5 1.08 3.9
SU-196 7.5 102.9 95.4 0.75 7.7
145.0 197.0 52.0 1.76 12.1
SU-200 14.0 29.5 15.5 13.29 25.1
incl. 20.5 22.0 1.5 399.0 154.0
176.0 235.0 59.0 1.19 6.5
incl. 234.5 235.0 0.5 20.5 7.8
SU-204 41.0 44.0 3.0 13.6 13.6
148.7 149.2 0.5 1.60 1,350
342.5 480.0 137.5 1.0 6.8
SU-205 81.0 103.0 22.0 0.82 11.5
252.0 287.0 35.0 2.07 10.0
incl. 258.6 259.1 0.5 121.0 63.0
324.5 339.5 15.0 3.17 5.8
incl. 330.5 332.0 1.5 17.15 35.7
SU-206 251.5 310.0 58.5 1.02 5.7
356.0 362.5 6.5 12.62 8.3
incl. 359.0 361.2 2.2 31.46 16.5
Gossan Hill zone
Hole From To Interval Gold Silver
No. (m) (m) (m) (g/t) (g/t)
SU-198 63.0 93.0 30.0 1.47 10.9
240.5 242.0 1.5 14.8 10.2
SU-201 52.0 53.5 1.5 168.5 94.1
285.5 313.5 28.0 0.83 3.8
SU-207 179.0 227.5 48.5 7.7 22.3
incl. 204.6 205.1 0.5 350.0 740.0
incl. 209.5 211.0 1.5 224.0 153.0
Waterloo zone
Hole From To Interval Gold Silver
No. (m) (m) (m) (g/t) (g/t)
SU-199 33.0 73.5 40.5 1.09 5.1
SU-203 87.5 112.0 24.5 1.14 5.5
Galena Hill zone
Hole From To Interval Gold Silver
No. (m) (m) (m) (g/t) (g/t)
SU-202 60.0 70.8 10.8 2.09 8.9
480.8 481.3 0.5 73.8 52.1
519.0 538.6 19.6 1.01 4.5
Golden Marmot
Hole From To Interval Gold Silver
No. (m) (m) (m) (g/t) (g/t)
SU-197 403.7 421.0 17.3 2.78 10.0
incl. 419.7 421.0 1.3 23.10 34.2
Notes
(1) True thickness to be determined.
(2) Unless otherwise indicated as uncut, all gold assays
over 130 g/t were cut to 130 g/t, and all silver assays
over 2,100 g/t were cut to 2,100 g/t.
(3) Hole ended in mineralization.
(4) All samples were submitted for preparation and
analysis by ALS Chemex at its facilities in Terrace,
B.C. All samples were analyzed using multidigestion
with ICP finish. Samples over 100 parts per million (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.
Kenneth C. McNaughton, MASc, PEng, chief exploration officer, Pretium Resources, is the qualified person (QP) responsible for the Brucejack project exploration program.
We seek Safe Harbor.
Pretium Resources added to S&P/TSX index
EAS.V down all the way to $0.88 today. This was up over $8 at the start of the year!