VANCOUVER, British Columbia, Nov. 14, 2012 /PRNewswire/ -- Teryl Resources Corp. (TSX Venture Exchange: TRC.V, OTCBB: TRYLF) and Minewest Silver and Gold announce that analytical results from the 2012 Silverknife Ag-Zn-Pb core re--sampling project in north central B.C. have been received and compiled by the Company and confirm historically reported mineralization. Additionally, the 2012 program has defined high priority drill targets for a fully permitted 2013 diamond drilling program targeting extension to the known Ag-Zn-Pb mineralization.
During the course of the 2012 Silverknife program, the Project was accessed and the 25+ year old core storage site was re-established with all recoverable core re-boxed, re-logged, and where practicable mineralized intervals and proximal area were re-sampled. It is estimated that 85% of the historic core was resurrected and restored. Specific representative intervals of Ag-Zn-Pb mineralization were selected for detailed Inspection and any germane previously sampled intersections of core were quartered and previously un-sampled core intervals were halved. Due to core loss and degradation over the intervening years, exact duplication of previously sampled intervals was not always possible, where practicable however, the 2012 sampling was conducted on systematic 1 metre intervals
The 2012 core re-Iogging and re-sampling program confirmed the grade and tenor of mineralization previously identified on the Silverknife Project with grades from trace to 21.19 ounces/ton (726.8 ppm) Ag with an average of 1.79 ounces/ton (61.36 ppm) Ag; trace to 16.48% Zn with an average of 1.99% Zn; trace to 10.98% Pb with an average of 0.87% Pb; and from trace to 1.1 ppm Au. A comparison of the historic analytical results to the 2012 analytical results do not show an exact 1:1 ration, however owing to the style of mineralization (coarse grained sphalerite and galena) and the disparate analytical techniques and sampling intervals, this variation Is expected.
It was noticed by Company geologists during the re-Iogging of the core that where visible Ag-Zn-Pb mineralization was identified, a corresponding drop in core recovery was common. This observation is exceedingly valuable, as this rack of core recovery within mineralized sections is indicative of a potential understatement of grade. The Company is confident that armed with this information, more care can be taken when drill testing these areas, and potentially with such care reported grades will increase.
In total 101 core samples were collected and submitted for assay to Inspectorate Exploration and Mining Services Inc., of Richmond. BC, an ISO 9001:2008 certified laboratory. Samples were shipped by Company consultants to Inspectorate's Whitehorse, YT preparation facility where samples were sorted and crushed to appropriate particle size (pulp) and representatively split to a smaller size for shipment to Inspectorate's, Richmond, B.C. analysis facility. Assay procedures consisted of 30 element Inductively Coupled Spectrophotometry (ICP) following multi-acid digestion as well as standard fire assay for gold, with atomic adsorption (AA.) finish. When overlimits were reported, Inspectorate's Ore-Grade analyses for Ag, Pb, and Zn; respectively, was utilized. Assay standards were inserted into the sample stream as part of the Silverknife OA/OC program.
A detailed GPS survey of the historic SlIverknife "Discovery" drill out was conducted during the 2012 program coincident with an updated Silverknife mineral claim Boundary survey. With the data collected and compiled from the 2012 program, the Company will now intends to digitize the historic drilling data and model the Silverknife mineralization with the help of 3D geological modeling software. This work will allow the Company to define the extent of the defined mineralization, target 2013 drill holes and focus exploration efforts on extending and expanding the Silverknife Ag-Zn-Pb mineralization through diamond drilling.
John Robertson, President of Teryl Resources Corp., states, "This year's exploration program confirms the previous high grade silver/lead/zinc drilling results."
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.
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 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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SOURCE Teryl Resources Corp.