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IT IS a short drive from the village of Newhalen, on the shore of Lake Iliamna in south-western Alaska, to Nondalton, about 15 miles (24km) away. At least, it would be short if there was a road. Instead, supplies to the settlement have to be flown in or ferried upriver. Like much of the state, this area—about 250 miles south-west of Anchorage—is wild and undeveloped, a vast plain of rolling tundra, pristine forests and braided rivers.
This is why sportsmen go there, some of them paying as much as $8,000 per week to fish or hunt. More important, the rivers that drain into nearby Bristol Bay support the biggest salmon run on earth. The salmon business is worth some $400m a year, employs 10,000 people, and has sustained dozens of native settlements and their way of life for generations.
But more glitters there than the silvery shapes of sockeye salmon swimming upstream. Two mining companies, Northern Dynasty Minerals of Vancouver and Anglo American, based in London, are working together to develop claims in the area. If they succeed, the largest open-pit mine in North America, two miles wide and nearly 2,000 feet (600 metres) deep, will appear in the middle of this wilderness.
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Friday, November 9, 2007
State organizes series of mining workshops
The Alaska Department of Natural Resources has begun a series of mining information workshops and reports it plans to host a meeting in Bethel, though it hasn't specified a date.
State mining coordinator Tom Crafford said its series of workshops is intended to teach residents concerned with mining development how state and federal regulations work.
"We definitely recognize the need to take this out to other communities in Alaska. There's confusion and definitely a lot of concern about how these projects are evaluated and analyzed and permitted and how decisions are made," Crafford said.
Workshops are already set for Nov. 13 in Anchorage, Nov. 14 in Fairbanks and Nov. 15 in Juneau.
Read full story
State mining coordinator Tom Crafford said its series of workshops is intended to teach residents concerned with mining development how state and federal regulations work.
"We definitely recognize the need to take this out to other communities in Alaska. There's confusion and definitely a lot of concern about how these projects are evaluated and analyzed and permitted and how decisions are made," Crafford said.
Workshops are already set for Nov. 13 in Anchorage, Nov. 14 in Fairbanks and Nov. 15 in Juneau.
Read full story
Geoinformatics Files NI 43-101 Technical Report on the Whistler Gold-Copper Porphyry Project in Alaska
TORONTO, ONTARIO -- 11/08/07 -- Geoinformatics Exploration Inc. (TSX VENTURE: GXL) ("Geoinformatics" or the "Company") is pleased to announce that it has received an independent geological exploration report on the Whistler Project in Alaska from SRK Consulting (Canada) Inc. ("SRK"). The SRK report confirms that the mineralized Whistler Zone within the Whistler Project is now at the "Resource Delineation Stage". The complete SRK report has been filed on and can be downloaded from SEDAR (www.sedar.com).
NI 43-101 Report Highlights:
The SRK 43-101 report confirms:
- The Whistler Zone has a geological setting typical of gold-copper and copper-gold mineralized porphyry systems around the world.
- Gold-copper mineralization in the broader Whistler Zone is found at surface over an area of 750 metres by 250 metres and reaches depths of 200 metres to 570 metres and widths up to 460 metres below surface.
- The previous drilling on the Whistler Zone by Kennecott Exploration Company ("Kennecott") was audited by SRK who determined it was conducted using industry best-practices and is reliable for the purpose of resource estimation.
- Geoinformatics' (now-completed) 2007 drill program is sufficient, in concert with Kennecott's prior drilling, to demonstrate the continuity of the gold-copper mineralization and to interpret the geology of the Whistler Zone with confidence. The drill hole data and geological interpretation supports the construction of an initial mineral resource model for the deposit in compliance with National Instrument ("NI") 43-101 guidelines.
- The Round Mountain, Rainmaker, Rain Tree and Canyon Mouth prospects, which are part of a large number of targets identified on the Whistler property, represent gold-copper porphyry exploration prospects of sufficient merit to be investigated by future drilling.
Geoinformatics has engaged SRK to complete a resource estimation, compliant with NI 43-101 standards, based on the drilling to-date on the Whistler Zone, which is expected to be completed within 8 to 10 weeks.
SRK Technical Report
In August 2007, Geoinformatics engaged SRK to audit the Whistler Project and prepare an independent technical report under NI 43-101 guidelines.
The SRK report is authored by Dr. Jean-Francois Couture, P.Geo, Principal Geologist at SRK, comprises over 100 pages of detailed technical information and is compliant with NI 43-101 standards. It covers topics including: a property description, relevant agreements and ownership; the location, access and physiography of the region; the geological setting; the various deposit types and mineralization; previous exploration work; sampling methods and approaches; and verification of technical data.
SRK reports that the Whistler Zone represents a classical copper-gold porphyry system and that the positive exploration results to-date are of sufficient merit to justify additional exploration expenditures. SRK confirms that mineralization is found over a surface area of 750 metres by 250 metres and reaches depths between 200 and 570 metres and widths up to 460 metres below surface. SRK audited the technical data produced from exploration by both Kennecott and Geoinformatics. In the opinion of SRK, this data has been acquired using industry best-practices.
SRK is a worldwide engineering, environmental and geological consulting company.
The Path to Resource Delineation
Geoinformatics completed seven drill holes totaling approximately 3,300 metres in 2007, all on the Whistler Zone. These holes, in combination with the previous Kennecott drilling, will form the basis of a 43-101 compliant resource estimate for the Whistler gold-copper deposit. Geoinformatics has received and released final assay results for the initial two drill holes, with the remaining five drill holes pending.
Geoinformatics has formed an Ore Resource Committee for the Whistler deposit consisting of personnel from Geoinformatics and SRK. This committee's mandate is to complete a geological and resource model for the Whistler Zone as soon as possible after reception of all assay results. Final assay results are expected within the next 2 to 3 weeks with resource estimation work expected to be completed by mid to late December.
About the Whistler Project
The Whistler Project was acquired as a target-of-merit from Kennecott in June 2007 (see "Kennecott - Geoinformatics Alliance Agreement" below), and encompasses approximately 440 sq. km. in the northeastern end of the prospective Southern Alaskan Range which hosts the giant Pebble copper-gold-molybdenum-silver deposit further to the southwest. The project is located 161 km. northwest of Anchorage, Alaska and consists of 732 mining claims on state land designated for mineral exploration and development.
To view "Figure 1. Whistler Project Location", please view the following link:
http://www.ccnmatthews.com/docs/gxl1108.pdf
The Whistler Project consists of the Whistler Zone, which has been interpreted from extensive drilling as a large gold-copper porphyry system, and a significant number of regional exploration targets. These regional targets have mineralized geochemistry samples, geophysical signatures similar to the Whistler Zone or mineralized initial drill holes.
Kennecott - Geoinformatics Alliance Agreement
All Whistler prospects and properties mentioned in this press release fall under the Kennecott-Geoinformatics Master Strategic Alliance Agreement. Please refer to Geoinformatics' press-release dated August 14, 2006, for further information. Under the terms of this agreement, Kennecott retains a one-time back-in right or a 2% NSR on a project basis, if the back-in right is not exercised.
Qualified Persons
The technical content of this release has been reviewed by Darren Holden, MAusIMM, Executive, Vice-President, Operations of Geoinformatics and is based, in part, on information compiled by Dr. Jean-Francois Couture, P.Geo, of SRK. By virtue of their academic backgrounds and professional experience, Mr. Holden and Dr. Couture are "qualified persons" as defined by NI 43-101.
About Geoinformatics
Geoinformatics is a global exploration company which has developed a unique and innovative approach to minerals exploration.
In addition to the Whistler Project, Geoinformatics is actively exploring several advanced projects located in British Columbia, Utah, the Battle Mountain Trend region of Nevada, and the State of Sinaloa, Mexico. Fourteen Company-owned properties in the State of Sonora, Mexico, fall under a joint venture in which Azure Minerals Limited is earning a 51% interest by spending US$4 million. Geoinformatics also has an extensive portfolio of other direct and indirect property interests, joint ventures, and royalties covering a wide range of minerals in Mexico, Australia and New Zealand and North America.
The Company entered into a Master Strategic Alliance Agreement with Kennecott (the "Alliance Agreement") effective March 2006 under which it is using its proprietary geo-science and technology platform (the "Geoinformatics Process") to identify, prioritize and drill more than 30 exploration drill targets over the initial two years of the agreement. The Whistler Project has been accepted by Geoinformatics as a target-of-merit under the Alliance Agreement, and Kennecott retains certain royalty and/or back-in rights on all Alliance projects.
The Geoinformatics Process integrates large-scale data aggregation, data mining and three-dimensional modeling, and has been designed to assist in understanding and quantifying risk at a much earlier stage of the exploration cycle than has traditionally been available. The Company's objective is to advance its properties to the stage of commercial development by applying faster, less expensive and more reliable analytical methods to resource exploration.
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our current Annual Information Form and other recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Geoinformatics Exploration Inc.
Dr. Nick Archibald
Executive Vice-Chairman and CEO
(416) 861-1300 x224
Email: nicka@geoinformex.com
Geoinformatics Exploration Inc.
Mr. Darren Holden
Executive Vice President, Operations
(604) 605-3073 x101
Email: darrenh@geoinformex.com
Website: www.geoinformex.com
NI 43-101 Report Highlights:
The SRK 43-101 report confirms:
- The Whistler Zone has a geological setting typical of gold-copper and copper-gold mineralized porphyry systems around the world.
- Gold-copper mineralization in the broader Whistler Zone is found at surface over an area of 750 metres by 250 metres and reaches depths of 200 metres to 570 metres and widths up to 460 metres below surface.
- The previous drilling on the Whistler Zone by Kennecott Exploration Company ("Kennecott") was audited by SRK who determined it was conducted using industry best-practices and is reliable for the purpose of resource estimation.
- Geoinformatics' (now-completed) 2007 drill program is sufficient, in concert with Kennecott's prior drilling, to demonstrate the continuity of the gold-copper mineralization and to interpret the geology of the Whistler Zone with confidence. The drill hole data and geological interpretation supports the construction of an initial mineral resource model for the deposit in compliance with National Instrument ("NI") 43-101 guidelines.
- The Round Mountain, Rainmaker, Rain Tree and Canyon Mouth prospects, which are part of a large number of targets identified on the Whistler property, represent gold-copper porphyry exploration prospects of sufficient merit to be investigated by future drilling.
Geoinformatics has engaged SRK to complete a resource estimation, compliant with NI 43-101 standards, based on the drilling to-date on the Whistler Zone, which is expected to be completed within 8 to 10 weeks.
SRK Technical Report
In August 2007, Geoinformatics engaged SRK to audit the Whistler Project and prepare an independent technical report under NI 43-101 guidelines.
The SRK report is authored by Dr. Jean-Francois Couture, P.Geo, Principal Geologist at SRK, comprises over 100 pages of detailed technical information and is compliant with NI 43-101 standards. It covers topics including: a property description, relevant agreements and ownership; the location, access and physiography of the region; the geological setting; the various deposit types and mineralization; previous exploration work; sampling methods and approaches; and verification of technical data.
SRK reports that the Whistler Zone represents a classical copper-gold porphyry system and that the positive exploration results to-date are of sufficient merit to justify additional exploration expenditures. SRK confirms that mineralization is found over a surface area of 750 metres by 250 metres and reaches depths between 200 and 570 metres and widths up to 460 metres below surface. SRK audited the technical data produced from exploration by both Kennecott and Geoinformatics. In the opinion of SRK, this data has been acquired using industry best-practices.
SRK is a worldwide engineering, environmental and geological consulting company.
The Path to Resource Delineation
Geoinformatics completed seven drill holes totaling approximately 3,300 metres in 2007, all on the Whistler Zone. These holes, in combination with the previous Kennecott drilling, will form the basis of a 43-101 compliant resource estimate for the Whistler gold-copper deposit. Geoinformatics has received and released final assay results for the initial two drill holes, with the remaining five drill holes pending.
Geoinformatics has formed an Ore Resource Committee for the Whistler deposit consisting of personnel from Geoinformatics and SRK. This committee's mandate is to complete a geological and resource model for the Whistler Zone as soon as possible after reception of all assay results. Final assay results are expected within the next 2 to 3 weeks with resource estimation work expected to be completed by mid to late December.
About the Whistler Project
The Whistler Project was acquired as a target-of-merit from Kennecott in June 2007 (see "Kennecott - Geoinformatics Alliance Agreement" below), and encompasses approximately 440 sq. km. in the northeastern end of the prospective Southern Alaskan Range which hosts the giant Pebble copper-gold-molybdenum-silver deposit further to the southwest. The project is located 161 km. northwest of Anchorage, Alaska and consists of 732 mining claims on state land designated for mineral exploration and development.
To view "Figure 1. Whistler Project Location", please view the following link:
http://www.ccnmatthews.com/docs/gxl1108.pdf
The Whistler Project consists of the Whistler Zone, which has been interpreted from extensive drilling as a large gold-copper porphyry system, and a significant number of regional exploration targets. These regional targets have mineralized geochemistry samples, geophysical signatures similar to the Whistler Zone or mineralized initial drill holes.
Kennecott - Geoinformatics Alliance Agreement
All Whistler prospects and properties mentioned in this press release fall under the Kennecott-Geoinformatics Master Strategic Alliance Agreement. Please refer to Geoinformatics' press-release dated August 14, 2006, for further information. Under the terms of this agreement, Kennecott retains a one-time back-in right or a 2% NSR on a project basis, if the back-in right is not exercised.
Qualified Persons
The technical content of this release has been reviewed by Darren Holden, MAusIMM, Executive, Vice-President, Operations of Geoinformatics and is based, in part, on information compiled by Dr. Jean-Francois Couture, P.Geo, of SRK. By virtue of their academic backgrounds and professional experience, Mr. Holden and Dr. Couture are "qualified persons" as defined by NI 43-101.
About Geoinformatics
Geoinformatics is a global exploration company which has developed a unique and innovative approach to minerals exploration.
In addition to the Whistler Project, Geoinformatics is actively exploring several advanced projects located in British Columbia, Utah, the Battle Mountain Trend region of Nevada, and the State of Sinaloa, Mexico. Fourteen Company-owned properties in the State of Sonora, Mexico, fall under a joint venture in which Azure Minerals Limited is earning a 51% interest by spending US$4 million. Geoinformatics also has an extensive portfolio of other direct and indirect property interests, joint ventures, and royalties covering a wide range of minerals in Mexico, Australia and New Zealand and North America.
The Company entered into a Master Strategic Alliance Agreement with Kennecott (the "Alliance Agreement") effective March 2006 under which it is using its proprietary geo-science and technology platform (the "Geoinformatics Process") to identify, prioritize and drill more than 30 exploration drill targets over the initial two years of the agreement. The Whistler Project has been accepted by Geoinformatics as a target-of-merit under the Alliance Agreement, and Kennecott retains certain royalty and/or back-in rights on all Alliance projects.
The Geoinformatics Process integrates large-scale data aggregation, data mining and three-dimensional modeling, and has been designed to assist in understanding and quantifying risk at a much earlier stage of the exploration cycle than has traditionally been available. The Company's objective is to advance its properties to the stage of commercial development by applying faster, less expensive and more reliable analytical methods to resource exploration.
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our current Annual Information Form and other recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Geoinformatics Exploration Inc.
Dr. Nick Archibald
Executive Vice-Chairman and CEO
(416) 861-1300 x224
Email: nicka@geoinformex.com
Geoinformatics Exploration Inc.
Mr. Darren Holden
Executive Vice President, Operations
(604) 605-3073 x101
Email: darrenh@geoinformex.com
Website: www.geoinformex.com
ITH Expands Terra High-Grade Gold Project, Alaska
nternational Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX VENTURE: ITH)(AMEX: THM)(FRANKFURT: IW9) is pleased to announce the drill results for the final four holes of its 2007 exploration program at its Terra Project in Alaska. Resource definition results, which will form part of the forthcoming 43-101 resource estimate, continue to expand and confirm the extent and gold continuity of the Main Ben Vein. In addition, exploration drilling, 3 kilometres to the south of the Ben Vein, has intersected an exciting new high-grade vein system at the Ice Vein target (Tables 1 and 2).
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In the Ben Vein area, all twenty holes completed to date have intersected the main vein as well as a number of new subsidiary gold bearing veins in the foot and hanging wall (Figure 1). The Ben Vein system is open along strike and at depth, with a minimum strike length of 400 metres and depth of at least 300 metres (Figure 2). The mineralized vein varies in true width (using a 3 g/t cutoff grade) from 0.2 to 3.0 metres, and averages 1.04 metres at 19.8 g/t gold with the high-grade zone averaging 1.27 metres at 23.0 g/t gold.
All three of the holes drilled at the Ice target intersected a previously unknown high-grade gold vein zone. The Ice Vein system has now been traced 175 metres down dip and remains open.
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Interpretation
The thirty drill holes completed to date at Terra have defined four vein systems within a five kilometre long, highly prospective, gold trend. The veins occur within and adjacent to dioritic intrusive rocks of similar age to the Donlin Creek gold deposit to the west. These high-grade gold veins generally strike north-northwest and dip steeply to the southwest.
The final drill hole of the season at the Ben Vein zone (TR-07-31) contained a 9.5 metre intersection which, at a 1 g/t cutoff, is the thickest drilled to date (Table 2). The information indicates that the Ben Vein may contain a number of high-grade shoots within the overall vein structure. Now that all 2007 drill results are finalized, the Company has initiated resource modeling of Ben Vein, which is presently anticipated to be completed in the first quarter of 2008.
Initial drill testing of the Ice Vein has established the continuity of this vein system for 175 metres down dip from the outcrop and has revealed a veinlet-hosted zone in the shallow subsurface which assays up to 4 grams gold over a 5.0 meter intersection (TR-07-30, Table 1). These results confirm the structural continuity of the Ice 1 Vein and highlight the potential of this zone to add to the overall Terra Project resource.
Table 1: Intercepts of Gold Mineralization (using a 3 g/t cutoff)
---------------------------------------------------------------------------
From To Thickness Gold Grade Vein
Drill Hole Area (metres) (metres) (metres) (g/t) Name
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TR-07-29 Ice 23.33 24.00 0.67 6.76 Ice-1
---------------------------------------------------------------------------
132.75 135.17 2.42 9.53 Ice-2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TR-07-30 Ice 3.96 4.46 0.50 4.47
---------------------------------------------------------------------------
8.47 8.91 0.44 9.51
---------------------------------------------------------------------------
10.65 15.7 5.05 3.96 Ice-1
---------------------------------------------------------------------------
140.82 142.45 1.63 3.68 Ice-2
---------------------------------------------------------------------------
158.95 160.17 1.22 3.30
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TR-07-31 Bens 61.11 61.41 0.30 3.97
---------------------------------------------------------------------------
133.65 134.90 1.25 3.30
---------------------------------------------------------------------------
136.15 136.40 0.25 3.23
---------------------------------------------------------------------------
137.15 139.90 2.75 8.40 Ben Main
---------------------------------------------------------------------------
141.65 142.40 0.75 29.67
---------------------------------------------------------------------------
153.90 154.10 0.20 14.15
---------------------------------------------------------------------------
156.67 157.88 1.21 4.23
---------------------------------------------------------------------------
Table 2: Significant Ice and Ben Vein Gold Intersections (using a 1 g/t
cutoff)
---------------------------------------------------------------------------
From To Thickness Grade (g/t) Vein
Drill Hole Area (metres) (metres) (metres) Au Name
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TR-07-29 Ice 22.25 24.00 1.75 3.94 Ice-1
---------------------------------------------------------------------------
132.75 135.17 2.42 9.53 Ice-2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TR-07-30 Ice 10.40 15.70 5.30 3.89 Ice-1
---------------------------------------------------------------------------
140.82 144.52 3.70 3.14 Ice-2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TR-07-31 Bens 132.90 142.40 9.50 6.26 Ben Main
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TR-07-32 Ice 8.72 9.20 0.48 2.28 Ice-1
---------------------------------------------------------------------------
To view, Figure 1: Plan maps of Terra drill hole locations, please click on the following link: http://www.ccnmatthews.com/docs/1108ith.jpg
To view, Figure 2: Long-section of the main Ben Vein with down hole intersections (not true width), please click on the following link: http://www.ccnmatthews.com/docs/1108ith1.jpg
On November 5, 2007 the Company provided notice to AngloGold Ashanti (U.S.A.) Exploration Inc. ("AngloGold") that it has incurred sufficient expenditures to vest its 60% ownership in the project. AngloGold now has 90 days to decide whether or not to exercise its right to earn back an additional 20% interest in the project by incurring USD 4,000,000 in expenditures over the next two years. Should AngloGold elect not to exercise its back-in right, each party will thereafter be responsible for contribution its share of ongoing joint venture expenditures. If a party fails to provide its cost share of ongoing expenditures, its interest in the project will be diluted on a straight-line basis. When a party's interest is reduced to 10% or less, such interest will be automatically converted into a 2% net smelter return royalty.
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. Mr. Pontius is the President and CEO of the Company.
The work program at Terra was designed and supervised by Dr. Russell Myers, Vice President of Exploration, Talon Gold (US) LLC (a wholly owned subsidiary of ITH responsible for carrying out the Company's exploration programs), who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project photograph all sample shipments 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.
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 advanced gold and base metal 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.
Jeffrey A. Pontius, President and Chief Executive Officer
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 the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the potential for the expansion of the Ben and Ice Vein systems, the discovery and delineation of mineral deposits/resources/reserves at the Terra project, the timing of the preparation of a 43-101 resource estimate for the Terra project, business and financing plans and business trends. 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 US 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 construed in any way as, an offer to buy or sell securities in the United States.
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.
Contacts:
International Tower Hill Mines Ltd.
Quentin Mai
Vice-President - Corporate Communications
(604) 683-6332 or Toll Free: 1-888-770-7488
(604) 408-7499 (FAX)
Email: qmai@internationaltowerhill.com
Website: www.internationaltowerhill.com
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In the Ben Vein area, all twenty holes completed to date have intersected the main vein as well as a number of new subsidiary gold bearing veins in the foot and hanging wall (Figure 1). The Ben Vein system is open along strike and at depth, with a minimum strike length of 400 metres and depth of at least 300 metres (Figure 2). The mineralized vein varies in true width (using a 3 g/t cutoff grade) from 0.2 to 3.0 metres, and averages 1.04 metres at 19.8 g/t gold with the high-grade zone averaging 1.27 metres at 23.0 g/t gold.
All three of the holes drilled at the Ice target intersected a previously unknown high-grade gold vein zone. The Ice Vein system has now been traced 175 metres down dip and remains open.
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Interpretation
The thirty drill holes completed to date at Terra have defined four vein systems within a five kilometre long, highly prospective, gold trend. The veins occur within and adjacent to dioritic intrusive rocks of similar age to the Donlin Creek gold deposit to the west. These high-grade gold veins generally strike north-northwest and dip steeply to the southwest.
The final drill hole of the season at the Ben Vein zone (TR-07-31) contained a 9.5 metre intersection which, at a 1 g/t cutoff, is the thickest drilled to date (Table 2). The information indicates that the Ben Vein may contain a number of high-grade shoots within the overall vein structure. Now that all 2007 drill results are finalized, the Company has initiated resource modeling of Ben Vein, which is presently anticipated to be completed in the first quarter of 2008.
Initial drill testing of the Ice Vein has established the continuity of this vein system for 175 metres down dip from the outcrop and has revealed a veinlet-hosted zone in the shallow subsurface which assays up to 4 grams gold over a 5.0 meter intersection (TR-07-30, Table 1). These results confirm the structural continuity of the Ice 1 Vein and highlight the potential of this zone to add to the overall Terra Project resource.
Table 1: Intercepts of Gold Mineralization (using a 3 g/t cutoff)
---------------------------------------------------------------------------
From To Thickness Gold Grade Vein
Drill Hole Area (metres) (metres) (metres) (g/t) Name
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TR-07-29 Ice 23.33 24.00 0.67 6.76 Ice-1
---------------------------------------------------------------------------
132.75 135.17 2.42 9.53 Ice-2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TR-07-30 Ice 3.96 4.46 0.50 4.47
---------------------------------------------------------------------------
8.47 8.91 0.44 9.51
---------------------------------------------------------------------------
10.65 15.7 5.05 3.96 Ice-1
---------------------------------------------------------------------------
140.82 142.45 1.63 3.68 Ice-2
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158.95 160.17 1.22 3.30
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TR-07-31 Bens 61.11 61.41 0.30 3.97
---------------------------------------------------------------------------
133.65 134.90 1.25 3.30
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136.15 136.40 0.25 3.23
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137.15 139.90 2.75 8.40 Ben Main
---------------------------------------------------------------------------
141.65 142.40 0.75 29.67
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153.90 154.10 0.20 14.15
---------------------------------------------------------------------------
156.67 157.88 1.21 4.23
---------------------------------------------------------------------------
Table 2: Significant Ice and Ben Vein Gold Intersections (using a 1 g/t
cutoff)
---------------------------------------------------------------------------
From To Thickness Grade (g/t) Vein
Drill Hole Area (metres) (metres) (metres) Au Name
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TR-07-29 Ice 22.25 24.00 1.75 3.94 Ice-1
---------------------------------------------------------------------------
132.75 135.17 2.42 9.53 Ice-2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TR-07-30 Ice 10.40 15.70 5.30 3.89 Ice-1
---------------------------------------------------------------------------
140.82 144.52 3.70 3.14 Ice-2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TR-07-31 Bens 132.90 142.40 9.50 6.26 Ben Main
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TR-07-32 Ice 8.72 9.20 0.48 2.28 Ice-1
---------------------------------------------------------------------------
To view, Figure 1: Plan maps of Terra drill hole locations, please click on the following link: http://www.ccnmatthews.com/docs/1108ith.jpg
To view, Figure 2: Long-section of the main Ben Vein with down hole intersections (not true width), please click on the following link: http://www.ccnmatthews.com/docs/1108ith1.jpg
On November 5, 2007 the Company provided notice to AngloGold Ashanti (U.S.A.) Exploration Inc. ("AngloGold") that it has incurred sufficient expenditures to vest its 60% ownership in the project. AngloGold now has 90 days to decide whether or not to exercise its right to earn back an additional 20% interest in the project by incurring USD 4,000,000 in expenditures over the next two years. Should AngloGold elect not to exercise its back-in right, each party will thereafter be responsible for contribution its share of ongoing joint venture expenditures. If a party fails to provide its cost share of ongoing expenditures, its interest in the project will be diluted on a straight-line basis. When a party's interest is reduced to 10% or less, such interest will be automatically converted into a 2% net smelter return royalty.
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. Mr. Pontius is the President and CEO of the Company.
The work program at Terra was designed and supervised by Dr. Russell Myers, Vice President of Exploration, Talon Gold (US) LLC (a wholly owned subsidiary of ITH responsible for carrying out the Company's exploration programs), who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project photograph all sample shipments 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.
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 advanced gold and base metal 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.
Jeffrey A. Pontius, President and Chief Executive Officer
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 the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the potential for the expansion of the Ben and Ice Vein systems, the discovery and delineation of mineral deposits/resources/reserves at the Terra project, the timing of the preparation of a 43-101 resource estimate for the Terra project, business and financing plans and business trends. 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 US 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 construed in any way as, an offer to buy or sell securities in the United States.
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.
Contacts:
International Tower Hill Mines Ltd.
Quentin Mai
Vice-President - Corporate Communications
(604) 683-6332 or Toll Free: 1-888-770-7488
(604) 408-7499 (FAX)
Email: qmai@internationaltowerhill.com
Website: www.internationaltowerhill.com
Thursday, November 8, 2007
Millrock Announces Positive Drill Results at Divide Project, Nome, Alaska
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2007) - Millrock Resources Inc. (TSX VENTURE:MRO) is pleased to announce results from drilling at the Divide Project, near Nome, Alaska. Highlights of the program include:
- 8.99 metres grading 1.5 g/t gold in hole DIV-07-03
- 3.05 metres grading 10.0 g/t gold in hole DIV-07-04
- 8.23 metres grading 5.8 g/t gold in hole DIV-07-05
"We are pleased with the outcome of the company's first drilling program," commented Gregory Beischer, Millrock President & CEO. "Encouraging near-surface intersections of gold mineralization were realized in three of the five short holes drilled. The drill sample results demonstrate that gold can occur in satisfactory concentration over significant thickness at the property. We will plan an aggressive program for 2008 in which we will test for continuity between these drill intersections, and to depth."
Five holes totaling 561.1 metres were drilled to test a strong gold - arsenic soil anomaly that was found to exist on the Divide claims. The anomaly measures over 2,600 metres long and 660 metres wide. The strongest portions of the anomaly, which exceed 200 ppb gold over a broad area, had not been previously drill tested.
These intercepts are thought to be close to true thickness, as the holes were drilled nearly perpendicular to the strike and dip of the mineralized vein sets.
The Divide Property is located in the prolific Cape Nome mining district about 45 kilometres north of Nome, Alaska. Access to the property is via the Nome-Taylor highway which crosses the eastern boundary of the 1,424 ha claim block. Millrock can earn a 50% interest in the project from NPN Investment Group Inc. ("NPN") by paying 50% of all exploration expenditures, and paying a total of US$500,000 over a five year period to the underlying property owner. Additionally Millrock will issue 500,000 shares of the Company to NPN. Millrock is the exploration operator.
Underlain by structurally deformed, retrograde greenschist facies metasediments (turbidites and related deep water sediments); the rocks at the Divide Property are of late Proterozoic to Paleozoic age. These same rocks are the source of the alluvial gold deposits of the Nome camp, where approximately 5 million ounces of gold has been produced by placer mining methods. The Rock Creek Mine, a lode mine currently under construction by NovaGold Resources Inc., is located approximately 33 kilometres to the southwest. Gold mineralization at Rock Creek is hosted in a similar geological setting to that at Divide.
The 2007 exploration program at the Divide Project was supervised by Gregory Beischer the company's president and chief executive officer and a Qualified Person as defined by NI 43-101, who also prepared and approved the information contained in this release. Mineralized intervals were sampled and placed in sealed bags and delivered to Alaska Assay Lab in Fairbanks, Alaska for analysis. Each sample was screened for metallics, and a two assay ton aliquot was used for a fire assay atomic absorption finish. Because of gold loss problems previously encountered at this property and other nearby properties, the core was not split. All core was carefully logged and photographed by David Lajack, a principal of NPN Investment Group, and in part by Philip St. George, Millrock's vice-president of exploration, with depth markers showing and visible. All unsampled drill core and coarse rejects from the core samples have been retained as a geological record. A sample quality control/quality assurance program was implemented, and results of the program determined to be acceptable.
- 8.99 metres grading 1.5 g/t gold in hole DIV-07-03
- 3.05 metres grading 10.0 g/t gold in hole DIV-07-04
- 8.23 metres grading 5.8 g/t gold in hole DIV-07-05
"We are pleased with the outcome of the company's first drilling program," commented Gregory Beischer, Millrock President & CEO. "Encouraging near-surface intersections of gold mineralization were realized in three of the five short holes drilled. The drill sample results demonstrate that gold can occur in satisfactory concentration over significant thickness at the property. We will plan an aggressive program for 2008 in which we will test for continuity between these drill intersections, and to depth."
Five holes totaling 561.1 metres were drilled to test a strong gold - arsenic soil anomaly that was found to exist on the Divide claims. The anomaly measures over 2,600 metres long and 660 metres wide. The strongest portions of the anomaly, which exceed 200 ppb gold over a broad area, had not been previously drill tested.
These intercepts are thought to be close to true thickness, as the holes were drilled nearly perpendicular to the strike and dip of the mineralized vein sets.
The Divide Property is located in the prolific Cape Nome mining district about 45 kilometres north of Nome, Alaska. Access to the property is via the Nome-Taylor highway which crosses the eastern boundary of the 1,424 ha claim block. Millrock can earn a 50% interest in the project from NPN Investment Group Inc. ("NPN") by paying 50% of all exploration expenditures, and paying a total of US$500,000 over a five year period to the underlying property owner. Additionally Millrock will issue 500,000 shares of the Company to NPN. Millrock is the exploration operator.
Underlain by structurally deformed, retrograde greenschist facies metasediments (turbidites and related deep water sediments); the rocks at the Divide Property are of late Proterozoic to Paleozoic age. These same rocks are the source of the alluvial gold deposits of the Nome camp, where approximately 5 million ounces of gold has been produced by placer mining methods. The Rock Creek Mine, a lode mine currently under construction by NovaGold Resources Inc., is located approximately 33 kilometres to the southwest. Gold mineralization at Rock Creek is hosted in a similar geological setting to that at Divide.
The 2007 exploration program at the Divide Project was supervised by Gregory Beischer the company's president and chief executive officer and a Qualified Person as defined by NI 43-101, who also prepared and approved the information contained in this release. Mineralized intervals were sampled and placed in sealed bags and delivered to Alaska Assay Lab in Fairbanks, Alaska for analysis. Each sample was screened for metallics, and a two assay ton aliquot was used for a fire assay atomic absorption finish. Because of gold loss problems previously encountered at this property and other nearby properties, the core was not split. All core was carefully logged and photographed by David Lajack, a principal of NPN Investment Group, and in part by Philip St. George, Millrock's vice-president of exploration, with depth markers showing and visible. All unsampled drill core and coarse rejects from the core samples have been retained as a geological record. A sample quality control/quality assurance program was implemented, and results of the program determined to be acceptable.
Northern Lights and Heights
The Last Frontier, Alaska, beckons and frightens, and with good reason. If you're not prepared -- and thorough preparation takes several months of research and selection -- you might have reason to worry. But with the proper vehicle; excellent road maps; the Trailer Life RV Parks, Campgrounds & Services Directory; and a copy of The Milepost (the bible of Alaska), you should discover a dream adventure, although a few bumps in the road make for some good storytelling.
And for something in between mild and wild, there is McKinley Jeeps Backcountry Safari sojourns in which you board 4WD Jeep Wranglers and buckle up for a ride on the Petersville Road. Scenic vistas, wildlife, mining remnants and, with luck, a view of Mt. McKinley/Denali lie in wait.
Full Story at Motorhome Magazine
And for something in between mild and wild, there is McKinley Jeeps Backcountry Safari sojourns in which you board 4WD Jeep Wranglers and buckle up for a ride on the Petersville Road. Scenic vistas, wildlife, mining remnants and, with luck, a view of Mt. McKinley/Denali lie in wait.
Full Story at Motorhome Magazine
Full Metal and Highbury Discover 8.9 g/t Gold Over 11 Meters in Trench at Moore Creek Property
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 6, 2007) - Full Metal Minerals (TSX VENTURE:FMM) ("Full Metal") and Highbury Projects Inc. (TSX VENTURE:HPI) ("Highbury") are pleased to announce a significant gold discovery at the Moore Creek Property ("The Property"), located in the Kuskokwim region of West Central Alaska.
Three new discoveries (Spring Zone, Troy Zone and Broken Shovel Zone) were made during a two-phase trenching program and multiple styles of gold mineralization have been identified. The grade and width of gold mineralization coupled with alteration intensity increases towards the south. The discoveries occur at the headwaters to significant placer gold producing streams - State of Alaska Records (2005) report that Moore Creek has produced over 60,000 ounces of placer gold, often of an exceptionally coarse nature and noted for attached quartz vein rock. Mineralization is located adjacent to a major fault zone, which is associated with Novagold/Barrick's Donlin Creek deposit located 90km to the southwest of the Property. Full Metal and Highbury are planning a 3,000 meter diamond drilling program to commence in March 2008 at the Property to follow-up on the discoveries.
Spring Zone
Mechanical trenching revealed a 'blind discovery' of sheeted quartz-tourmaline veins with coarse gold and disseminated sulphides at the Spring Zone. Seven trenches were completed spanning 300 meters of strike length, all of which contained gold mineralization across the full length of the trenches. Highlights include:
- 8.86 g/t Au over 11.0 meters in Trench 20
- 3.36 g/t Au over 4.0 meters in Trench 23
- 2.99 g/t Au over 11.9 meters in Trench 17
- 2.17 g/t Au over 9.3 meters in Trench 18
Mineralization continues below the deeper overburden across strike to the north and south. The Spring Zone is and is open for expansion to the east, west and south. Steeply dipping sheeted quartz veins range from one to 10 centimeters thick, and are hosted within pervasive tourmaline altered and silicified monzonite intrusive rock. A total of 40 samples were taken from the Spring Zone (the majority of which are channel samples) with grades ranging from 30.15 g/t Au to 0.005 g/t Au, and averaging 2.38 g/t Au.
Troy Zone
The Troy Zone is located immediately north of the Spring zone; mineralization has been traced for over 200 meters along strike and is typified by quartz veins with strong coarse gold mineralization within a broad, lower grade zone. One quartz vein has been traced in excess of 50 meters of the strike length through trenching. The vein was sampled in three locations; grades include 88.5 g/t Au over 0.2 meters, 36.0 g/t Au over 0.2 meters, and occurs within a 3.0 meter channel that averaged 7.6 g/t Au. Wide zones of gold mineralization occur in the Troy zone, including Trench 16 which hosts 33.5 meters averaging 0.62 g/t Au along the full trench length. This trench is the westernmost completed to date.
A total of 177 samples of bedrock and colluvium were taken from a 200 by 200 meter area of the Troy Zone (the majority of which are channel samples). Samples range from 88.53 g/t Au to 0.05 g/t Au, with an average of 0.77 g/t Au. A total of 16 samples assayed over 1 g/t Au, averaging 9.89 g/t Au. Mineralization is open for expansion to the west and east.
Broken Shovel
Located 200 meters due north of the Troy Zone, the Broken Shovel prospect is typified by a steeply dipping quartz vein. During 2006, Full Metal collected twelve samples from the prospect; samples ranged from trace to 3.84 g/t Au and 2.0 to 1,105 g/t Ag, averaging 0.85 g/t Au and 166 g/t Ag. Highly anomalous bismuth, arsenic and mercury were also returned.
Three trenches were completed during 2007, each encountering anomalous gold including two separate one meter wide channel samples located 25 meters apart averaged 0.3 g/t and 0.7 g/t Au respectively.
Moore Creek Property
The 14,250 hectare Property is located in the historic Iditarod placer mining district, approximately 80 km southwest of McGrath, Alaska. Moore Creek is 90 km northeast of the giant Donlin Creek Gold Deposit and is hosted within a similar geologic setting. The Property had received minimal modern exploration, and has never been drill tested.
Gold mineralization identified to-date at the Property are all hosted within the Moore Creek pluton, an early Tertiary age monzonite intrusive. Gold mineralization and alteration intensity is increasing to the south, proximal to a regional fault zone. This primary target area south of the Spring Zone is covered by overburden too thick to access by trenching, and represents a primary drill target for 2008. Maps with surface sampling results for Moore Creek can be reviewed at www.fullmetalminerals.com.
State of Alaska Records (2005) report that Moore Creek has produced over 60,000 ounces of placer gold, often of a coarse nature and noted for attached quartz vein rock. The nature of the placer gold suggests close proximity to a bedrock source within the Moore Creek pluton. Gulches converging on the recent discoveries have all been mined for placer gold. Many large gold/quartz specimens have been collected suggesting a source within the intrusive, however, others have attached volcanic material suggesting additional potential for gold-bearing veins within the volcanics surrounding the monzonite intrusive. An active placer mine is in operation on the property, along with a recreational mining business where large gold/quartz/tourmaline specimens are found with metal detectors. Photos of these specimens and the Moore Creek property can be seen at www.moorecreek.com.
Exploration at the Moore Creek Property was managed by David Hedderly-Smith, CPG, under the supervision of Robert McLeod, P.Geo., VP of Exploration for Full Metal Minerals. Both are Qualified Persons as defined by NI 43-101. Rock and soil samples were placed in sealed bags, and shipped to Alaska Assay Labs in Fairbanks for gold plus multielement ICP analysis. Gold was analyzed by 30 g/t Au AAS method, with all samples over 5 g/t Au analyzed by metallic screen. A sample quality control/quality assurance program was implemented. These results were reviewed and approved for release by Mr. McLeod.
Full Metal is a generative exploration company with twelve active projects in Alaska and one in the Yukon Territory. The company currently has six active Joint Venture Agreements. Drill results are expected shortly from the high grade 40 Mile Zinc-Lead-Silver Project, the Lucky Shot Gold Project, CJ Gold Project, Inmachuk Zinc-Lead-Silver Project, and the Boulder Creek Uranium Project.
Highbury is a Vancouver based company that is earning a 60% interest in the Property by committing to fund US$2.1 million in exploration expenditures over a period of four years at Moore Creek.
ON BEHALF OF THE BOARD OF DIRECTORS
Full Metal Minerals Ltd.
Michael Williams, President and Director
Highbury Projects Inc.
Anish Sunderji, CEO and Director
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Three new discoveries (Spring Zone, Troy Zone and Broken Shovel Zone) were made during a two-phase trenching program and multiple styles of gold mineralization have been identified. The grade and width of gold mineralization coupled with alteration intensity increases towards the south. The discoveries occur at the headwaters to significant placer gold producing streams - State of Alaska Records (2005) report that Moore Creek has produced over 60,000 ounces of placer gold, often of an exceptionally coarse nature and noted for attached quartz vein rock. Mineralization is located adjacent to a major fault zone, which is associated with Novagold/Barrick's Donlin Creek deposit located 90km to the southwest of the Property. Full Metal and Highbury are planning a 3,000 meter diamond drilling program to commence in March 2008 at the Property to follow-up on the discoveries.
Spring Zone
Mechanical trenching revealed a 'blind discovery' of sheeted quartz-tourmaline veins with coarse gold and disseminated sulphides at the Spring Zone. Seven trenches were completed spanning 300 meters of strike length, all of which contained gold mineralization across the full length of the trenches. Highlights include:
- 8.86 g/t Au over 11.0 meters in Trench 20
- 3.36 g/t Au over 4.0 meters in Trench 23
- 2.99 g/t Au over 11.9 meters in Trench 17
- 2.17 g/t Au over 9.3 meters in Trench 18
Mineralization continues below the deeper overburden across strike to the north and south. The Spring Zone is and is open for expansion to the east, west and south. Steeply dipping sheeted quartz veins range from one to 10 centimeters thick, and are hosted within pervasive tourmaline altered and silicified monzonite intrusive rock. A total of 40 samples were taken from the Spring Zone (the majority of which are channel samples) with grades ranging from 30.15 g/t Au to 0.005 g/t Au, and averaging 2.38 g/t Au.
Troy Zone
The Troy Zone is located immediately north of the Spring zone; mineralization has been traced for over 200 meters along strike and is typified by quartz veins with strong coarse gold mineralization within a broad, lower grade zone. One quartz vein has been traced in excess of 50 meters of the strike length through trenching. The vein was sampled in three locations; grades include 88.5 g/t Au over 0.2 meters, 36.0 g/t Au over 0.2 meters, and occurs within a 3.0 meter channel that averaged 7.6 g/t Au. Wide zones of gold mineralization occur in the Troy zone, including Trench 16 which hosts 33.5 meters averaging 0.62 g/t Au along the full trench length. This trench is the westernmost completed to date.
A total of 177 samples of bedrock and colluvium were taken from a 200 by 200 meter area of the Troy Zone (the majority of which are channel samples). Samples range from 88.53 g/t Au to 0.05 g/t Au, with an average of 0.77 g/t Au. A total of 16 samples assayed over 1 g/t Au, averaging 9.89 g/t Au. Mineralization is open for expansion to the west and east.
Broken Shovel
Located 200 meters due north of the Troy Zone, the Broken Shovel prospect is typified by a steeply dipping quartz vein. During 2006, Full Metal collected twelve samples from the prospect; samples ranged from trace to 3.84 g/t Au and 2.0 to 1,105 g/t Ag, averaging 0.85 g/t Au and 166 g/t Ag. Highly anomalous bismuth, arsenic and mercury were also returned.
Three trenches were completed during 2007, each encountering anomalous gold including two separate one meter wide channel samples located 25 meters apart averaged 0.3 g/t and 0.7 g/t Au respectively.
Moore Creek Property
The 14,250 hectare Property is located in the historic Iditarod placer mining district, approximately 80 km southwest of McGrath, Alaska. Moore Creek is 90 km northeast of the giant Donlin Creek Gold Deposit and is hosted within a similar geologic setting. The Property had received minimal modern exploration, and has never been drill tested.
Gold mineralization identified to-date at the Property are all hosted within the Moore Creek pluton, an early Tertiary age monzonite intrusive. Gold mineralization and alteration intensity is increasing to the south, proximal to a regional fault zone. This primary target area south of the Spring Zone is covered by overburden too thick to access by trenching, and represents a primary drill target for 2008. Maps with surface sampling results for Moore Creek can be reviewed at www.fullmetalminerals.com.
State of Alaska Records (2005) report that Moore Creek has produced over 60,000 ounces of placer gold, often of a coarse nature and noted for attached quartz vein rock. The nature of the placer gold suggests close proximity to a bedrock source within the Moore Creek pluton. Gulches converging on the recent discoveries have all been mined for placer gold. Many large gold/quartz specimens have been collected suggesting a source within the intrusive, however, others have attached volcanic material suggesting additional potential for gold-bearing veins within the volcanics surrounding the monzonite intrusive. An active placer mine is in operation on the property, along with a recreational mining business where large gold/quartz/tourmaline specimens are found with metal detectors. Photos of these specimens and the Moore Creek property can be seen at www.moorecreek.com.
Exploration at the Moore Creek Property was managed by David Hedderly-Smith, CPG, under the supervision of Robert McLeod, P.Geo., VP of Exploration for Full Metal Minerals. Both are Qualified Persons as defined by NI 43-101. Rock and soil samples were placed in sealed bags, and shipped to Alaska Assay Labs in Fairbanks for gold plus multielement ICP analysis. Gold was analyzed by 30 g/t Au AAS method, with all samples over 5 g/t Au analyzed by metallic screen. A sample quality control/quality assurance program was implemented. These results were reviewed and approved for release by Mr. McLeod.
Full Metal is a generative exploration company with twelve active projects in Alaska and one in the Yukon Territory. The company currently has six active Joint Venture Agreements. Drill results are expected shortly from the high grade 40 Mile Zinc-Lead-Silver Project, the Lucky Shot Gold Project, CJ Gold Project, Inmachuk Zinc-Lead-Silver Project, and the Boulder Creek Uranium Project.
Highbury is a Vancouver based company that is earning a 60% interest in the Property by committing to fund US$2.1 million in exploration expenditures over a period of four years at Moore Creek.
ON BEHALF OF THE BOARD OF DIRECTORS
Full Metal Minerals Ltd.
Michael Williams, President and Director
Highbury Projects Inc.
Anish Sunderji, CEO and Director
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Linux Gold Corp. Acquires Option on Gold/Silver Property near Fairbanks, Alaska for US$10.3 Million
- Linux Gold Corp. (OTCBB:LNXGF) announced today that the Company has acquired an option to purchase a 100% interest in 26 mining claims, close to the historic Ester Dome mining camp near Fairbanks, Alaska for US$10.3 million, to be paid in cash and shares, in stages, over a two-year period. Ester Dome is reported to be the largest placer gold
discovery in the Fairbanks Mining Division. The owner of the 26 claims considers the land was and is the primary source for the majority of Placer Gold that has been mined from Ester Creek and its drainage over many years.
It was announced on September 9, 2007, a major gold/silver discovery was located on the claims, with a potential strike length of 6,500', width of 100' and minimum depth of 100' of high grade gold and silver values based on the sampling and trenching program completed this year. The area has been re-sampled and results are pending.
Drilling is planned on the mineralized zone this year, to confirm gold and silver values on the property.
ABOUT THE ESTER MINING DISTRICT
Gold was first discovered in Alaska on Pedro Dome with Ester Dome being the second discovery. Since the discovery, the Ester Creek drainage has been the number one producer of gold, second only to a creek in the Brooks Range of Alaska above the Arctic Circle. The Ester Mining District has yielded more gold than the rest of Alaska combined, according to the University of Alaska Mining Department.
discovery in the Fairbanks Mining Division. The owner of the 26 claims considers the land was and is the primary source for the majority of Placer Gold that has been mined from Ester Creek and its drainage over many years.
It was announced on September 9, 2007, a major gold/silver discovery was located on the claims, with a potential strike length of 6,500', width of 100' and minimum depth of 100' of high grade gold and silver values based on the sampling and trenching program completed this year. The area has been re-sampled and results are pending.
Drilling is planned on the mineralized zone this year, to confirm gold and silver values on the property.
ABOUT THE ESTER MINING DISTRICT
Gold was first discovered in Alaska on Pedro Dome with Ester Dome being the second discovery. Since the discovery, the Ester Creek drainage has been the number one producer of gold, second only to a creek in the Brooks Range of Alaska above the Arctic Circle. The Ester Mining District has yielded more gold than the rest of Alaska combined, according to the University of Alaska Mining Department.
Wednesday, November 7, 2007
Little Squaw Unearths More Good Gold Values in Chandalar Trenching
Little Squaw Gold Mining Company (OTCBB: LITS) ($0.99) ("Little Squaw" or "the Company") reports that recent trenching has generated more encouraging results from hard rock exploration on the Company's wholly owned Chandalar, Alaska, mining property. Excavator trenching on the Summit prospect cut a 20-foot-wide structure that assays 10.58 parts per million (ppm) gold, or 0.309 ounces gold per short ton (oz Au/st). (This equates to 10.58 grams per metric ton or 0.340 ounces gold per metric ton).
The Summit structure is a west-trending shear zone traced for over a mile across the central sector of the Company's Chandalar mining claims, where prospecting has identified gold mineralization occurring over at least 1,800 feet of its strike length. Gold values are hosted in irregular pinching and swelling quartz lenses and stringers that impregnate a thick fault zone, or shear zone, cutting schist bedrock. Company records show that former mining lessees extracted 2,043 tons averaging 1.54 oz Au/st from two short tunnels driven into the structure.
Trench SUM-10 cut the Summit structure about 300 feet beyond the western limits of old tunnels and revealed 20 feet (true thickness) at 10.58 ppm (0.309 oz Au/st). This is a sample length to grade-weighted average and includes a five-foot zone that assays 41.80 ppm gold (1.221 oz Au/st). A small exposure 45 feet east of the trench (towards the tunnels) assays 16.25 ppm gold (0.475 oz Au/st) over one foot. Additionally, an exposure about 100 feet west of Trench SUM-10 assays 1.94 ppm gold (0.057 oz/Au/st) over 4.5 feet. Trench SUM-10 is the only trench that cut the main Summit structure during the recent exploration campaign. Trench SUM-8 was dug in the footwall of the Summit structure near the old tunnels and was not extended to cross the main structure. It intersected 40 feet of 0.58 ppm gold (0.017 oz Au/st) associated with a zone of thin, sheeted, quartz veins.
Trench SUM-10 was dug to follow up on and check the results of drill hole SUM-10, a reconnaissance reverse-circulation percussion (or hammer) hole drilled in 2006. Hole SUM-10 hit 45 feet of 0.69 ppm gold (0.020 oz Au/st), including 5 feet of 3.24 ppm gold (0.095 oz Au/st), at a point approximately 50 feet below where the trench was later dug. This hole also intersected a parallel hanging wall zone of 10 feet of 0.97 ppm gold (0.028 oz Au/st), which Trench SUM-10 did not reach. The variability between trench and drill hole sample assay results likely reflects a nugget effect caused by the presence of free gold particles irregularly dispersed in the sheared and crushed rock. It may also show that the reconnaissance percussion drilling was not an effective tool in gaining quantitative information.
In 2006, the Company drilled three reconnaissance percussion drill holes under the old tunnels. Drill hole SUM-7 returned 45 feet of 1.36 ppm gold (0.04 oz Au/st), including 5 feet at 5.71 ppm gold (0.167 oz Au/st); drill hole SUM-8 returned 10 feet at 9.05 ppm gold (0.264 oz Au/st) plus 45 feet at 0.52 ppm gold (0.015 oz Au/st); and hole SUM-9 returned 85 feet at 0.69 ppm gold (0.028 oz Au/st), including 5 feet at 5.52 ppm gold (0.161 oz Au/st).
To summarize, combined reconnaissance-level drill and excavator trenching data, together with historic mill recovery records, indicate auriferous quartz veins occur within wider aureoles of lower-grade, sheeted veins and disseminated gold values. Exploration results indicate one or more mineralized widths of 10 to 60 feet containing average grades of 0.5 to 10 ppm gold (0.015 to 0.292 oz Au/st). The 1,800-foot-long Summit mineralized system, controlled by the Summit structure, is open in both directions. Soil sampling and ground magnetic surveys indicate that gold mineralization extends another 1,500 feet to the east, where further trenching is planned. The Company intends to commence diamond core drilling of the Summit structure as soon as possible.
James Barker, Consulting Geologist and Technical Manager for the Chandalar project, said, "There is a reasonable expectation that a large, bulk-tonnage, low-grade gold resource may exist at the Summit prospect."
Richard Walters, President of Little Squaw Gold Mining Company, is responsible for this news release. For additional information regarding Little Squaw Gold Mining, contact Susan Schenk, Manager of Investor Relations, by telephone at (509) 535-6156, or by e-mail at ir@littlesquawgold.com. Little Squaw maintains a comprehensive Web site at www.littlesquawgold.com.
The Summit structure is a west-trending shear zone traced for over a mile across the central sector of the Company's Chandalar mining claims, where prospecting has identified gold mineralization occurring over at least 1,800 feet of its strike length. Gold values are hosted in irregular pinching and swelling quartz lenses and stringers that impregnate a thick fault zone, or shear zone, cutting schist bedrock. Company records show that former mining lessees extracted 2,043 tons averaging 1.54 oz Au/st from two short tunnels driven into the structure.
Trench SUM-10 cut the Summit structure about 300 feet beyond the western limits of old tunnels and revealed 20 feet (true thickness) at 10.58 ppm (0.309 oz Au/st). This is a sample length to grade-weighted average and includes a five-foot zone that assays 41.80 ppm gold (1.221 oz Au/st). A small exposure 45 feet east of the trench (towards the tunnels) assays 16.25 ppm gold (0.475 oz Au/st) over one foot. Additionally, an exposure about 100 feet west of Trench SUM-10 assays 1.94 ppm gold (0.057 oz/Au/st) over 4.5 feet. Trench SUM-10 is the only trench that cut the main Summit structure during the recent exploration campaign. Trench SUM-8 was dug in the footwall of the Summit structure near the old tunnels and was not extended to cross the main structure. It intersected 40 feet of 0.58 ppm gold (0.017 oz Au/st) associated with a zone of thin, sheeted, quartz veins.
Trench SUM-10 was dug to follow up on and check the results of drill hole SUM-10, a reconnaissance reverse-circulation percussion (or hammer) hole drilled in 2006. Hole SUM-10 hit 45 feet of 0.69 ppm gold (0.020 oz Au/st), including 5 feet of 3.24 ppm gold (0.095 oz Au/st), at a point approximately 50 feet below where the trench was later dug. This hole also intersected a parallel hanging wall zone of 10 feet of 0.97 ppm gold (0.028 oz Au/st), which Trench SUM-10 did not reach. The variability between trench and drill hole sample assay results likely reflects a nugget effect caused by the presence of free gold particles irregularly dispersed in the sheared and crushed rock. It may also show that the reconnaissance percussion drilling was not an effective tool in gaining quantitative information.
In 2006, the Company drilled three reconnaissance percussion drill holes under the old tunnels. Drill hole SUM-7 returned 45 feet of 1.36 ppm gold (0.04 oz Au/st), including 5 feet at 5.71 ppm gold (0.167 oz Au/st); drill hole SUM-8 returned 10 feet at 9.05 ppm gold (0.264 oz Au/st) plus 45 feet at 0.52 ppm gold (0.015 oz Au/st); and hole SUM-9 returned 85 feet at 0.69 ppm gold (0.028 oz Au/st), including 5 feet at 5.52 ppm gold (0.161 oz Au/st).
To summarize, combined reconnaissance-level drill and excavator trenching data, together with historic mill recovery records, indicate auriferous quartz veins occur within wider aureoles of lower-grade, sheeted veins and disseminated gold values. Exploration results indicate one or more mineralized widths of 10 to 60 feet containing average grades of 0.5 to 10 ppm gold (0.015 to 0.292 oz Au/st). The 1,800-foot-long Summit mineralized system, controlled by the Summit structure, is open in both directions. Soil sampling and ground magnetic surveys indicate that gold mineralization extends another 1,500 feet to the east, where further trenching is planned. The Company intends to commence diamond core drilling of the Summit structure as soon as possible.
James Barker, Consulting Geologist and Technical Manager for the Chandalar project, said, "There is a reasonable expectation that a large, bulk-tonnage, low-grade gold resource may exist at the Summit prospect."
Richard Walters, President of Little Squaw Gold Mining Company, is responsible for this news release. For additional information regarding Little Squaw Gold Mining, contact Susan Schenk, Manager of Investor Relations, by telephone at (509) 535-6156, or by e-mail at ir@littlesquawgold.com. Little Squaw maintains a comprehensive Web site at www.littlesquawgold.com.
Alaska's mining industry posts a record year
ANCHORAGE, Alaska (AP) - Alaska's mining industry posted a record-breaking year in 2006.
State officials say the big increase was largely because of the high prices for zinc and other metals.
The state Division of Geological & Geophysical Surveys says Alaska's minerals industry was worth $3.5 billion last year.
Last year, minerals produced in Alaska were worth $2.9 billion. That is more than double the previous year when they were valued at $1.4 billion.
The volume of metals produced in 2006 was up for all commodities except zinc. The industry posted its first-ever $2 billion-plus year of production.
The Red Dog Mine near Kotzebue -- the world's largest zinc producer -- accounted for more than 60% of the total value of Alaska's mineral industry in 2006. The mine produced 614,538 tons of zinc in 2006.
State officials say the big increase was largely because of the high prices for zinc and other metals.
The state Division of Geological & Geophysical Surveys says Alaska's minerals industry was worth $3.5 billion last year.
Last year, minerals produced in Alaska were worth $2.9 billion. That is more than double the previous year when they were valued at $1.4 billion.
The volume of metals produced in 2006 was up for all commodities except zinc. The industry posted its first-ever $2 billion-plus year of production.
The Red Dog Mine near Kotzebue -- the world's largest zinc producer -- accounted for more than 60% of the total value of Alaska's mineral industry in 2006. The mine produced 614,538 tons of zinc in 2006.
Gold Hits New Highs
Commodities prices resumed their upward trek Tuesday, with gold and oil prices surging as investors sought shelter from the dollar's persistent decline.
An ounce of gold added $12.60 to settle at $823.40 on the New York Mercantile Exchange, rising to its highest level since January 1980. Silver futures rose to an eight-month high, putting on 59.5 cents to $15.38 an ounce at the close.
Rising energy and metals prices also supported precious metals, which are traditionally seen as a hedge against inflation.
"The combination is quite powerful for gold right now, considering that the dollar is again weak," said HSBC precious metals analyst Jim Steel.
Silver, copper, and zinc are also winners.
Read more here
An ounce of gold added $12.60 to settle at $823.40 on the New York Mercantile Exchange, rising to its highest level since January 1980. Silver futures rose to an eight-month high, putting on 59.5 cents to $15.38 an ounce at the close.
Rising energy and metals prices also supported precious metals, which are traditionally seen as a hedge against inflation.
"The combination is quite powerful for gold right now, considering that the dollar is again weak," said HSBC precious metals analyst Jim Steel.
Silver, copper, and zinc are also winners.
Read more here
Alaska blueberries: brain food
Talk about living off the fat of the land. Alaska’s wild berries — especially the blueberry species that emerge from countless tundra slopes and forest glades — may be one of nature’s miracle foods, chock full of powerful nutrients that feed the brain and protect the nervous system from old-age breakdown.
New research has continued to show that blueberries, along with walnuts and strawberries and certain other fruits and nuts, contain high concentrations of antioxidant chemicals that can actually protect the brain from neuron-damaging substances known as free radicals.
Read More: Here
New research has continued to show that blueberries, along with walnuts and strawberries and certain other fruits and nuts, contain high concentrations of antioxidant chemicals that can actually protect the brain from neuron-damaging substances known as free radicals.
Read More: Here
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