VANCOUVER, Sept. 27 /CNW/ - International KRL Resources Corp. (TSXV:IRK)
today announced that it has acquired an option to earn a 60% interest in the
Tim property (silver-lead-zinc) from Tarsis Capital Corp. The exploration
target on the property is a high-grade silver-lead-zinc replacement-type,
carbonate-hosted deposit similar to the Silvertip (Midway) Deposit, located
12 km to the SW. The Tim Property consists of 10 mineral claims covering
516 acres, located 72 km west of Watson Lake, Yukon. International KRL has
staked an additional 279 claims contiguous to the Tim Property. The project,
referred to by International KRL as the Kuda Project, now consists of 289
claims representing a total claimed area of 14,926 acres.
The Kuda project is a tremendous addition to International KRL's
exploration portfolio and provides exposure to a project with excellent
high-grade silver-lead-zinc potential. The property's location and access
permit drilling in the winter months which complements the Company's summer
exploration programs at its other Yukon properties. International KRL has
secured a drill for this program and anticipates mobilizing an exploration
crew shortly to prepare for drilling.
The Kuda project was discovered in 1983 by Regional Resources Ltd. (later
Fairfield) and initial work consisted of prospecting, geochemical surveys,
mapping, road construction, induced polarization surveys and excavator
trenching. A trenching program (2,712 m) in 1988 tested two parallel zones of
coincident soil geochemical and IP anomalies, which are referred to as the
North and South zones. This trenching uncovered silver, lead and zinc
bearing-iron and manganese oxides over widths of up to 30 metres, along a
strike length of 1 km in the North zone. Sample values include a four-metre
chip sample averaging 10.28 opt silver and 9.12% lead from trench No. 3 and
grab samples from trench No. 1 valued at 36.41 opt silver, 49.50% lead and
28.55 opt silver and 32% lead (Ref. 1988 Assessment Report, Fairfield Minerals
Ltd.). A diamond drill program was recommended at that time but never drilled.
The Kuda property covers Lower Cambrian and Cambrian stratigraphy which
is similar to the high-grade silver-lead-zinc, carbonate replacement deposit
(manto type) at Silvertip. Exploration at Silvertip outlined mineralized zones
containing a resource (non-43-101 compliant) of 2.57 million tonnes grading
325 g/t silver, 8.8% zinc and 6.4% lead (Ref. B.C. Mineral Exploration Review,
2000, Information Circular 2001-1).
Several priority drill targets have been identified from the plotted
results of the coincident geochemical and IP anomalies and the excavator
trenches. International KRL's proposed 2007 exploration program will consist
of grid relocation, possible trenching and sampling as well as diamond
drilling. Access and local infrastructure provides for a lengthy drilling and
Under the terms of the Option Agreement, International KRL is required to
issue a total of 1 million common shares and incur total expenditures of
$3 million within four years in order to earn an undivided 60% interest in the
property. The agreement is subject to the acceptance of the TSX Venture
Michael Sanguinetti, P. Eng., Consulting Geologist, is the Qualified
Person responsible for the technical information in this news release.
International KRL Resources Corp. is a mineral exploration company
engaged in the acquisition, exploration and advancement of Canadian mineral
properties. It has a tremendous property portfolio prospective for uranium,
base metals and precious metals. For more information on the Company and the
properties please visit www.krl.net, www.sedar.com and www.sec.gov websites.
ON BEHALF OF THE BOARD
President and CEO
Statements contained in this news release that are not historical facts
are forward-looking statements, which are subject to a number of known and
unknown risks, uncertainness and other factors that may cause the actual
results to differ materially from those anticipated in our forward looking
statements. Although we believe that the expectations in our forward looking
statements are reasonable, actual results may vary, and we cannot guarantee
future results, levels of activity, performance or achievements.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
For further information:
For further information: Seamus Young, President and CEO, (604) 689-0299
x 223; Judith Mazvihwa, CFO, (604) 689-0299 x 224