VANCOUVER, British Columbia,
March 2, 2012 /PRNewswire/ -- Teryl
Resources Corp. (TSX Venture Exchange: TRC.V, OTCBB: TRYLF) wishes
to announce it has applied for an exploration program permit to
drill five (5) targets on the Westridge property. The 2012
Westridge Exploration Program is designed to test both the placer
and lode targets located within the claim block.
Previous lode exploration has identified 5 targets within the
Westridge Area. Current lode targets include:
- Old Glory Prospect - This prospect is a shear and intrusive
hosted anomaly located along a northeast-southwest fault. The
>50ppb gold-in-soil anomaly is 90 metres x 90 metres punctuated
by a 1,155 ppb gold-in-soil sample. Three trenches and two drill
holes have tested the prospect. The best drill intercept consisted
of 10 metres of 1.6 g/t Au from 121 to 131 metres. The anomaly
remains open in all directions and has not been thoroughly
tested.
- Black Dome Prospect - This prospect is located along the same
fault that forms the southern boundary of the True North Deposit.
Gold mineralization consists of carbon-rich, Fe-stained schist and
eclogite similar to the True North Deposit. Past exploration has
been limited.
- West Anomaly - The West anomaly covers an area of approximately
1,220 metres (4,000 feet) NW-SE by 914 metres (3,000 feet) NE–SW
and is defined by coincident gold and arsenic-in-soils results.
Drilling consisted of 5 drill holes totaling 1,650 feet with gold
intersections reported at values up to 6 metres (20 feet) of gold
grading 0.93 g/t Au.
- East Anomaly - The East anomaly extends along a general
northeast trend for 2,230 metres (7,000 feet) and represents values
from trace up to 1.64 ppm Au in soil Drill results from 5 holes are
not currently available.
- Moose Creek Anomaly - This anomaly is on trend with the West
Anomaly and has not been drill tested.
Mineral exploration is proposed to consist of up to 610 metres
(2,000 feet) of shallow core drilling utilizing a narrow diameter
AQ core drill to initially test lode targets on the Old Glory
Prospect and Moose Creek Anomaly. On positive results, a larger
scale reverse circulation drill program will be conducted.
The total cost to complete all two phases of exploration (610
metres lode and 180 metres placer) is estimated to be $200,000. This estimate is subject to a quote
pending for drilling services and includes a 10% contingency for
each phase.
John Robertson, President of
Teryl Resources Corp., states, "Due to the Company receiving
$2.5 million from the initial payment
on the sale of the Company's 20% interest in the Gil property, no
additional funding is required to execute this Phase of the
Westridge Exploration Program."
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 THE WESTRIDGE PROPERTY
The Westridge Property is a road accessible gold prospect
located in the Fairbanks Mining District of Alaska. Creeks in the area such as Dome, Fox,
Steamboat, and Flume were mined extensively for placer gold.
Limited past exploration in the 1990's and 2003 show shear and
intrusive hosted gold mineralization at the Old Glory Prospect,
Black Dome Prospect, East Anomaly, West Anomaly and the Moose Creek
Anomaly. The True North Mine (~450,000 ounces of gold) is located
two miles to the northeast.
ABOUT TERYL RESOURCES
Teryl Resources Corp. symbol TRC.V TSX Venture – has
several gold prospects in Alaska
near the Kinross Fort Knox Mine, a 100% interest in the Westridge
property (located near the Fort Knox mine); a 50% option on the
Fish Creek property, adjacent to the Gil property. Teryl retains a
½ of 1% royalty until $15 million is
paid in payments from the Gil property in Fairbanks, Alaska, to date $2.5 million dollars has been received; a 10% net
profit interest in the Stepovich claims, near the Fort Knox
deposit; and a 40% interest in a silver property located in
Northern B.C. adjacent to Silvercorp's silver lead zinc
discovery. Teryl also 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.