Tyhee Development‘s (TDC-T) Yellowknife gold project in the South Mackenzie mining district of the Northwest Territories lies within the Archean Yellowknife Basin in the southern Slave Province of the Laurentian Precambrian Shield.
The region is typical terrain of the Canadian Shield within the northern boreal forest, where elongate, rounded rocky hills and ridges with abundant outcrop exposures are separated by lakes, ponds, rivers, creeks and swamps.
It is here in the historic Yellowknife gold camp that the junior explorer started collecting gold properties in 2001– its first acquisition the Discovery mine, which produced about 1.02 million ounces of gold at an average production grade of more than 1 ounce of gold per tonne.
Since that first acquisition, Tyhee says it has become the largest property holder in the region with the largest exploration and development program underway.
The Yellowknife gold project, about 90 km north of the city of Yellowknife, includes the Nicholas Lake and Ormsby gold zones, the Goodwin Lake property (13 km south of the Ormsby zone), and the Clan Lake Property (27 km south of the Ormsby zone).
Today Tyhee released diamond drill results and updated assays from its summer sampling program from Clan Lake, where mineralization consists of altered, silicified, and sulphidized rocks that generally strike to the northwest and individually may exceed 100 metres in width.
Three grab samples — previously reported as greater than 100 grams of gold per tonne — were assayed using a no limit fire assay procedure and have returned 250.83 grams gold per tonne, 266.28 grams gold per tonne and 169.54 grams per tonne in the Cub and Morel zones.
Diamond drill core from 16 archival holes that had not been sampled in their entirety were obtained, re-logged and sampled, returning 2.34 grams gold per tonne over 38 metres in CL01including 2.96 grams per tonne over 15 metres and 4.18 grams per tonne over 7.5 metres; 1.55 grams gold per tonne over 45 metres in CL029, including 4.70 grams gold per tonne over 7.5 metres and 2.53 grams gold per tonne over 10.5 metres.
David Webb, Tyhee’s president and chief executive said the high-grade assays from the recently discovered gold zone are encouraging and believes there is “tremendous tonnage potential” in the Cub and Morel zones, which have surface expressions of quartz veined and sulphide mineralized volcanic rocks (300 metres x 20 metres and 800metres x 70 metres, respectively).
Additionally, the diamond drill results provide information on the Main zone to the northwest and extend it to the east by at least 30 metres. Those drillholes will be incorporated into the company’s resource database and will be incorporated into a revised resource calculation on the Main zone before the end of this year.
Assays from an additional four diamond drillholes as well as results from over 200 metres of trenching on the Main zone extensions, 400 metres east of any existing drillholes, are expected over the coming weeks.
At mid-day in Toronto, Tyhee was trading at 14.5¢ per share, up 2¢ or 16%.
The junior has a 52-week trading range of 8¢-19.5¢, with 196.8 million shares outstanding.
About time Tyhee got some recognition in your newspaper.