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Investors
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| | December 03, 2009
Alaska officials are happy to be Livengood
Publisher: mineweb
Author: Dorothy Kosich
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| | http://mineweb.co.za/mineweb/view/mineweb/en/page34?oid=93948&sn=Detail
NWMA MEETING AND EXHIBITION
Alaska officials are happy to be Livengood
Alaska officials, including nine members of the state legislature, are thrilled with the district-wide potential of International Tower Hills' Livengood gold project.
Author: Dorothy Kosich
Posted: Thursday , 03 Dec 2009
RENO, NV -
International Tower Hill Mines' 5.5 million indicated-ounce Livengood gold project near Fairbanks has generated "big excitement" for Alaska mining exploration, Senior Minerals Geologist David Szumigala of the Alaska Division of Geology & Minerals Resources said Wednesday.
In a presentation to the Northwest Mining Association meeting in Reno, Szumigala suggest the former AngloGold project offers "district scale potential" as International Tower Hill Mines may declare a 12.5 million-ounce gold resource this year.
The Livengood land package covers 44 square kilometers of State of Alaska land, patented and un-patented mining claims. The Money Knob deposit has generated the lion's share of attention, but five other untested exploration targets have been defined on the land package.
Jeff Pontius, International Tower Hill Mines CEO, told geologists and other mining professionals in the audience the major shareholders in ITHMines are AngloGold Ashanti with 13.28%, Tocqueville Asset Management with 12.35%; and 15 other institutions.
The heap leach option for Money Knob would have a mine life of 12.6 years, Pontius said, at an initial project capex of US$665 million.
An on-going drilling program is expected to produce additional resource updates during the first, third and fourth quarters of next year with preliminary economic assessments following each update.
Szumigala also noted that Alaska's placer gold operations are expected to increase their production from 56,759 ounces in 2008 to 59,000 ounces this year.
Kiska Metal Corporation's Whistler project near Rainey Pass is also generating excitement, Szumigala said.
Senior Geologist Mike Roberts told NWMA members Whistler contains 1.31 million indicated open pit gold equivalent ounces with a high gold-copper ratio.
Kiska (TSX-V: KSK) suggests that Alaska's Whistler Corridor contains multiple gold-porphyry copper targets, which could become North America's next great gold camp. It is located within the same geological belt Kahiltna terrane, which produced the world class Pebble deposit.
One of the largest junior claimholders in Alaska, Kiska expects to spin out or sell other properties to concentrate on the Whistler project. The Whistler project is a former Cominco discovery which was picked up by Kennecott, then Geoinformatics which merged with Rimfire into Kiska Metals.
Roberts said Kennecott retains a back-in exploration right and can earn up to a 51% interest in the project if it funds Whistler through the pre-feasibility stage. |
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| | You can view the Previous Press Coverage item: Fri May 14, 2010, International Tower Hill Mines featured in Canadian Business Journal
You can view the Next Press Coverage item: Mon Oct 26, 2009, Livengood resource hits 12M oz for Tower Hill
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