Teryl Resources Corp. (TSX VENTURE: TRC)(OTCBB: TRYLF) is pleased
to announce the 43-101 technical report for the Silverknife
property is complete.
The Silverknife Property (the "Property", "Silverknife Property"
or the "Silverknife Project", or "Project") is located in North
central British Columbia, Canada in the Liard Mining Division
Tootsee River area, approximately 100 km west of the town of Watson
Lake, Yukon at roughly (59 degrees 56' 13" N. Latitude; 130 degrees
21' 09" W. Longitude). Direct Property access is possible utilizing
a network of well-maintained to variably deactivated forest service
and mining service roads. The eastern Property boundary lies
approximately 1 kilometre from Silvercorp Metals Inc. Silvertip
Silver-Zinc-Lead mineral deposit.
Through a series of agreements, the Property is owned as
follows:
-- Teryl owns 30% working interest and has a 10% Net Profit Interest
("NPI");
-- Minewest owns 70% subject to the 10% NPI held by Teryl;
-- Reg holds a 5% net profits interest against the whole of the Property;
and
-- a 1% NSR is held against the Property by SMR Investments Ltd.
The Silverknife Property consists two (2) contiguous British
Columbia "legacy" (4-post style) mineral claims covering
approximately 645 hectares (1,594 acres) and is in good standing
with respect to British Columbia Minerals Title Act through January
12, 2012.
The purpose of the report is to present an independent Property
review technical report summarizing previous work, reviewing the
exploration potential of the Property and making recommendations
towards future work on the Property.
In 1983, the Silverknife Property was staked and from 1984-1988
Reg Resources Corp. and Chevron Minerals Inc. a staged series of
mineral exploration programs were conducted. Geochemistry and
geophysics were the primary initial (1983-1985) exploration tools
applied to Property, and following on a number of anomalies
discovered in 1985 a 30 hole diamond drill program was completed.
Based on this first phase drilling, a "Discovery Zone" of
silver-zinc-lead mineralization was uncovered, including the
following intersections:
-- Hole 85-4: 7.25 m of 5.04oz/t Ag, 2.65% Pb and 3.09% Zn
-- Hole 85-6: 0.2 m 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
In 1988, Cordilleran Engineering Ltd. conducted a line cutting,
soil sampling, geological mapping and IP survey on the Silverknife
Property on behalf of Chevron Minerals Ltd. The objective of the
1988 program was to confirm the geochemical and geophysical
anomalies identified by Reg Resources Corp. in the 1984-1987
programs, map the surface geology and re-examine all drill core
from the 1985 - 1987 drilling programs. Since this 1988 program no
exploration programs have been conducted on the Property.
In August of 2010, Paul D. Gray Geological Consultants ("PDGGC")
were commissioned to author a technical compilation and review
report ("the Report") on the Silverknife Property. On September 25
- 26, 2010 Paul D. Gray, P.Geo., conducted a site visit of the
Silverknife Property, when the Property was accessed, the Discovery
Zone drillout located and GPS surveyed and the historic core
storage area visited and assessed. The research, site visit, and
data compilation programs conducted with respect to this Report,
have lead the author to the conclusion that the Silverknife
Property represents a solid base metals exploration target which
warrants a systematic and phased series of mineral exploration
programs to adequately appraise the Project's economic
potential.
The Silvertip Pb-Zn deposit of Silvercorp Metals Inc. is an
advanced exploration/development project currently undergoing
extensive mineral exploration (via diamond drilling) and
concurrently permitting dewatering of the existing underground
workings in support of renewed mine development and mineral
processing activities (permitting under small mines permit to allow
for shipment 75,000 tonnes per year of product). This project lies
approximately one (1) kilometre from the north-eastern boundary of
the Property and the mineralization identified to date on the
Silverknife Property has been interpreted to be genetically related
to the Silvertip mineralization. With this renewed development in
the district the Silverknife Property mineralization represents an
attractive target to test by a systematic diamond drilling
exploration program designed to expand and define additional
mineralization on the Property.
A proposed Phase I exploration program consisting of a desk
study followed by a series of on-the-ground Property boundary and
drill collar location surveys, followed by geophysics and diamond
drilling with a recommended budget of $358,700 is recommended for
the Silverknife Property. The exploration programs (and budgets),
presented herein, are designed to identify the accurate location of
the mineral titles boundary with respect to historic drill collars
and test the Silverknife Property's precious and base metal mineral
potential and will yield enough information to guide Minewest and
Teryl subsequent mineral exploration programs on the Property.
ABOUT TERYL RESOURCES:
Teryl Resources Corp. is awaiting the Colorado School of Mines
completion of the grade and tonnage model for the Gil J/V
property.
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
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.
Contacts: Teryl Resources Corp. John Robertson President
604-278-5996 or Toll Free: 1-800-665-4616 604-278-3409 (FAX)
www.terylresources.com
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