2010 Mining Explorers: Teryl Resources Corp.
President: John Robertson
With four gold properties located next door to Kinross Gold Corp.’s Fort Knox gold mine, Teryl Resources Corp. is one of the largest landowners in the Fairbanks Mining District, and a favored joint venture partner for Kinross’ Alaska subsidiary, Fairbanks Gold Mining Inc. Since their partnership began at the Gil Project (Kinross 80 percent and Teryl 20 percent), the gold producer and the junior have outlined some 10.1 million tons of ore with an average grade of 1.25 grams of gold per metric ton, or 404,000 ounces, of gold at the property that lies just to the east of Fort Knox. In January, Teryl’s board of directors rejected a bid by Kinross to buy the junior’s 20 percent stake in the project. Teryl President John Robertson cited positive assay results from drilling completed at the Sourdough Ridge Zone in 2009 and the project’s encouraging potential as reasons for rejecting the offer. A month later the partners announced a US$1.52 million budget for continued exploration at Gil in 2010. Teryl said the goal of the program is to further delineate the strike extension of the mineralized zones, and to infill between step-out holes, in order to gain a better understanding of ore-zone continuity. Kinross, as operator, began the exploration with a 12.8-mile, or 20.6-kilometer, ground magnetometer-gradiometer survey at Gil.
Targeting mineralized zones defined with the geophysics, Kinross completed 1,628 meters of core drilling and 2,882 meters of reverse circulation drilling at the prospect. Preliminary assay results in August from drilling at North Gil reveal that hole GVR-10-568 cut 10.7 meters with an average grade of 2.7g/t gold and GVR-09-569 intersected 15.2 meters grading 1.2 g/t gold. Hole GVR 10-563 intersected 7.6 meters grading 1.03 g/t gold at Sourdough Ridge, which is about eight miles, or 13 kilometers, northeast of the Fort Knox Mine. At the time of this report, assay results were pending from an additional 18 holes drilled at Gil in 2010. To date the companies have spent in excess of US$10.5 million on exploration at the property. In addition to the Gil Claims, Teryl has joined Linux Gold Corp. in a 50-50 joint venture partnership on the Fish Creek property that borders the west side of Gil. The junior also owns the Stepovich property which lies between Gil and the Fort Knox Mine, as well as the West Ridge claims bordering the True North Mine about 11 miles, or 17 kilometers, west of Fort Knox. The junior also entered into an agreement in August, subject to a 60-day due diligence, to acquire an option on a 50 percent interest in 11 State of Alaska mining claims located in the Kahiltna Terrane near Kiska Metals Corp.’s Whistler gold-copper project. A Teryl spokesman told Mining News the unnamed property is prospective for gold and silver.
Cash and short-term deposits: C$510,240 (at Feb. 28, 2010)
Working capital: C$441,563 (at Feb. 11, 2010)
Market capitalization: C$9.66 million (at Sept. 7, 2010)
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