Teryl Resources (OTC Other: TRYLF; TSX-V: TRC) has has received a preliminary assessment for its Gil Joint Venture Gold Property in Alaska.
The measured, indicated and inferred resources contained at the Gil/JV gold property, which total 514,916.3 ounces of gold, were determined using a cutoff grade of 0.015 oz Au/ton in order to correspond with the heap-leach ore cutoff grade currently employed at the Fort Knox gold mine. The purpose of this preliminary assessment was to estimate NPV and IRR at the Gil/JV gold property.
The two assessments made certain assumptions, including the price of gold. Using $1,500 gold, the NPV of the project using a 10% discount rate was approximately $74.5 million resulting in an IRR of 459%. Using $1,048 gold, the NPV of the project using a 10% discount rate was approximately $31.3 million resulting in an IRR of 207%. These figures represent 10o% interest in the Gil property, of which 20% is attributable to Teryl.