International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX:
ITH)(NYSE Amex: THM)(FRANKFURT: IW9) is pleased to announce the
results for the final four holes from the 2010 Winter drill
program. The results continue to show expansion potential to the
north of the Sunshine Zone (MK-RC-351, 55 metres @ 0.91 g/t gold,
Table 1). Holes MK-RC-352 and MK-RC-353 were drilled 400 metres
northwest of the SW Zone and showed a continuation of the deposit
in this direction. The results from the 2010 Winter program are
being incorporated into an updated resource model anticipated to be
completed before the end of the second quarter.
The Livengood Summer 2010 drill program began June 1st and is
scheduled to complete 45,000 metres of resource expansion and
development directed drilling, with 2 core and 3 reverse
circulation drill rigs operating. The Company will be continuing to
address step-out resource expansion as well as a large mine
development program directed at advancing the Livengood project
towards a production decision and the securing of necessary mining
permits. The next step in this process is the initiation of a full
scale pre-feasibility/mine development study which the Company has
now initiated.
Table 1: Significant New Livengood Intercepts(i)
((i)Intercepts are calculated using a 0.25 g/t gold cutoff and a maximum of
3 metres of internal waste. The "cumulative gram metre" number is a
summation of all intercepts in a given drill hole that are above a cutoff
grade of 0.25 g/t gold, and is not representative of a single intercept in
such hole. The cumulative gram metre number is intended to reflect the
relative degree of mineralization in one hole versus another.)
Cumulative
From To Length grams/t x
Drill Hole # (metres) (metres) (metres) Gold (g/t) metres
----------------------------------------------------------------------
----------------------------------------------------------------------
MK-RC-0351 41.15 50.29 9.14 0.61 121.36
59.44 62.48 3.04 1.65
85.34 96.01 10.67 0.56
114.3 169.16 54.86 0.91
includes 129.54 146.3 16.76 1.82
172.21 198.12 25.91 0.51
202.69 268.22 65.53 0.45
MK-RC-0352 202.69 214.88 12.19 0.47 63.1
228.6 231.65 3.05 2.70
303.28 329.18 25.9 0.48
362.71 371.86 9.15 0.56
MK-RC-0353 83.82 86.87 3.05 3.00 56.55
144.78 149.35 4.57 1.58
220.98 225.55 4.57 1.25
MK-10-51 197.51 204.1 6.59 1.02 37.86
Livengood Project Highlights
-- Drilling at the project continues to expand the deposit, with the
current estimated resource only representing a snapshot in time. The
latest resource estimate (as at February 28, 2010) of 369 Mt at an
average grade of 0.78 g/t gold (9.3Moz) (Indicated) and 122 Mt at an
average grade of 0.77 g/t gold (3.0Moz) (Inferred), both at a 0.5 g/t
gold cut-off grade, makes it one of the largest new gold discoveries in
North America.
-- The Core and Sunshine Zones together account for most of the higher
grade mineralization (Indicated Resources of 184 Mt at an average grade
of 0.98 g/t gold and Inferred Resources of 56 Mt at an average grade of
0.99g/t gold, based on a cut-off grade of 0.70 g/t gold) and will form
the basis for starter pit design work.
-- Ongoing metallurgical studies are focussing on the potential use of
milling, with a flotation-gravity circuit, which has returned initial
recoveries of 88% with an 80% volume reduction and offers significant
potential for operational and capital cost savings. Test data for
conventional whole ore milling with a gravity-CIL system produced
initial recoveries of 86% (See NR10-06). Optimization work is ongoing
for these processing alternatives, as they have potential to make
significant positive impacts on project economics.
-- The geometry of the currently defined shallowly dipping, outcropping
deposit has a low strip ratio amenable to low cost open pit mining which
could support a high production rate and economies of scale.
-- 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.
ITH controls 100% of its approximately 100 square kilometre
Livengood land package, which is made up of fee land leased from
the Alaska Mental Health Trust, a number of smaller private mineral
leases and 115 Alaska state mining claims. 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
Winter 2010 drilling continued to expand the Money Knob deposit.
Money Knob is emerging as one of the world's largest new gold
deposits and is located in one of the most stable and mining
friendly jurisdictions in the world.
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 NW 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 approximately half
has been explored by drilling to date. Surface exploration is
ongoing as new targets are being developed to the northeast and
west of the known deposit.
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.
Development work at the Livengood Project is directed by Carl E.
Brechtel (Colorado PE 23212, Nevada PE 8744), who is a qualified
person as defined by National Instrument 43-101. He is a member of
SME, AusIMM and SAIMM. Mr. Brechtel is not independent of ITH, as
he is the COO and holds incentive stock options.
The work program at Livengood was designed and is supervised by
Chris Puchner, Chief Geologist (CPG 07048), of the Company, who is
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 Reno, Nevada or 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 from 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 a 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, the completion of a pre-feasibility study at
Livengood, the potential for a production decision to be made, the
potential commencement of any development of a mine at Livengood
following a production decision, business and financing plans and
business trends, are forward-looking statements. Information
concerning mineral resource estimates and the preliminary economic
analysis thereof also may be deemed to be forward-looking
statements in that it reflects a prediction of the mineralization
that would be encountered, and the results of mining it, 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 inability of the Company to obtain any necessary
permits, consents or authorizations required for its activities,
the inability of the Company 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 40-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.
NR10-20
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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