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|January 13, 2011 --- 05-02||January 2011
GOLD – Tyhee Development Corp. Jan. 10 said assay results for seven of the first eight drill holes completed prior to the Christmas break in the recently discovered Spud Zone have confirmed the new area of mineralization adjacent to established reserves in the Clan Lake deposit on its Yellowknife Gold property. All seven drill holes intersected gold mineralization. Among drilling highlights: Hole CL171 intersected a 1.0-meter interval grading 18.23 grams per metric ton gold and 83.00 g/t silver and a 10.5-meter interval grading 4.75 g/t gold and 11.9 g/t silver within 32 meters grading 1.74 g/t gold and 4.30 g/t silver; hole CL170 intersected 4 meters grading 5.29 g/t gold and 10.5 g/t silver; and hole CL173 intersected 6.3 meters grading 2.52 g/t gold and 7.8 g/t silver within 16 meters grading 1.14 g/t gold and 3.4 g/t silver. The Spud Zone is an altered and mineralized zone of intermediate ash to lapilli tuffs over 850 meters in length (open) and up to 300 meters wide. It is located 200 meters west of and is subparallel to the Clan Lake Main Zone. Alteration consists of quartz veining and silicification, carbonatization and minor biotite development. Anomalous gold values have been encountered in every drill hole, in places reaching economically significant concentrations with very elevated silver concentrations over potentially minable widths. The balance of the assays is pending. “Tyhee’s first drill holes on the Spud Zone confirmed it as a significant new discovery (1.74 g/t gold and 4.30 g/t silver over 32.0 meters (CL171), 5.29 g/t gold and 10.5 g/t silver over 4.0 meters in CL170). Additionally, the 330 Zone, which was discovered in the 1980s, has now been shown to be part of the Spud Zone and has been intersected in (holes) CL170, CL171, CL172, and CL175 extending the historic showing by up to 400 m.. The high silver values are unusual for Yellowknife, and if recoverable could be material to the economics,” Tyhee President and CEO Dave Webb said in a statement. Drill crews completed eight diamond drill holes totaling 1,572 meters at Clan Lake prior to a temporary shutdown for the holidays. Drilling at Clan Lake resumed last week, Webb added. Also, construction of a winter ice road is underway and will give road access to the Clan Lake area once it is completed. Archival drill core from the 330 Zone has been collected and will be re-logged and re-sampled as part of the continuing exploration and development program at Clan Lake. Tyhee is currently completing its environmental assessment report for the Yellowknife Gold Project and anticipates submitting it to the Mackenzie Valley Environmental Impact Review Board early in the second quarter of 2011. The MVEIRB can, after reviewing the report, recommend that the project proceed to the regulatory phase so permits for construction and operation can be issued. Throughout this period, ongoing engineering studies will optimize the planned mining operations and continuing exploration will build on our resources, Webb said. Tyhee intends to aggressively pursue permitting, construction and production from the Yellowknife Gold Project. The junior said it is now fully financed and plans to continue to drill test some recent discoveries adjacent to and along strike of the Clan Lake Main zone, which hosts part of the 1.95-million-ounce measured and indicated gold resource defined for the project. Targets to be assessed in this program include the Spud, Bear and Morel zones, as well as northern and southern extensions of the Main zone. Additional drilling on the north-end of the Ormsby and deeper Nicholas Lake Main zones are being planned for 2011.
Separately, Tyhee also reported that it granted incentive stock options to certain directors and officers of the company to purchase up to 6.773 million common shares in the capital stock of the company under terms of a shareholder approved incentive stock option plan. The options must be exercised by Jan. 12, 2016 at a price of C16 cents per share. Tyhee Chairman Denis Taschuk said the options are designed to incentivize the company’s managers and allow the company to use more of its cash to advance the Yellowknife Gold Project. “Our progress to date has been excellent with new centers of gold mineralization being discovered, expanding the potential of the project,” he added.
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