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Message: Announces First Two Holes of 2009 Winter Drill Program, Livengood Project
| March 2, 2009 | |
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International Tower Hill Announces First Two Holes of 2009 Winter Drill Program, Livengood Project, Alaska:
206 Metres of 1.40 g/t Gold (Including 38.1 Meter of 3.08 g/t Gold) and 38 Metres of 1.23 g/t Gold |
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2009) - International Tower Hill Mines Ltd. ("ITH" or the "Company") - (TSX VENTURE:ITH)(NYSE Alternext US:THM)(FRANKFURT:IW9) is pleased to announce the results from the initial two holes of its 2009 resource expansion winter drilling program on its Livengood Gold Project, Alaska. Hole MK-RC-0110 returned 206 metres of 1.40 g/t gold (including 38.1 metres of 3.08 g/t gold), thereby confirming the thickness and higher grade nature of the Core Zone. Hole MK-RC-0109, drilled on the south-western extension target of the Core Zone, returned 38 metres of 1.23 g/t gold and 18.3 metres of 0.92 g/t gold (Table 1). As with many of the 2008 drillholes, both of these 2009 holes ended in significant gold mineralization, thus indicating the deposit is open at depth. To date, a total of seven holes have been completed in the 2009 winter drill program and an additional reverse circulation drill rig has been added to the program (which has been expanded to 10,000 metres). Table 1
Livengood Project
Significant Intercepts - 2009 Winter Program
(0.25g/t cutoff less than 3m internal dilution)
Hole ID TD From (m) To (m) Length (m) g/t
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MK-RC-0109 285.00 9.14 27.43 18.29 0.92
106.68 109.73 3.05 1.28
138.68 143.26 4.58 0.90
164.59 202.69 38.10 1.23
MK-RC-0110 355.09 149.35 355.09 205.74 1.43
Including 173.7 211.8 38.1 3.08
Following completion of the 2009 winter phase of work, an updated resource estimate will be completed for use in the preparation of an initial Preliminary Economic Assessment of the Livengood Project, which the Company anticipates releasing in July, 2009. In addition, subject to the completion of the recently announced bought deal financing, the Company plans to expand the 2009 summer program to 3 drills in order to complete approximately 30,000 metres of drilling for a 2009 project total of approximately 40,000 metres. Jeff Pontius, President and CEO, stated "The tremendous resource growth we achieved in 2008, coupled with numerous highly prospective expansion targets, has fueled the need for an expanded program. Our primary goals for 2009 will be to maximize the expansion of the Livengood Gold Deposit, initiate testing of other District scale targets at the project area and commence initial drill testing of high-grade feeder zone targets at depth". Livengood Gold Project The Livengood project has a very favourable logistical location, being situated 110 road kilometres north of Fairbanks, Alaska along the paved all-weather Elliot Highway and the Trans Alaska Pipeline Corridor, approximately 55 kilometres north of the Alaska State power grid and along the proposed Alaska natural gas pipeline route. ITH controls 100% of its 44 square kilometre Livengood land package, which is primarily comprised of fee land leased from the Alaska Mental Health Trust plus a number of smaller private mineral leases. The thick, shallowly dipping, outcropping gold deposit at Livengood has a favourable geometry for a low strip, bulk tonnage mining operation. Initial metallurgical data indicates the deposit is potentially amenable to low cost, heap leach gold recovery. The Company and its predecessor in title, AngloGold Ashanti (U.S.A.) Exploration Inc., have been exploring the Livengood area since 2003, with the project's first resource estimate being announced in early 2008. The 2008 drilling program marks the first grid drilling resource definition campaign for the project and is only the initial step in what the Company envisions as a major exploration program to define what it anticipates is one of the world's larger new gold deposits. Results at Year-end 2008 (N.I. 43-101 Compliant) The most recent resource estimate for the Livengood Project (announced and as at January 28, 2009) incorporates all of the 2008 drilling and trenching (a total of 172 core and reverse circulation holes and 11 trenches totalling over 41,063 metres). The updated gold resource is 128.6 M/t (indicated) at an average grade of 0.83 g/t (3.41M ounces gold) and 142.1 M/t (inferred) at an average grade of 0.74 g/t (3.39M ounces gold), based on a cut off grade of 0.50 g/t gold (see NR09-02). This updated estimate represents a 70% increase of the gold resource from the previous estimate (as at September 27, 2008) reported on October 29, 2008 (see NR08-22). The expansion of the deposit over the past 12 months incorporates the discovery of the larger and higher grade Core Zone area at the Money Knob target. The Core Zone area has an estimated gold resource of 68.8 M/t (indicated) at an average grade of 1.03 g/t gold (2.28M ounces) and 65.2 M/t (inferred) at an average grade of 0.93 g/t gold (1.95M ounces), based on a cut off grade of 0.70 g/t gold. A 3D image of the most recently released Livengood drill information can be viewed at: http://www.corebox.net/properties/li... . About International Tower Hill Mines Ltd. International Tower Hill Mines Ltd. is a resource exploration company, focused in Alaska and Nevada, which controls a number of exploration projects representing a spectrum of early stage through to the advanced multimillion ounce gold discovery at Livengood. ITH is committed to building shareholder value through new discoveries while maintaining a majority interest in its key holdings, thereby giving its shareholders the maximum value for their investment. On behalf of INTERNATIONAL TOWER HILL MINES LTD. Jeffrey A. Pontius, President and Chief Executive Officer |
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