The Conversation (0)
Pretium Resources Inc. (TSX:PVG,NYSE:PVG) reported highlights from the second quarter of 2014 and updates for the high-grade gold Brucejack Project in northern British Columbia.
Pretium Resources Inc. (TSX:PVG,NYSE:PVG) reported highlights from the second quarter of 2014 and updates for the high-grade gold Brucejack Project in northern British Columbia.
Highlights include:
- Announced on April 16, 2014, amongst other things, that we expected to file our Environmental Assessment Certificate application (“EAC application”) for the Brucejack Project during the second quarter once we received the final Application Information Requirements from the British Columbia Environmental Assessment Office (“BCEAO”). We also announced that the 1,000 tonnes of bagged material from the 2013 Valley of the Kings exploration program was processed at the Contact Mill inMontana and produced gravity and flotation concentrates containing approximately 3,120 ounces of gold, with final gold production subject to remaining assays and final establishment of weights and assays and settlement.
- Announced on June 4, 2014 a surface drilling program comprising three deep geological holes collared near the Brucejack camp and drilled to the south was underway to test gold mineralization at depth in the Valley of the Kings. The results from hole SU-627 (1,158 meters) confirmed that the gold mineralization extends below the block model for the December 2013 Valley of the Kings Mineral Resource estimate, and demonstrated the significant untested exploration potential at the Valley of the Kings.
- Announced on June 19, 2014 an updated National Instrument 43-101-compliant Feasibility Study for the Brucejack Project, with updated metals prices, currency exchange rate, and costs, which confirmed the positive economics for a high-grade gold underground mine at Brucejack. Highlights included:
- Increase in Valley of the Kings Mineral Reserve gold grade:
- Valley of the Kings Proven and Probable Mineral Reserves of 6.9 million ounces of gold (13.6 million tonnes grading 15.7 grams of gold per tonne);
- West Zone Proven and Probable Mineral Reserves of 0.6 million ounces of gold (2.9 million tonnes grading 6.9 grams of gold per tonne);
- Gold and silver recoveries of 96.7% and 90.0% over mine life;
- Mine life of 18 years producing an estimated 7.27 million ounces of gold;
- Average annual production of 504,000 ounces of gold over the first 8 years and 404,000 ounces of gold over mine life;
- Estimated project capital cost, including contingencies, of US$746.9 million;