TSX Venture: TDC
VANCOUVER, March 1 /CNW/ - Tyhee Development Corp. (TSX Venture, TDC)
today announced it has established winter road access to Nicholas Lake. Tyhee
can now freely move the archived drill core from Nicholas Lake to its newly
established laboratory facilities and commence additional diamond drilling on
the Nicholas Lake Main Zone. A portable crushing unit has been mobilized to
the Yellowknife Gold Project to crush approximately 6,800 tonnes of
mineralization extracted from the Ormsby Zone. Tyhee and its engineers have
agreed to expand the scope of the Preliminary Economic Assessment,
incorporating more detailed engineering data.
Tyhee has completed the short access road to the Nicholas Lake Main Zone,
providing access to the archived drill core for resampling as well as new
diamond drilling. There are 143 drillholes testing the 13 quartz veins. These
quartz veins all occur within the southern 100 metres of the Nicholas Lake
Granodiorite and hosts an NI-43-101 Measured and Indicated Resource of
245,000 ounces of gold (96,000 tonnes grading 8.60 gpt gold) and 99,000 ounces
of gold in the Inferred category (1,013,000 tonnes grading 6.70 gpt gold) (NR
S.7 R. 33, December 21, 2006 and www.sedar.com). Four of the historic
drillholes were resampled and the intervening granodiorite was found to be
variably altered with significant gold values. Results ranged from 112 metres
grading 3.39 gpt gold (DDH N025) to 28.5 metres grading 1.67 gpt gold (DDH
N024) (NR S.7 R.25, October 24, 2006). A potential bulk mineable target was
recognized and a sampling program was initiated. The sampling program is
expected to take 4 to 5 months to complete. Regular updates will be provided
as the assays become available.
Tyhee has engaged a contractor to crush the bulk sample extracted from
the Ormsby Zone. A representative portion of this material will be trucked to
a testing facility to provide data for further engineering work. The crushing
plant was mobilized to the property this week and all crushing should be
completed within 2 weeks.
Preliminary Economic Assessment
Tyhee continues to work on the Preliminary Economic Assessment of the
Yellowknife Gold Project. Progress has been sufficiently encouraging to
warrant further work. Tyhee's independent consultants are updating the
Preliminary Economic Assessment, the scope of which has been broadened to
include the updated Nicholas Lake and Ormsby Mineral Resources. Completion of
the study has been delayed to allow development of more site specific capital
and operating costs for the project as well as a more extensive review of key
mine development and operating parameters. The study is expected to be
completed in June, 2007.
About Tyhee Development Corp.
Tyhee Development Corp. is a gold exploration and development company
currently focused on the historic Yellowknife Gold Camp, NWT, Canada. Its
principal asset is the advanced-stage Yellowknife Gold Project, which consists
of 6,625 hectares (15,481 acres) of mining leases located 90 km (56 miles)
north of Yellowknife, NWT, Canada. The property hosts several areas of gold
mineralization, including the partially developed Nicholas Lake Gold Deposit,
the Ormsby Zone and the West Zone. A revised NI 43-101 report is available on
Sedar and on Tyhee's website. Additional gold properties have been acquired
within the Yellowknife Gold Belt and reviews of historical data is ongoing.
David R. Webb Ph.D., P.Geol. is the Qualified Person within the meaning
of NI 43-101 and approves of this release.
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,