Teuton Resources Corp.(“Teuton”) (“TUO”) is pleased to announce that the Bonsai property has been optioned to Copper Creek Ventures Ltd. The Bonsai property is located to the immediate west of Barrick’s Eskay Creek mine property, some 80km northwest of Stewart, British Columbia.
Under the terms of the letter agreement, Copper Creek can earn a 60% interest over five years by spending a total of $3 million on the property, paying a total of $125,000 and issuing 500,000 shares to Teuton. Upon signing Teuton will receive $25,000 and an additional 100,000 shares after regulatory approval. Copper Creek may earn an additional 10% interest in the property by spending another $2 million.
The principal showing on the Bonsai property is a gold anomalous area situated in the center of a long contact zone between felsic volcanics and sediments of the Salmon River Formation. The sediments are composed of siltstones and mudstones and are similar to those formations that hosted the Eskay Creek orebodies. Elsewhere on the property a sharp geophysical anomaly was discovered during an airborne survey conducted in 2005.
Prior to its closure in 2008, Barrick’s Eskay Creek mine was Canada’s highest-grade gold mine and the world’s fifth-largest silver producer. According to the British Columbia Mining and Mineral Exploration Overview 2008, “Over its 14-year life, Eskay Creek produced slightly more than 100 tonnes of gold (about 3.3 million ounces) and 5,000 tonnes of silver from 2.3 million tonnes of ore.”
“Dino Cremonese, P.Eng.”
TEUTON RESOURCES CORP.
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