Tuesday, 19th February 2008 (1901 views)

A multimillion ounce gold deposit has been discovered at the Livengood project in Alaska, exploration firm International Tower Hill (ITH) has announced.

An independent estimate carried out for the company put initial inferred resources at 3.1 million ounces of gold contained within 181 million tonnes with an average grade of 0.54 g/t gold.

The report adds that there is "significant" potential for expansion at Livengood and ITH estimates that around 25 per cent of the site's total resource has been explored so far.

As a result of the resource estimate, ITH said it planned a major expansion of its 2008 development programme, which will concentrate on doubling the project's current resource and converting inferred resources to indicated and measured resources. It will also collect data for an economic scoping study for the middle of next year.

Livengood is located around 110 kilometres from Fairbanks, Alaska, within the Tintina gold belt. It is one of 11 projects ITH is currently developing in the US state.

 

« Back to Gold News stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.