Tyhee acquires two claims by staking, one containing a historical gold resource
Thursday January 11, 8:00 am ET
TSX Venture: TDC
VANCOUVER, Jan. 11 /CNW/ - Tyhee Development Corp. (TSX Venture, TDC) today announced that it has acquired two additional gold properties as it continues to expand its holdings in the prolific Yellowknife Gold Camp of Canada's Northwest Territories. The company also announced that drilling has recommenced on the Yellowknife Gold Project following the seasonal holidays.
These announcements were made today by David Webb, Ph.D., P.Geol., Tyhee's President and CEO, who points out that one of the new acquisitions, the Clan Lake Property, 50 km north of Yellowknife, contains a historical "global resource" estimate of 600,000 ounces of gold.
Clan Lake Property
Dr. Webb explained: "More than 10,000 metres of diamond drilling has been recorded on the Clan Lake Property over the past 40 years. Additionally, a 1,045-tonne bulk sample from the property taken in the mid-1960's graded 14.5 gpt gold. The historical resource estimate of 600,000 ounces of gold, to a depth of 1,000 metres, was calculated on the basis of 10 million tonnes grading 1.89 gpt gold, and included a higher-grade resource of 3.6 million tonnes grading 3.43 gpt gold containing 390,000 ounces of gold (Borissova O.I. and Trenaman, R.T., 1998)."
Dr. Webb continued: "Tyhee believes that the published resource of 600,000 ounces is an 'order of magnitude' calculation designed to provide an estimate of the potential of the established showing. It is reported as a "global resource," as opposed to the 'Measured, Indicated and Inferred' categories required under NI 43-101 regulations of today. Our goal will be to confirm the Clan Lake mineralization, and report it in compliance with current guidelines."
The Clan Lake Property covers metavolcanic and metasedimentary rocks of the Yellowknife Supergroup. Gold mineralization occurs in quartz veins and silicified rocks within and adjacent to breccias and fractures that trend azimuth 010 degrees and 132 degrees.
Goodwin Lake Property
Tyhee's second new property is a single claim that will become part of an option agreement originally announced in November 2006, to acquire three claims at Goodwin Lake some 75 km north of Yellowknife. This new acquisition adds the Vad Showing, 300 metres long and 100 metres wide, located within an area of 13,000 square metres that has returned numerous grab samples from irregular, discontinuous quartz veins yielding economically significant gold assays.
Dr. Webb summarized these acquisitions by stating, "We are pleased to use our knowledge of the area to acquire two additional highly prospective properties that have substantial potential." He also pointed out:
"Just as significantly however, is the fact that these low quartz and high sulphide types of gold mineralization, characteristic of the Ormsby Zone, and now possibly at our Goodwin Lake, Clan Lake and BigSky Properties are being found elsewhere in the Yellowknife Gold Belt. They differ from the quartz vein-dominated deposits that were the focus in the past, and are therefore under-explored for, and under-recognized. We will continue to seek these out and aggressively move to test their potential."
About Tyhee Development Corp.
Tyhee Development Corp. is a gold exploration and development company. Its primary 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 complete NI 43-101 report will be filed on Sedar and be available on Tyhee's website shortly.
Dr. D.R. Webb Ph.D., P.Geol. is the QP within the meaning of NI 42-101 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
Tyhee Development Corp., David Webb, President and CEO, Tel: (604) 681-2877 (toll free 1-866-681-2877), info@tyhee.com
The Equicom Group Inc., Michael Joyner, Tel: (416) 815-0700 ext 275, mjoyner@equicomgroup.com
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