International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX:
ITH)(NYSE Amex: THM) is pleased to announce results from the final
27 holes drilled in its 70,000-metre 2010 drill program at the
Livengood Gold Project, near Fairbanks, Alaska. Results were
highlighted by hole MK-RC-0470 which intersected 13.7 metres of
5.45 g/t gold at a depth of 395 metres, providing further evidence
of a new deeper zone of higher grade mineralization directly
beneath the existing Money Knob deposit in the southwestern portion
of the resource (see Figure 1). These final results will be
incorporated into a resource update to be completed in the first
quarter of 2011.
Higher Grade Zone at Depth
In addition to hole MK-RC-0470, other holes drilled beneath the
current resource depth of 300 metres to intersect the higher grade
zone of mineralization include hole MK-RC-0458 which intersected
112.8 metres at 2.6 g/t gold (previously reported on Nov. 29,
2010); hole MK-RC-0452 which intersected 189.0 metres at 1.0 g/t
gold; and hole MK-RC-366 which intersected 83.8 metres at 1.1 g/t
gold. Many holes also bottom in greater than 1.0 g/t Au and the new
zone displays a unique geochemical association with antimony,
arsenic and gold which is different from that of the main deposit.
Although widely spaced, the deeper intersections together suggest a
significant zone of mineralization at grades well above the deposit
average of 0.83 g/t Au (at 0.5 g/t cutoff).
The Company plans to carry out additional deeper in-fill and
step-out core drilling to focus on testing the geometry, continuity
and extent of this new deep zone of higher grade mineralization.
Drilling will commence in February as part of a 45,000-metre
drilling program planned for 2011.
Higher Grades in Current Resource
Higher grade mineralization continues to be found within the
existing Money Knob deposit that could form the basis of high-grade
starter pits in a potential open-pit mining scenario. The latest
result to demonstrate this is in-fill hole MK-RC-0467 which
intersected 71.63 metres of 2.47 g/t gold, including 15.24 metres
of 9.11 g/t gold (see Table 1 below).
District-wide Exploration Potential
The company has also intersected 6.1 metres 0.6 g/t gold in a
single wildcat hole (hole MK-10-73) drilled 4 kilometres northeast
of the Money Knob Deposit. This intercept highlights the largely
untested exploration potential that still remains on the Company's
145-square-kilometre property package. As previously announced, the
company will carry out approximately 10,000 metres of district-wide
exploration drilling in 2011 dedicated to evaluating new discovery
targets.
To view accompanying map, click on the following link:
http://media3.marketwire.com/docs/ith23.jpg
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. Intercepts are interpreted to be approximate
true thickness.
Length
Hole ID From (m) To (m) (m) g/t Area
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MK-RC-0464 114.3 123.44 9.14 0.64 Olive Zone
MK-RC-0465 260.6 274.32 13.72 0.38 Sunshine, infill
345.95 359.66 13.71 0.40
MK-RC-0467 132.59 204.22 71.63 2.47 Money Knob, infill
includes 132.59 147.83 15.24 9.11
208.79 220.98 12.19 0.84
225.55 254.51 28.96 1.07
259.08 266.7 7.62 0.73
MK-RC-0467 300.23 318.52 18.29 0.64
324.61 336.8 12.19 1.11
includes 332.23 335.28 3.05 3.28
MK-RC-0468 96.01 118.87 22.86 0.91 Core Zone, infill
147.83 164.59 16.76 0.66
188.98 213.36 24.38 0.78
309.37 329.18 19.81 0.85
335.28 345.95 10.67 0.56
350.52 370.33 19.81 0.69
374.9 429.77 54.87 0.55
MK-RC-0469 201.17 219.46 18.29 0.92 Money Knob, infill
MK-RC-0470 181.36 199.64 18.28 0.95 Core Zone, infill
208.79 216.41 7.62 0.93
391.67 405.38 13.71 5.45
MK-RC-0471 4.57 38.1 33.53 0.66 Sunshine, infill
41.15 71.63 30.48 1.27
includes 50.29 57.91 7.62 2.96
MK-RC-0472 115.82 138.68 22.86 0.89 Core Zone, infill, lost
214.88 225.55 10.67 1.57
MK-RC-0473 33.53 44.2 10.67 1.39 Core Zone, infill
56.39 77.72 21.33 0.36
111.25 120.4 9.15 1.36
214.88 230.12 15.24 0.50
MK-10-60 41.6 50.9 9.3 0.84 Core Zone, infill
87.48 101.19 13.71 0.62
124.05 144.5 20.45 0.83
269.27 284.07 14.8 1.44
MK-10-65 49.78 61.72 11.94 0.42 Sunshine, infill
113.39 147.83 34.44 0.53
149.05 156.91 7.86 0.75
160.8 174.19 13.39 0.78
247.8 258.78 10.98 1.08
MK-10-65 263.5 272.19 8.69 1.00
292.3 299.92 7.62 2.85
includes 293.22 297.75 4.53 4.64
304.5 312.73 8.23 6.29
includes 309.08 312.73 3.65 13.36
332.54 347.06 14.52 0.48
MK-10-67 15.94 22.86 6.92 0.73 Sunshine, infill
131.2 137.31 6.11 1.19
143.56 218.39 74.83 0.99
222.81 235.5 12.69 0.44
275.54 286.21 10.67 0.58
MK-10-71 No significant intercepts Moose Gulch, wildcat
MK-10-72 407.06 415.37 8.31 2.08 Money Knob
MK-10-73/73A 72.87 78.94 6.07 0.67 Moose Gulch, wildcat
MK-10-74 74.83 86.26 11.43 0.56 Tower Zone, infill
137.02 142.7 5.68 2.23
154.38 162.74 8.36 0.61
192.63 198.4 5.77 1.73
203.3 226.31 23.01 0.82
260.08 277.98 17.9 0.57
299.78 333.3 33.52 0.60
MK-10-75 No significant intercepts condemnation/geotech
MK-10-76 No significant intercepts condemnation/geotech
MK-10-77 99.67 116.65 16.98 0.42 Tower Zone
137.7 145.39 7.69 1.32
266.85 276.15 9.3 0.55
281.97 296.27 14.3 1.00
MK-10-78 66.14 67.67 1.53 0.28 condemnation/geotech
78.9 79.2 0.3 1.67
MK-10-79 no significant intercepts condemnation/geotech
MK-10-80 no significant intercepts District hydrologic
test
MK-10-82 14.02 45.72 31.7 0.77 Sunshine, infill
50.44 68.89 18.45 0.51
88.39 99.82 11.43 1.02
103.39 126.39 23 0.93
184.75 195.3 10.55 0.53
210.46 248.11 37.65 0.44
252.07 302.66 50.59 0.63
308.4 335.82 27.42 0.66
370.94 380.09 9.15 0.58
387.95 398.37 10.42 0.49
MK-10-84 no significant intercepts District hydrologic
test
MK-10-85 no significant intercepts District hydrologic
test
MK-10-88 61.11 81.25 20.14 0.75 Olive Zone
Livengood Project Summary
-- 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.
-- 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.
-- 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
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 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.
-- No major permitting hurdles have been identified to date.
-- A prefeasibility study is underway and processing alternative mining
scenarios to identify those that have the potential to make a
significant positive impact on project economics.
-- 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. 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 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.
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 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
AusIMM and SAIMM. Mr. Brechtel is not independent of ITH, as he is
the President and 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 its current resource
and explore its 145 km2 district for new deposits.
On behalf of International Tower Hill Mines Ltd.
Jeffrey A. Pontius, 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.
NR11-02
Contacts: International Tower Hill Mines Ltd. Shirley Zhou
Vice-President - Corporate Communications 1-888-770-7488 (toll
free) or (604) 638-3247 (604) 408-7499 (FAX) szhou@ithmines.com
www.ithmines.com
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