International Tower Hill Mines Ltd. (TSX: ITH)(NYSE Amex:
THM)(FRANKFURT: IW9) -
Higher grade results located in Core Zone near edge of SW Zone
suggest continued resource extension to be determined during 2011
Winter drill program
RC Hole 458: 112 metres @ 2.63 g/t gold (includes 64 metres @ 3.4 g/t
gold) & 108.2 metres @ 1.0 g/t gold
RC Hole 452: 85 metres @ 1.12 g/t gold & 188 metres @ 0.96 g/t gold
RC Hole 445: 68 metres @ 1.26 g/t gold (includes 13.7 metres @ 2.58 g/t
gold)
International Tower Hill Mines Ltd. ("ITH" or the "Company") -
(TSX: ITH)(NYSE Amex: THM)(FRANKFURT: IW9) is pleased to announce
the results of the latest 14 holes from its 65,000-metre 2010
Livengood Drilling Program (To view Figure 1, please click on the
following link: http://media3.marketwire.com/docs/1129tower.jpg).
Extensive infill and deep drilling in the southern part of the Core
Zone has intersected the highest grade gold mineralization over the
largest intercepts on the project to date below the floor of
earlier grid drilling. Significantly, results from RC holes 458,
452 and 445 along the Southwest boundary of the Core Zone
demonstrate a possible extension into the SW Zone, which will be
the focus of the upcoming 2011 Winter Drill program.
In the southwest section of the Core Zone, drill hole MK-RC-0458
intersected a thick interval of higher grade mineralization (112
metres of 2.63 g/t gold) from what appears to be a broad feeder
zone. This and previous intersections suggest the possibility of
higher grade mineralization covering an area at least 400 metres by
400 metres and extending into the SW Zone.
In addition, the latest drill results continue to identify
higher grade mineralization within the upper oxide zone of the
deposit with intercepts of 85.3 metres of 1.1 g/t gold (hole
MK-RC-0454) and 13.7 metres of 2.6 g/t gold (hole MK-RC-0452).
These higher grade zones are anticipated to form the basis of a
high-grade starter pit when they are integrated into an updated
Money Knob resource estimate currently scheduled to be completed in
the first quarter of 2011.
The Company continues to carry out a comprehensive development
drilling program of condemnation and geotechnical work at the
Livengood Project, as well as extensive optimization studies in
mine and process design, metallurgy, and environmental
characterization.
Table 1: Significant new Livengood intercepts(i)
(i)Intercepts are calculated using a 0.25g/t gold cutoff and a
maximum of 3 metres of internal waste.
From To Thickness Gold
Drill Hole (metres) (metres) (metres) (g/t) Area
---------------------------------------------------------------------------
---------------------------------------------------------------------------
MK-RC-0445 91.44 160.02 68.58 1.26 Core Zone Infill
------ ------ ------ ----
includes 94.49 108.20 13.71 2.58
includes 138.68 155.45 16.77 1.64
201.17 210.31 9.14 1.88
includes 202.69 207.26 4.57 3.43
248.41 269.75 21.34 0.83
includes 252.98 259.08 6.10 1.36
286.51 298.70 12.19 0.65
339.85 364.24 24.39 0.50
370.33 384.05 13.72 0.39
385.57 449.58 64.01 0.39
MK-RC-0452 132.59 217.93 85.34 1.12 Core Zone Infill
------ ------ ------ ----
includes 135.64 138.68 3.04 2.05
includes 141.73 150.88 9.15 3.85
includes 158.50 169.16 10.66 1.72
222.50 233.17 10.67 0.94
249.94 438.91 188.97 0.96
------ ------ ------ ----
includes 298.70 307.85 9.15 3.30
includes 341.38 350.52 9.14 2.25
MK-RC-0454 73.15 88.39 15.24 0.48 Core Zone Infill
103.63 114.30 10.67 0.91
126.49 141.73 15.24 0.77
includes 126.49 131.06 4.57 1.26
153.92 182.88 28.96 0.45
211.84 233.17 21.33 0.70
243.84 265.18 21.34 0.79
includes 256.03 259.08 3.05 3.00
269.75 306.32 36.57 0.75
324.61 353.57 28.96 0.50
370.33 396.24 25.91 0.72
406.91 417.58 10.67 0.70
MK-RC-0455 155.45 185.93 30.48 0.59 Core Zone Infill
198.12 216.41 18.29 0.56
MK-RC-0456 10.67 16.76 6.09 1.99 Sunshine Infill
includes 10.67 13.72 3.05 3.42
28.96 44.20 15.24 0.81
includes 35.05 41.15 6.10 1.40
60.96 76.20 15.24 0.79
233.17 254.51 21.34 0.41
MK-RC-0457 120.40 132.59 12.19 1.14 Olive
289.56 298.7 9.14 1.06
MK-RC-0458 112.78 126.49 13.71 0.92 Core Zone Infill
129.54 170.69 41.15 0.76
includes 140.21 143.26 3.05 1.92
176.78 284.99 108.21 1.01
------ ------ ------ ----
includes 213.36 219.46 6.1 3.66
includes 231.65 236.22 4.57 4.39
286.51 298.7 12.19 0.46
310.90 423.67 112.77 2.63
------ ------ ------ ----
includes 332.23 341.38 9.15 3.46
includes 345.95 350.52 4.57 3.16
includes 359.66 423.67 64.01 3.40
MK-RC-0459 no significant intercepts Condemnation Hole
MK-RC-0460 no significant intercepts Hydrology Hole
MK-RC-0462 no significant intercepts Condemnation Hole
MK-RC-0463 no significant intercepts Olive
MK-10-66 20.73 36.34 15.61 0.69 Sunshine Infill
49.62 55.47 5.85 1.78
59.13 71.62 12.49 0.73
94.31 102.11 7.8 2.43
MK-10-69 37.49 54.02 16.53 1.10 Sunshine Infill
87.54 105.45 17.91 0.40
116.29 134.72 18.43 0.54
136.25 143.55 7.3 0.69
179.75 188.25 8.5 1.11
274.03 285.4 11.37 0.82
MK-10-70 46.6 59.1 12.5 0.57 Hydrology Hole
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 June 22, 2010) of 409 Mt at an average
grade of 0.83 g/t gold (10.9 Moz Indicated) and 94 Mt at an average
grade of 0.79 g/t gold (2.4 Moz Inferred), both at a 0.5 g/t gold cut-
off grade, makes Livengood 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
1.06 g/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%, thus offering significant potential
for operational and capital cost savings. Test data for conventional
whole ore milling with a gravity-CIL system produced initial recoveries
of 76% (See NR10-19). Optimization work is ongoing for these processing
alternatives, as they have potential to make a significant 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 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 controls a 100% interest in the
world-class Livengood Gold Project accessible by paved highway 70
miles north of Fairbanks, Alaska. ITH is focused on the rapid
advancement of the project into a compelling potential development
project in 2011 while it continues to expand and explore its 145
km(2)district for new deposits. Its substantial size ranks the
Livengood Project in the top 2% of gold discoveries made globally
in the past 20 years, thereby offering investors significant
leverage to rising gold prices.
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 to convert the
existing estimated resources at Livengood from the indicated and
inferred categories to the measured and indicated categories; the
potential for any production at the Livengood project, 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 potential for operational and capital cost
savings through the potential use of milling, with a
flotation-gravity circuit, 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 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 Amended 2010 Annual
Information Form filed with certain securities commissions in
Canada and the Company's 2010 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 latest technical report filed with respect to the
Livengood Property.
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.
NR10-38
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 International Tower Hill Mines Ltd.
Shirley Zhou Manager - Corporate Communications 1-888-770-7488
(toll free) or (604) 638-3246 (604) 408-7499 (FAX)
szhou@internationaltowerhill.com www.internationaltowerhill.com
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