News release:
NEWS RELEASE
TRADING SYMBOL - KRL (VSE) DATE: JUNE 18, 1999
RESULTS FROM DRILL HOLE CH99-01 AT COPPER HILL PROPERTY
KRL Resources Corp. is pleased to announce recent diamond drill hole
results on their 100% owned Copper Hill Property located in the Shining
Tree area, 85 km south of Timmins, Ontario.
The first hole CH99-01, located on Section 5800W and drilled south at -51º
to a depth of 466 metres intersected three wide zones of massive and
semi-massive pyrite, hosted in altered basalt flows. Analytical results
for base metals and gold from the pyrite-rich sections are low, with the
best copper intersection in a cross-cutting shear of 1.88% Cu over 1.00
metre. Wide intersections are anomalous in Ag, As, Sb, Bi, Hg, Pb, and
scattered Ni and Co are present through the total length of the drill hole.
Best silver is 10.0 grams Ag per tonne (g/t) over 1.5 metres with
composite intersections of 5.8 g/t Ag over 25.80 metres.
Numerous hydrothermally altered dykes, the right trace element signature,
and the close proximity to a large body of Nipissing diabase offers an
arsenide-silver deposit potential of which the nearby Cobalt and Gowganda
silver mining districts are examples. The area presently being explored on
the Copper Hill Property lies beneath and close to a large Nipissing
diabase sill and the Company speculates that the large area of silver
enrichment, like the silver deposits of the Cobalt district, is genetically
related to the diabase sill. The greatest potential for a silver-rich
deposit will probably lie near the contact between sulphide-rich bodies
lying at a contact zone between altered basalt, altered rhyolite and the
diabase sill. The pyrite-rich bodies intersected in the drill hole are
volcanogenic in origin and the potential for locating base and precious
metal-rich parts of the zone exists along its known 2000 metre strike length.
Analytical results from the second hole, CH99-02, located on Section 6000W
and drilled north at -51º to a depth of 401 metres are pending. KRL
Resources feels that additional field work is warranted on the Copper Hill
Property.
The Company has also recently acquired by staking five (5) key claims
comprising seven units on the northeastern boundary of the property,
located less than one kilometre from the present drill area.
ON BEHALF OF THE BOARD
“Seamus Young”
____________________________
Seamus Young
President
For further information contact:
KRL Resources Corp.
Mr. Seamus Young, President
Telephone: (604) 689-0299
Facsimile: (604) 689-0288
The Vancouver Stock Exchange has neither approved or disapproved the
information contained herein.
|
