International Tower Hill Mines (ITH)(TSE:ITH)(AMEX:THM) said Tuesday new drill results from its wholly-owned Livengood gold project have verified the 16.5 million ounce gold resource there.
The Livengood gold project is located about 115 kilometres northwest of Fairbanks, Alaska, within the Tintina gold belt.
August 2011, the company released an NI 43-101 compliant resource
estimate for the project, which is located within the company's larger
145-square kilometre property holding.
At a 0.22 gram per tonne
(g/t) cut off grade, ITH reported 933 million tonnes at 0.55 g/t gold,
for 16.5 million ounces of gold in the measured and indicated category.
Inferred resources totaled 257 million tonnes grading 0.5 g/t gold, for
4.1 million ounces of gold.
ITH president and CEO, James Komadina
said: "Our 2011 close-spaced drill programs have firmly verified the
data used to calculate our latest resource estimate and substantiated
Livengood as one of the largest gold resources in North America.
significant size of the project now warrants a shift in the Company's
focus from resource growth to development activities that will advance
the Livengood project towards a production decision and potentially
becoming a new, large-scale gold mine in North America."
assay results, which confirmed the August 2011 resource estimate, are
from the 73 in-fill drill holes that ITH completed at Livengood late
Significant results from that program, which focused
mainly on the Core zone, the Sunshine zone, and the Area 50 zone,
include MK-RC-0558, drilled on the Core zone, which intersected 28.96
metres grading 3.66 g/t gold, including 7.62 metres at 4.22 g/t gold,
and including 3.05 metres at 12.28 g/t gold.
Also on the Core
zone, MK-11-177 hit 3.17 metres at 21.88 g/t gold, including 1.67 metres
at 41.32 g/t gold, while MK-11-220 hit 1.67 g/t gold over 89.83 metres,
including 6.92 metres at 8.88 g/t gold, and including 6.08 metres at
2.25 g/t gold.
On the Sunshine zone, MK-11-153 intersected 46.94
metres grading 0.86 g/t gold and 39.62 metres at 1.22 g/t gold, while
MK-11-194 hit 4.67 metres at 1.21 g/t gold.
MK-RC-574 on the Area
50 zone intersected 67.05 metres grading 2.05 g/t gold, including 4.57
metres at 17.88 g/t gold. MK-11-213, meanwhile, intersected 10.0 metres
at 2.55 g/t gold, while MK-11-224 hit 17.26 metres at 0.95 g/t gold.
said it marks this resource verification as the conclusion of
confirmation drilling at the deposit, as it shifts its focus to
district-wide exploration within its land package, as well as on
condemnation/geotechnical drilling in support of permitting activities
It will also continue working on its prefeasibility study, which is slated for release this summer.
ITH controls a 100 percent interest in the Livengood project, accessible by paved highway 70 miles north of Fairbanks, Alaska.
In 2012, the company is focused on the rapid advancement of the
project while it continues to expand its current resource and explore
its 145 square kilometre district for new deposits.
In Toronto, ITH shares slipped 1.96 percent to $4.51, as of 10:22 am EDT.