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 /CNW/ - 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 (m) including
- 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 significantFor further information:
|Tyhee Development Corp. |
David Webb, President and CEO
|Envoy Strategic Partners|