Latest drilling results from what is probably Canada’s most exciting high grade gold project, the Brucejack deposit in British Columbia owned and operated by Bob Quartermain’s Pretium Resources, have just been announced.
Brucejack is advancing to production as a high-grade gold underground mine. Based on the results of the June 2014 Feasibility Study, it is expected to produce an average of 504,000 ounces of gold a year over the first 8 years and 404,000 ounces of gold a year over the 18-year mine life. Brucejack’s Proven and Probable reserves are calculated as totalling 6.9 million ounces of gold (13.6 million tonnes grading 15.7 grams of gold per tonne). Commercial production at Brucejack is currently targeted for 2017.
The focus of the Brucejack Project is the Valley of the Kings, which is comprised of high-grade visible gold stringers within a lower grade gold quartz stockwork system – immediately adjacent to – indeed originally considered part of - the company’s wholly-owned massive low grade Snowfield deposit which is estimated to comprise 25.9 million ounces of measured and indicated gold resources and 9.0 million ounces of inferred resources at a cut-off grade of 0.30 grams of gold-equivalent per tonne. Mineral resources for Snowfield also include silver resources of 75.8 million ounces measured and indicated and 51.0 million ounces of inferred; copper resources of 2.98 billion pounds of measured and indicated and 1.10 billion pounds of inferred; molybdenum resources of 258.3 million pounds of measured and indicated and 127.7 million pounds inferred; and rhenium resources of 22.5 million ounces of measured and indicated and 11.5 million ounces of inferred.
Snowfield is itself immediately adjacent to, and presumably part of the same system as, the even larger low grade KSM deposit owned by Seabridge Gold. There have been past suggestions that Snowfield and KSM should be mined as a single massive gold and base metals mine, but this would be a multi-billion dollar project and its development is likely many years ahead awaiting both much higher gold and base metals prices and a hugely better financing climate!
The Pretium media release on the results of its latest Brucejack drilling activities is set out below:
Pretium Resources (TSX:PVG)(NYSE:PVG) has reported a third set of results from an underground infill drill program in the Brucejack Project’s Valley of the Kings. Stope definition drilling is now underway from two underground drill bays, the 1320 drill bay and the 1310 drill bay. Results continue to confirm the style and grade distribution of the gold mineralization in the area currently being tested, which includes the intersection of high grade and visible gold.
Selected drill highlights include:
- Hole VU-459 intersected 154.13 grams of gold per tonne uncut over 14.60 meters, including 4,470 grams of gold per tonne uncut over 0.50 meters;
- Hole VU-463 intersected 29.94 grams of gold per tonne uncut over 29.50 meters, including 1,690 grams of gold per tonne uncut over 0.50 meters.
- Hole VU-445 intersected 81.08 grams of gold per tonne uncut over 6.76 meters, including 1,080 grams of gold per tonne uncut over 0.50 meters;
- Hole VU-445 also intersected 48.36 grams of gold per tonne uncut over 12.00 meters, including 1,090 grams of gold per tonne uncut over 0.50 meters;
- Hole VU-455 intersected 47.06 grams of gold per tonne uncut over 14.00 meters, including 1,300 grams of gold per tonne uncut over 0.50 meters;
Holes VU-445, VU-459, and VU-463 were drilled from the 1320 drill bay and hole VU-455 was drilled from the 1310 drill bay. To date, results from 60 holes (10,572 meters) of the infill drill program for the Valley of the Kings have been reported.
For a plan and section views of the reported drill fans please see the following link: http://media3.marketwire.com/docs/1021919_Pretium_Resources_Inc.pdf.
The infill drill program will comprise in excess of 40,000 meters of fan drilling from three underground drill stations with drill hole centres spaced at approximately 10 meters vertically and horizontally. Assay results from drilling will continue to be reported as they are received.