Vancouver, BC – Teuton Resources Corp. (“TUO”) (“Teuton”) is pleased to announce final results from four of its Stewart-Eskay Creek region properties, as follows:
The Bonsai property adjoins Barrick Gold’s Eskay Creek mine to the west, and is presently under option to Heritage Exploration Ltd. (“Heritage”). During the 2003 field season, Heritage drilled 3 holes into targets situated along a 200m thick rhyolite-mudstone horizon. One of the holes returned a 64 meter intersection of brecciated rhyolite containing 0.38 g/t gold and 27.08 g/t silver. A second hole reported 0.5 meters at 0.31 g/t gold and 30.99g/t silver and 4.2 meters of 0.03 g/t gold and 18.70 g/t silver. The third hole had no significant values.
The 64 metre intersection of anomalous gold and silver values contained within rock units similar to those hosting the Eskay Creek high-grade gold and silver deposits is encouraging. Heritage management has informed Teuton that follow-up exploration will take place in 2004.
The Clone property is located 12 miles southeast of Stewart, BC, and is jointly owned by Teuton and Minvita Enterprises Ltd. (“Minvita”). In June, 2003 the property was optioned to Lateegra Resources Corp. (“Lateegra”) pursuant to terms whereby Lateegra can earn a 50% interest in the property by spending $1,500,000 in exploration over a four year term. Five holes were drilled into the Main Zone during the 2003 program. Gold values from the first four holes are reported below:
|Hole#||From (feet)||To (feet)||Interval (feet)||Gold (oz/ton)|
Hole CL03-5 was collared at the same location as CL03-4 but with a steeper dip. It was terminated at 150 feet and consequently did not reach the necessary depth to intersect the high-grade structure intersected in CL03-4. Three short holes (CL03-6,7 & 8) tested narrow shear zones located in intrusive rocks one mile west of the Main Zone. None of these holes intersected significant mineralization.
Surface prospecting also uncovered a new area of high-grade gold mineralization due south of the Main Zone.
Management of Lateegra has informed Teuton and Minvita that follow-up exploration of the Clone property will take place in 2004.
The Del Norte property is located 20 miles southeast of Stewart, BC, and is presently under option to Lateegra. Lateegra may earn a 50% interest in the property by spending $3,000,000 in exploration and making various share and cash option payments to Teuton over a five year term.
Several promising mineralized areas have been defined by exploration on the Del Norte property. The most significant occurs along a 7,200 foot long trend connecting the Kosciuszko Zone, the LG Vein and the LG Vein Extension. Similar mineralogy and stratigraphic location indicates that all of three of these are related structures, although talus and ice obscure continuity in places. Gold and silver bearing vein mineralization has now been found over a vertical range of 1,000 feet, from the upper reaches of the Kosciuszko zone to the bottom of Hole DN03-7 in the LG Vein area.
The LG Vein mineralization lies along a contact between mudstones at the base of the Salmon River Formation and felsic pyroclastics believed to be of the Mt. Dilworth Formation. This geological environment is similar to that of the Eskay Creek property, where high-grade veins were for fifty years the focus of exploration prior to the discovery in 1989 of rich deposits of stratiform gold-silver-base metal mineralization in or near a mudstone-volcanic contact..
Ten of twelve holes drilled in 2002-3 at four separate locations along the LG Vein- Kosciuszko trend have intersected significant silver-gold grades from vein material containing sulphosalts. In 2002, 3 holes drilled from a single station into the Kosciuszko zone returned weighted average grades per hole of 0.147 oz/ton gold and 6.128 oz/ton silver for a gold equivalent grade of 0.229 oz/ton across an average intersection of 95.6 feet. In 2003, 7 holes were drilled from two pads 750 feet apart testing depth extensions of the LG Vein mineralization. Results are as follows:
|Drill Hole||From (feet)||To Interval (feet)||(feet)||Silver (oz/ton)||Gold (oz/ton)||Gold Equiv.* (oz/ton)|
|* Based on 77:1 ratio between current gold and silver prices|
Holes DN03-8 & 9 from a third pad also intersected the LG Vein but silver-gold values were uneconomic. The next hole was not completed due to freeze-up.
Elsewhere on the Del Norte property, the Horatio zone discovered in 2003 shows considerable promise. Massive sulphide bearing float boulders traced to source in bedrock returned several samples with values greater than 1 oz gold per ton. The intense alteration zone which hosts the mineralization has now been extended 2,000 feet across an icefield and remains open.
A major exploration program is planned for 2004 to follow-up the successful results from last year’s exploration at Del Norte. Full details will be announced in the coming months.
The Treaty Creek property is located 12 miles east of Barrick Gold’s Eskay Creek mine, and is presently under option to Heritage Exploration Ltd. (“Heritage”).
A Heritage report follows: “Prospecting this summer increased the number of shear zones at the Treaty Creek area from five to six, across an 800 meter width. These shear zones have trench values of up to 12 g/t gold and 270 g/t silver. Three drill targets were prepared to test these shear zones, but this area was inaccessible for most of September due to early snowfalls at this higher elevation location. Drilling of these targets was postponed until next year.”
ON BEHALF OF THE BOARD OF DIRECTORS
TEUTON RESOURCES CORP.
Dino Cremonese, P.Eng.
Teuton Resources Corp Minvita Enterprises Ltd.
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