| | |
| | |
| ||
| | | |
| | MAIN PROJECTS
 Richard H. Sillitoe Report Click here to view (PDF, 175 kb)
| | |  Project Summary The Terra Project targets a high-grade, low sulfidation gold vein system related to the upper levels of a Donlin Creek-age intrusive. The high-grade veins at Terra, many containing visible gold, have been characterized as deep epithermal with significant expansion potential. Location The Terra property is located between the Revelation and Terra Cotta mountains of the Alaska Range in southwestern Alaska at 61° 41' 52.17"N latitude by 153° 41' 05.59W longitude. The camp is fully equipped with a core facility, kitchen and tents to accommodate 20 people, small bulldozer, wireless internet and a Layne Christensen core drill on site. The 800m gravel airstrip provides year-round aircraft access (Figure 1). Figure 1. Location of Terra claims showing three primary targets; Fish, Ben, and Ice. Ownership 100% ITH. Property consists of 199 Alaska State Mining claims covering approximately 130 square kilometers (Figure 1). All Government permits and reclamation plans are current. The Terra property consists of 11,441 hectares of State of Alaska claims. International Tower Hill Mines ("ITH") earned a 60% interest in the project from AngloGold Ashanti (USA) Inc. ("AngloGold") through a staged joint venture earn-in agreement. AngloGold now has 90 days to decide whether or not to exercise its right to earn back an additional 20% interest in the project by incurring USD 4,000,000 in expenditure over the next two years. Should AngloGold elect not to exercise its back-in right, each party will thereafter be responsible for contributing its share of ongoing joint venture expenditures. If a party fails to provide its cost share of ongoing expenditures, its interest in the project will be diluted on a straight-line basis. When a party's interest is reduced to 10% or less, such interest will automatically be converted into a 2% net smelter return royalty. Exploration History Outcropping gold veins were first discovered at Terra in the late 1990s by Kennecott Exploration. The claims were transferred to Mr. B Porterfield in 2000. AGANA optioned these claims in 2004 and staked additional claims in the vicinity. Initial detailed soil and rock surveys were conducted at Terra that same year with results leading to the definition of an initial zone of high-grade gold veins over a 2.5 km strike length. AGANA followed up with a discovery drill program of twelve holes in 2005 and drilled three additional holes in 2006. A total of 587 rock samples were collected on the property averaging 16.25 g/t gold. 192 soils collected over 2.6 km of strike averaged 903 ppb gold. The Terra Project was join-ventured to ITH in August of 2006. 2007 Exploration Summary Bens Vein System - ITH's 2007 drilling program was a follow-up to the 2006 AGANA drilling results with the aim of developing an initial resource for Bens Vein Zone, one of several vein systems at Terra (Figure 1; Figure 2). All twelve 2007 drill holes intersected the Main Bens Vein as planned. These results, together with previous drill holes, have defined the Bens Vein System as being open along strike and at depth, with a minimum strike length of 400m and a depth of at least 350m. The mineralized vein varies in true width (using a 3g/t cutoff grade) from 0.2m to 3.0m, averaging 1.0m with 19.8g/t gold. The high grade zone averages 1.3 m in thickness with 23g/t gold (Figure 3; Figure 4; Table 1). Ice Vein System -- In 2007 ITH drilled 3 additional holes intersecting an exciting new high-grade vein system at the Ice Vein Target (Figure 1; Figure 2; Table 1). Figure 2. Terra drill plan maps for the Bens Vein and Ice Vein systems. Figure 3. Long-section of Bens Vein with downhole intersections (true thickness). Table 1. Intercepts of gold mineralization (as of November 2007)*
Mineralization The high-grade gold veins at Terra are associated with a Cretaceous diorite intrusion similar in age to those at the Donlin Creek and Whistler deposits located to the northwest and east respectively. The surrounding host rock to the diorite intrusive and gold-bearing quartz veins is a thick sequence of carbonaceous shale. The Terra deposit is characterized by high-grade, 0.1 to 2 m wide, banded-quartz veins that commonly contain visible gold. These veins appear to be best developed along a north-trending structural zone near the margin of the diorite intrusive. The quartz textures are commonly sharp "toothy" or drusy "cockscomb" containing sulfosalts, arsenopyrite, pyrite, pyrrhotite, sphalerite, and chalcopyrite as well as native gold and electrum. Alteration selvages around the veins vary in grade from silica-rich near the veins to sericite-rich further away. The selvages may also contain up to 10% pyrite and arsenopyrite, however they rarely extend more than a meter from the veins. Mineralization from the Terra veins has returned very favorable gravity and cyanide recoveries from initial gold-characterization studies. Figure 4. Bens Vein Zone, TR-07-27. Exploration and Budget 2008 The results from 2007 are currently being incorporated into a 43-101 compliant resource model which will completed in the first quarter of 2008. The 2008 drilling program will continue delineating the northern extension of Bens Vein and, in addition, will drill the Fish Vein area to follow up very high grade intersections discovered by AGANA in 2005 (Table 1). | | |
| |  Home Corporate Projects Investors News QwikReport Contact | | |
| | ©2007 International Tower Hill Mines Ltd. All Rights Reserved | Cautionary Notes |  | |
