Teuton Resources Corp. (“TUO”) (“Teuton”) and Lateegra Resources Corp. (“LEG”) (“Lateegra) are pleased to announce that prospecting has led to the discovery of gold and silver bearing massive sulphide mineralization on the Del Norte property, now known as the Horatio zone. The massive sulphide mineralization consists of pyrite, sphalerite, galena, chalcopyrite and arsenopyrite, typically hosted in argillites. The mineralization occurs in sub-parallel shears with observed widths up to 1.0 meter and replacement bodies with widths up to 3.0 meters. Continuity between outcrops is obscured by overburden.
The table below contains gold and silver assay data from the massive sulphide float boulders that led to the discovery, and also from several grab and chip samples taken from various outcrops situated 100 to 150 meters above the boulders.
|Sample No.||Sample Type||Lead%||Zinc %||Silver (oz/ton)||Gold(oz/ton)|
The lead and zinc values presented above were taken from ICP (Inductively Coupled
be required for accurate results, particularly for the higher numbers. Pioneer Laboratories of Richmond, British Columbia, an accredited facility, performed all of the analyses. Alex Walus, P. Geol., is in charge of the 2003 field program and is a qualified person as defined by National Instrument 43-101. Mr. Walus has 15 years experience exploring the Stewart region.
The seven grab and chip samples taken from mineralization observed in place (as listed in the table above) are the only outcrop samples from the Horatio zone to date. Other massive sulphide outcrops noted during the prospecting traverse were not sampled due to time constraints.
Based on the very encouraging results, Teuton and Lateegra plan to immediately carry out a follow-up program of prospecting, trenching, geological mapping and geophysical surveys to define the extent of the massive sulphide mineralization observed in the Horatio zone. Targets from this work will be drill tested within the current field season, in conjunction with previously planned drilling on the Kosciuszko breccia zone and the LG vein.
A drill has already been mobilized to the Del Norte property and is expected to begin testing various targets within the next two days. Falcon Drilling of Prince George, BC, has been contracted to do the work. In 2002, a chip sample across a 10 meter width of the Kosciuszko zone returned a weighted average grade of 18.4 oz/ton silver and 0.179 oz/ton gold. Prospecting along the trace of the LG vein in 2003 has extended the observed strike length to 500 meters.
The discovery of the Horatio zone represents a significant milestone for the Del Norte property and underscores the importance of continued prospecting. In previous years massive sulphide float boulders similar to those found immediately below the Horatio zone were discovered in other areas of the property, but these were never traced to source. Ongoing meltback of snow and icefields, accelerating in recent years, is assisting in the search for such source areas.
Both Teuton and Lateegra have agreed to amend the terms of the letter agreement whereby Lateegra was granted an option to earn a 50% interest in the Del Norte property. Teuton has agreed to add six adjoining claims to the property. In consideration, Lateegra has agreed to raise total work commitments over the five year term of the option to $3,000,000 and to increase the first year work commitment to $350,000.
The Del Norte property is located 34 kilometers east of Stewart, British Columbia, within the highly mineralized Stewart Complex of volcanic and sedimentary rocks. Famous mines within this Complex include the currently producing Eskay Creek Mine, one of the highest grade gold-silver mines in North America, and the formerly producing Premier gold mine.
ON BEHALF OF THE BOARD
Dino Cremonese, P.Eng.
Teuton Resources Corp
Minvita Enterprises Ltd.
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