Vancouver — This year’s initial drill hole at
The 10,000-metre program is centred on the Discovery Mine prospect. Crews are testing the extent and limits of mineralization at the Ormsby zone and working to upgrade the inferred resource.
Yellowknife Gold consists of two advanced-stage deposits; Discovery Mine is one, and Nicholas Lake Mine, the other. Historical production from the Discovery mine exceeded 1 million oz. gold from high-grade ore.
Hole 246 tested the eastern extent of southern Ormsby and intersected 496.5 metres (essentially from surface) grading 1.3 grams gold per tonne. Included in this broad intersection were numerous higher-grade sections, such as: 34.5 metres (from 112 metres) grading 2.88 grams gold, 18 metres (from 154 metres) grading 3.36 grams, 12.5 metres (from 350 metres) grading 6.53 grams, and 4.5 metres (from 494.5 metres to the end of the hole) grading 17.53 grams.
Gold mineralization at Ormsby occurs in quartz and quartz-carbonate veins and associated alteration in sheared volcanic-sedimentary rocks.
Ormsby has an indicated and inferred resource of 1.34 million tonnes grading 11.82 grams gold, or 509,000 contained ounces.
Tyhee has started an underground development program on Ormsby. The company is upgrading the existing Discovery Mine workings, and tunneling is planned across and along mineralized zones.
An ongoing prefeasibility program includes baseline environmental and geotechnical studies, and community meetings.
The company recently raised $4.2 million (7.75 million flow-through shares and 2.75 million non-flow-through units, both priced as 40 apiece).
Tyhee has 31.3 million shares outstanding. Investors pushed the issue up 9 on the news, closing at 50 on light volume.
Be the first to comment on "Tyhee goes for gold in NWT"