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Tuesday 22 February 2011

Stock: Tyhee Development Corp - now - Tyhee Gold Corp

CVE:TDC
Tyhee Development

Tyhee Gold Corp. is a publicly traded company which explores and develops mineral properties. They have a team of people who have experience building previous mines and have ambitions to build the Yellowknife mine to production on an ore body and resource that they have identified, developed and proved themselves. 

In 2001 Tyhee purchased two properties with a 500,000 ounce resource of gold and have spent the last 10 years increasing that to 1.95 million ounces measured and indicated. 
Their aim is now to prove feasibility of the mine, finance the operation and go into production. The main upside comes from the potential for further mineralisation at depth and along strike aswell as other deposits as expanded below.

The justification for further mineralisation comes by modeling the Ormsby and Nicholas Lake deposits against the similar Con and Discovery mines located in the same area, the potential for growth can be seen as explained by Webb.

David Webb, President & CEO and Director, who has 30 years experience in gold exploration and mine development and is an expert on the Yellowknife area, has a method of not only looking for gold in the quartz rock. Significant mineralisation has been found in wall rock of the quartz formations in this area also.

A Recent report showed some good drill results including a -18.23 gpt gold and 83.00 gpt silver over 1.0 m, although the -1.74 grams of gold per tonne (gpt) and 4.30 gpt silver over 32.0 m, is of more interest to me.

Projects

Yellowknife

The Yellowknife project in Canada is located in the South Mackenzie Mining District of the Northwest Territories it covers over12 thousand hectares. It contains the Ormsby, Nicholas Lake, Bruce, Clan and Goodwin Vad Zones.

A recent Pre Feasibility Study showed a resource of over 800,000 ounces Au for the Ormsby, Nicholas Lake Main and Clan Lake Main Zones combined. Clan Lake Main and Goodwin Lake Vad Zones remain open at strike and all zones remain open at depth. Clan Lake also has a number of other zones of interest.
An average operating cost of $541 per ounce of gold on production of 108,000 ounces per year was calculated, showing payback of the initial capital cost is 5 years on a very conservative gold price of $950.

Big Sky

The BigSky Property is located 17 km north of Yellowknife, Northwest Territories, Canada covers two different geological targets, a bulk mineable peralkaline granite-hosted low-grade target, and a high-grade shear zone-host. The property is made up from five mining leases covering 137 hectares and 20 claims totaling 1,850 hectares, which adjoin the Giant Yellowknife Mine (past producer of 8 million ounces of gold from 14.5 million tonnes of ore grading 17 gpt) and the Bluefish hydroelectric power plant.
The high-grade shear zone-host has been the focus of much recent work.

Tyhee are a good way along the process to building the Yellowknife mine, are located in a mining friendly area and have access to parts, machinery and labour. They are fully funded and we are currently awaiting news on BigSky....but not immanently....you do the rest.

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