ITH Confirms Presence of a Major Gold Target on its West Tanana Project, Alaska
|November 9, 2006
Vancouver, B.C........International Tower Hill Mines Ltd. ("ITH" or the "Company") -- (TSX Venture: ITH, Frankfurt: IW9, OTCBB: ITHMF)) is pleased to announce the results of the 2006 soil sampling campaign at its West Tanana Project. Geochemistry outlines an area of significantly anomalous gold and associated pathfinder elements in excess of one kilometre in diameter. The soil results are spatially related to high-grade gold mineralization in historic trenching, and are considered highly encouraging and warrant aggressive drill testing in the 2007 field season. The gold anomaly remains open to the southwest and north beyond the extent of the current grid. ITH holds its interest in West Tanana by way of a mining exploration agreement with option to lease from Doyon, Limited, an Alaska Native Regional Corporation (See NR06-05).
Located in the highly prospective Tintina Gold Belt, some 250 kilometres west of Fairbanks, the West Tanana project is prospective for bulk tonnage, high-grade gold mineralization in flat-lying structures similar to the Pogo Deposit. The project area has been historically mined for placer gold (unknown production). The property was partially explored in the 1990's using geochemistry and limited trenching but was never drill tested. Rock sampling from this initial work returned several gold values in excess of 5 g/t with a high of 17.6 g/t Au over 0.5m. This bedrock mineralization has only been exposed at one location at West Tanana due to its limited exploration history and extensive cover. In the summer of 2006 ITH collected 480 new soil samples, the data from which have significantly increased the size and intensity of the bulk tonnage gold target.
The geologic setting on the West Tanana property is similar to that in the Goodpaster District which hosts the Pogo deposit and ITH's new LMS discovery (See news release NR06-08). In detail, the target is underlain by a thick sequence of metamorphic rocks which have been intruded by a batholith to the north equivalent in age to the main stage Tintina gold event (~100Ma). The area is bounded to the south by the Kaltag Fault zone, a major terrane bounding structure.
West Tanana Geochemical Results
The West Tanana soil sampling program has highlighted an area of strong gold mineralization, roughly one kilometre in diameter, confirming the historic data provided to ITH from the Doyon, Limited proprietary database (Figure 1). Within this zone there appear to be a series of north-northeast trending structures which host the gold mineralization. The anomaly is still open to the southwest and north beyond the extent of the current sampling grid. Analysis of the multi-element data from the soil survey indicates a multistage geochemical association with gold primarily associated with gold-arsenic-tellurium. The presence of bismuth, tellurium and gold together with low antimony suggests that the mineralization could be related to a proximal magmatic hydrothermal system. Trench TR-10-02-01, approximately 200 metres northwest of the historical placer mine (Figure 1), exposed northeast trending, flat lying high-grade quartz veins dipping to the northwest. Other gold mineralized rocks have been found in float and in trench TR-09-28-03 along the schist-quartzite contact shown in Figure 1.
Based on these results, for the 2007 work program ITH is planning on drilling a series of core holes to test both the anomaly adjacent to Monday Creek and the mineralization along the schist-quartzite contact to the west of Monday Creek. In addition to the drilling program, aggressive district scale exploration will continue to evaluate a number of other highly anomalous areas within this large gold endowed system.
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. Cardero recently acquired a 13.3% equity position in ITH. International Tower Hill Mines Ltd. November 9, 2006
The work program at the West Tanana project was designed and is supervised by Dr. Russell Myers, Vice President of Exploration for 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 on Alaska, which controls a number of exploration projects representing a spectrum of early stage to advanced gold discoveries. ITH is committed to building shareholder 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
Phone: 1-888-770-7488 (toll free) or (604)683-6332 / Fax: (604) 408-7499
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release, which has been prepared by management.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding future anticipated property acquisitions, exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans, potential mining scenarios, the success of mineral processing procedures, business trends and future operating costs and revenues. 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 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, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, the Company's ability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and its U.S. public disclosure filings at www.sec.gov and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
This press release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises US investors that the US Securities and Exchange Commission's mining guidelines strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.
This press release is not, and is not to be const
rued in any way as, an offer to buy or sell securities in the United States.