Teryl Resources Corp. (TSX VENTURE: TRC)(OTCBB: TRYLF) (the
"Company") wishes to announce that a pre-feasibility resource
estimation for the Gil joint venture property in the Fairbanks,
Mining District, Alaska has been received as follows:
Total gold resources at the Gil/JV property for a heap leach
scenario are 514,916 ounces of gold contained in 19,856,778 tons of
mineralized rock. A cutoff grade for a hypothetical heap leaching
operation at the Gil/JV property is expected to be 0.015 oz/ton,
which corresponds to the heap leach cutoff grade currently being
used at the Fort Knox gold mine. A grade cutoff for material that
could be sent to the mill at Fort Knox is 0.0225 oz/ton. Total gold
resources at the Gil/JV property for a run-of-mill scenario are
309,304 ounces of gold contained in 8,505,247 tons of mineralized
rock. It is important to note that these two estimates are not
additive, and instead represent two distinct resource calculations
for Gil at two separate cutoff grades. The details of the resource
data are contained in the following tables.
Au-Extraction Class Cutoff Avg. Au-grade
Method (Resource) (oz/ton) Above Cutoff Tons Ounces GOLD
Heap Leach Measured 0.015 0.0304 2,283,057.1 69,499.1
Heap Leach Indicated 0.015 0.0279 9,571,130.0 267,408.0
Heap Leach Inferred 0.015 0.0222 8,002,591.0 178,009.2
TOTAL 19,856,778.0 514,916.3
Au-Extraction Class Cutoff Avg. Au-grade
Method (Resource) (oz/ton) Above Cutoff Tons Ounces GOLD
Run-of-Mill Measured 0.0225 0.0394 1,307,343.7 51,483.2
Run-of-Mill Indicated 0.0225 0.0382 4,652,938.9 177,870.9
Run-of-Mill Inferred 0.0225 0.0314 2,544,964.3 79,949.8
TOTAL 8,505,246.9 309,303.9
The geostatistical analyses and Vulcan operations conducted
during this assessment were carried out by William J.P. Robinson
(M.Eng Student in Mining Geological Engineering, Colorado School of
Mines). The methods used and assumptions made during this resource
estimation were reviewed by the Qualified Person, Mark S. Robinson
(Certified Professional Geologist #6414) and are NI 43-101
compliant.
The resources contained at the Gil/JV gold property still show
significant potential for definition and expansion in the North
Gil, Gil Intersection and Sourdough Ridge zones. Improved drilling
definition in these areas would not only increase the total
resources present at Gil but would also facilitate expanding the
resources designated as measured and indicated. Further exploration
drilling should be conducted in the western region of North Gil, in
order to tighten the drill hole spacing and better define the
extent of mineralization. The Gil Intersection zone should be more
thoroughly drilled and considered as a potential continuation
between the Main Gil and North Gil mineralized zones. Drilling at
Sourdough Ridge should focus on testing the extent of
mineralization along the central calc-silicate unit (509 Trend) to
the NE and SW, as well as further delineation of the north and
south calc-silicate units. Though drilling to date hasn't provided
direct evidence, there may be potential for continuity in grade
between the Main Gil and Sourdough Ridge deposits.
The full report can be viewed on our website using the following
link:
http://www.terylresources.com/pdf/resource_report2011.pdf
Qualified Person
Mark S. Robinson, P. Geo., State of Alaska Licensed Geologist
No. 247 of Wrangell, Alaska, who is independent of the Company as
defined in NI 43-101. Mark Robinson is a Certified Professional
Geologist (CPG) 6414 with the American Institute of Professional
Geologists (AIPG). Other professional societies and certifications
include: Society of Economic Geologists (SEG) fellow since 1985;
American Geological Institute (AGI); and Alaska Miners Association
(AMA). Mark Robinson is a Qualified Person as defined in NI 43-101
and also qualifies under the rules stated by the U.S. Securities
and Exchange Commission ("SEC"), and has verified the data
contained in this news release for accuracy.
ABOUT TERYL RESOURCES
Teryl Resources Corp. is awaiting the completion of a
feasibility study for the Gil J/V property that is currently
underway at the Colorado School of Mines.
To date, a total of US$10,700,000 has been expended by the joint
venture partners, with Teryl and Kinross accounting for 20% and
80%, respectively, of total expenditures.
With interests in four gold properties, Teryl Resources Corp. is
one of the main landowners in the Fairbanks Mining District,
Alaska. The Gil project is a joint venture with Kinross Gold
Corporation (80% Kinross/20% Teryl). To date USD $10.7 million has
been expended on exploration by Kinross and Teryl on the Gil joint
venture claims. The Company's other Alaska holdings also include
the Fish Creek Claims, 50% optioned from Linux Gold Corp. (OTCBB:
LNXGF); the Stepovich Claims, where Teryl has a 10% net profit
interest from Kinross; and a 100%-interest in the West Ridge
property. Teryl Resources Corp. also has a 30% interest and a 10%
NPI in the Silverknife 1 & 2 property in Northern B.C. The
Silverknife property is contiguous to Silvercorp's Silvertip
silver-lead-zinc deposit which lies less than one km from the
property boundary. For further information visit the Company's
website at http://www.terylresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
John Robertson, President
This news release may contain certain forward-looking
statements, including management's assessment of future plans and
operations, and capital expenditures and the timing thereof, that
involve substantial known and unknown risks and uncertainties,
certain of which are beyond the Company's control. There can be no
assurance that such statements will prove accurate, and actual
results and developments are likely to differ, in some case
materially, from those expressed or implied by the forward-looking
statements contained in this press release. Readers of this press
release are cautioned not to place undue reliance on any such
forward-looking statements.
Forward-looking statements contained in this press release are
based on a number of assumptions that may prove to be incorrect,
including, but not limited to: timely implementation of anticipated
drilling and exploration programs; the successful completion of new
development projects, planned expansions or other projects within
the timelines anticipated; the accuracy of reserve and resource
estimates, if any, grades, mine life and cash cost estimates;
whether mineral resources can be developed; title to mineral
properties; financing requirements; changes in laws, rules and
regulations applicable to Teryl, and changes in how they are
interpreted and enforced, delays resulting from or inability to
obtain required regulatory approvals and ability to access
sufficient capital from internal and external sources, the impact
of general economic conditions in Canada, and the United States,
industry conditions, increased competition, the lack of
availability of qualified personnel or management, fluctuations in
foreign exchange, stock market volatility and market valuations of
companies with respect to announced transactions. The Company's
actual results, performance or achievements could differ materially
from those expressed in, or implied by, these forward-looking
statements, including those described in the Company's Financial
Statements, Management Discussion and Analysis and Material Change
Reports filed with the Canadian Securities Administrators and
available at www.sedar.com, and the Company's 20-F annual report
filed with the United States Securities and Exchange Commission at
www.sec.gov. Accordingly, no assurances can be given that any of
the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what benefits,
including the amount of proceeds, that the Company will derive
therefrom.
Readers are cautioned that the foregoing list of factors is not
exhaustive. All subsequent forward-looking statements, whether
written or oral, attributable to the Company or persons acting on
its behalf are expressly qualified in their entirety by these
cautionary statements. Furthermore, the forward-looking statements
contained in this news release are made as at the date of this news
release and the Company does not undertake any obligation to update
publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities
laws.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities of the Company have not been registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Teryl Resources Corp. John Robertson President
604-278-5996 or Toll Free: 800-665-4616 604-278-3409 (FAX)
www.terylresources.com
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