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VANCOUVER, May 28 /CNW/ - International KRL Resources Corp. (TSXV:IRK) is pleased to inform shareholders of its recently acquired Lac d'Or Property in the James Bay region of northern Quebec.
The Lac d'Or Property is 100%-owned by International KRL and is comprised of 72 units covering approximately 3,794 hectares (9,375 acres) in the highly prospective Eastmain greenstone belt. International KRL's ground is strategically located in the vicinity of several significant gold deposits and the Company is thereby poised to take advantage of the potential for new discoveries within this emerging mining camp. The Eastmain belt consists of volcanic and sedimentary rocks which have excellent potential to host vein gold and VMS deposits.
The Property is immediately north of Eastmain Resources Inc.'s Clearwater property, and is approximately 12 km northeast of Eastmain's Eau Claire gold deposit. Eau Claire hosts a NI-43-101 compliant resource of 1,029,332 tonnes @ 9.46 g/t gold (indicated) and 3,049,660 tonnes @ 6.93 g/t gold (inferred), for a total resource of 992,655 oz. gold. Eastmain recently reported drilling results which included visible gold in 76 half-metre drill core samples averaging 70.74 g/t gold or 2.07 oz/ton (refer to Eastmain Resources (TSX:ER) news release dated April 2, 2008).
Another high-grade gold occurrence in the region is Goldcorp Inc.'s Roberto deposit on the Eleonore property, located approximately 53 km to the northwest. The Roberto deposit has been traced by drilling over a strike length of 1.9 km and a depth of 1,300 metres, and remains open in all directions. This world-class deposit contains a NI-43-101 compliant resource of 10.78 Mt @ 7.23 g/t gold (indicated) and 5.63 Mt @ 6.47 g/t gold (inferred), for a total resource of 3.68 million oz. gold.
The James Bay region has experienced a major boom in mineral exploration since the discovery of the Roberto gold deposit in 2003. Several mineral occurrences have been discovered in a variety of metallogenic settings. In addition to the Troilus mine, the new James Bay mining camp hosts nine deposits with NI-43-101-compliant indicated mineral resources, namely: Eleonore (Au), Eau Claire (Au), Zone 32 (Au), Orfee (Au), Eastmain mine (Au), MacLeod Lake (Cu), Lac Rocher (Ni), Lac Levac (Cu-Ni-PGE) and the AM-15 Zone (U).
According to the Fraser Institute's 2007-2008 survey, Quebec ranks second out of 68 mining jurisdictions under study for the attractiveness of its mineral potential, and first worldwide for its exploration investment attractiveness. Exploration in Quebec is also very attractive as the provincial government offers a 45% rebate on eligible expenditures for junior exploration companies.
With this latest acquisition, International KRL is able to further diversify its property holdings and conduct exploration through the winter. The Company is currently compiling information on this property and is in the process of planning an exploration program.
Peter T. George, P.Geo., Consulting Geologist, is the Qualified Person as per NI43-101, responsible for the technical information contained herein.
International KRL Resources Corp. is a mineral exploration company engaged in the acquisition, exploration and advancement of Canadian mineral properties. It has a diversified property portfolio prospective for uranium, copper and gold as well as silver-lead-zinc. For more information on the property portfolio and International KRL Resources Corp. please visit www.krl.net, www.sedar.com and www.sec.gov websites.
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.