News Releases 2010
October 18, 2010
TERYL RESOURCES RECEIVES PRELIMINARY TECHNICAL REPORT FOR THE GIL JOINT VENTURE GOLD PROPERTY, FAIRBANKS, ALASKA
For Immediate Release: October 18, 2010. Vancouver, BC - Teryl Resources Corp. (TSX Venture Exchange: TRC.V, OTCBB: TRYLF) is pleased to announce the interim technical report for the Gil joint venture gold property has been prepared by Mark S. Robinson, Certified Professional Geologist. The final report will be completed in early 2011 and will include a 3D model. Please see the attached link http://www.terylresources.com/pdf/markfinalreport.pdf for an interim report.
Interpretation and conclusion as follows:
The Gil/JV project is located in the northern Fairbanks mining district in an area that is road-accessible, located on State owned lands with good access to power. The ore bodies within the project area are contained in the Cleary Sequence, a subunit of the Fairbanks Schist unit. The Cleary Sequence and Fairbanks Schist unit hosts commercially viable mineralization elsewhere in the Fairbanks Mining District. Rocks of the Cleary Sequence and Fairbanks Schist unit are present in the headwaters of many of the streams that have been mined for placer gold in the past.
The project is hosted in poly-deformed Paleozoic metamorphic rocks intruded by mid-Cretaceous intrusive rocks that are genetically associated with gold mineralization. Favorable host rocks at Gil are predominantly calc-silicate rocks although gold mineralization can be found in quartz-mica schist, felsic schist or the calcareous biotitechlorite-quartz schist. Gold is hosted in quartz-rich veins and replacement zones and is associated with anomalous arsenic and bismuth.
Exploration conducted in the 1990's identified widespread structurally-controlled gold mineralization at the Main Gil and North Gold prospects. Extensive drilling, sampling, and trenching in between 1992 and 2004 defined the extent of gold mineralization in these areas and also developed several other exploration targets. The Gil prospect's lode deposits, principally the Main, North Gil, and Sourdough Ridge Zones, have been partially tested by 92 core holes totaling 36,084 feet, 364 reverse circulation drill holes, totaling 110,844 feet, and 21 trenches with a combined length of over 7,420 feet.
As known at the date of this news release, the majority of the Gil's total gold resource is contained in the Main Gil deposit. This northeast striking, steeply north dipping calc-silicate unit remains open at depth and along strike. The east-west striking, north dipping North Gil resource area is hosted primarily in quartz veins in quartz-mica schist, felsic schist or the calcareous biotite-chlorite-quartz schist. A significant gold anomaly has been outlined between the Main Gil and North Gil deposits and at the intersection zone where the Main Gil and North Gil trends cross. Drilling in all of these areas has yielded positive results.
Significant exploration results have also been generated on the Sourdough Ridge prospect. Soil sampling, ground-based magnetometer surveys, and drilling have yielded significant results and the new data suggests that these anomalies are due to a series of northeast trending, steeply dipping quartz veins that coalesce into ore zones that may be potentially mineable.
Several other exploration targets have been identified but have not been fully tested. These targets include gold anomalies located along All Gold Ridge, a calcsilicate layer identified north of the North Gil Zone, gold-bismuth-bearing quartz veins on the western Gil project and a gold anomaly outlined to the south of the Main Gil Zone. Additional exploration work will be needed in these areas to determine their potential.
Canadian National Instrument 43-101 compliant resources and/or reserves currently are being calculated by Kinross Gold but are not available for this news release.
Mark S. Robinson, P. Geo., State of Alaska Licensed Geologist No. 247 of Wrangell, Alaska, who is independent of the Company as defined in NI43-101. 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
To date, a total of US$9,000,000 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 (TSX: K; NYSE: KGC) (80% Kinross/20% Teryl). To date USD $9 million has been expended on exploration by Kinross and Teryl on the Gil joint venture claims. A USD$1.5 million budget has been approved for 2010. The Company's other Alaska holdings also include the Fish Creek Claims, 50% optioned from Linux Gold Corp. (OTC BB: LNXGF); the Stepovich Claims, where Teryl has a 10% net profit interest from Kinross; and a 100%-interest in the West Ridge property. For further information visit the Company's website at http://www.terylresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
John Robertson, President
Press Release contact information:
John Robertson President, Teryl Resources Corp.
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.
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