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 exploration season.
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 Exchange.
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
"Seamus Young"
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Seamus Young
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.