International Tower Hill Mines Ltd. (TSX: ITH)(NYSE Amex:
THM)(FRANKFURT: IW9) -
Other Highlights
-- MK-RC-0391: 45.7 m @ 1.1 g/t gold in the new Olive Zone
-- MK-RC-0396: 13.7 m @ 2.1 g/t gold in the new Olive Zone
-- MK-RC-0402: 9.2 m @ 2.5 g/t gold in top 50 metres - Sunshine Zone
-- MK-RC-0399: 128 m @ 1.03 g/t gold & 16.8 m @ 1.3 g/t gold - Sunshine
Zone
-- MK-10-53: 103 m @ 1.53 g/t gold - Core Zone
International Tower Hill Mines Ltd. ("ITH" or the "Company") -
is pleased to announce the results from the latest 17 drill holes
completed in its 50,000-metre Summer 2010 Livengood Exploration
Program (Table 2). Highlighted in these latest holes is not only
the continued confirmation and expansion of the deposit but the
expansion of a shallow, high-grade, northwest trending zone within
the Core Zone (MK-RC-405: 6.1m @ 18.2 g/t gold). This consistent
trend of +6 g/t mineralization, which extends for nearly a half a
kilometre within the large lower grade deposit, is emerging as one
of the key early mining targets for the deposit. In addition the
newly discovered Olive Zone continues to expand to the north
(MK-RC-391: 45.7m @ 1.1 g/t gold) and south (MK-RC 396: 13.7m @ 2.1
g/t gold).
To view Figure 1, "Locations of new assay results and current
cumulative grade thickness map", please visit the following link:
http://media3.marketwire.com/docs/ITH-fig1.pdf.
Emerging Core Zone High-grade Trend
The high grade intersection in MK-RC-0405 represents the 4th
intersection of shallow (less than 50 metres vertically) high grade
mineralization along a prominent, half kilometre long, well
mineralized, NW trend structural zone (Table 1). This mineralized
trend corresponds to a broad area of late quartz veining which is
now emerging as a defined and traceable zone. While high grade
mineralization has been encountered throughout this very large gold
deposit, the new infill drilling is beginning to outline a
consistent shape to the zone, suggesting that this and other high
grade zones may form continuous bodies within the larger lower
grade deposit that could be the focus of early mine production and
significantly raise the average production grade. Additional work
is planned to investigate the continuity of these and other high
grade structures within the deposit and the potential for
production selectivity.
Table 1: High grade near surface intersections from NW-trend in the Core
Zone at Money Knob.
Holes are ordered from NW to SE along the trend
Drill Hole # From (m) To (m) Length (m) Gold (g/t)
---------------------------------------------------------------------------
MK-10-47 55.78 60.35 4.57 7.13
MK-RC-0405 21.34 27.43 6.09 18.19
MK-RC-0062 56.39 57.91 1.52 17.95
MK-RC-0186 38.10 59.44 21.34 6.28
New Olive Zone
Four new holes were returned from the emerging Olive Zone
expansion area. These and previous results highlight a north
trending core of high-grade mineralization surrounded by a broad
area of low grade. Mineralization is hosted within the same
favourable units as the main deposit to the north. However, what is
encouraging is that the Olive area has no gold in soil anomaly over
it and this opens up a large area for exploration to the south of
the deposit. This new resource expansion area remains open and will
be the focus of followed up drilling to take place in Fall
2010.
District Exploration
The project has now added a 6th drill to focus on the initial
testing of prioritized district scale targets. This program is on
its second hole in the initial target area, with the first hole
being lost at 60 metres in strong alteration well above the target
horizon. In addition to the ongoing new discovery drilling, the
project is beginning its initial condemnation drilling program and
has initiated a year-round work plan to rapidly advance the
project.
Infill Drilling Program
The 2010 infill drilling program is a key component in the
Livengood pre-feasibility study, and has three main goals: (1) to
convert the bulk of the current estimated resource in the mine plan
from the indicated and inferred categories to the measured and
indicated categories, respectively, (2) to better define the higher
grade areas of the deposit, and (3) to extend the deposit at depth,
because many of the existing drill holes have ended in
mineralization. To date, the overall comparison of the infill
drilling (5 spot pattern) results to the originally modeled 75
metre grid pattern continues to be favourable, with many areas open
at depth. To date, about 50% of the Core and Sunshine Zones have
been infill drilled and the Company continues to operate 4 drill
rigs on this part of the project (2 RC and 2 core) with a 5th drill
dedicated to step out drilling in the main deposit area. The
Company anticipates adding a 7th drill rig (core) to the program
shortly.
Table 2: Significant Drill Intercepts, Money Knob Deposit(i)
((i)Intercepts are calculated using a 0.25g/t gold cutoff and a maximum of 3
metres of internal waste)
From To Length Gold
Drill Hole # (metres) (metres) (metres) (g/t) Zone
============================================================================
MK-RC-0391 109.73 117.35 7.62 1.97 Olive
includes 109.73 112.78 3.05 4.05
124.97 170.69 45.72 1.09
includes 131.06 134.11 3.05 1.67
includes 137.16 140.21 3.05 4.19
includes 147.83 150.88 3.05 5.09
173.74 190.50 16.76 0.70
includes 176.78 179.83 3.05 2.53
220.98 236.22 15.24 0.58
242.32 274.32 32.00 0.60
309.37 323.09 13.72 0.75
MK-RC-0392 150.88 156.97 6.09 0.45 Lillian (lost hole)
MK-RC-0393 204.22 219.46 15.24 0.85 Sunshine (infill)
272.80 298.70 25.90 0.79
includes 291.08 295.66 4.58 2.24
MK-RC-0394 33.53 57.91 24.38 0.44 Core (infill)
65.53 74.68 9.15 0.73
79.25 99.06 19.81 0.71
includes 79.25 82.30 3.05 2.21
126.49 187.45 60.96 0.69
237.74 245.36 7.62 1.01
MK-RC-0395 96.01 109.73 13.72 0.69 Sunshine (infill)
117.35 124.97 7.62 0.77
129.54 140.21 10.67 0.88
163.07 178.31 15.24 0.84
205.74 256.03 50.29 0.79
includes 222.50 225.55 3.05 2.64
320.04 358.14 38.10 0.57
MK-RC-0396 266.70 280.42 13.72 2.06 Olive
includes 277.37 280.42 3.05 7.35
303.28 313.94 10.66 0.42
MK-RC-0397 28.96 62.48 33.52 0.52 Sunshine (infill)
74.68 89.92 15.24 0.59
91.44 120.40 28.96 0.56
includes 94.49 99.06 4.57 1.81
126.49 185.93 59.44 0.46
242.32 254.51 12.19 0.51
269.75 297.18 27.43 0.43
307.85 315.47 7.62 1.02
MK-RC-0398 1.52 28.96 27.44 0.58 Core (infill)
48.77 115.82 67.05 0.83
includes 60.96 65.53 4.57 1.93
includes 74.68 77.72 3.04 2.32
includes 85.34 89.92 4.58 1.83
126.49 172.21 45.72 0.80
includes 126.49 129.54 3.05 1.81
178.31 216.41 38.10 0.84
includes 184.40 188.98 4.58 2.39
220.98 239.27 18.29 1.92
includes 220.98 224.03 3.05 4.30
includes 228.60 234.70 6.10 2.28
MK-RC-0399 0.00 128.02 128.02 1.03 Sunshine (infill)
includes 7.62 12.19 4.57 1.97
includes 21.34 24.38 3.04 2.27
includes 33.53 39.62 6.09 2.37
includes 42.67 50.29 7.62 1.63
includes 94.49 97.54 3.05 3.16
138.68 144.78 6.10 0.91
161.54 173.74 12.20 0.53
188.98 205.74 16.76 1.31
includes 188.98 192.02 3.04 3.98
252.98 259.08 6.10 0.87
MK-RC-0400 4.57 16.76 12.19 1.06 Core (infill)
21.34 42.67 21.33 0.57
67.06 74.68 7.62 0.86
114.30 141.73 27.43 0.50
147.83 166.12 18.29 0.68
170.69 188.98 18.29 0.42
190.50 198.12 7.62 0.75
MK-RC-0400 207.26 219.46 12.20 0.76 Core (infill)
248.41 254.51 6.10 1.03
MK-RC-0401 301.75 307.85 6.10 0.97 Olive
MK-RC-0402 65.53 74.68 9.15 2.54 Sunshine (infill)
85.34 108.20 22.86 0.75
includes 67.06 73.15 6.09 3.59
includes 86.87 89.92 3.05 2.27
112.78 126.49 13.71 0.85
140.21 150.88 10.67 0.58
198.12 211.84 13.72 0.52
219.46 233.17 13.71 0.77
240.79 251.46 10.67 1.21
includes 245.36 248.41 3.05 3.05
278.89 329.18 50.29 0.64
includes 306.32 316.99 10.67 1.09
333.76 352.04 18.28 0.67
MK-RC-0403 no significant intercepts Lillian
MK-RC-0405 1.52 12.19 10.67 1.41 Core (infill)
21.34 27.43 6.09 18.19
79.25 86.87 7.62 1.69
106.68 121.92 15.24 0.74
128.02 150.88 22.86 1.29
includes 144.78 149.35 4.57 3.24
155.45 185.93 30.48 0.82
includes 166.12 170.69 4.57 1.31
204.22 213.36 9.14 0.64
219.46 252.98 33.52 0.54
259.08 274.32 15.24 0.49
280.42 291.08 10.66 0.47
295.66 332.23 36.57 0.46
MK-RC-0406 106.68 111.25 4.57 4.58 Sunshine (infill)
135.64 146.30 10.66 0.90
MK-RC-0406 158.50 170.69 12.19 0.68 Sunshine (infill)
includes 158.50 161.54 3.04 1.76
178.31 193.55 15.24 0.87
includes 204.22 211.84 7.62 1.63
199.64 217.93 18.29 0.97
227.08 269.75 42.67 0.89
includes 242.32 249.94 7.62 1.24
includes 265.18 268.22 3.04 1.97
MK-RC-0407 24.38 41.15 16.77 0.42 Sunshine (infill)
50.29 57.91 7.62 0.69
82.30 115.82 33.52 0.98
includes 99.06 106.68 7.62 2.99
118.87 135.64 16.77 0.66
140.21 152.40 12.19 0.60
161.54 169.16 7.62 1.99
includes 163.07 167.64 4.57 3.09
202.69 220.98 18.29 0.77
includes 205.74 211.84 6.10 1.09
295.66 309.37 13.71 0.48
313.94 335.28 21.34 0.39
338.33 367.28 28.95 0.60
376.43 426.72 50.29 0.61
MK-RC-0408 227.08 236.22 9.14 1.17 Olive
includes 228.60 231.65 3.05 2.45
242.32 260.60 18.28 0.50
326.14 344.42 18.28 0.29
MK-10-56 63.70 67.31 3.61 3.56 Sunshine (infill)
151.43 159.31 7.88 0.58
211.05 218.54 7.49 1.23
MK-10-58 31.69 40.14 8.45 1.24 Core (infill)
60.05 66.14 6.09 1.21
70.11 173.31 103.20 0.91
includes 109.19 116.50 7.31 1.75
includes 154.84 157.89 3.05 1.84
Livengood Project Highlights
-- Combined milling/heap leach PEA produced a robust base case economic
analysis. The base case model produced an average of over 500,000 ounces
of gold per year for a total of 10.6 million ounces of recovered gold at
a 1:1.07 strip ratio (ore to waste) and providing a considerable
leverage to the gold price.
-- Drilling at the project continues to expand the deposit. The latest
resource estimate (as at June 22, 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, makes
the Livengood project 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 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 focusing on the potential use of
milling with a flotation-gravity circuit, which has returned initial
recoveries to a concentrate of 89%, offering significant potential for
operational and capital cost savings. Optimization work is ongoing for
these processing alternatives as they have the potential to make a
positive impact 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 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 consists 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.
Return of Capital - International Tower Hill Mines Ltd.
For the information of shareholders of the Company, the Company
advises that, on August 26, 2010, the capital of ITH was reduced
pursuant to the Plan of Arrangement dated July 8, 2010 by the
distribution of common shares in the capital of Corvus Gold
Inc.("Corvus"). In accordance with section 74 of the Business
Corporations Act (B.C.), the board of directors of ITH has
determined that the amount by which ITH's capital was reduced,
being the fair market value of the common shares of Corvus as of
the time of the distribution, was CAD 0.75 per common share of
Corvus, which is the five day volume weighted average price of the
Corvus common shares on the TSX for the period ending on September
3, 2010.
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 on the ongoing development of the advanced,
multimillion-ounce gold discovery at Livengood in Alaska. ITH is
committed to the aggressive development of the Livengood Project,
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 and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable Canadian and US
securities legislation. 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 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 regarding Livengood, 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 in the SEC's Industry Guide 7 ("SEC Industry Guide 7").
Accordingly, the Company's disclosures regarding mineralization may
not be comparable to similar information disclosed by companies
subject to SEC Industry Guide 7. Without limiting the foregoing,
while the terms "mineral resources", "inferred mineral resources",
"indicated mineral resources" and "measured 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 SEC Industry
Guide 7. Mineral resources which are not mineral reserves do not
have demonstrated economic viability, and US investors 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. Under Canadian rules,
estimates of inferred mineral resources may not form the basis of a
feasibility study or prefeasibility study, except in rare cases.
The SEC normally only permits issuers to report mineralization that
does not constitute SEC Industry Guide 7 compliant "reserves" as
in-place tonnage and grade without reference to unit amounts. The
term "contained ounces" is not permitted under the rules of SEC
Industry Guide 7. In addition, the NI 43-101 and CIM Standards
definition of a "reserve" differs from the definition in SEC
Industry Guide 7. In SEC Industry Guide 7, 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, and a "final" or "bankable" feasibility
study is required to report reserves, the three-year historical
price is used in any reserve or cash flow analysis of designated
reserves and the primary environmental analysis or report must be
filed with the appropriate governmental authority.
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.
NR10-31
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.internationaltowerhill.com
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