ITH Defines New Copper-Gold-Silver System with Bulk Tonnage Potential on its Chisna Project in Alaska
|November 27, 2006
Vancouver, B.C..International Tower Hill Mines Ltd. ("ITH" or the "Company") -- (TSX Venture: ITH, OTCBB: ITHMF, Frankfurt: IW9) is pleased to announce initial surface sampling results from the newly staked, 100% owned, Chisna project in the eastern Alaska Range, Alaska.
Results to date indicate that a large area in the central portion of the property has the potential to host a significant, near-surface bulk tonnage copper-gold-silver deposit. Reconnaissance scale geochemical sampling from a number of highly altered zones has defined a large open-ended target area, covering approximately 25 square kilometres, within which highly anomalous copper, gold and silver values occur. A total of 73 rock samples collected from this area averaged 0.19% copper, 0.33 g/t gold and 2.8 g/t silver, with 21 of these samples exceeding 200 ppm copper and averaging 0.6% copper, 1.06 g/t gold and 8.2 g/t silver. The range of the 21 samples was from 3ppm to 3.7% copper and 2 ppb to 12.2 g/t gold, with high values of 3.7% copper, 0.03g/t gold and 46.7 g/t silver and 0.75% copper, 12.2 g/t gold and 6.5 g/t silver.
The average values from all of the soil samples taken on the project by ITH (87 samples covering three areas approximately 3.5 kilometres apart) equalled 230 ppm copper, 31 ppb gold and 0.5 ppm silver, with a range of from 31 to 1,955 ppm copper, 2 to 255 ppb gold and 0.1 to 2.4 ppm silver. Regional silt sampling results from 90 samples covering a much larger area along the mineralized trend returned average values of 182 ppm copper, 20 ppb gold, 0.4 ppm silver and 253 ppm zinc, with a range of from 43 to 804 ppm copper, 2 to 145 ppb gold, 0.1 to 2.5ppm silver and 66 to 6,850 ppm zinc. Preliminary reconnaissance scale geologic work indicates the copper-gold-silver mineralization at Chisna is multiphase and may be related to a large, volcanic hosted, high sulfidation system consistent with those found around copper-gold porphyry systems.
The copper-gold-silver mineralization on the Chisna project is hosted in the Mankomen volcanic/sedimentary group which underlies the Tetelna volcanic group. This package of rocks hosts the world class copper and copper-gold deposits at Kennecott and Orange Hill southeast of the Chisna property. The Chisna area has produced approximately 180,000 ounces of gold from placer deposits which drain the target area and has only had a limited amount of historic hard rock exploration. One historic drill hole was found on the property within one of the alteration zones, but no data is available. AngloGold Ashanti (U.S.A.) Exploration Inc. staked the target in June of this year and sold a 100% interest in the project to ITH as part of the asset sale transaction which closed on August 4, 2006 (see August 8, 2006 press release).
The currently defined copper-gold-silver target is related to widespread silica-pyrite alteration zones hosted within the volcanic sequence. The high copper zones contain abundant chalcopyrite and appear associated with an early mineralizing event, whereas higher gold values may be related to a later event. A possible porphyry affinity is suggested by the presence of a base metal veined intrusive and the general alteration-geochemical association sample results. The belt has never been systematically explored with modern exploration techniques.
Based on the initial positive results, ITH has expanded its property position to cover an additional 130 square kilometres (bringing the current property position to approximately 250 square kilometres) along the projection of the Chisna mineral system within favourable units containing historic copper and gold occurrences. The core target area and regional potential of the property will be evaluated in 2007 with a multiphase surface mapping-sampling and airborne geophysical program budgeted to cost approximately USD 300,000. Based on the results to date, the Company believes the Chisna project has potential for a world class copper-gold discovery in an area that has received very little past exploration.
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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. and a shareholder of ITH. Cardero recently acquired a 13.3% equity position in ITH.
The work program at Chisna 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
Quentin Mai, Vice-President - Corporate Communications
Phone: 1-888-770-7488 (toll free) or (604)683-6332 / Fax: (604) 408-7499
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