Vancouver, Canada –– Teuton Resources Corp. (“Teuton” or “the Company”) (“TUO”-TSX-V) (“TFE”- Frankfurt) has received word from its Joint Venture Partner, Tudor Gold Corp., that Phase One of the 2022 exploration program (the “Program”) on the Treaty Creek property has begun. Phase One is fully funded and consists of a 30,000 metre (m) diamond drilling campaign that has been developed to systematically test the extension of the Goldstorm Deposit well beyond the limits that were outlined in the 2021 Mineral Resource Estimate (Teuton press release dated March 9, 2021 reported a Measured and Indicated Mineral Resource of 19.41 million ounces of AuEq grading 0.74 g/t AuEq and an Inferred Mineral Resource of 7.9 million ounces of AuEq grading 0.79 g/t AuEq). In addition, exploration diamond drilling will focus on the Calm Before the Storm (CBS) and Eureka zones (EZ). The Treaty Creek property is located in the heart of the Golden Triangle, adjoining north and along regional strike of Seabridge Gold’s KSM property and Newcrest Mining’s recently acquired Brucejack (Valley of the Kings) property.
The program is a follow-up to the 2021 exploration drilling campaign which successfully infilled key areas of the 2021 Mineral Resource with reported gold and copper grades that were significantly higher than grades outlined in the 2021 Mineral Resource Estimate. The 2022 exploration program will test the Goldstorm System for an additional 500 metres along the northeastern axis. (see Goldstorm Phase One Drill Program, Plan Map: URL is at the end of this release). The primary goal of the Program is to expand the size of the initial mineral resource and to define the limits of the mineralized domains.
Three drill rigs have commenced drilling the northern aspects of the Goldstorm Deposit as step-out exploration holes. Additionally, one rig has begun drilling at CBS, continuing exploration of last years’ newly discovered gold-silver system located 2.5 kilometres northeast of the Goldstorm Deposit. Crews are currently mobilizing an additional four drill rigs to site to ‘fast-track’ the exploration and potential continued expansion of the Goldstorm Deposit.
Ken Konkin, President and CEO of Tudor Gold, commented as follows: “This year we have planned a very robust drilling campaign that will focus 80% of the exploration as continued step-out drilling from the latest impressive 2021 results obtained from holes GS-21-113, GS-21-113-W1, GS-21-113-W2 and GS-21-119 in the northern sector of the Goldstorm Deposit (Table 1). The remaining 20% of planned holes will include Goldstorm resource definition drilling as well as exploration drill holes for CBS and Eureka gold systems. Our exceptional start-up team has done a superb job safely dealing with challenging conditions to mobilize drills and supplies utilizing the Brucejack Lake road to access our winter-haul route. We wish to thank Newcrest Mining for their assistance in allowing us to share the Brucejack access road so we could complete the mobilization of our equipment in a timely and cost-efficient manner. Our Phase Two plans will be contingent on the success of the Phase One drilling; we plan to concentrate our drilling in the areas that contain the strongest mineralization throughout the 300H, CS-600 and DS-5 domains. We also plan to test the hypothesis that the Eureka Zone may be the continuation of the DS-5 domain. The Goldstorm Deposit continues to amaze our geological team as it remains open in all directions and to depth with some of the most impressive and strongest gold-copper mineralization obtained late last year within the northern areas of this deposit.”
TABLE 1: SUMMARY OF 2021 STEP-OUT DRILL HOLE RESULTS – GOLDSTORM NORTH
|Section||Hole||From (m)||To (m)||Interval (m)||Au (g/t)||Ag (g/t)||Cu ppm||AuEQ (g/t)|
|And Includes (CS600)||1018.50||1575.00||556.50||0.73||6.27||4892||1.38|
|All assay values are uncut and intervals reflect drilled intercept lengths.HQ and NQ2 diameter core samples were sawn in half and typically sampled at standard 1.5m intervalsThe following metal prices were used to calculate the Au Eq metal content: Gold $1625/oz, Ag: $19/oz, Cu: $2.8/lb. Calculations used the formula Au Eq g/t = (Au g/t) + (Ag g/t x 0.01169) + (Cu% x 1.1815). All metals are reported in USD and calculations do not consider metal recoveries.True widths have not been determined as the mineralized body remains open in all directions. Further drilling is required to determine the mineralized body orientation and true widths.|
D. Cremonese, P. Eng., President and CEO of Teuton commented: “This is a very exciting program aimed at testing the continuity to depth of the robust copper and gold values reported in last year’s drilling. The new drills can apparently reach down to 2km which is very impressive from a technical standpoint. Magnetotelluric geophysical surveys indicate a major anomaly lies around this depth, possibly implying an extensive copper-gold porphyry deposit. As they say, there is only one way to test this hypothesis and that it is to put a drill into it.”
The Qualified Person for this news release for the purposes of National Instrument 43-101 is Tudor Gold’s President and CEO, Ken Konkin, P.Geo. Ken Konkin is also a director of Teuton. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.
Teuton owns interests in more than thirty properties in the prolific “Golden Triangle” area of northwest British Columbia and was one of the first companies to adopt what has since become known as the “prospect generator” model. It has earned substantial income from option payments in the past 6 years.
Teuton was the original staker of the Treaty Creek property, host to the large Goldstorm deposit, assembling the core land position in 1985. It presently holds a 20% carried interest in Treaty Creek (carried until such time as a production decision is made) and a 0.98% NSR in the Goldstorm deposit area. Interested parties can access information about Teuton at the Company’s website, www.teuton.com.
URL for Phase One Plan Map: http://teuton.com/GS-PhaseOne2022
On Behalf of the Board of Directors of Teuton Resources:
“Dino Cremonese, P.Eng.”
Dino Cremonese, P. Eng.,
President and Chief Executive Officer
For further information, please visit the Company’s website at www.teuton.com or contact:
Director Corporate Development and Communications
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Cautionary Statements regarding Forward-Looking information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.
All statements relating to future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.