Pretivm Resources (TSX:PVG) (NYSE:PVG) has made a new high-grade gold discovery on its Brucejack property in British Columbia, Canada. The property is located approximately 3.5 kilometres north of the Valley of the Kinds deposit, and the discovery was made at the Golden Marmot Zone.
Assays have now been received for its first nine drills holes. Eight of the nine drill holes intersected gold with a highlight of 53.5m grading 72.5 grams per tonne gold; including 50cm grading 6,700g/t gold and 3,990g/t silver.
President and CEO of Pretium Resources, Jaques Perron said in a statement: “Initial results from Golden Marmot are exciting and affirm the district-scale potential of the Brucejack property.”
The property’s gold mineralization covers a zone about 150m by 250m and 275 in depth, and occurs in the same host rocks and with the same alteration signature as the Valley of the Kings deposit. The company has claimed that this may be an indication that it could also be a new high-grade deposit.
The company also recently announced it will release third-quarter 2021 operational and financial results after the market close on Thursday, November 11, 2021. This is to be followed by a webcast and conference call on Friday, November 1, 2021. Investors will also be waiting to hear about the new discovery and more details on how the company interprets the discovery.
No doubt a positive development, the high-grade gold discovery could also change the drill program or accelerate the timeline if Pretium decides it is economically feasible and fits forward guidance.
Pretium’s Q2 2021 operating and financial results showed the company was on-track for annual guidance, and that its cash position had then exceeded its debt. Perron said in a statement: “The second quarter of 2021 started under some challenging circumstances, but thanks to the hard work of our team we made consistent improvements through the quarter and we remain on track to achieve our annual guidance. We accomplished another profitable quarter with $152.3 million in revenue, generated $50.7 million in free cash flow and we have reached a key turning point where our cash position now exceeds our debt.”
Production came in at 83,083 ounces of gold, revenue hit $152.3 million through the sale of 84,618 ounces of gold, and the company was on track to achieve the 2021 guidance of 325,000 to 365,000 ounces of gold produced at an AISC between $1,060 and $1,190 per ounce of gold sold.
Brucejack continues to be a focus for the company, and progresses consistently quarter after quarter. The company will likely extend the Valley of the Kings deposit further, and the fourth quarter of 2021 is likely to bring new drill results. The Brucejack Mine is a high-grade gold mine located in northwest British Columbia, about 65 kilometers south of Stewart.
Pretivm Resources isn’t the only company with an optimistic outlook for 2021. Despite the obstacles and challenges posed by the pandemic, 82% of global mining industry CEOs believe economic growth will improve in the next 12 months, according to PCW’s BC Mining Survey. The long tradition of discovery mining lays the foundations for the next generation of investment.
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