|November 02, 2009|
International Tower Hill Continues to Expand the Livengood Gold Project, Alaska
Sunshine Zone - 117m @ 1.2 g/t gold,
Northeast Zone - 114m @ 0.9 g/t gold,
Money Knob Zone - 104m @ 1.0 g/t gold
Vancouver, B.C........International Tower Hill Mines Ltd. ("ITH" or the "Company") - (TSX Venture: ITH, NYSE-A: THM, Frankfurt: IW9) is pleased to announce assay results for 31 new drill holes at its Livengood project, Alaska. The new results continue to expand the deposit on multiple fronts and confirm thick zones of mineralization including: The Sunshine Zone (MK-RC-0267: 117 metres @ 1.2 g/t gold), The Northeast Zone (MK-RC-0261: 114 metres @ 0.9 g/t gold) and The Money Knob Zone (MK-RC-0262: 104 metres @ 1.0 g/t gold).
Results have now been released for 168 of the 207 holes completed in 2009 (65,000 metres), with assays for 39 drill holes pending. The first phase of the 2010 drilling campaign is scheduled to commence at the beginning of February, 2010 with four drill rigs. The 2010 program is currently planned to complete 50,000 metres of resource expansion and infill drilling.
The first Preliminary Economic Assessment (PEA) for the Livengood deposit, which will focus on the heap leach option, is currently underway using the present (October 2009) resource model. The results from this initial study are anticipated later this quarter. A new resource estimate is scheduled to be completed when all the remaining assay results have been released. This 2009 year-end resource estimate is anticipated to be completed in the first quarter of 2010. Ongoing metallurgical testing for the addition of a milling circuit should be completed by the end of 2009 for integration into an updated PEA evaluating the combined milling/heap leach option, which is scheduled to be finished late in the first quarter of 2010.
New Sunshine Zone Results
The six new Sunshine Zone holes reported in Table 1 demonstrate the continuity of mineralization in the south and eastern part of the Zone (Figure 1). Hole MK-RC-267 (117 metres @ 1.2 g/t gold) demonstrates the depth continuity to the south and hole MK-RC-254 (41 metres @ 1.1 g/t gold) shows the mineralized zone remains open to the southeast.
These new results continue to highlight the significant expansion potential of this large new area of the deposit, which has excellent continuity to depths of at least 250 metres with oxidation extending to 170+ metres in depth. These characteristics magnify the economic potential of the Sunshine Zone, given the apparent low strip ratio in a broad range of oxidation where gold recoveries are anticipated to be better.
New Northeast Zone Results
Assay results from several holes continue to delineate this prolific new zone of mineralization to the northeast of the Sunshine Zone (Table 2). Mineralization in this zone is characterized by numerous intervals from 10-30 metres thick that coalesce in some areas, as demonstrated by hole MK-RC-0216 (114 metres @ 0.9 g/t gold).
Money Knob Area
In the central part of the deposit a significant new zone of mineralization is developing on the eastern side of Money Knob hill, where MK-RC-0262 returned 104 metres @ 1.0 g/t gold. Several of the pending drill holes in this area display strong alteration, characteristic of the higher grade gold zones.
Significant gold intercepts have been returned from other areas of the deposit (Table 4). In the Northeast Zone holes MK-RC-245 and MK-RC-248 both returned significant mineralization along the faulted contact between the Cambrian mafic rocks and the Devonian sediments. This structure has a steep dip and could be the focus of a new zone of mineralization some 600 metres beyond the currently defined deposit.
Figure 1: Locations of new assay results and current cumulative grade thickness map. Grade thickness contours are plotted relative to the location of mineralization in the subsurface in angled drill holes and so are offset from the collar locations shown.
Table 1: Significant New Intercepts* from the Sunshine Zone
*Intercepts are calculated using 0.25g/t cutoff and maximum 3 metres internal waste. Cumulative gram metres is sum of the grade thickness products for all intercepts including many which are not reported here.
Table 2: Significant New Intercepts* from the Northeast Zone
*Intercepts are calculated using 0.25g/t cutoff and maximum 3 metres internal waste. A cumulative gram metre is the sum of the grade thickness products for all intercepts including many which are not reported here.
Table 3: New Assays from the Money Knob Zone
Table 4: New Assays from Other Sectors of the Deposit
Livengood Project Highlights
ITH controls 100% of its 44 square kilometre Livengood land package, which is primarily made up of fee land leased from the Alaska Mental Health Trust and a number of smaller private mineral leases. The Company and its predecessor, AngloGold Ashanti (U.S.A.) Exploration Inc., have been exploring the Livengood area since 2003, with the project's first indicated resource estimate being announced in early 2008. The 2009 drilling program is part of a series of drill initiatives which mark the first grid drilling resource definition campaign for the project and is only the initial step in what the Company envisions as a major long-term exploration program to define one of the world's larger new gold deposits.
The Livengood Deposit is hosted in a thrust-interleaved sequence of Proterozoic to Palaeozoic sedimentary and volcanic rocks. Mineralization is related to a 90 million year old (Fort Knox age) dike swarm that cuts through the thrust stack. Primary ore controls are a combination of favourable lithologies and crosscutting structural zones. In areas distal to the main structural zones the selective development of disseminated mineralization in favourable host rocks is the main ore control. Within the primary structural corridors all lithologies can be pervasively altered and mineralized. Devonian volcanic rocks and Cretaceous dikes represent the most favourable host lithologies and are pervasively altered and mineralized throughout the deposit. Two dominant structural controls are present: 1) the major shallow south-dipping faults which host dikes and mineralization which are related to dilatent movement on structures of the original fold-thrust architecture during post-thrusting relaxation, and 2) steep NNW trending linear zones which focus the higher-grade mineralization which cuts across all lithologic boundaries. The net result is broad flat-lying zones of stratabound mineralization around more vertically continuous, higher grade core zones with a resulting lower strip ratio for the overall deposit and higher grade areas that could be amenable for starter pit production.
The surface gold geochemical anomaly at Livengood covers an area 6 kilometres long by 2 kilometres wide, of which an area approximately 3 kilometres by 1.5 kilometres has been explored by drilling to date. Surface exploration is ongoing as new targets are developed to the northeast of the known mineralization.
Qualified Person and Quality Control/Quality Assurance
Jeffrey A. Pontius (CPG 11044), 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 and has approved the disclosure herein. Mr. Pontius is not independent of ITH, as he is the President and CEO and holds common shares and incentive stock options.
The work program at Livengood was designed and is supervised by Dr. Russell Myers, Vice President, Exploration, and Chris Puchner, Chief Geologist (CPG 07048), of the Company, who are responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project photograph the core from each individual borehole prior to preparing the split core. Duplicate reverse circulation drill samples are collected with one split sent for analysis. Representative chips are retained for geological logging. On-site personnel at the project log and track all samples prior to sealing and shipping. All sample shipments are sealed and shipped to ALS Chemex in Fairbanks, Alaska for preparation and then on to ALS Chemex in Vancouver, B.C. 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.
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 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.
(signed) Jeffrey A. Pontius
Jeffrey A. Pontius,
President and Chief Executive Officer
Quentin Mai, Vice-President - Corporate Communications
Phone: 1-888-770-7488 (toll free) or (604)683-6332 / Fax: (604) 408-7499
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated use of proceeds of the bought deal financing and concurrent private placement in the US, are forward-looking statements. 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, risks associated with the timing and pricing of the financing, pricing fluctuations in metal prices, currency fluctuations, dilution, the volatility of the Company's common share price and volume; and tax consequences to U.S. investors, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability 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, and other risks and uncertainties disclosed in the Company's Annual Information Form filed with certain securities commissions in Canada and its annual report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC"), and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and its United States public disclosure filings may be accessed via www.sec.gov, and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.