Upgrade to Mineral Resources Estimate for the Goldstorm Porphyry Deposit at the Treaty Creek Project, British Columbia with Increased Gold, Copper and Silver Grades and Doubling of the Total Contained Copper to 2.1 Billion Pounds in the Indicated Category

March 15, 2023  Victoria, Canada –– Teuton Resources Corp.  (“Teuton” or “the Company”) (“TUO”-TSX-V) (“TFE”- Frankfurt) announces that it has received from its Joint Venture Partner Tudor Gold Corp. (“Tudor Gold”) results of an updated Mineral Resource Estimate (MRE) prepared by Garth Kirkham P. Geo., of Kirkham Geosystems Ltd., and JDS Energy and Mining Inc. (“JDS”) for its flagship Treaty Creek project (the “Project“) located in the Golden Triangle Region of British Columbia. Tudor Gold’s initial Mineral Resource Estimate for the Project was included in a technical report entitled “Technical Report and Initial Mineral Resource Estimate of the Treaty Creek Gold Property, Skeena Mining Division, British Columbia, Canada”, dated April 23, 2021, with an effective date of March 1, 2021. (the “2021 MRE”).

Highlights of the Updated Mineral Resource Estimate on the Goldstorm Deposit at the Project (“MRE”):

  • Indicated Mineral Resource of 23.37 million ounces (Moz) of gold equivalent (AuEq) within 641.93 million tonnes (Mt) at a grade of 1.13 g/t AuEq; comprised of: 
  • 18.75 Moz of gold (Au) at 0.91 g/t, 112.44 Moz of silver (Ag) at 5.45 g/t, and 2.18 billion pounds (Blbs) of copper (Cu) at 0.15 %.
  • Inferred Mineral Resource of 7.35 Moz AuEq within 233.90 Mt at a grade of 0.98 g/t AuEq; comprised of:
  • 5.54 Moz Au at 0.74 g/t, 45.08 Moz Ag at 5.99 g/t, and 848.00 million pounds (Mlbs) of Cu at 0.16 %.
  • CS-600 Domain is comprised of an intrusive hosted gold-copper porphyry system and hosts an Indicated Mineral Resource of 9.86 Moz of AuEq within 278.02 Mt at a grade of 1.10 g/t AuEq; comprised of:
  • 6.22 Moz Au at 0.70 g/t; and 1.98 Blbs of Cu at 0.32 %.
  • A 1.0 g/t sensitivity cut-off for all the Indicated Mineral Resource (open-pit and underground) measures 15.18 Moz of AuEq at a grade of 1.48 g/t AuEq; comprised of:
  • 12.29 Moz of Au at 1.20 g/t, 72.07 Moz of Ag at 7.02 g/t and 1.35 Blbs of Cu at 0.19 %.
  • Improved the definition and spatial continuity of the Goldstorm porphyry system which is comprised of six separate mineral domains over an area that measures approximately 2,500 m in length, 1,000 m in width and 1,400 m in depth.
  • The Goldstorm Deposit remains open to the south, north, northeast and at depth.

Commenting on the results, Ken Konkin, President & CEO of Tudor Gold said, “We are very pleased by the results of our updated MRE for the Goldstorm Deposit, which resulted in an impressive 53% increase in the gold equivalent grade and a 20% increase in total gold equivalent ounces within the Indicated Mineral Resource category.  The updated MRE utilizes higher cut-off grades (Pit: 0.50 g/t AuEq, Underground: 0.70 g/t AuEq) than the 2021 MRE (Pit: 0.30 g/t AuEq, Underground: 0.46 g/t AuEq). These higher cut-off grades exemplify the robust nature of this deposit, including the mineral consistency and thickness of the higher-grade gold and copper mineralized domains that were intercepted during the Company’s 2021 and 2022 drill programs.  Even at these higher cut-off grades, the overall project-wide contained copper in both the Indicated and Inferred Mineral Resource categories increased to more than double that of the previous MRE, to over 3 billion pounds of copper.  These accomplishments are a culmination of two additional years of drilling and refining of our geologic understanding to vector towards higher-grade gold, copper, and silver. These improvements to the Goldstorm Deposit are expected to provide an excellent foundation as the Company advances the Treaty Creek Project towards an initial economic assessment. Continued definition and expansion drilling will continue in 2023 to target higher gold, silver and copper grades throughout the northern expansion area of the Goldstorm Deposit.”

Dino Cremonese, P. Eng., President & CEO of Teuton Resources said: “This is a milestone in the evolution of the Treaty Creek Project.  The 53% increase in the gold equivalent grade is particularly noteworthy as it improves the attractiveness of the property to major mining companies.  I’d like to send a big ‘thank you’ to Ken Konkin of Tudor Gold and all of the people who have assisted bringing us to this point.”

Updated Mineral Resource Estimate for the Goldstorm Deposit

The MRE was prepared by Garth Kirkham, P.Geo, based on 201 diamond drill holes (148,474 meters) completed between 2007 and 2022. The MRE included 62,916 meters of diamond drill holes that were completed since the 2021 MRE. A National Instrument 43-101 Technical Report is expected to be prepared by Garth Kirkham Geosystems and JDS and posted on www.tudor-gold.com and under the Company’s profile on www.SEDAR.com within 45 days of the date of this news release.

Table 1: Summary of Indicated and Inferred Mineral Resource as of March 15, 20231-6

Mine AreaTonnage (Mt)AuEq (g/t)Au (g/t)Cu (%)Ag (g/t)AuEq (koz)Au (koz)Cu (Mlb)Ag (koz)
Indicated Mineral Resource
Inferred Mineral Resource
  1. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
  2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  3. The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
  4. The Mineral Resource Estimate was prepared for a potential open pit scenario using a constrained pit shell (with 50-degree slopes) at a 0.5 g/t gold equivalent cut-off grade and an underground mining scenario using a 0.7 g/t gold equivalent cut-off grade. Cut-off grades were derived from US$ 1,800/oz gold, US$ 20/oz silver, US$ 3.50/lb copper, CAD:USD of 0.77, C$ 2.50/tonne open pit and C$7.50 underground mining cost, C$ 38.50/tonne milled processing costs, C$ 1.50/tonne G&A cost, and process recoveries of 90 % for gold, 80 % for copper, and 80 % for silver.
  5. AuEq g/t = Au g/t + (Ag g/t*0.0098765) + (Cu ppm*0.0001185)
  6. A mineral estimate of the material within the defined pit that exists outside of the outlined mineral domains was completed and is included within the Inferred Mineral Resource, and listed “In Pit, External” in Table 4.

The Goldstorm sensitivity tables (Tables 2 and 3) report the variation of resource grade and tonnage with respect to the change in cut-off grades for the Indicated and Inferred Mineral Resources. 

Table 2: Indicated Mineral Resource Cut-off Sensitivity – Combined Pit and Underground1

Cut-offTonnage (Mt)AuEq (g/t)Au (g/t)Cu (%)Ag (g/t)AuEq (koz)Au (koz)Cu (Mlb)Ag (koz)
0.5 / 0.72641.931.130.910.155.4523,37518,7502,180112,443
  1. Refer to footnotes to the Mineral Resource Estimate in Table 1 of this News Release.
  2. The MRE utilizes 0.5 g/t AuEq for the pit-constrained Mineral Resource and 0.7 g/t AuEq for the underground Mineral Resource.

Table 3: Inferred Mineral Resource Cut-off Sensitivity – Combined Pit and Underground1

Cut-offTonnage (Mt)AuEq (g/t)Au (g/t)Cu (%)Ag (g/t)AuEq (koz)Au (koz)Cu (Mlb)Ag (koz)
0.5 / 0.72233.900.980.740.165.997,3495,53684845,080
  1. Refer to footnotes to the Mineral Resource Estimate in Table 1 of this News Release.
  2. The MRE utilizes 0.5 g/t AuEq for the pit-constrained Mineral Resource and 0.7 g/t AuEq for the underground Mineral Resource.

The Goldstorm Deposit consists of six mineral domains with unique geological characteristics. Five of the domains are gold-dominant with lesser proportions of silver and copper. Domain CS-600 is dominantly gold and copper rich, with lesser silver. The CS-600 hosts the majority of the copper at the Goldstorm Deposit and consists of a well-defined intrusive porphyry system. Table 4 summarizes the Indicated and Inferred Mineral Resources for each mineral domain.

Table 4: Mineral Resource by Domain – Combined Pit and Underground1

Indicated Mineral Resources
DomainTonnage (Mt)AuEq Q (g/t)Au (g/t)Cu (%)Ag (g/t)AuEq Q (koz)Au (koz)Cu (Mlb)Ag (koz)
NS STK6.372.
Copper Belle3.571.000.900.035.50114.45103.582.530.63
Inferred Mineral Resources
NS STK1.302.262.090.0114.2694.0686.950.370.59
In Pit, External2126.640.790.690.035.863,206.882,821.6878.7323.90
  1. Refer to footnotes to the Mineral Resource Estimate in Table 1 of this News Release.
  2. A mineral estimate of the material within the defined pit that exists outside of the outlined mineral domains was completed and is included within the Inferred Mineral Resource, and listed “In Pit, External”.

2023 Exploration Program 

In 2023, the Company expects to continue to target the Goldstorm Deposit in particular the limits of the CS-600 and the DS-5 Domains.  Definition and step-out drilling within the current resource will continue to target higher gold, silver and copper grades throughout the northern step-out expansion area at Goldstorm. The overarching goal of future exploration programs is to increase the size of the current Treaty Creek Property Mineral Resource, continue to make new significant discoveries, and advance the Goldstorm Deposit and the Project towards an initial economic assessment. 

Quality Assurance

The Goldstorm MRE was prepared under the supervision of Garth Kirkham, P.Geo, FGC, of Kirkham Geosystems Ltd., and JDS who is an Independent Qualified Person, as defined by National Instrument 43-101. Mr. Kirkham has reviewed and approved the technical contents of this news release.

Ken Konkin, P.Geo, President and CEO, Tudor Gold, is the Qualified Person, as defined by National Instrument 43-101, responsible for the Project. Mr. Konkin has reviewed, verified, and approved the scientific and technical information in this news release.   Dino Cremonese, P. Eng., is the Qualified Person for Teuton Resources and although he was not involved in the preparation of the technical information, he has no reason to believe it is inaccurate.  Mr. Cremonese, as President & CEO of Teuton, is not independent of the Company.


Goldstorm Deposit MRE domains can be seen here: http://teuton.com/UpdatedMRE2023

About Treaty Creek

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 the Treaty Creek Project (Tudor Gold is responsible for paying all exploration costs up until such time as a production decision is made and owns a 60% interest; American Creek Resources owns the remaining 20% interest, also carried).  Additionally, Teuton owns a 0.98% Net Smelter Royalty in the Goldstorm deposit area.  It also owns numerous additional royalty interests within the Sulphurests Hydrothermal system on properties such as the King Tut, Tuck, High North, Orion, Delta and Fairweather properties. 

About Teuton

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.  This model minimizes share equity dilution while at the same time maximizing opportunity.  Earnings provided from option payments  (received in cash and often also in shares of the optionee companies), has provided Teuton with substantial income over the years. 

Interested parties can access information about Teuton at the Company’s website, www.teuton.com.   

Respectfully submitted, 

“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:

Barry Holmes 

Corporate Development and Communications

Tel. 778-430-5680

Email:  bholmesmba@gmail.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.