Tyhee Provides Update On Yellowknife Gold Project, NWT Canada
TSX Venture: TDC
VANCOUVER, Jan. 27 /PRNewswire-FirstCall/ - Tyhee Development Corp. (TSX Venture, TDC) today announced:
1. Installation of the 2010 winter road has commenced
2. Diamond drilling at the Ormsby Zone has commenced
3. Initial metallurgical results from Clan Lake are positive
Construction of the winter road to Tyhee's Camp commenced last week due to generally cold winter conditions. It is expected that the road will be passable for light trucks within a week to ten days and will be used to resupply the camp and provide logistical support for the drills at Clan Lake. Increasingly heavy vehicles will be permitted as the ice thickness increases.
Diamond drilling at the Ormsby Zone was initiated last week to complete the geotechnical holes required for the preliminary feasibility study. The work is focused on testing sites for building foundations and other infrastructure. In addition, two combined exploration/geotechnical holes are planned to assess the geotechnical conditions of the proposed pit walls and will commence near the end of the month.
The initial results of the current metallurgical program (which is ongoing) match earlier test work to show high overall gold recoveries ranging from 90% to 97% for all zones. This test work uses conventional crush and grind, followed by three sequential recovery techniques, gravity, flotation, and cyanidation. Gravity recoverable gold for the Ormsby Deposit showed a range of 39 to 71% and 27 to 59% for Clan Lake with flotation and cyanidation raising overall recoveries into the mid to upper ninety percent range. The Clan Lake Main Zone appears to be metallurgically similar to the Ormsby Zone.
"We are pleased with the progress of our development of the Yellowknife Gold Project," reported Dave Webb, President & CEO. "The winter road will allow us to resupply our camp, as well as to easily access our drill sites this winter. The work at Ormsby will be used to complete portions of our preliminary feasibility study due sometime in Q2 of this year. We currently have a diamond drill at Clan Lake which will be started once winter road access is well established. We intend to drill both within the existing 354,000 ounce resource, as well as along strike to the east. In addition, the overall metallurgical results are very good, with the initial test work on the Clan Lake Main Zone, the first modern metallurgical work completed on this deposit, to be very encouraging."
Permitting work continues in conjunction with the above mentioned study, focusing on the Ormsby and Nicholas Lake Zones.
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 and Ormsby Gold Zones, the Goodwin Lake Zone (13 km south of the Ormsby Zone), and the Clan Lake Zone (27 km south of the Ormsby Zone). All are located on mineral claims and mining leases 50 to 90 km north of Yellowknife, NWT. (Note: only Nicholas Lake and Ormsby Zones have been included for permitting purposes).
All metallurgical test work has been completed at Process Research Associates in Richmond, B.C. Head and product analyses have been completed by Inspectorate, Vancouver, ALS Chemex, North Vancouver, and Acme Analytical Laboratories, Vancouver. Dr. D.R. Webb, P.Geol., the designated QP within the meaning of NI 43-101, has reviewed this release and approves of its content.
Tyhee's shares trade on the TSX Venture Exchange under the symbol "TDC".
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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.
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Table 1. Yellowknife Gold Project Resource Summary
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Measured Indicated M + I Inferred
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Ormsby Zone
Tonnes 3,003,000 7,898,000 10,901,000 223,000
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Grams per Tonne 3.41 3.42 3.42 3.14
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Troy Ounces, Gold 329,000 869,000 1,198,000 23,000
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Nicholas Zone
Tonnes 1,249,000 1,484,000 2,733,000 955,000
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Grams per Tonne 3.81 3.32 3.54 3.92
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Troy Ounces, Gold 153,000 158,000 311,000 120,000
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Bruce Zone
Tonnes 791,000 791,000 396,000
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Grams per Tonne 3.31 3.31 2.76
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Troy Ounces, Gold 84,000 84,000 35,000
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Clan Main Zone
Tonnes 3,021,000 3,021,000
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Grams per Tonne 3.64 3.64
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Troy Ounces, Gold 354,000 354,000
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Goodwin Vad Zone
Tonnes 971,000
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Grams per Tonne 2.91
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Troy Ounces, Gold 91,000
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Resource Totals Measured Indicated M + I Inferred
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Tonnes 4,252,000 13,194,000 17,446,000 2,545,000
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Grams per Tonne 3.53 3.45 3.47 3.29
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Troy Ounces, Gold 482,000 1,465,000 1,947,000 269,000
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The Ormsby, Bruce, Goodwin Vad and Clan Main Zones are at a 1.25 gpt
cutoff. The Nicholas Zone is at a 1.1 gpt cutoff.
The resource estimates are based on geological models for which the nature and orientation of the mineralization is derived from observation of underground and surface exposures and diamond drill core. The inclusion of geological data results in a more robust resource estimate. The resource estimates conform to National Instrument 43-101 policies. The cut-off grades utilized are reported without economic implications. Cut-off grades are supported by the report prepared for Tyhee Development Corp entitled "NI 43-101 Technical Report on the Preliminary Assessment of the Yellowknife Gold Project" dated August 30, 2008. Details for Ormsby, Nicholas Lake, Bruce and Goodwin are disclosed in a report prepared for Tyhee Development Corp entitled "Report on the Resource Estimate of the Yellowknife Gold Project" dated March 4, 2009 available on www.SEDAR.com or www.tyhee.com Samples greater than 65 gpt gold were cut and reported as 65 gpt. Samples were composited into 1.5 m lengths. ID(2) techniques were used to estimated 3m cubic blocks using an 80m x 40m x 10 m ellipsoid within a geological model that delineated brecciated and silicified rocks.
No economic viability is implied by the cut-off grades or the mineral resource estimates. Only Mineral Reserves as defined by National Instrument 43-101 have demonstrated economic viability. The mineral resource estimates will be affected by environmental, permitting, taxation, socio-economic, marketing, political, mining, metallurgical and infrastructure issues.
SOURCE Tyhee Development Corp.
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