TYHEE CONFIRMS NEW GOLD ZONE ADJACENT TO ESTABLISHED RESERVES IN ALL SEVEN DIAMOND DRILLHOLES COMPLETED AT CLAN LAKE, YELLOWKNIFE GOLD PROJECT, NWT, CANADA
TSX Venture: TDC
VANCOUVER, Jan. 10 /PRNewswire/ – Tyhee Development Corp. (TSX Venture, TDC)
(the “Company”) announces the assays for seven of the first eight
drillholes completed into the recently discovered Spud Zone prior to
the Christmas break have been received. All seven drillholes
intersected gold mineralization.
Recent drilling has returned assays of:
1.74 grams of gold per tonne (gpt) and 4.30 gpt silver over 32.0 metres
- 4.75 gpt gold and 11.9 gpt silver over 10.5 m, and
- 18.23 gpt gold and 83.00 gpt silver over 1.0 m.
- 5.29 gpt gold and 10.5 gpt silver over 4.0 m.
- 1.14 gpt gold and 3.4 gpt silver over 16.0 m including
- 2.52 gpt gold and 7.8 gpt silver over 6.3 m.
A map of drillhole locations can be found on Tyhee’s website, www.tyhee.com.
The Spud Zone is an altered and mineralized zone of intermediate ash to
lapilli tuffs over 850 m in length (open) and up to 300 m wide. It is
located 200 m west of and is subparallel to the Main Zone. Alteration
consists of quartz veining and silicification, carbonatization and
minor biotite development. Anomalous gold values have been encountered
in every drillhole, in places reaching economically significant
concentrations with very elevated silver concentrations over
potentially minable widths. The balance of the assays are pending.
Dave Webb, President & CEO reports “Tyhee’s first drillholes on the Spud
Zone confirmed it as a significant new discovery (1.74 gpt gold and 4.30 gpt silver over 32.0 m (CL171), 5.29 gpt gold and
10.5 gpt silver over 4.0 m in CL170). Additionally, the 330 Zone which was discovered in the 1980′s has
now been shown to be part of the Spud Zone has been intersected in
CL170, CL171, CL172, and CL175 extending the historic showing by up to
400 m. The high silver values are unusual for Yellowknife, and if
recoverable could be material to the economics. Drilling at Clan Lake
resumed last week.”
Drill crews completed eight diamond drillholes totalling 1,572 metres at
Clan Lake prior to a temporary shutdown for the holidays. Crews have
re-mobilized to camp last week. Construction of the winter ice road
has commenced and will give road access to the Clan Lake area once it
is completed. Archival drill core from the 330 Zone has been collected
and will be relogged and re-sampled as part of the continuing
exploration and development program at Clan Lake.
Tyhee is completing its environmental assessment report for the
Yellowknife Gold Project, (Developer’s Assessment Report or “DAR”), and
anticipates submitting this to the Mackenzie Valley Environmental
Impact Review Board (MVEIRB) early in the second quarter of 2011. The
MVEIRB can, after reviewing the DAR, recommend that the project proceed
to the regulatory phase so permits for construction and operation can
be issued. Throughout this, ongoing engineering studies will optimize
the planned mining operations and continuing exploration will build on
our resources. Tyhee intends to aggressively pursue permitting,
construction and production from the Yellowknife Gold Project.
Tyhee is now fully financed and plans to continue to drill test some
recent discoveries adjacent to and along strike of the Clan Lake Main
Zone, which hosts part of the 1.95 million ounce Measured and Indicated
gold Resource defined for the project (see NR S.11, R.11, July 22,
2010). Targets to be assessed in this program include the Spud, Bear
and Morel Zones, as well as northern and southern extensions of the
Main Zone. Additional drilling on the north-end of the Ormsby and
deeper Nicholas Lake Main Zones are being planned for 2011.
Tyhee Development Corp. is a gold exploration and development company
working in the historic Yellowknife Gold Camp, NWT, Canada. It is the
largest property holder in this camp and has the largest exploration
and development program underway in the region. Its principal asset is
the Yellowknife Gold Project which includes the Nicholas Lake, Ormsby,
Bruce, Goodwin Lake, and Clan Lake Gold Zones. All zones are open to
depth, and located on mineral claims and mining leases 50 to 90 km
north of Yellowknife, NWT.
Tyhee completes fire assays on drill core samples using 30 gram aliquots
with ICP-ES finish for gold analyses, prepared at Acme Analytical
Laboratories Ltd. in Yellowknife, and finished at Acme Analytical
Laboratories Ltd in Vancouver. As well, a semi-quantitative
multi-element analysis is run on 0.5 gm aliquot samples leached in a
hot aqua regia solution and measured using ICP-ES techniques. Tyhee
conducts a rigorous QA/QC program of inserting blanks and duplicates in
the field and standards in the laboratory. The laboratory also
conducted their own independent QA/QC program including inserting their
own standards and rerunning samples from pulped material and reject
material. These results were provided to Tyhee. All standards,
duplicates, blanks and check assays returned acceptable results. Mr.
V. Pratico, P.Geol., the designated QP within the meaning of NI 43-101,
has reviewed this release and approves of its content.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release contains “forward-looking statements” within the
meaning of applicable securities laws, including statements relating to
proposed or anticipated work programs. Readers are cautioned not to place undue reliance on forward-looking
statements. Actual results and developments may differ materially from
those contemplated by these statements. Factors which may lead the
company to not proceed with anticipated work programs include factors
such as analysis of the exploration results may lead to a determination
that further exploration is not warranted, insufficient funding, delays
as a result of early or late onset of winter conditions, availability
of personnel and equipment to conduct work programs, and other factors
not within the Company’s control, The factors identified above are not
intended to represent a complete list of the factors that could affect
the Company. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there
may be other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue reliance
on forward-looking statements.
Recent drillholes at Clan Lake, Yellowknife Gold Project
(1) ICP analysis, preliminary.
NS – not significant
SOURCE Tyhee Development Corp.