Vancouver, Canada –– Teuton Resources Corp. (“Teuton” or “the Company”) (“TUO”-TSX-V) (“TFE”- Frankfurt) has received a report from its optionee Optimum Ventures Inc. (“Optimum”) stating that drilling has commenced on the Harry property. The Harry property is situated within a 200 kilometre (“km”) long northwest trending corridor hosting numerous high-grade gold occurrences and discoveries. It is just 30 km southwest of the Eskay Creek Mine and located between Ascot Resources Ltd.’s Premier Mine and Newcrest Mining’s Brucejack Mine.
Sunbeam Drilling has commenced operations utilizing a B-15 drill running NQ core and a JK Smit helicopter portable drill using BTW core. This season’s program is planned to test several new zones discovered earlier this year during prospecting, mapping and, in some instances, Shaw shallow surface drilling. Priority is being given to the Swann, BR, Ursula, Ursula South, Saw Cut, and GS zones, where to date over 1000 surface talus fines, chip samples, grab samples, saw cut samples and Shaw drill core has been sent for assay. Some early results released by Optimum Ventures on September 22, 2022, indicated that gold and silver values occur in every zone. Additional assay results will be released as available.
The initial drilling campaign is planned and financed for 2,500 metres (“m”) and is scheduled to test these multiple zones of gold-silver bearing poly-metallic sulphide mineralization where surface prospecting coupled with surface exposure Shaw drilling has established multiple prospective targets for follow-up drilling.
D. Cremonese, P. Eng., President of Teuton commented as follows: “I am pleased that Optimum Ventures’ methodical approach to exploration at the Harry property has led to a drill program testing multiple targets. Particularly intriguing is the suggestion that some of the zones may contain volcanogenic massive sulfide mineralization.”
Saw Cut Zone
The Saw Cut zone outcrops and has been exposed over a strike length of 40 metres. Sampling along its exposed length in shallow Shaw drill core returned sulphide mineralization consisting of pyrrhotite, galena, sphalerite, chalcopyrite, and pyrite in semi-massive to massive veins, stringers, and interstitials within brecciated zones and/or disseminated throughout the core. The zone is hosted in mudstone, dacite tuff and mudstone supported dacite lapilli-tuff which contain from 1 to 30% pyrite, locally trace to 8% sphalerite and trace to minor galena. Three grab samples collected from the zone were submitted for gold and silver assaying at Seacan Labs based in Stewart, BC. The samples returned up to 5.40 g/t gold and 156.4 g/t silver. Geological data gathered to date indicates that the Saw Cut zone belongs to a gold-silver enriched volcanogenic massive sulphide (VMS) type of mineralization like that of the famous Eskay Creek deposit located just 30 km north of the Harry project. Drilling using the B-15 diamond drill has commenced on the Saw Cut zone where a four drill hole program is just being completed. Observations of the core indicate sections of semi massive sulphides. On completion of drilling at Saw Cut, the drill will immediately be moved to the BR zone.
The JK Smit drill was mobilized to the Swann zone where two holes have now been drilled of a planned four-hole program. Surface work indicates the Swann zone is exposed up to 40 metres wide at surface. Mineralization in the zone shows similarities to Eskay Creek-type mineralized structures where footwall and veins had disseminations of dominantly sphalerite-galena-tetrahedrite-pyrite with minor amounts of chalcopyrite. Previous drill results (see press release: 2022-04-20) intersecting the Swann zone returned the following results:
|Drill Hole #||From (m)||To (m)||Interval (m)*||Cu (%)||Pb (%)||Zn (%)||Au (g/t)||Ag (g/t)|
* Stated lengths in meters are downhole core lengths and not true widths.
More recently, crews have exposed parts of the Swann zone in an area of deep overburden where the current drilling is aiming to expand the strike of the zone.
The BR is a zone of massive galena with minor sphalerite veinlets in a stockwork. Discovered while prospecting the Swann zone, it appears to run parallel to and is approximately 100m east and uphill from the Swann zone. Prior sampling on the BR returned values from 1.8 to 26.6 grams per tonne gold and 282.9 to 1,003.2 g/t silver in five samples from the zone. The zone’s relationship to the Swann is hoped to be determined by this year’s drilling.
Details of Option on Harry Property
Option terms allow Optimum to earn up to an 80% interest in the Harry property by carrying out $9 million of work over five years. Optimum must also pay Teuton $1.5 million in cash and issue 4,000,000 shares to Teuton over the option period. Teuton will retain a 2.0% Net Smelter Royalty and a 20% interest after the option is exercised.
Qualified Persons: Mr. Edward Kruchkowski, P.Geo., a member of Optimum’s Board of Directors, is a qualified person for the purposes of National Instrument 43-101 and has reviewed and approved the technical information contained herein. D. Cremonese, P. Eng., is the Qualified Person for Teuton Resources and although he has not reviewed the technical information firsthand, he has no reason to doubt its reliability. As the CEO and President of Teuton, Mr. Cremonese is not independent of the Company.
Quality assurance — quality control
Optimum Ventures inserted blanks and standards within the sample stream to improve quality control. MSALabs, the accredited laboratory which performed the analyses, also ran internal standards and blanks as a check on their results. Pulps and rejects are retained for future analyses, if needed.
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 both in cash and in shares of the optionee companies, has provided Teuton with substantial income.
Teuton acquired the Harry property many years ago by staking. Interested parties can access information about Teuton at the Company’s website, www.teuton.com.
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:
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.