When Teryl Resources announced the initiation of drilling on its Gold Hill copper-gold-silver project located near Bisbee, Arizona, investors familiar with the area sat up in their chairs.
United States of America (Press Release) December 3, 2007 --
When Teryl Resources (TSX.V: TRC) announced the initiation of drilling on its Gold Hill copper-gold-silver project located near Bisbee, Arizona, investors familiar with the area sat up in their chairs. Their interest was piqued, firstly, because Gold Hill is four miles from Phelps Dodge’s Copper Queen/Lavender Pit Mine, which produced in excess of 75 million tonnes of copper, silver and gold ore between 1954 and 1974. Secondly, because surrounding mines in the Bisbee area have collectively produced more than $6 billion in metals over the past 100 years.
Teryl Resources’ President, John Robertson, who acquired the property, expounds a strategy for finding minerals that is simple, effective wisdom in the mining exploration industry. In Robertson’s words, “the key to discovering a good property, any mining property, is to drill near existing gold and copper properties. Always. You want to be in any area where there is known gold or known copper production.”
Given the setting, optimism about the geology at Gold Hill seems fair. The geological conditions suggest a large, disseminated deposit of gold and copper amenable to low-cost open pit mining. In one report, John Shanahan of Resourcex Group cited a geological report on the prospect, commenting, “a report by Frederic Rothermel, PhD, outlined a pattern of mineralization that moved from copper-rich/gold-poorer at the centre of the system to gold richer/copper poorer at the fringes -- this pattern is consistent with features of the Carlin Trend in Nevada, which contains over 100 million ounces of gold in proven and probable reserves.”
Hopeful that the Carlin trend comparison is apt, Teryl is moving ahead with exploration on the property. Teryl has employed Diversified Drilling LLC to drill at least three holes on identified, high-grade, surface copper targets. Exploration completed on the project so far has included aeromagnetic survey interpretation and field examinations. This work, and a sampling program that assayed up to 2.54% copper, were used to identify the proposed Gold Hill drill locations.
The advantageously located prospect consists of seven claim blocks including Old Gold Hill, Superior, and Bastion Mines in the Warren Mining District, Arizona. Teryl has the right to earn 100% interest in the property subject to 10% net profit interest.
At all Teryl’s properties, Robertson, who boasts twenty-five years’ experience raising money for companies in the natural resources sector, uses the same recipe for success. “First, find the money for the company; then find an excellent property. Next we start a junior exploration program that we finance ourselves. Once we come up with some excellent results, we will continue to drill, raise more money and bring in a partner and they can develop it further.”
The rest of the release is here: http://www.resourcexinvestor.com/news.php?id=3414
Teryl Resources’ President, John Robertson, who acquired the property, expounds a strategy for finding minerals that is simple, effective wisdom in the mining exploration industry. In Robertson’s words, “the key to discovering a good property, any mining property, is to drill near existing gold and copper properties. Always. You want to be in any area where there is known gold or known copper production.”
Given the setting, optimism about the geology at Gold Hill seems fair. The geological conditions suggest a large, disseminated deposit of gold and copper amenable to low-cost open pit mining. In one report, John Shanahan of Resourcex Group cited a geological report on the prospect, commenting, “a report by Frederic Rothermel, PhD, outlined a pattern of mineralization that moved from copper-rich/gold-poorer at the centre of the system to gold richer/copper poorer at the fringes -- this pattern is consistent with features of the Carlin Trend in Nevada, which contains over 100 million ounces of gold in proven and probable reserves.”
Hopeful that the Carlin trend comparison is apt, Teryl is moving ahead with exploration on the property. Teryl has employed Diversified Drilling LLC to drill at least three holes on identified, high-grade, surface copper targets. Exploration completed on the project so far has included aeromagnetic survey interpretation and field examinations. This work, and a sampling program that assayed up to 2.54% copper, were used to identify the proposed Gold Hill drill locations.
The advantageously located prospect consists of seven claim blocks including Old Gold Hill, Superior, and Bastion Mines in the Warren Mining District, Arizona. Teryl has the right to earn 100% interest in the property subject to 10% net profit interest.
At all Teryl’s properties, Robertson, who boasts twenty-five years’ experience raising money for companies in the natural resources sector, uses the same recipe for success. “First, find the money for the company; then find an excellent property. Next we start a junior exploration program that we finance ourselves. Once we come up with some excellent results, we will continue to drill, raise more money and bring in a partner and they can develop it further.”
The rest of the release is here: http://www.resourcexinvestor.com/news.php?id=3414
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