Vancouver, Canada –– Teuton Resources Corp. (“Teuton” or “the Company”) (“TUO”-TSX-V) (“TFE”- Frankfurt) has received news from its joint venture partner, Tudor Gold Corp., that crews have been mobilized to prepare for the 2022 exploration program at the Treaty Creek property, located in the heart of the Golden Triangle of Northwest British Columbia. Crews are currently transporting heavy equipment and drilling supplies to site along a winter access branching from the Brucejack Lake Road. Crews will also be preparing the camps for the upcoming drill campaign set to commence early May.
Tudor Gold’s President and CEO, Ken Konkin, P.Geo., stated: “As in the previous season, the priority of our upcoming exploration program will be to expand and define the limits of the Goldstorm Deposit (GS), as mineralization remains open in all directions and at depth. Ten diamond drill rigs are scheduled to be mobilized to site throughout the month of May for an aggressive diamond drilling program. While the priority remains to complete the exploration and definition of the Goldstorm Deposit, exploration drilling will follow up on several other discoveries including the Eureka Zone (EZ), located 800 meters southeast of GS, and the Company’s newest discovery, Calm Before the Storm (CBS), located two kilometres northeast of GS. Tudor’s priority is to define the limits of the GS mineralized domains in order to complete an updated resource estimate and support a Preliminary Economic Assessment (PEA). At the end of the 2021 drill program, some of our best Au-Cu-Ag results were encountered from our step-out drilling to the north within the 300H and CS-600 domains from drill holes GS-21-113 (1.44 g/t Au Eq over 405.0 meters within CS-600), GS-21-113-W1 (2.35 g/t AuEq over 159.0 meters within 300H) and GS-21-113-W2 (1.38 g/t AuEq over 556.5 meters within CS-600). To the northeast, we encountered some of strongest gold mineralization within the DS-5 domain with drill hole GS-21-119 (1.76 g/t AuEq over 196.5 meters). Not only is the size of the deposit increasing, but the values are also some of the highest that we have received within GS and these latter drill holes are those which we will be stepping out from in 2022.”
Yesterday, April 6, 2022, Tudor Gold reported that it had closed its previously announced brokered private placement offering for aggregate gross proceeds of approximately $12.9 million. Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, subscribed for 1,250,000 Units in the offering for gross proceeds of $2.5 million to Tudor Gold. Teuton Resources Corp. subscribed for $2 million, or 1,000,000 units (each unit consists of one share and a half warrant, each warrant entitling purchase of another share at $2.80 good for two years). In conjunction with its 2021 subscription, Teuton has now invested $11.6 million into Tudor Gold.
The Qualified Person for this news release for the purposes of National Instrument 43-101 is Tudor Gold’s President and CEO, Ken Konkin, P. Geo. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release. Mr. Konkin is also a director of Teuton Resources.
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. Teuton earned $3.9 million net income in 2020 and a further $2.4 million in the first quarter of 2021. Its income is derived from option payments.
Teuton was the original staker of the Treaty Creek property, host to the large Goldstorm deposit, 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) and a 0.98% NSR in the Goldstorm deposit area. 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:
Director Corporate Development and Communications
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.