International Tower Hill Mines Ltd. (TSX:ITH)(NYSE MKT:THM)(NYSE
Amex:THM)(FRANKFURT:IW9) ("ITH" or the "Company") announces an
updated evaluation of the exploration potential at its 100%
controlled Livengood Gold Project located near Fairbanks, Alaska.
As part of a project review announced on May 15, 2012, a detailed
geologic review of exploration results from 2009 to 2011 in the
Livengood district was undertaken to identify the area's potential
for mineral resource expansion of the existing deposit as well as
for new discoveries. Through the evaluation, five key target areas
were highlighted with the potential to provide substantial resource
growth over time and which would be the focus of the Company's
future drill programs.
The five key areas with the most significant potential to add to
the mineral resources in the Livengood district are shown in Figure
1 and briefly described below:
To view Figure 1, click on the following link:
http://media3.marketwire.com/docs/i620m1.pdf
Scraper Ridge Target
The presence of a combination of dikes, volcanic host rocks and
a large gold in soil anomaly indicates potential for the discovery
of mineral resources in the newly identified Scraper Ridge target.
Similar high concentrations of mineralized dikes in favorable host
rocks (volcanic rocks and sandstones) are associated with higher
grade and more extensive mineralization in the Money Knob Deposit
(existing resource) and the tenor of gold-anomalous soils are
similar to those over the southern portion of the Money Knob
Deposit. Mineralization has been confirmed in scout hole MK-10-97
which intersected 1.52 metres of 4.82 g/t gold in the most
favorable host rocks (volcanics). Geologic projection indicates the
thickness of the favorable volcanic rocks should increase to the
west toward the main deposit, where the section averages nearly 30
metres. Gold in soil and other diagnostic geochemical pathfinders
have outlined a large, coherent target area.
Money Knob Deposit Expansion Potential - In and Below Pit
Holes in the Money Knob deposit were generally terminated at 200
to 300 metres below surface not because of a lack of mineralization
but due to limitations of the drilling technology used. To date,
almost all of the drill holes in the Money Knob deposit have
bottomed in gold mineralization and six deep holes extending below
the proposed pit bottom (at the 300 metre depth) penetrated
intervals with similar gold grades to the main deposit (see Figs. 1
and 2). Additional mineral resources may be defined below the
current pit design by sequential drilling conducted as part of an
ongoing mining operation.
To view Figure 2, click on the following link:
http://media3.marketwire.com/docs/i620m2.pdf
SW Zone
Drill holes to the west and southwest of the proposed Money Knob
pit intersected gold mineralization in an area now identified as
the SW Zone. Previously identified mineralized intercepts in the
northern portion of the SW Zone (Fig. 1) include 15.24 metres at
3.69 g/t gold (MK-RC-0279) and 22.86 metres grading 0.86 g/t
(MK-RC-0281). These intercepts are relatively shallow and indicate
an opportunity for the delineation of resources that might extend
early mining in the proposed pit towards the west. Deep,
well-mineralized intersections in the southern part of the SW zone
offer the possibility of extending the present mineral resource to
the southwest later in the life of the proposed project.
Gertrude Basin Target
Geotechnical drilling in the Gertrude Basin area (Fig. 1) has
intersected dike-related mineralization in some of the preferred
Money Knob Deposit host rocks within a large gold in soil anomaly.
The best intersections of gold mineralization discovered to date
include 1.68 metres grading 5.72 g/t gold (MK-11-119), 9.77 metres
at 0.83 g/t gold (MK-11-123), and 9.85 metres assaying 0.65 g/t
(MK-11-160).
Moose Gulch/Luck Creek
In the Money Knob Deposit, the intersections of northwest
trending structural corridors, which acted as conduits for diking
and related mineralizing fluids, and favorable host rocks have
formed the higher grade areas of the Money Knob Deposit. Prior
drilling, mapping and surface geochemical sampling has identified
an area five kilometres northeast of the Money Knob Deposit in the
Moose Gulch/Lucky Creek area (Fig.1) where northwest trending
faults (defined by geophysics), dikes and anomalous gold in soils
coincide. Exploration and geotechnical drilling in the area (Fig.
1) to date has encountered gold mineralization, mostly in and
immediately adjacent to dikes, including 3.56 metres at 2.0 g/t
gold in MK-11-170 and 6.07 metres grading 0.67 g/t in MK-10-73A. A
potential new discovery in this largely unexplored area of the
district would have strong synergies with the proposed operation to
the west.
Drill results referenced in this news release have been reported
in further detail in the Company's prior news releases dated
November 12, 2009, November 7, 2011, and March 6, 2012.
2012 Condemnation/Exploration Program
While the Company has recently postponed its district-wide
exploration drilling program, a total of 18
condemnation/exploration holes and additional geotechnical holes
are still being completed in the Gertrude Basin target area.
Although the primary purpose of the condemnation program is to
define site facility locations, it also has the potential to
outline additional resources immediately east of the currently
proposed mining operation. Results from the program will be
announced in the coming months.
"While exploration programs have been deferred this year so we
can focus on the more important goal of completing a feasibility
study that would greatly de-risk the Livengood project technically,
there still exists tremendous exploration potential in the
Livengood district," stated Don Ewigleben, Chairman of ITH. "The
results of our exploration efforts to date strongly support future
drill programs to potentially expand the mineral resource within
our Money Knob Deposit and make potential new discoveries in the
Livengood district. As such, we look forward to being in a position
to re-start our exploration programs in the near future to realize
this potential."
Qualified Person
Chris Puchner (CPG 07048), a Qualified Person as defined by
National Instrument 43-101, has supervised the preparation of the
technical information that forms the basis for this news release
and has approved the disclosure herein. Mr. Puchner is not
independent of ITH, as he is the Chief Geologist of the Company and
holds shares and incentive stock options.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. controls a 100% interest in
the world-class Livengood Gold Project accessible by paved highway
70 miles north of Fairbanks, Alaska. In 2012, ITH is focused on the
rapid advancement of the Livengood project into a compelling
development scenario.
On behalf of International Tower Hill Mines Ltd.
Donald C. Ewigleben, Chairman of the Board
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 U.S.
securities legislation. All statements, other than statements of
historical fact, included herein, including, without limitation,
statements regarding the anticipated content, commencement,
completion and cost of exploration programs, anticipated
exploration program results and the timing thereof, the size and
characteristics of, or the discovery and delineation of, mineral
deposits, resources or reserves, the potential for the expansion of
the estimated resources at the Livengood property, the
identification of additional deposits on the Company's Livengood
property, the preparation or completion of a feasibility study, the
optimization of mine or gold recovery plans, the permitting of a
mine at the Livengood project, the potential for a production
decision to be made, the potential commencement of any development
of a mine at Livengood following a production decision, the
Company's business strategies, and the Company's other 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,
proposed, planned, potential 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 at the Livengood property,
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 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 Livengood
Project.
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.
NR12-16
Contacts: International Tower Hill Mines Ltd. Shirley Zhou
Vice-President - Corporate Communications Direct: 604-343-4799 or
Toll-Free: 1-855-208-4642 Ext. 213szhou@ithmines.com
www.ithmines.com
International Tower Hill... (TSX:ITH)
Historical Stock Chart
From May 2024 to Jun 2024
International Tower Hill... (TSX:ITH)
Historical Stock Chart
From Jun 2023 to Jun 2024