International Tower Hill Mines (TSE:ITH) said it will begin district-wide exploration and condemnation drilling at its Livengood gold project, in Alaska.
gold explorer, which will start the two drill programs on May 1, said
that drill results are expected throughout the summer and fall of this
As part of its initial district-wide exploration program,
International Tower will drill 3,000 metres in 10 core holes to find new
discoveries on its 145 square kilometre land package.
drilling and surface sampling had spotted an area northeast of the Money
Knob deposit where faults, dikes and anomalous gold indicated a
potentially significant mineralization.
Three holes are planned
to target the area to assess the extent of the mineralization. Based on
results from these initial holes, the company plans to explore other
Condemnation drilling, which will determine areas
for infrastructure development, will consist of a 40-hole 6,000 metre
program to sterilize and establish the presence of mineralization
surrounding Money Knob and extend toward existing mineralized
exploration drill holes.
“With our Money Knob deposit sitting
at over 16.5 million ounces in the measured and indicated, and 4.1
million ounces in the inferred resource categories, it is important for
us to look in new areas of our land package to see if we can find
additional gold deposits,” International Tower Hill chief executive Jim
The CEO added that it is crucial to begin engineering data acquisition so that regulatory and community engagement can start.
condemnation drill program is designed to allow Tower Hill Mines to be
ready for these important discussions in first quarter of 2013.
The Livengood gold project is located about 115 kilometres northwest of Fairbanks, Alaska, within the Tintina gold belt.
project is now in transition from an exploration project to undertaking
a pre-feasibility study. Field investigations at Livengood are ongoing,
with a total of nine drill rigs working at the site during summer 2011.
In 2012, International Tower Hill is focused on the rapid
advancement of Livengood into a compelling potential development
scenario while it continues to expand its current resource and explore
its 145-square-kilomtre district for new deposits.
news, the company also said that its audited financial statements for
the year-ended December 31, 2011 contained an “emphasis of matter”
paragraph in relation to a going concern explanatory note.
note did not modify the report of the independent auditor, but instead
draws attention to the company’s audited consolidated financial
statements which describe certain material uncertainties related to the
ability of the company to continue as a going concern.
Under rules of the NYSE Amex stock exchange the inclusion of such a paragraph is required to be announced.
company said that its current working capital is considered sufficient
to fund operations and exploration programs for the fiscal year.
International Tower Hill Mines has a majority stake in the Livengood property, accessible by paved highway 70 miles north of Fairbanks, Alaska.