VANCOUVER, British Columbia,
Oct. 3, 2012 /PRNewswire/ -- Teryl Resources Corp. (TSX
Venture Exchange: TRC.V, OTCBB: TRYLF) and Minewest Silver and Gold
(subsidiary of Reg Technologies) wish to announce that the first
phase of exploration on the silver, lead, zinc prospect in the
Liard Mining District in B.C. has been completed as follows:
The exploration crew re-boxed the core from the diamond drilling
completed in 1985 through 1987. 101 core samples were
collected, split and/or quartered (where applicable) and submitted
for chemical analysis by Multielemt ICP.
The critical high grade silver/lead/zinc sections were re-logged
and submitted for assays. Where practicable and possible,
additional core on either side of the mineralized zones were sent
for analysis to determine if Ag-Zn-Pb mineralization extends beyond
original sampling boundaries.
A detailed on-the-ground survey of all locatable historic drill
collars was completed which will greatly aid a modern 3D geological
modeling the Company intends to conduct after all 2012 confirmation
analyses are received. Such studies will be utilized by Company
management to target potential mineralization extensions on the
Silverknife Property for testing by diamond drilling in
2013.
The Property boundary between Teryl/Minewest's Silverknife
Property and Silvercorp Metals Inc. immediately adjacent Silvertip
Property was located, surveyed and flagged in.
The 1,000 metre drilling program initially planned for summer
2012 has been delayed due to a washout of the the Silvertip Mine
access road (and the Silverknife Property) in early June,
2012.
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,
stratigrpahically 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.
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 10% net profit interest in the Stepovich
claims. A 100% interest in the Westridge property and a 50% option
on the Fish Creek property, adjacent to the Gil property. Teryl
sold its 20% interest in the Gil property in Fairbanks, Alaska to Fairbanks Gold Mining
Corp. to date $2.5 million
dollars has been received and an additional $1.5 million payment upon production;
$15 million (less advanced payments)
from the 1% NSR of the property, thereafter Teryl retains a ½ of 1%
royalty for the life of the mine. Teryl owns a 30% working interest
and a 10% NPI interest in the Silverknife property, a
silver/lead/zinc prospect located in Northern B.C. adjacent to
Silvercorp's silver/lead/zinc discovery. 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.
SOURCE Teryl Resources Corp.