International Tower Hill Mines Ltd. (TSX: ITH)(NYSE Amex:
THM)(FRANKFURT: IW9) -
Highlights:
Sunshine Zone - 96 metres @ 1.5 g/t Gold
Money Knob - 98 metres @ 0.9 g/t Gold
International Tower Hill Mines Ltd. ("ITH" or "the Company") is
pleased to announce assay results of the final 23 drill holes from
the 2009 drill program at Livengood Gold Project, Alaska. The
results continue to expand the Sunshine Zone to the west, with Hole
MK-RC-303 (96 metres @ 1.47 g/t gold) representing a 75 metre step
out and leaving the zone open for further expansion. In addition, a
new zone of mineralization has been identified at Money Knob, with
4 holes encountering intersections with grade thickness products
greater than 50 gram-metres (MK-RC-0299: 97 metres @ 0.91g/t gold;
MK-RC-0298: 111 metres @ 0.75 g/t gold; MK-RC-0293: 67 metres @
0.93 g/t gold and MK-RC-0284: 66 metres @ 0.76 g/t gold).
New Sunshine Zone Results
Four new holes drilled along the western margin of the Sunshine
Zone (Figure 1) (to view Figure 1 please click on:
http://media3.marketwire.com/docs/ith1207.jpg) encountered
significant zones of mineralization, with Hole MK-RC-303 (96 metres
@ 1.5 g/t gold, starting at a depth of 21 metres) (Table 1). The
surrounding holes, MK-RC-0292, -0294 and -0300, also encountered
significant near-surface mineralization. These holes will be added
to the next oxide resource in 2010 (Table 1). The Sunshine Zone
remains open for expansion to the west.
New Money Knob Zone Results
On the southeastern flank of Money Knob a substantial zone of
mineralization is being delineated, as evidenced by new intercepts
in holes MK-RC-299 (98 metres @ 0.91 g/t gold), MK-RC-0284 (66
metres @ 0.76 g/t gold), MK-RC-0298 (40 metres @ 0.96 g/t gold and
111 metres @ 0.75 g/t gold) and MK-RC-0293 (67 metres @ 0.93 g/t
gold) (Table 2, Figure 1). The full extent of this zone will not be
known until the areas south of MK-RC-293 and MK-RC-0299 are grid
drilled in early 2010.
Perimeter Results
The results are back for a number of isolated exploration holes
around the periphery of the Livengood deposit (Figure 1). In the
Northeast area, MK-RC-0285 (40 metres @ 0.56 g/t gold starting at
16 metres depth) encountered a zone of moderate mineralization near
the surface confirming the further expansion potential of the
deposit. Hole MK-RC-0290 intersected anomalous gold mineralization
at depth (Table 3). This mineralized area remains open, primarily
to the south.
In the Northwest area, MK-RC-0287 (9 metres @ 0.9 g/t gold)
encountered mineralization at a depth of 40 metres. This hole,
together with MK-RC-0279 (15 metres @ 3.7 g/t gold and 7.6 metres @
1.7 g/t gold, see NR09-30) indicates an underexplored area with
mineralization at shallow depths.
The East holes, MK-RC-0205 and MK-09-45, both encountered modest
mineralization. MK-09-45 was lost before it reached the target
volcanic zone. Hole MK-RC-0289, a wildcat hole, encountered thick
volcanics with scattered zones of mineralization but no economic
grades. Finally, core hole MK-09-44 was drilled in the Core Zone
targeting the deep structurally controlled mineralization
encountered in earlier drilling. The hole encountered several zones
of mineralization but was lost before hitting the target (Table
3).
Table 1: Significant New Intercepts(i) from the Sunshine Zone
(i) Intercepts are calculated using a 0.25 g/t gold cutoff and a maximum
of 3 metres of internal waste.
Hole From To Length Gold
ID (metres) (metres) (metres) (g/t)
--------------------------------------------------------------------------
MK-09-43 0.00 25.91 25.91 0.77
162.76 166.71 3.95 2.55
220.98 297.95 76.97 0.71
includes 234.70 251.79 17.09 1.13
302.08 341.08 39.00 0.60
345.34 374.33 28.99 1.04
includes 363.32 370.69 7.37 1.41
375.82 393.67 17.85 0.99
MK-RC-0292 48.77 62.48 13.71 0.58
117.35 140.21 22.86 1.43
includes 120.40 129.54 9.14 2.75
MK-RC-0294 0.00 16.76 16.76 0.69
150.88 164.59 13.71 0.80
169.16 188.98 19.82 1.71
includes 181.36 184.40 3.04 5.97
205.74 224.03 18.29 1.15
includes 207.26 214.88 7.62 2.22
265.18 278.89 13.71 0.61
MK-RC-0297 128.02 146.30 18.28 0.50
195.07 219.46 24.39 0.57
230.12 310.90 80.78 0.45
MK-RC-0300 27.43 39.62 12.19 1.01
45.72 64.01 18.29 0.59
MK-RC-0303 21.34 117.35 96.01 1.47
includes 45.72 53.34 7.62 1.94
includes 102.11 115.82 13.71 5.06
147.83 167.64 19.81 0.70
includes 160.02 166.12 6.10 1.32
184.40 205.74 21.34 1.16
includes 184.40 190.50 6.10 3.02
Table 2: Significant New Intercepts(i) from the Money Knob Zone
(i) Intercepts are calculated using a 0.25 g/t gold cutoff and a maximum
of 3 metres of internal waste.
Hole From To Length Gold
ID (metres) (metres) (metres) (g/t)
--------------------------------------------------------------------------
MK-RC-0284 112.78 178.31 65.53 0.76
includes 118.87 131.06 12.19 1.05
includes 140.21 150.88 10.67 1.43
182.88 249.94 67.06 0.59
MK-RC-0293 227.08 233.17 6.09 2.63
260.60 327.66 67.06 0.93
includes 272.80 280.42 7.62 2.31
includes 298.70 306.32 7.62 1.30
MK-RC-0295 Hole lost at 99m re-drilled as MK-RC-0296
MK-RC-0296 210.31 214.88 4.57 1.20
MK-RC-0298 176.78 216.41 39.63 0.96
includes 193.55 199.64 6.09 1.89
includes 211.84 214.88 3.04 3.42
224.03 236.22 12.19 0.64
245.36 356.62 111.26 0.78
includes 301.75 310.90 9.15 1.65
MK-RC-0299 60.96 67.06 6.10 1.86
144.78 242.32 97.54 0.91
includes 172.21 182.88 10.67 1.05
includes 202.69 210.31 7.62 1.82
includes 216.41 219.46 3.05 2.63
includes 225.55 230.12 4.57 2.13
includes 237.74 242.32 4.58 2.81
MK-RC-0301 27.43 33.53 6.10 3.90
193.55 205.74 12.19 0.68
MK-RC-0302 243.84 256.03 12.19 0.86
Table 3: New Intercepts(i) from Other Areas
(i) Intercepts are calculated using a 0.25 g/t gold cutoff and a maximum
of 3 metres of internal waste.
Hole From To Length Gold
ID (metres) (metres) (metres) (g/t) Area
--------------------------------------------------------------------------
MK-09-44 124.11 130.30 6.19 2.56 Core Zone
131.52 150.09 18.57 1.46
includes 132.58 140.12 7.54 2.86
155.45 186.95 31.50 0.61
216.71 226.16 9.45 0.96
261.52 271.56 10.04 0.93
Hole lost before encountering target
MK-09-45 66.45 82.04 15.59 0.54 East Zone
Hole lost before encountering target
MK-RC-0205 195.07 231.65 36.58 0.84
includes 204.22 231.65 27.43 1.00
MK-RC-0291 No significant intercepts
MK-RC-0285 15.24 54.86 39.62 0.56 Northeast
MK-RC-0288 No significant intercepts
MK-RC-0290 286.51 315.47 28.96 0.63
324.61 336.80 12.19 0.67
MK-RC-0287 39.62 48.77 9.15 0.87 Northwest
MK-RC-0289 No significant intercepts
Livengood Project Highlights
- Drilling at the project continues to expand the deposit at a
rapid rate, with the current estimated resource open for expansion.
The latest resource estimate (October 2009) of 296.8 Mt (indicated)
at an average grade of 0.85 g/t gold (8.09 Moz) and 164.2 Mt
(inferred) at an average grade of 0.84 g/t gold (4.4 Moz), both at
a 0.5 g/t gold cutoff, makes it one of the largest new gold
discoveries in North America.
- The recently completed PEA shows that with a US $850/oz gold
price mining the oxide portion of the deposit, using a heap leach
only operation, could yield 5.8M recoverable ounces of gold with an
NPV(5%) of US $440M and an IRR of 14.6% over a 13 year mine
life.
- Ongoing metallurgical studies focusing on the mill potential
are underway and the next PEA will consider a combined Mill and
Heap Leach operation. Preliminary results indicate that, on
average, 56% of the gold reports to a gravity concentrate and that
carbon in leach processing of tails will provide significant
additional recovery. Final results of these studies are expected in
Q1 2010.
- The geometry of the currently defined shallowly dipping,
outcropping deposit such that the PEA indicates an overall strip
ratio of 0.78:1 (waste: ore) in the US $700 gold pit.
- No major permitting hurdles have been identified to date.
The Company wishes to emphasize that the Livengood project has a
very favourable logistical location, being situated 110 road
kilometres north of Fairbanks, Alaska along the paved, all weather
Elliott Highway, the Trans Alaska Pipeline Corridor, and the
proposed Alaska natural gas pipeline route. The terminus of the
Alaska State power grid lies approximately 55 kilometres to the
south.
Project Background
ITH controls 100% of its 44 square kilometre Livengood land
package, which is primarily made up of fee land leased from the
Alaska Mental Health Trust and a number of smaller private mineral
leases. The Company and its predecessor, AngloGold Ashanti (U.S.A.)
Exploration Inc., have been exploring the Livengood area since
2003, with the project's first indicated resource estimate being
announced in early 2008. The 2009 drilling program was part of a
series of drill initiatives which mark the first grid drilling
resource definition campaign for the project and is only the
initial step in what the Company envisions as a major exploration
program to define one of the world's larger new gold deposits.
Geological Overview
The Livengood Deposit is hosted in a thrust-interleaved sequence
of Proterozoic to Palaeozoic sedimentary and volcanic rocks.
Mineralization is related to a 90 million year old (Fort Knox age)
dike swarm that cuts through the thrust stack. Primary ore controls
are a combination of favourable lithologies and crosscutting
structural zones. In areas distal to the main structural zones the
selective development of disseminated mineralization in favourable
host rocks is the main ore control. Within the primary structural
corridors all lithologies can be pervasively altered and
mineralized. Devonian volcanic rocks and Cretaceous dikes represent
the most favourable host lithologies and are pervasively altered
and mineralized throughout the deposit. Two dominant structural
controls are present: 1) the major shallow south-dipping faults
which host dikes and mineralization which are related to dilatant
movement on structures of the original fold-thrust architecture
during post-thrusting relaxation, and 2) steep NNW trending linear
zones which focus the higher-grade mineralization which cuts across
all lithologic boundaries. The net result is broad flat-lying zones
of stratabound mineralization around more vertically continuous,
higher grade core zones with a resulting lower strip ratio for the
overall deposit and higher grade areas that could be amenable for
starter pit production.
The surface gold geochemical anomaly at Livengood covers an area
6 kilometres long by 2 kilometres wide, of which an area
approximately 3 kilometres by 1.5 kilometres has been explored by
drilling to date. Surface exploration is ongoing as new targets are
developed to the northeast of the known mineralization.
Qualified Person and Quality Control/Quality Assurance
Jeffrey A. Pontius (CPG 11044), a qualified person as defined by
National Instrument 43-101, has supervised the preparation of the
scientific and technical information that forms the basis for this
news release and has approved the disclosure herein. Mr. Pontius is
not independent of ITH, as he is the President and CEO and holds
common shares and incentive stock options.
The work program at Livengood was designed and is supervised by
Dr. Russell Myers, Vice President, Exploration, and Chris Puchner,
Chief Geologist (CPG 07048), of the Company, who are responsible
for all aspects of the work, including the quality control/quality
assurance program. On-site personnel at the project photograph the
core from each individual borehole prior to preparing the split
core. Duplicate reverse circulation drill samples are collected
with one split sent for analysis. Representative chips are retained
for geological logging. On-site personnel at the project log and
track all samples prior to sealing and shipping. All sample
shipments are sealed and shipped to ALS Chemex in Fairbanks, Alaska
for preparation and then on to ALS Chemex in Vancouver, B.C. for
assay. ALS Chemex's quality system complies with the requirements
for the International Standards ISO 9001:2000 and ISO 17025: 1999.
Analytical accuracy and precision are monitored by the analysis of
reagent blanks, reference material and replicate samples. Quality
control is further assured by the use of international and in-house
standards. Finally, representative blind duplicate samples are
forwarded to ALS Chemex and an ISO compliant third party laboratory
for additional quality control.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. is a resource exploration
company, focused in Alaska and Nevada, which controls a number of
exploration projects representing a spectrum of early stage to the
advanced multimillion ounce gold discovery at Livengood. ITH is
committed to building shareholder value through new discoveries
while maintaining a majority interest in its key holdings, thereby
giving its shareholders the maximum value for their investment.
On behalf of INTERNATIONAL TOWER HILL MINES LTD.
Jeffrey A. Pontius, President and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 27E of
the Exchange Act. All statements, other than statements of
historical fact, included herein including, without limitation,
statements regarding the anticipated content, commencement and cost
of exploration programs, anticipated exploration program results,
the discovery and delineation of mineral
deposits/resources/reserves, the potential for the expansion of the
estimated resources at Livengood, the potential for any production
at the Livengood project, the completion of an updated preliminary
economic analysis of the Livengood project incorporating a milling
scenario, the potential for higher grade mineralization to form the
basis for a starter pit component in any production scenario, the
potential low strip ratio of the Livengood deposit being amenable
for low cost open pit mining that could support a high production
rate and economies of scale, the potential for cost savings due to
the high gravity concentration component of some of the Livengood
mineralization, business and financing plans and business trends,
are forward-looking statements. Information concerning mineral
resource estimates also may be deemed to be forward-looking
statements in that it reflects a prediction of the mineralization
that would be encountered if a mineral deposit were developed and
mined.
Although the Company believes that such statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. Forward-looking statements are typically
identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, which,
by their nature, refer to future events. The Company cautions
investors that any forward-looking statements by the Company are
not guarantees of future results or performance, and that actual
results may differ materially from those in forward looking
statements as a result of various factors, including, but not
limited to, variations in the nature, quality and quantity of any
mineral deposits that may be located, variations in the market
price of any mineral products the Company may produce or plan to
produce, the Company's inability to obtain any necessary permits,
consents or authorizations required for its activities, the
Company's inability to produce minerals from its properties
successfully or profitably, to continue its projected growth, to
raise the necessary capital or to be fully able to implement its
business strategies, and other risks and uncertainties disclosed in
the Company's Annual Information Form filed with certain securities
commissions in Canada and the Company's annual report on Form 20-F
filed with the United States Securities and Exchange Commission
(the "SEC"), and other information released by the Company and
filed with the appropriate regulatory agencies. All of the
Company's Canadian public disclosure filings may be accessed via
www.sedar.com and its United States public disclosure filings may
be accessed via www.sec.gov, and readers are urged to review these
materials, including the technical reports filed with respect to
the Company's mineral properties.
Cautionary Note Regarding References to Resources and
Reserves
National Instrument 43 101 - Standards of Disclosure for Mineral
Projects ("NI 43-101") is a rule developed by the Canadian
Securities Administrators which establishes standards for all
public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Unless otherwise
indicated, all resource estimates contained in or incorporated by
reference in this press release have been prepared in accordance
with NI 43-101 and the guidelines set out in the Canadian Institute
of Mining, Metallurgy and Petroleum (the "CIM") Standards on
Mineral Resource and Mineral Reserves, adopted by the CIM Council
on November 14, 2004 (the "CIM Standards") as they may be amended
from time to time by the CIM.
United States shareholders are cautioned that the requirements
and terminology of NI 43-101 and the CIM Standards differ
significantly from the requirements and terminology of the SEC set
forth Industry Guide 7. Accordingly, the Company's disclosures
regarding mineralization may not be comparable to similar
information disclosed by companies subject to the SEC's Industry
Guide 7. Without limiting the foregoing, while the terms "mineral
resources", "inferred mineral resources" and "indicated mineral
resources" are recognized and required by NI 43-101 and the CIM
Standards, they are not recognized by the SEC and are not permitted
to be used in documents filed with the SEC by companies subject to
Industry Guide 7. Mineral resources which are not mineral reserves
do not have demonstrated economic viability, and United States
shareholders are cautioned not to assume that all or any part of a
mineral resource will ever be converted into reserves. Further,
inferred resources have a great amount of uncertainty as to their
existence and as to whether they can be mined legally or
economically. It cannot be assumed that all or any part of the
inferred resources will ever be upgraded to a higher resource
category. In addition, the NI 43-101 and CIM Standards definition
of a "reserve" differs from the definition adopted by the SEC in
Industry Guide 7. In the United States, a mineral reserve is
defined as a part of a mineral deposit which could be economically
and legally extracted or produced at the time the mineral reserve
determination is made.
This press release is not, and is not to be construed in any way
as, an offer to buy or sell securities in the United States.
NR09-35
Contacts: International Tower Hill Mines Ltd. Quentin Mai
Vice-President - Corporate Communications 1-888-770-7488 (toll
free) or (604) 683-6332 (604) 408-7499 (FAX)
qmai@internationaltowerhill.com www.ithmines.com
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