P R E S S R E L E A S E
TRADING SYMBOL - KRL-V DATE: AUGUST 11, 1998
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KRL ACQUIRES 100% INTEREST IN 192 CLAIM UNIT COPPER HILL VMS PROPERTY
KRL Resources Corp. (KRL - VSE) reports it has recently acquired 186 claim
units in MacMurchy and Churchill Townships located in the Shining Tree area
about 85 kilometres south of Timmins, Ontario. These claims were acquired
by staking and are owned 100% by KRL. The new claim group is centered on 6
patented claims acquired by KRL in 1994.
KRL has identified a volcanogenic massive sulphide (VMS) deposit setting on
the property. The claim group covers most of a rhyolite dome complex some
10 kilometres in length and 1.5 kilometres wide. Chalcopyrite in late
quartz-carbonate veins occurs in road cuts over a strike length of at least
2 kilometres. Chemical sediments (exhalites) have been identified within
and marginal to the rhyolite unit. Alteration types in the rhyolite
include well-developed chlorite and sericite in stockwork zones.
Subject to successful financing initiatives, KRL is planning to implement a
$300,000 work program on their Copper Hill property. This will include
line cutting, geological mapping and rock sampling, and ground geophysical
surveys. Following this work, a 1,000 metre diamond drilling program will
test the most promising targets.
In addition, KRL is pleased to report that David Melling P.Geo. has been
appointed Vice-President Exploration and joined the Board of Directors.
Mr. Melling obtained his B.Sc. and M.Sc. in geology from Carleton
University and has over 12 years of mineral exploration experience.
Subject to regulatory approval, KRL will grant a total of 300,000 incentive
stock options to directors and employees. All stock options will have an
exercise price of $0.15 per share and may be exercised at any time within a
two year period.
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 nor disapproved the
information contained herein. |
