December 9, 2020 – Vancouver, Canada –– Teuton Resources Corp. (“Teuton” or “the Company”) (“TUO”-TSX-V) (“TFE”- Frankfurt) (“TEUTF” – OTCBB) is pleased to announce that a new zone of mineralization has been discovered on its Harry property averaging 7.86 oz/ton gold (269.5 g/t) across a 2 metre width. The full width of the zone has not been defined due to overburden cover.
The new showing, called the “Milestone”, was found during prospecting by geologist Jeff Auston, a long-time associate of Teuton director Ken Konkin. Auston and Konkin previously worked together on the development of Pretium’s Valley of the Kings gold mine, which is located about 32km north of the Harry property in BC’s Golden Triangle.
The Milestone occurs in virgin ground exposed in recent years by retreating ice. Locally, a 300m wide zone with gossanous outcrops interspersed with glacial till features intense quartz-sericite-pyrite alteration. The main showing contains coarse dendrites of visible gold within a milky quartz vein breccia. Many of the surrounding outcrops have small veins carrying pyrite and galena (lead sulfide).
During the 2020 assessment program carried out by Teuton, a number of grab and chip samples were taken during prospecting traverses of the northern portion of the Harry property. A grab sample from the Milestone showing ran 45.3 ounces/ton gold (1,553 g/t). The showing consists of a quartz vein breccia trending 310 degrees. The second of two, 1m sub-samples taken across the zone (050 degrees) was the richest: it ran 15.7 ounces/ton gold (538 g/t). Other samples taken in the surrounding gossans, mostly grabs, returned values between trace gold and a high of 0.63 ounces/ton gold (21.6 g/t gold).
In September of 2020, Teuton optioned its wholly-owned Harry property to Jayden Resources. Jayden has the right to earn up to a 55% interest in the Harry property under the following terms: by spending $2,000,000 over 5 years and by making payments of $180,000 over the term of the option. When Jayden earns its 55% interest, Teuton will also be granted a 2% NSR. Thereafter Jayden has the right to earn an additional 20% interest by taking the property to production.
The former Premier Mine property adjoins to the south of the Harry and the former Scottie Gold mine property adjoins to the north (see map). In its heyday in the early 1920’s, the Premier was the greatest dividend-paying gold mine in the Americas. Direct-shipping ore from the first years at the Premier averaged 4.2 oz/ton gold and 141 oz/ton silver.
D. Cremonese, P. Eng. commented as follows: “This is the third instance of native gold to be discovered on Teuton claims this year, the first two being Treaty Creek and Del Norte/Lord Nelson. Although exploration at the Harry is at a very preliminary stage, future prospects look good based on the description of surrounding rock. Further work on the property in 2021 will be at Jayden’s direction and will follow up on this exciting gold discovery.”
Beginning in 2018, Teuton began a program of drone flights over many of its properties, particularly those lying in zones of glacial meltback. The Harry was flown in 2019 and again in 2020 and subsequent prospecting led directly to the Milestone native gold discovery. Teuton has kilometres of ground to investigate along ice edges on its many properties as warming conditions continue to expose virgin ground with each passing year.
All rock samples were prepared at MSA Labs’ Preparation Laboratory in Terrace, BC and assayed at MSA Labs’ Laboratory in Langley, BC. MSA Laboratories complies with the requirements for the International Standards ISO 17025 and ISO 9001. MSA Labs is independent of the Company. The Qualified Person for Teuton Resources, Dino Cremonese, P. Eng. (who as President is not independent of the Company), is responsible for the contents of this news release.
Teuton owns interests in more than thirty properties in the prolific “Golden Triangle” area of northwestern British Columbia and was one of the first companies to adopt what has since become known as the “prospect generator” model. Ten of these properties are currently under option to third parties. Over $2.4 million in option cash payments has been generated from these properties since 2015 (not counting the value of shares received from optionees), including properties where optionees have already earned their interest.
One of Teuton’s properties, the Treaty Creek, was the subject of a multi-million dollar exploration program in 2020 testing the Goldstorm zone with six diamond drills. Teuton was the original staker of this property, assembling the core land position in 1985. It presently holds a 20% carried interest in Treaty Creek (carried until such time as a production decision is made) as well as a 0.98% NSR in the claims covering the Goldstorm zone. A 0.49% NSR is owned in the peripheral claims. None of the NSRs are subject to a buy-back. Teuton also owns eight other royalties in the Sulphurets Hydrothermal System with interests ranging up to 2.5%, none of which are subject to a buyback. Interested parties can access information about Teuton at the Company’s website.
“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:
Director Corporate Development and Communications
Tel. 778-430-5680 Email: email@example.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.