The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
PVG: TSX
President and CEO: Robert Quartermain
Chief Development Officer: Joseph Ovsenek,
Chief Exploration Officer: Kenneth McNaughton
Pretium Resources Inc. concentrated in 2013 on advancing its 103,000-hectare (254,513 acres), high-grade Brucejack gold and silver project, located 65 kilometers (40 miles) north-northwest of Stewart, B.C. The junior also owns the Snowfield project which borders Brucejack to the north and is considered a longer term gold opportunity.
At Brucejack, Pretium followed up an extensive 2012 exploration program by undertaking a 15,000-metric-ton bulk sample program and a 15,000-meter underground drill program testing high-grade mineralization to the west, east and below the bulk sample location at the Valley of the Kings.
The explorer reported completion in April of a ramp accessing the Valley of the Kings underground from the historical West Zone underground workings before initiating bulk sample excavation in May. The company reported Aug. 15 that assays from the bulk sample program continued to confirm the projection of high-grade gold mineralized domains, and visible gold continued to be encountered.
By Sept. 9, some 10,000 metric tons of bulk sample material had been processed through a sample tower on site and was transported offsite for million in Montana.
Pretium released a positive NI 43-101-compliant feasibility study for Brucejack in June that included probable mineral reserves of 6.6 million ounces of gold (15.1 million metric tons grading 13.6 grams per metric ton gold) and West Zone proven and probable mineral reserves of 700,000 oz gold (3.8 million metric tons grading 5.8 g/t gold); and average annual production of 425,700 oz gold over the first 10 years and 321,500 ounces of gold over a 22-year mine life, producing a total of 7.1 million oz gold.
Estimated project capital cost, including contingencies and US$49.9 million for a 50 kilometer-long transmission line, totaled US$663.5 million, with average operating costs of C$156.46 per metric ton milled over mine life.
Commercial production is targeted to commence in 2016.
In July exploration drilling in the Valley of the Kings also led to the discovery of the Cleopatra Vein (bonanza-grade intersections up to 27,000 g/t gold uncut over 0.5 meters) that was defined for about 85 meters along strike, 50 meters above the 1345-meter level, 50 meters below the 1345-level and remains open in all directions.
During the first six months of 2013, Pretium spent C$52,161,808 mainly on exploration activities at Brucejack.
The company also submitted a project description for the Brucejack Project to the British Columbia Environmental Assessment Office and the Canadian Environmental Assessment Agency to initiate the permitting process for a proposed 2,700 tpd high-grade, underground gold mine at Brucejack.
Cash and short-term deposits: C$33.3 million (June 30, 2013)
Working capital: C$37.9 million
(June 30, 2013; raised US$25 million Sept. 5-6, 2013)
Market capitalization: C$754.8 million (Sept. 27, 2013)
1600 - 570 Granville Street, Vancouver, B.C. Canada V6C 3P1
Tel: 604-558-1784 Fax: 604-408-8893
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