Vancouver – International Tower Hill’s (ITH-V) resource expansion program at the Livengood gold project near Fairbanks, Alaska, is doing its job: recent drill results have extended the high-grade Core zone by 300 metres.
On the southwest side of the deposit hole 64 extended the Core zone with an intercept grading 1.32 grams gold per tonne over 161.5 metres, starting 171 metres downhole. Nearby, hole 71 cut 164.6 metres grading 1.54 grams gold from 137 metres depth while hole 62 returned 4.6 metres of 3.02 grams gold followed by 47.3 metres averaging 0.67 gram gold.
Over on the east side of the deposit, hole 70 returned 103.6 metres grading 0.74 grams gold. Hole 94 returned three intercepts: 48.8 metres of 1.67 grams gold from 133 metres depth, followed closely by 33.5 metres averaging 1.32 grams gold and then 45.7 metres grading 0.68 grams gold.
And finally, on the north edge of the Core zone hole 31 hit a strong series of mineralized intercepts. The best are 27.3 metres of 4.83 grams gold from 81 metres depth, then 6.1 metres of 4.66 grams gold from 185 metre downhole, 40 metres grading 0.99 gram gold from 310 metres depth, and 10.8 metres grading 1.78 grams gold.
The zone of higher-grade mineralization now covers an area roughly 30% larger than that considered in the recent resource estimate, which pegged indicted resources at 69.5 million tonnes grading 0.83 gram gold and inferred resources at 87.9 million tonnes averaging 0.77 gram gold. The company says it expects the Livengood deposit will grow substantially in the next estimate, due out in February. The company is still awaiting assay results from a quarter of the 2008 drilling.
International Tower Hill sees potential for the deposit to grow to the north and east. Surface geochemical results indicate that the current drill-defined area is within a much larger, northeast-southwest trending area of anomalous gold that is largely unexplored. And many of the recent holes terminated in mineralization, indicating that the lower sedimentary sequence hosts significant mineralization and thus the deposit has room to grow at depth.
The company is currently winterizing the project. The next drill program will commence in February. International Tower Hill expects to drill 7,000 metres in the winter program and follow that up with another 10,000 metres of drilling in a summer program.
The company’s news must have caught the eyes of investors looking for good news. International Tower Hill shares gained 14¢ on the news to close at $1.52. The company has a 52-week trading range of $1.10 to $2.40 and has 44 million shares issued.
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