TSX Venture: TDC
VANCOUVER, Oct. 1 /CNW/ - Tyhee Development Corp. (TSX Venture, TDC)
(the "Company") today announced it has completed four drill holes on the VAD
Showing, Goodwin Lake Property, 12 kilometres south of the Yellowknife Gold
Project. All four holes intersected the target mafic intrusion which was
variably altered and quartz veined. Two of the drill holes also tested the
mafic intrusion sedimentary contact east of the VAD Showing which was
determined to be prospective for shear zone-hosted gold mineralization. The
core will be logged and sampled, and assay results will be released upon
The diamond drill has been moved from the Goodwin Lake Property and
mobilized to the Teapot Zone on the Yellowknife Gold Project 6 kilometres
northeast from the Ormsby Zone. The Teapot Zone was first discovered in 1992.
Initial sampling and mapping defined the zone to be an east-west striking zone
of retrograde biotite altered metasedimentary rocks with abundant quartz
veining up to 80 metres wide and 600 metres long. Variable amounts of pyrite
and arsenopyrite were noted, and gold values up to 15.8 grams per tonne (gpt)
gold were reported from grab samples (Bianchi, C., and Falk, H., 1994). A
series of trenches were excavated and 13 diamond drill holes were completed to
test the zone in 1994. Diamond drill results include 5.18 gpt gold over
2.0 metres in T94-03, 2.21 gpt gold over 3.1 metres in T94-04, 5.49 gpt gold
over 1.1 metres in T94-09 and 3.03 gpt gold over 3.3 metres in T94-13
(Bianchi, C., and Falk, H., 1994).
Recent mapping has confirmed the location and nature of the Teapot Zone,
and samples of highly altered granodiorite within the Teapot Zone contains
tungsten mineralization (scheelite). The size, shape and geometry of the
Teapot Zone, the association of tungsten mineralization in altered
granodiorite, and the metasedimentary host rocks is analogous to the Nicholas
Lake Main Zone 4.8 kilometres to the north.
Five drillholes have been designed to test the wider portions of the
Dave Webb, President and CEO reports "We are pleased to have completed
the initial drilling on the VAD Showing, and to have intersected the target
zone. The presence of abundant quartz, some with pyrrhotite and arsenopyrite
in the target rocks is encouraging. Logging, sampling and assaying of these is
ongoing and once completed will be used in planning future drill campaigns."
Regarding the Teapot Zone, Webb states "The size and grade of the initial
work at the Teapot Zone warrants further work. The recognition of tungsten
mineralization in altered granodiorite at the Teapot Zone leads our geologists
to draw similarities to the Nicholas Lake Main Zone. That and the size and
orientation of the alteration zone (east-west), and amount of silicification
further support this belief. Drilling of the Teapot Zone will commence this
Tyhee has been working over the past several months to complete a NI
43-101 compliant Preliminary Assessment (PA), on its wholly-owned Yellowknife
Gold Project. A number of preliminary pit models have been generated for the
Ormsby Zone resource, and several production profiles considered.
Incorporating the Nicholas Lake resource into the PA has been challenging due
to the structure of the resource model which makes mine design difficult.
Tyhee continues to advance the PA in anticipation of receipt of a revised
resource model for Nicholas Lake, one that could more easily accommodate mine
design work. This revision has been underway for the past three months but was
delayed due to ongoing commitments from our independent resource specialists.
Twenty percent of our current NI 43-101 compliant resource for the Yellowknife
Gold Project resides in the Nicholas Lake Main Zone, therefore Tyhee has
agreed with our consultants to delay the completion of the PA until these
ounces can be modeled in a manner that can be considered in our study.
Revision of the Nicholas Lake is progressing in two forms. The
underground resource is being revised using the existing information which is
expected to yield results similar to the existing resource. It will however,
be in a form that is more compatible with mine development planning. A second
resource estimate will be established using data derived from the existing
diamond drill core that has been re-sampled and is currently being re-assayed.
The identification of significant tungsten values proximal to and within the
gold mineralization is also being evaluated to determine if tungsten can add
value to the overall resource. The re-sampling of the drill core has been
completed. All samples have been received at Acme Analytical Laboratories in
Vancouver and the final assay results are due within 6 weeks. The PA,
therefore, will be delayed in anticipation of, and incorporation of these
The assay results reported herein are historical in nature and cannot be
verified under current NI 43-101 standards. They are reported as fire assays.
D.R. Webb, P.Geol. QP has been on the Teapot Zone, has reviewed the Bianchi
and Falk (1994) report and believes it to be accurate.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS
RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
Tyhee's shares trade on the TSX Venture Exchange under the symbol "TDC".
For additional information, please visit the Company's website, www.tyhee.com.
For further information:
For further information: Tyhee Development Corp., David Webb, President
and CEO, Tel: (604) 681-2877 (toll free 1-866-681-2877), firstname.lastname@example.org; The
Equicom Group Inc., Michael Joyner, Tel: (416) 815-0700 ext 275,