VANCOUVER, British Columbia,
March 22, 2012 /PRNewswire/ -- Teryl
Resources Corp. (TSX Venture Exchange: TRC.V), (OTCBB: TRYLF) and
Minewest Silver and Gold wish to announce that a one year extension
has been submitted to the Ministry of Energy and Mines located in
Smithers, BC. The original
permit was granted on June 21, 2011,
and Teryl intends to drill the Project in summer 2012.
The 43-101 report completed by Paul D. Gray P.Geo.,
recommends $360,000 work program
consisting of the following:
Phase 1:
- Phase IA: Systematic and Detailed Silverknife Camp Data
Compilation and Digitization
- Phase IB: Core Recovery Program
- Phase IC: Ground Based Survey/Prospecting/Geological
Survey Program
- Phase ID: Detailed Geophysical Survey
- Phase IE: Diamond Drilling
of Discovery Zone
- Phase IE: Technical Report Update
In 1983, the Silverknife Property was staked and from 1984-1988
Reg Resources Corp. and Chevron Minerals Inc. conducted a staged
series of mineral exploration programs. Geochemistry and geophysics
were the primary exploration tools applied to Property in the
first phases of exploration from 1983-1985. A 1985, 30 hole diamond
drill program was then completed targeting the geochemical and
geophysical anomalies outlined from the initial programs.
Based on this first phase drilling, a "Discovery Zone" of
silver-zinc-lead mineralization was uncovered, including the
following intersections:
- Hole 85-4: 7.25m of 5.04oz/t Ag, 2.65% Pb and 3.09% Zn
- Hole 85-6: 0.2m of 4.43oz/t Ag, 1.9% Pb and 3.42% Zn
- Hole 85-21: 4.3 m of 29.02oz/t Ag, 10.14% Pb and 7.02% Zn
20 additional holes were collared from 1986-1987, the bulk of
which were focused on defining and expanding the "Discovery Zone"
mineralization on the Property. The 1987 drilling included the
following mineralized intersections:
- Hole 87-35: 18.02 m of 4.17 oz/t Ag, 1.67% Pb and 3.02% Zn
- Hole 87-38: 9.99 m of 5.36 oz/t Ag, 1.73% Pb and 3.15% Zn
- Hole 87-39: 4.63 m of 3.18 oz/t Ag, 4.60% Pb and 3.97% Zn
- Hole 87-40: 5.94 m of 6.20 oz/t Ag, 3.47% Pb and 3.65% Zn
- Hole 87-43: 8.00 m of 2.05 oz/t Ag, 1.59% Pb and 4.85% Zn
- Hole 87-44: 3.66 m of 7.52 oz/t Ag, 6.21% Pb and 4.78% Zn
THE SILVERKNIFE PROPERTY
The Silverknife Property lies in a well mineralized and
historically and currently important precious and base metals
exploration intensive region. The Silverknife Property hosts a
known historic prospect (the Silverknife Prospect) with defined
Ag-Pb-Zn mineralization within only two (2) km of Silvercorp's
active Silvertip Ag-Pb-Zn deposit. The Silverknife Property
represents a prospective target for precious and base metals
mineralization genetically related to the Silvertip deposit.
The silver-zinc-lead mineralization defined to date on the
Silverknife Property is interpreted to be a distal,
stratigraphically lower zone than the Silvertip deposit and more
proximate to the Cassiar Batholith (heatsource). The most
relevant targets for mineral exploration on the Property are
associated chimney-type feeder systems and mantos related to the
Silvertip mineralizing event.
"Teryl Resources Corp. has received the initial payment on
the Gil Prepery agreement of $2.5
million US from Fairbanks Gold (a subsidiary of Kinross Gold
Corp), therefore the company does not require any additional
funding to complete the exploration program on the Silverknife
Property," stated Teryl
President, John
Robertson.
Qualified Person
Paul D. Gray, P.Geo., is a
qualified person as defined in NI 43-101 and also qualified under
the rules stated by the U.S. Securities Commission ("SEC"), and has
verified the data contained in this news release for accuracy.
ABOUT TERYL RESOURCES
Teryl Resources Corp. symbol TRC.V TSX Venture – has several
gold prospects in Alaska near the
Kinross Fort Knox Mine, a 100% interest in the Westridge property
(located near the Fort Knox mine); a 50% option on the Fish Creek
property, adjacent to the Gil property. Teryl sold its 20% interest
in the Gil property Fairbanks,
Alaska, to date $2.5 million
dollars has been received of the $15
million from the 1% NSR of the property, thereafter Teryl
retains a 1/2 of 1% royalty for the life of the mine; a 10%
net profit interest in the Stepovich claims, near the Fort Knox
deposit; and a 40% interest in a silver property located in
Northern B.C. adjacent to Silvercorp's silver lead zinc discovery,
including a 10% NPI. Teryl has a small revenue interest in
three producing oil and gas wells in Texas with Anadarko Petroleum as the operator.
See www.terylresources.com website for more detailed
information.
ON BEHALF OF THE BOARD OF DIRECTORS
"John Robertson"
John Robertson President
Press Release contact information:
John Robertson President,
Teryl Resources Corp.
T: 800-665-4616
http://www.terylresources.com
READER ADVISORY
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.
TERYL RESOURCES CORP.
#240 – 11780 Hammersmith Way
Richmond, BC V7A 5E9
Phone: 604-278-5996 Fax:
604-278-3409
Toll Free: 800-665-4616
www.terylresources.com
SOURCE Teryl Resources Corp.