International Tower Hill Mintes Ltd. (TSX: ITH)(NYSE Amex:
THM)(FRANKFURT: IW9) -
-- MK-RC-0355: 7.6m @ 3.3 g/t gold - Lillian Frontier Area
-- MK-RC-0362: 6.1m @ 2.9 g/t gold - Lillian Frontier Area
-- MK-RC-0364: 41.2m @ 1.3 g/t gold - Sunshine Infill
-- MK-RC-0366: 18.3m @ 1.2 g/t gold & 83.8m @ 1.1 g/t gold - Core Zone
Infill
-- MK-RC-0372: 80.8m @ 1.0 g/t gold - Core Zone Infill
International Tower Hill Mines Ltd. ("ITH" or the "Company") is
pleased to announce the results from the initial 19 holes completed
in its 45,000-metre Summer 2010 Livengood Exploration Program
(Figure 1). The drill program is focused on the conversion of
resources to measured and indicated through infill drilling, as
well as step-out resource expansion and testing of new
district-scale exploration targets. The Company is currently
operating five drills at Livengood (three RC and two core
rigs).
Highlights of the ongoing 2010 work program at Livengood
include:
-- The Money Knob deposit at Livengood continues to expand in several
directions: at depth (RC-0366, 83.8m at 1.1 g/t gold and RC-0364, 59.4m
@ 0.7 g/t), to the west in the Lillian area (RC-0355, 7.6m @ 3.3 g/t
gold and RC-0362, 6.1m @ 2.9 g/t), and to the southeast in the Sunshine
Zone (MK-RC-0365, 21.3m @ 0.8 g/t gold).
-- The Company has begun the Money Knob pre-feasibility study with the
initiation of hydrological studies, surface mine facility location
analysis, phase 2 metallurgical studies (combined milling and heap
leaching), deposit-scale geotechnical studies, and continuing
environmental baseline data collection.
-- The Company anticipates finishing its updated PEA within the next few
weeks - the analysis will include the June 2010 expanded resource, a
combined mill-heap leach recovery system, and an initial evaluation of
gold recovery by standard CIL (carbon in leach) versus flotation.
Jeff Pontius, President and CEO, stated, "These initial Summer
2010 drill results are confirming our understanding of the
Livengood deposit and its potential to grow in several directions.
In addition, our regional exploration program, which is focused on
finding more Money Knob type deposits on our district scale land
package, is in full swing and is bearing fruit for future drill
targets. Our operational team is making excellent progress in
advancing the project down the development and permitting path, a
process which we will continue to accelerate."
To view Figure 1, please click on the following link:
http://media3.marketwire.com/docs/ith726.pdf
Expansion and Exploration Potential
Initial encouraging results from the western frontier of the
deposit in the Lillian area (Fig.1 and Table 1; RC-0355, 7.6m @ 3.3
g/t gold and RC-0362, 6.1m @ 2.9 g/t) and anomalous gold in soils
has prompted additional stepout drilling 400 metres north and west
of known mineralization, where RC-0392 (Fig. 1, assays pending)
intersected strongly altered favourable host rocks. Additionally,
encouraging alteration associated with abundant diking in hole
MK-RC-380 (assays pending) has been returned from the new Olive
area where hole MK-RC-0172 had 75 metres @ 1g/t gold and 27 meters
@ 1.8 g/t gold (at which point the hole was lost in
mineralization). This ongoing drilling suggests the Money Knob
deposit will continue to grow in area. In addition, the Company is
engaged in aggressive district-wide surface exploration to define
new deposits similar to Money Knob along trend.
Table 1: Significant New Frontier Intercepts(i)
((i)Intercepts are calculated using a 0.25g/t gold cutoff and a maximum of
3 metres of internal waste.)
Length Gold
Drill Hole # From (metres) To (metres) (metres) (g/t) Area
---------------------------------------------------------------------
---------------------------------------------------------------------
MK-RC-0355 27.43 35.05 7.62 3.29 Lillian
217.93 233.17 15.24 0.56
MK-RC-0359 no significant intercepts
MK-RC-0362 32.00 38.10 6.10 2.90 Lillian
108.20 111.25 3.05 3.27
Infill Program
The 2010 infill drilling program is a key component in the
Livengood pre-feasibility study, and has three main goals: (i) to
convert the bulk of the resource in the mine plan to measured and
indicated, (ii) better define the higher grade areas of the
deposit, and (iii) to extend the mineralization at depth because
many of the existing drill holes have ended in mineralization. This
work is being done with a combination of core and RC drilling (two
core rigs and one RC drill). Although it is early in the program,
it appears from initial drilling that the Company is significantly
expanding the Core Zone downward (RC-0366, 83.8m at 1.1 g/t gold
and RC-0364, 59.4m @ 0.7 g/t, Table 2). In addition, the Company is
continuing with its normal 75 metre stepout drilling on the margins
of the deposit, the results of which are shown in Table 3.
Table 2: Significant Infill Drilling Intercepts(i)
((i)Intercepts are calculated using a 0.25g/t gold cutoff and a maximum of
3 metres of internal waste.)
From To
Drill Hole # (metres) (metres) Length (metres) Gold (g/t) Area
--------------------------------------------------------------------------
--------------------------------------------------------------------------
MK-RC-0364 140.21 181.36 41.15 1.31 Sunshine Zone
includes 143.26 160.02 16.76 2.30
185.93 196.6 10.67 0.94
396.24 455.68 59.44 0.72
includes 440.44 454.15 13.71 1.61
MK-RC-0366 182.88 201.17 18.29 1.19 Core Zone
includes 185.93 195.07 9.14 1.92
242.32 326.14 83.82 0.77
252.98 259.08 6.1 1.68
284.99 292.61 7.62 1.37
330.71 414.53 83.82 1.10
333.76 339.85 6.09 2.53
MK-RC-0367 163.07 181.36 18.29 0.51 Sunshine Zone
210.31 284.99 74.68 0.72
includes 266.7 271.27 4.57 2.41
289.56 309.37 19.81 0.53
MK-RC-0368 126.49 134.11 7.62 1.61 Core Zone
156.97 219.46 62.49 0.75
includes 156.97 164.59 7.62 1.62
includes 185.93 204.22 18.29 0.99
259.08 289.56 30.48 0.78
335.28 373.38 38.1 0.54
MK-RC-0370 114.30 156.97 42.67 0.74 Sunshine Zone
160.02 172.21 12.19 0.99
MK-RC-0372 120.4 192.02 71.62 0.83 Core Zone
198.12 278.89 80.77 1.01
304.80 335.28 30.48 0.41
Table 3: Significant Stepout Drilling Intercepts(i)
((i)Intercepts are calculated using a 0.25g/t gold cutoff and a maximum of
3 metres of internal waste.)
From To
Drill Hole # (metres) (metres) Length (metres) Gold (g/t) Area
---------------------------------------------------------------------------
---------------------------------------------------------------------------
MK-RC-0354 35.05 44.20 9.15 0.65 Southwest
MK-RC-0356 149.35 190.50 41.15 0.43 Sunshine
217.93 225.55 7.62 0.68
313.94 333.76 19.82 0.62
368.81 385.57 16.76 0.61
390.14 405.38 15.24 0.90
MK-RC-0357 240.79 271.27 30.48 0.54 Money Knob
MK-RC-0358 170.69 179.83 9.14 1.01 Sunshine
210.31 220.98 10.67 0.81
MK-RC-0360 275.84 281.94 6.10 0.89 Money Knob
335.28 359.66 24.38 0.46
MK-RC-0361 217.93 231.65 13.72 0.85 Money Knob
MK-RC-0363 225.55 246.89 21.34 0.52 Tower
Lost hole, re-drilled as RC-0369
MK-RC-0365 50.29 71.63 21.34 0.81 Sunshine
includes 50.29 53.34 3.05 3.25
152.40 160.02 7.62 0.70
190.50 193.55 3.05 3.32
MK-RC-0369 207.26 222.50 15.24 1.52 Tower
214.88 222.50 7.62 2.21
358.14 368.81 10.67 0.74
359.66 364.24 4.58 1.14
MK-RC-0371 53.34 62.48 9.14 0.74 Tower
Lost hole, redrilled as RC-0377 (assays pending)
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 May 25, 2010) of 409 Mt at an average
grade of 0.83 g/t gold (10.9Moz Indicated) and 94 Mt at an average grade
of 0.79 g/t gold (2.4Moz Inferred), both at a 0.5 g/t gold cut-off
grade, making it one of the largest new gold discoveries in North
America (See NR 10-21).
-- The Core and Sunshine Zones together account for most of the higher
grade mineralization (Indicated Resources of 202 Mt at an average grade
of 1.07 g/t gold and Inferred Resources of 40 Mt at an average grade of
1.06g/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 to a concentrate of 89% offering a significant potential for
operational and capital cost savings. 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 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 80 kilometres to the south.
-- ITH controls 100% of its approximately 145 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.
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.
NR10-22
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 /
www.internationaltowerhill.com
International Tower Hill... (TSX:ITH)
Historical Stock Chart
From Jun 2024 to Jul 2024
International Tower Hill... (TSX:ITH)
Historical Stock Chart
From Jul 2023 to Jul 2024
