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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: VAUGHN who wrote (3602)6/8/1999 3:33:00 PM
From: paul macneil  Read Replies (1) of 7235
 
ot I was wondering if you could give me a opinion on this news release- thanks

KRL Resources Corp
KRL
Shares issued 17,445,625
1999-06-04 close $0.35
Monday Jun 7 1999
Mr. Seamus Young reports
KRL Resources Corp. has received preliminary results of the second diamond
drill hole, CH99-02, from its 100-per-cent-owned Copper Hill property located
in the Shining Tree area, 85 kilometres south of Timmins, Ont. Hole CH99-02
was collared at -51 degrees and drilled at an azimuth grid north on line 6000W
from station 2265N. The hole was drilled to a depth of 401 metres and tested
another thick section of the Contact zone that was tested in hole CH99-01. Hole
CH99-01 was drilled at an azimuth grid south on line 5800W at -51 degrees from
station 2575N and intersected three thick pyrite-rich bodies hosted in basalt flows
as reported in an earlier press release.
Drill hole CH99-02 was collared in strongly sericite altered rhyolite. An oxidized
massive sulphide containing bedded siliceous exhalite was intersected from 61.70
to 64.80 metres. From 64.80 to 90.20 metres mafic dykes were intersected.
From 90.20 to 98.70 strongly altered rhyolite was intersected and from 98.70 to
126.10 metres massive to semi-massive sulphide was intersected representing a
true width of 17.6 metres, assuming a vertical dip. This sulphide intersection
correlates with the third massive sulphide body intersected in hole CH99-01. The
hole continued to a depth of 401 metres in altered basalt flows and numerous
intrusive bodies without intersecting the first two sulphide-rich bodies reported in
hole CH99-01. There is a high probability that the first and second sulphide
bodies are dyked out in hole CH99-02. Discontinuous concentrations of
chalcopyrite are present throughout hole CH99-02.
KRL interprets these results as very significant. The presence of massive sulphide
mineralization lying on altered rhyolite further supports a volcanogenic massive
sulphide deposit model. The two holes drilled by KRL Resources Corp. have
identified three pyrite-rich bodies over a strike length of 200 metres and to a
vertical depth of 300 metres. The Contact zone is known to extend for 1,500
metres along strike and remains open in all directions.
Samples for all of hole CH99-01 are presently in the assay laboratory and results
for the total hole will be released upon completion. Samples from all of hole
CH99-02 will be in the lab tomorrow. Chemex Labs of North Vancouver is
carrying out the analysis.
KRL will evaluate all work to date before continuing with a second phase
program.
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