News
ITH Intersects 4.2 Metres of 22.3 g/t Gold on Major Extension of the Vein System on the Terra Project, Alaska |
| November 16, 2006 |
Terra 2006 Intercepts >3gpt (cutoff)
Hole # Interval (m) Intercept (m) Grade (g/t)
TR-06-16 80.31-80.71 0.40 15.3
89.92-90.22 0.30 3.7
119.42-121.62 2.20 7.1
171.24-171.45 0.21 5.0
324.61-326.26 1.65 13.9
TR-06-17 40.23-40.69 0.46 5.6
128.69-132.89 4.20 22.2
Incl. 130.06-132.89 2.83 31.0
Project Background
The Terra project is located approximately 200 kilometres west of Anchorage, Alaska within the Cretaceous porphyry belt of the Western Alaska Range (which hosts the Pebble and Whistler deposits). ITH is earning a 60% interest in the Terra project from AngloGold Ashanti (U.S.A.) Exploration Inc. ("AngloGold"). In order to earn its interest, ITH is required to incur US$3 million in expenditures on the project over 4 years, and it anticipates incurring approximately US$1 million in 2006. Upon ITH earning its 60% interest, AngloGold will have a one time opportunity to earn back 20% by incurring US$4 million in expenditures over two years, leaving ITH with a 40% interest.
Target Summary
During the surface mapping and sampling program in 2006, ITH collected 136 rock and rock chip channel samples from the Terra project, which ranged in values from <2 ppb to 130 g/t Au (average value for all 136 rock samples is 6.8 g/t Au and 33.7 g/t Ag). This work have now defined 4 main zones of veining in the core Terra target area, as well as a new zone of veining 4 kilometres to the south in the Ice Vein area (13 samples averaging 24.8 g/t gold and 170 g/t silver with a high chip sample of 0.5 m @ 72.3 g/t gold and 453 g/t silver) (See Figure 1 and Table 2). Each of these five vein zones has multiple high-grade veins that are intimately associated with the Terra Diorite. The grades in each are comparable to those found in the Ben Vein zone, which has averaged in the drilling, over a minimum true width of 1 metre, approximately 25 g/t gold (gold values ranging from 6 g/t to 136 g/t). Structural studies indicate that all of the veins have a common north-northwest to north-south trend with variable westerly dips. In addition, a new blind vein was discovered in the 2006 drilling (1.65 metres @ 13.9 g/t gold), which increases the tonnage potential of the system.
Table 2
Terra Top 10 Rock Samples from 2006 Sample # Vein Zone Au g/t Ag g/t Ag:Au RK610528 SD Vein Sys 130.0 210 1.6-1 RK610530 Ben Vein Sys 120.0 651 5.4-1 RK611806 Ed Vein Sys 98.3 126 1.3-1 RK210718 Ice Vein Sys 74.2 171 2.3-1 RK210170 Ice Vein Sys 72.3 453 6.3-1 RK610535 SD Vein Sys 49.6 10 0.2-1 RK210259 Ice Vein Sys 43.6 1000 23-1 RK610538 Ed Vein Sys 42.2 59 1.4-1 RK210256 Ice Vein Sys 36.3 163 5.5-1 RK611805 Ed Vein Sys 31.1 127 4.1-1
The Terra mineralization has been characterized as deep epithermal and could have significant extent down dip and along strike. The project has potential to develop a number of continuous high-grade veins forming a highly attractive mining target. Gold characterization work on the Ben Vein system indicates a very large percentage of the gold and silver can be recovered through gravity concentration.
The Company's proposed 2007 work program at Terra will include approximately 50 metre spaced drilling along 300 metres of strike length and 300 metres down dip on the Ben Vein system to evaluate the grade and continuity of this potentially large, high-grade deposit. In addition, ITH plans to test two of the other vein systems to asses their potential to develop similar systems. The proposed 2007 work program has an estimated budget of US$2 million.
Qualified Person and Quality Control/Quality Assurance
EurGeol Dr. Mark D. Cruise, 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. Dr. Cruise is the Vice President-Exploration of Cardero Resource Corp. In August, 2006, Cardero acquired a 13.3% equity position in ITH.
The work program at the Terra project was designed and is supervised by Jeffrey A. Pontius, President of Talon Gold (US) LLC (a wholly owned subsidiary of ITH responsible for carrying out the exploration programs on ITH's Alaskan properties), who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track samples which are then sealed and shipped to ALS Chemex 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.
International Tower Hill Mines Ltd. is a resource exploration company focused in Alaska that controls a number of exploration projects representing a spectrum of early stage to advanced gold discoveries. ITH is committed to building share holder value through new discoveries while maintaining a majority interest in its holdings, thereby giving its shareholders the maximum value for their investment.
On behalf of
INTERNATIONAL TOWER HILL MINES LTD.
(signed) Jeffrey A. Pontius
Jeffrey A. Pontius,
President and Chief Executive Officer
Contact Information:
Quentin Mai, Vice-President - Corporate Communications
E-mail: qmai@internationaltowerhill.com
Phone: 1-888-770-7488 (toll free) or (604)683-6332 / Fax: (604) 408-7499
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