Tyhee eyes Discovery

Vancouver — Junior Tyhee Development (TDC-V) has inked a deal with GMD Resource (GMD-V) to acquire the past-producing Discovery gold mine, north of Yellowknife, N.W.T.

The deal is valued at $265,000, and, of that, $53,000 must be paid on closing; $132,500 is due within 90 days; and $79,500 is payable within 220 days. GMD retains a sliding-scale net smelter return royalty that ranges from 0.75% for the first five years to 2.25% when gold prices are above US$500 per oz.

Situated 90 km north of Yellowknife, the mine cranked out more than 1 million oz. gold between 1949 and 1969. Exploration has determined that the Ormsby zone still contains an indicated resource of 396,000 tonnes grading 20 grams gold per tonne and an inferred resource of 402,000 tonnes grading 20.1 grams gold.