International Tower Hill Mines Ltd. ("ITH" or the "Company") -
(TSX: ITH)(NYSE Amex: THM)(FRANKFURT: IW9) announces that multiple,
thick zones of higher grade mineralization were encountered in the
first 14 holes drilled in its 2011 drill program at the Livengood
Gold Project near Fairbanks, Alaska. The drill program, which
commenced in February 2011, is aimed at confirming the continuity
and grade of the mineralization at its Money Knob deposit and
testing a new,deeper, higher grade zone of mineralization in the
southern Core and SW zones of the deposit which was encountered in
late 2010 (see Figure 1).
Highlights from drilling:
-- Hole MK-RC-0477: 94.5 metres @ 1.94 g/t gold from 195.1-289.6 metres
(infill, Core Zone)
-- Hole MK-RC-0489: 53.3 metres @ 1.97 g/t gold from 295.7-349 metres (step
out, SW Zone)
-- Hole MK-RC-0480: 45.7 metres @ 2.07 g/t gold from 219.5-265.2 metres
(infill, Core Zone, pre-collar)
-- Hole MK-RC-0481: 68.6 metres @ 1.36 g/t gold from 144.7-213.4 metres
(infill, Core Zone)
-- Hole MK-RC-0478: 79.3 metres @ 1.21 g/t gold from 149.4-228.6 metres
(infill, Core Zone, pre-collar)
-- Hole MK-RC-0474: 117.3 metres @ 1.34 g/t gold from 173.7-291.1 metres
(infill, Core Zone)
These initial intersections are from a series of shallow,
infill, pre-collar, reverse circulation holes completed prior to
deeper core drilling designed to test the deposit's new high-grade
zone at depth. A "pre-collar" hole is one that is started with
reverse-circulation drilling and then converted to core drilling
when the reverse-circulation drill reaches its limit (in this case,
at approximately 300 - 350 metres). Results from the deeper core
drilling portion will be announced as they become available over
the next few months.
Infill Drilling between Core and Sunshine Zones
Out of the 14 holes drilled, four holes targeted oxide
mineralization in the eastern Core Zone and Sunshine areas (RC
holes MK-RC-0474, -0482, -0486 and -0490; see Fig. 1 and Table 1).
Results from these holes continue to confirm grade and thickness of
the deposit while hole MK-RC-0474, which intercepted 117.3 metres
of 1.34 g/t gold, is developing a thicker zone of
mineralization.
Southern Core and SW Zones
The remainder of the drill holes are from the southern Core
zone, with the lower sections displaying the same geochemical
signature of gold-arsenic-antimony typical of the deep, higher
grade zone in the area as discussed in news reported on November
29, 2010 (NR10-38), and February 3, 2011 (NR11-02), from drilling
in 2010 (holes shown in blue in Figure 1). In addition, similar
gold-arsenic-antimony mineralization was penetrated in the SW Zone
in hole MK-RC-0489, which expands the body of mineralization at
least 100 metres southeast from Hole MK-RC-0345 (128.0 metres at
1.32 g/t gold, previously reported).
Core holes currently being drilled, or where assays remain
pending, are testing the areas beneath the 1.94 g/t gold
intersection at the end of hole MK-RC-0477, the 2.07 g/t gold
intersection at the bottom of hole MK-RC-0480, and 75 metres to the
south of hole MK-RC-0458 (which intercepted 112.8 metres grading
2.63 g/t gold as previously reported). Additional deep core holes
will be drilled in the southern Core and SW zones during this phase
of the 2011 drilling program.
Jeff Pontius, Chief Executive Officer of ITH, stated: "The
higher grades and characteristic geochemical signature being
returned in the lower sections of these initial holes are very
encouraging, as they indicate that a large area of higher grade
gold mineralization could exist in our new zone at depth. These
grades continue to demonstrate the deposit's expansion potential
and will have a positive impact on our overall resource grade and
mining configuration."
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/ith329.pdf.
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 Length Gold
Drill Hole (metres) (metres) (metres) (g/t) Area
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MK-RC-0474 115.82 131.06 15.24 0.49 Core Zone, Infill
132.59 164.59 32 0.66
173.74 291.08 117.34 1.34
includes 182.88 193.55 10.67 1.77
includes 243.84 252.98 9.14 2.01
includes 260.6 268.22 7.62 2.31
includes 274.32 280.42 6.1 9.97
344.42 365.76 21.34 0.40
MK-RC-0475 204.22 224.03 19.81 1.32 Core Zone, infill, pre-collar
includes 207.26 220.98 13.72 1.68
228.6 246.89 18.29 0.85
MK-RC-0476 150.88 192.02 41.14 2.17 Core Zone, infill, pre-collar
includes 150.88 164.59 13.71 3.04
includes 178.31 185.93 7.62 2.79
210.31 225.55 15.24 1.41
includes 210.31 214.88 4.57 2.42
227.08 237.74 10.66 0.74
243.84 254.51 10.67 0.56
MK-RC-0477 152.4 190.5 38.1 2.18 Core Zone, infill, pre-collar
includes 161.54 184.4 22.86 3.22
195.07 289.56 94.49 1.94
includes 205.74 230.12 24.38 2.85
includes 236.22 243.84 7.62 2.37
includes 248.41 251.46 3.05 3.95
MK-RC-0478 83.82 100.58 16.76 1.59 Core Zone, infill, pre-collar
includes 85.34 92.96 7.62 2.96
149.35 228.6 79.25 1.21
includes 149.35 155.45 6.1 2.12
includes 166.12 175.26 9.14 1.53
includes 184.4 187.45 3.05 3.29
includes 190.5 196.6 6.1 3.19
231.65 283.46 51.81 0.88
MK-RC-0479 44.2 54.86 10.66 2.57 Core Zone, Infill
includes 44.2 47.24 3.04 7.77
144.78 161.54 16.76 1.43
includes 152.4 160.02 7.62 2.34
166.12 284.99 118.87 0.87
includes 193.55 196.6 3.05 4.14
includes 240.79 245.36 4.57 2.39
286.51 298.7 12.19 0.54
MK-RC-0480 91.44 112.78 21.34 1.08 Core Zone, infill, pre-collar
118.87 124.97 6.1 0.37
137.16 178.31 41.15 0.90
181.36 214.88 33.52 0.54
219.46 265.18 45.72 2.07
MK-RC-0481 76.2 86.87 10.67 1.63 Core Zone, Infill
96.01 105.16 9.15 0.71
144.78 213.36 68.58 1.36
includes 150.88 160.02 9.14 1.79
includes 192.02 198.12 6.1 2.08
includes 205.74 211.84 6.1 1.70
217.93 233.17 15.24 2.44
includes 222.5 231.65 9.15 3.74
234.7 263.65 28.95 1.25
includes 243.84 249.94 6.1 2.42
269.75 333.76 64.01 1.34
includes 269.75 275.84 6.09 2.36
includes 304.8 307.85 3.05 6.99
includes 312.42 315.47 3.05 4.07
339.85 368.81 28.96 0.62
385.57 391.67 6.1 1.05
MK-RC-0482 304.8 321.56 16.76 0.41 Core Zone, Infill
326.14 353.57 27.43 0.75
MK-RC-0483 no significant intercepts SW Zone
MK-RC-0484 199.64 213.36 13.72 0.53 SW Zone
MK-RC-0486 3.05 30.48 27.43 0.67 Sunshine Zone
38.1 67.06 28.96 0.79
71.63 83.82 12.19 0.56
103.63 132.59 28.96 1.09
includes 111.25 120.4 9.15 1.40
includes 124.97 128.02 3.05 3.55
152.4 181.36 28.96 0.37
205.74 211.84 6.1 0.97
MK-RC-0489 99.06 108.2 9.14 0.99 SW Zone
152.4 164.59 12.19 0.61
176.78 184.4 7.62 0.41
188.98 195.07 6.09 1.08
includes 188.98 192.02 3.04 1.83
224.03 256.03 32 0.96
includes 242.32 245.36 3.04 4.75
274.32 280.42 6.1 2.20
includes 274.32 278.89 4.57 2.72
295.66 349 53.34 1.97
includes 297.18 300.23 3.05 1.62
includes 315.47 344.42 28.95 2.92
MK-RC-0490 13.72 28.96 15.24 1.11 Sunshine Zone
39.62 59.44 19.82 1.43
includes 39.62 42.67 3.05 4.10
includes 51.82 57.91 6.09 1.64
73.15 100.58 27.43 0.57
176.78 199.64 22.86 0.34
Livengood Project Highlights
-- 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 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.
-- 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 (10.9Moz 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 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
1.06g/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 focused 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.
-- No major permitting hurdles have been identified to date.
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 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 completion
of a pre-feasibility study at Livengood, the potential for a
production decision to be made at 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.comand 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.
NR11-05
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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