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Pretium Resources Inc.
Summary
| Project: | Brucejack, Bowser | |
|---|---|---|
| Deposit: | Valley of the Kings | |
| Location: | Canada | |
| Commodities: | Gold-Silver-Copper | |
| Date: | 9/16/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 16-9-2019: Pretium Resources Inc. announces an Exploration/Drilling Update report for its Valley of the Kings deposit at the Brucejack, Bowser project. Drilling results incl. 1.5m @ 0.95g/t Au, 2890g/t Ag, 1.81% Cu from 187.5m. Vancouver, British Columbia | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Warwick Board (Internal) | |
| ABSTRACT: | Vancouver, British Columbia, September 16, 2019; Pretium Resources Inc. (TSX/NYSE:PVG) (“Pretivm” or the “Company”) has reached an agreement (the “Offtake Repurchase Agreement”) to repurchase 100% of its gold offtake (the “Offtake Agreement”), on September 30, 2019. With the repurchase of the Offtake Agreement, all components of the 2015 construction financing package will be extinguished. “Brucejack’s robust cash flow has enabled us to pay down the construction financing package quickly. In 2018, the first year after the start of commercial production, we repurchased 100% of the precious metals stream for $237 million and refinanced the construction credit facility with a $480 million bank debt facility. Now, we are repurchasing 100% of the offtake agreement for roughly $80 million. With the construction financing package cleaned up, we have set our sights on paying off the bank debt facility as rapidly as possible,” said Joseph Ovsenek, President and CEO of Pretivm. Results from 2019 deep underground exploration drilling at Brucejack continue to confirm potential for a porphyry deposit at depth. A deep hole with a length of 1,677 meters was drilled northeast under the Valley of the Kings deposit, following up on the underground exploration drilling completed earlier this year (see news release dated June 5, 2019). Hole VU-2019, drilled at a -85 degree angle from the 1130-meter level in the Valley of the Kings underground development, intersected two zones of anomalous copper and molybdenum mineralization at depth, indicative of porphyry-style mineralization 2 and similar to that encountered during the 2018 deep exploration drilling (see news releases dated June 18, 2018 and June 5, 2019). The first intersection, between 1,130 meters to 1,330 meters down hole, corresponds to a zone of propylitic alteration with sporadic intersections of tourmaline, porphyry-style veinlets, and intermediate dikes. The second intersection, between 1,400 meters to 1,675 meters down hole, corresponds to a zone of variable phyllic, propylitic, and sodic-calcic alteration. Geological observations noted in VU-2019 indicate an increased proximity to porphyry-style mineralization compared to the previous deep drilling. | |
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