Resources Corp.'s Gold and Silver Properties in Alaska include the
West Ridge Claims l
Fish Creek Claims
Gil Claim Joint Venture Property
- Teryl is one of the main property owners in the Fairbanks
Mining Division around and adjacent to Kinross' producing Fort
Knox Mine and True North property.
- Teryl's properties include the West Ridge, Fish Creek, Gil
and Stepovich properties.
- The West Ridge property (100% owned by Teryl) contains two
gold zones ("East" and "West" anomalies). Both anomalies contain
elevated gold in soil, the West mineralization being associated
with high levels of arsenic and antimony similar to the chemistry
of gold mineralization found at Kinross' True North deposit
(616,000 ounces of gold at 0.046 ounces per ton gold). To date,
Teryl and Kinross have spent about $350,000 on the exploration
of the West Ridge property.
- The Fish Creek Property (50% owned by Teryl by option) is
located adjacent to the north of the Company's Gil Property.
Elevated gold values, identified in an auger drill program,
suggest the property may contain an extension of the mineralized
zone found on the Gil property.
- Gil Claims, Fairbanks Mining District, Alaska
Until December 19, 2011 we owned a 20% working interest in 237 claims located in the Gilmore dome area of Fairbanks district of Alaska, known as the Gil mineral property.
On September 21, 2011 we entered into a letter of intent ("LOI") to sell all of its remaining 20% interest in the Gil Venture property to Fairbanks. In accordance with the terms of the LOI, Fairbanks grants to the Company a production royalty equal to 1% of net smelter returns on all production from the property up to $15,000,000, after which the royalty is equal to 0.5% of the net smelter returns on all production from the property. At closing Fairbanks will pay the Company US$2,500,000 as an advance payment of the production royalty. An additional advance payment of royalty of US$1,500,000 will be paid to the Company upon commencement of commercial production from a mine constructed on the property. The transaction was closed with Asset Purchase Agreement effective December 19, 2011 upon which the Company received the advance payment of $2,500,000.
- To date, Teryl has spent $1.6 million on exploration that
has defined a resource of 400,000 ounces of gold (10 million
tons grading 0.04 ounces per ton gold).
- The main zone that contains this resource ranges in thickness
up to 80 feet and has been followed for over 2,500 feet. The
zone remains open along strike and at depth.
- The Stepovich property is owned 100% by Kinross subject to
a 10% net profit interest owned by Teryl. The property is adjacent
to the Fort Knox gold deposit and could be readily available
for production to feed the Fort Knox Mill.
- The Company believes its properties in Alaska could contain
significant deposits of ore similar to that found at Fort Knox
and True North. These deposits, once defined, could be readily
put into production and processed at Kinross' Fort Knox mill.