Here' the news-- and what a surprise in it!! Check out these amazing #'s for metals. I'm still reading it, but imagine the mammoth size of the deposit body. These numbers are extremely high. (PPM = g/tonne) --This on top of the diamond potential of the vast, growing body.
[BTW, I'm told this NR was already sent to Stockwatch for early a.m. dissemination]
Significant Metals Discovery Expands Chinchaga Diamond Project
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N E W S R E L E A S E
INTERNATIONAL TOWER HILL MINES LTD.
#507, 837 West Hastings Street
Vancouver, BC V6C 3N6
Tel: (604) 685-1017
Fax: (604) 685-5777
towerhillmines.com
ITH - Trading Symbol on The Vancouver Stock Exchange
#82-3248 - S.E.C. 12g-3(b) Exemption
Standard & Poor's Listing
MARUM RESOURCES INC.
#400, 606 - 4th Street SW
Calgary, AB T2P 1T1
Tel: (403) 264-2220
Fax: (403) 243-9517
marumresources.com
MMU - Trading Symbol on The Alberta Stock Exchange
#82-4100 - S.E.C. 12g-3(b) Exemption
Standard & Poor's Listing
Significant Metals Discovery Expands Chinchaga Diamond Project
April 22, 1999 - International Tower Hill Mines Ltd. (ITH - VSE) and Marum Resources Inc. (MMU - ASE) provide the following update based on initial petrographic and laboratory results.
Several sets of core sample splits have been taken for petrographic, geochemical and diamond analysis. Results received to date consist of petrographic descriptions for eleven preliminary, very small core samples from Targets 7, 7D, and 9, together with geochemical analyses of the excess sample material that was not required for the petrographic thin sections. The geochemical sample material was sent to Loring Laboratories in Calgary for gold assay and routine 30-element ICP geochemical analysis. Nine of the samples were taken from the 10-metre thick volcaniclastic layer designated as the P-1 Sequence in the Joint Venture's March 31, 1999 news release. One sample was deliberately taken in carbonaceous marine sediment above P-1 and one sample was taken approximately 60 metres below P-1 in Target 7D, more or less randomly in one of the underlying volcaniclastic units. Targets 7 and 7D are located 13-km from Target 9 and the P-1 Sequence has been correlated to all three holes. A volcanic ash marker horizon located just above P-1 in Target 7D has been correlated with a 1998 reconnaissance drill hole located 8-km away. The distribution of the volcaniclastic rock package has now been defined over a minimum distance of approximately 21-km along one axis.
Petrographic and lithologic analysis of the samples is being carried out by several consultants who offer only preliminary opinions at this stage due to the very unusual and complex nature of the sample set. Current petrographic work supports the 1998 drill program results and again validates the Chinchaga area as being prospective for diamond. A sample of ordinary looking carbonaceous rock above P-1 contains some volcanic components, while samples from P-1 contain abundant immature clasts of volcanic origin, calcite veining and fine honeycombs of sulphide minerals. The lone sample taken 65 metres below P-1 in Target 7D contains quantities of deep olive green glass that indicates a sudden influx of material derived from mafic or ultramafic volcanism. All of the P-1 samples and the single lower sample contain large quantities of hydrothermal clays which are due to nearby volcanic activity that pumped metal-bearing fluids into the shallow seafloor as the volcaniclastic material accumulated and solidified. The samples contain several populations of abundant oolitic (egg shaped), pelletal or orbicular grains of varying composition. One population has been interpreted as a sedimentary product of shallow marine shoals. Another population has been interpreted as representing expelled volcanic spherules similar to those that occur, as examples, in the crater facies of some kimberlites or in the Igwisi extrusive kimberlites of Tanzania.
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Due to the strong, pervasive sulphide mineralization observed in the cores, an aggressive geochemical sampling program has been undertaken. Approximately 30 samples have been submitted to Activation Laboratories in Ontario for their full research grade analysis. Another 60 samples will be shipped to Activation Laboratories within a few days. These will be processed using their "Gold + 53 element" analysis package which consists of combined ICP and neutron activation analysis. To date, only eleven samples have been processed using fire assay and 30-element ICP analysis at Loring Laboratories. No gold was detected in any of the fire-assayed samples. The ICP analyses indicate the following maximum metal values for the eleven samples. Silver 3.9ppm (parts per million), cobalt 180ppm, chrome 165ppm, copper 107ppm, magnesium 149ppm, manganese 5210ppm, nickel 325ppm, vanadium 526ppm and zinc 512ppm. As well, associative indicators of mineralization such as arsenic, barium and strontium are highly anomalous. In general, all of the samples are enriched in metallic elements. Apex Geoscience, the project manager, has advised the Joint Venture that the gold and certain metallic results are likely to be understated due to the extremely small sample sizes and that chrome, nickel and barium values are significantly understated since these metals are only partially digested during the ICP process.
These elevated geochemical results automatically expand the Chinchaga project to include a metallic exploration component. The diversity of metal enrichment is remarkable. The great geographical extent of the mineralization and the tonnages available for sampling are estimated to be very high as outlined in our previous report. And, deeply significant, the stratigraphic range of the metallic mineralization appears to be very thick and is not confined to the more volcaniclastic rocks, but also extends into the overlying marine sedimentary rocks. Obviously, these results define a second, exciting exploration direction to the Chinchaga program: a regional search for exhalative volcanic nickel/base metal deposits and gold/silver/platinum concentrations in a thick, regionally distributed package of carbonaceous, shaley, sulphide-rich, volcaniclastic rocks.
The Joint Venture's consultants have recommended exploration models to assist in the planning of a metals oriented exploration program. These examples include a number of existing gold, base metal and nickel ore deposits located in Nevada, Colorado, China and the Yukon. These examples include both stratiform models consisting of layered ore horizons, as well as a model associated with the emplacement of volcanic diatremes, the later model based on the integration of petrographic and structural data related to Target 7D. Whatever models are used as guides, the metallic exploration program will consist initially of additional sampling when diamond mini-bulk samples are taken after spring breakup. In preparation for a wider ranging field program, a structural study will be undertaken to locate local fault intersections and areas of faulting density. These locations would logically be more prospective for economic concentrations of metallic minerals. A stream and river sediment sample program is also being planned since placer gold indications occur in rivers that drain the Chinchaga project area.
The Chinchaga Joint Venture partners remain entirely committed to the ongoing diamond exploration program. The recently received petrographic and geochemical results continue to validate the target rocks as being prospective for diamond. There is no conflict associated with the concept of the emplacement of diamond-bearing rocks and their subsequent metallic mineralization. Kimberlitic or ultramafic rocks create extreme reducing chemical conditions that would precipitate and capture any metals contained in solutions passing through the rocks.
Diamond and geochemical analyses are pending and will be announced as they are received.
International Tower Hill Mines Ltd.
Website: www.towerhillmines.com
Mr. Anton Drescher, President
Tel: (604) 685-1017
Marum Resources Inc.
Mr. Arness Cordick, Tel: (604) 602-1440
Mr. Richard Boulay, Tel: (403) 264-2220
Toll Free: 800-321-8564
The Vancouver Stock Exchange and The Alberta Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this release. |
