Tuesday, 13th May 2008 (257 views)

Exploration company International Tower Hill Mines (ITH) has started work on a 42,000-metre drilling programme to expand its gold resources at the Livengood gold project in the US state of Alaska.

The campaign will involve the drilling of between 150 and 175 holes within a "core target area" of 1.5 square kilometres.

Work will concentrate on the high-grade Lillian zone, with ITH hoping to double its existing inferred gold resource of around two million ounces.

Previous drilling in this area has returned high-grade intercepts including assays of 9.95 g/t gold over 8.8 metres, 9.64 g/t hold over 8.5 metres and 7.33 g/t gold over 3.5 metres.

Work is expected to be carried out by shift teams, with one of the two drill rigs in operation 24 hours a day, seven days a week. The campaign is expected to last until December 2008.

ITH president and chief executive Jeffrey Pontius said: "We are very excited to move the Livengood deposit to this next stage of development as this type of opportunity to define a major new gold deposit in such a logistically and politically favourable location is very rare."

The Livengood gold project is situated on Alaska's Tintina gold belt and its main target area lies in the centre of the Livengood placer district, which has produced over 500,000 ounces of gold since 1914.

 

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