TYHEE ANNOUNCES FAVOURABLE RESULTS FROM INITIAL STAGE OF DIAMOND DRILL PROGRAM AT CLAN LAKE, YELLOWKNIFE GOLD PROJECT, NWT CANADA
VANCOUVER, British Columbia (Tuesday March 16, 2010) -- Tyhee Development Corp. (TSX Venture, TDC) (the “Company”) announced the first results from its 10,000 metre drill program at Clan Lake, Yellowknife Gold Project, NWT Canada.
Results include 3.74 grams per tonne (gpt) of gold over 7.5 metres (m) in CL144 and 2.64 gpt gold over 9.5 m and 3.48 gpt gold over 6.5 m in CL143.
“We are pleased to have started our 2010 winter drill program with such positive results” reports Dave Webb, President & CEO. “We have now completed fifteen of the thirty three diamond drillholes which are planned to test portions of the Clan Lake Main Zone up to 800 metres beyond the limits previously drilled. We have assay results back from three drillholes and expect a steady stream of assay results to be released over the next several months.”
Tyhee has exchanged two of the diamond drills at Clan Lake for self-propelled Ultra Low Ground Pressure Buggy Drills, capable of moving about much of the property with minimal impact on the ground. “This will allow flexibility in Tyhee’s program going into the summer at much lower costs than a helicopter supported program.” reports Webb.
The drill results reported above are from the initial stages of Tyhee’s winter drill program. The first six drill holes are located near the northwest portion of the Main Zone and target a gap within the gold deposit. The remainder of the drill program is focused on the southeast extension of the Main Zone. Two diamond drills are actively working on the Clan Lake program while diamond drilling on the Ormsby Zone was completed this past week.
The Clan Lake Main Zone is located 50 km north of Yellowknife NWT. Mineralization is largely constrained to a 6.5 kilometre long, 900 metres wide north-northeast striking domain (open in strike). Mineralization consists of altered, silicified, and sulphidized rocks that generally strike to the northwest and individually may exceed 100 metres in width. The Main Zone Resource (354,000 ounces of Indicated Resource) is developed from 90 diamond drill holes that total 17,000 metres, confirming mineralization to a depth of 300 metres (open). Diamond drilling and trenching define the 1100 metre by 300 metre extent of the Main Zone. A map showing the location of the drillholes reported is attached to this release.
On a different note, Webb reports “We are also very pleased to see a statement from the Canadian Government. Minister of Finance Flaherty announced $11 million over two years “to accelerate the review process for resource projects in the North.” in this year’s budget.”
Preliminary Feasibility Study
Tyhee is on schedule for the completion of its Preliminary Feasibility Study. This is expected to be finished within the next three to four months. Metallurgical locked cycle tests on composite ore samples blended from the principal zones are being conducted to simulate operating conditions. This will also produce tailings products for ongoing environmental studies including cyanide destruction tests.
Tyhee also reports that it has successfully completed the resupply of over 400,000 litres of diesel fuel, all the required propane and miscellaneous materials and has removed all scrap and garbage from the site on this year’s winter road.
Tyhee Development Corp. is a gold exploration and development company working to start production 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, the Yellowknife Gold Project which includes the Nicholas Lake, Ormsby, Bruce, Goodwin Lake, and Clan Lake Gold Zones. All are located on mineral claims and mining leases 50 to 90 km north of Yellowknife, NWT. (Note: only Nicholas Lake and Ormsby Zones are being included for permitting purposes).
Tyhee completed fire assays on drill core samples using 30 gram aliquots with ICP-ES finish for gold analyses, prepared at Acme Analytical Laboratories Ltd. in Yellowknife, and finished at Acme Analytical Laboratories Ltd in Vancouver. A semi-quantitative multi-element analysis is run on 0.5 gm aliquot samples leached in a hot aqua regia solution and measured using ICP-ES techniques. Tyhee conducts a rigorous QA/QC program of inserting blanks and duplicates in the field and standards in the laboratory. The laboratory conducts their own independent QA/QC program including inserting their own standards and rerunning samples from pulped material
and reject material. These results were provided to Tyhee. All standards, duplicates, blanks and check assays returned acceptable results. Mr. Val Pratico, P.Geol., the designated QP within the meaning of NI 43-101, has reviewed this release and approves of its content. A portion of the work reported herein has been funded by MineralFields Group through a private placement.
Recent assay results from current drill program at Clan Lake
|Grade (gpt gold)
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This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements relating to proposed or anticipated work programs and anticipated timing of permit applications. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements. Factors which may lead the company to not proceed with anticipated work programs, construction or development projects and studies, to delay permit applications or delay the delivery of the feasibility study include factors such as analysis of the exploration results may lead to a determination that further exploration or development is not warranted, additional information requirements necessary to complete permit applications and the feasibility study may be delayed by weather and other constraints, insufficient funding, delays as a result of early or late onset of winter conditions, availability of personnel and equipment to conduct work programs, permit reviews, information requests and other factors not within the Company’s control. The factors identified above are not intended to represent a complete list of the factors that could affect the Company. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forwardlooking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company does not undertake to update forward-looking statements, except where required by law. Readers should not place undue reliance on forward-looking statements.