The King Tut property was optioned to Pretium Resources (see News Release dated August 10, 2015) for $1.8 million in cash payable over four years. Teuton will retain a 2% NSR in the property with no buyback.
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Summary

The King Tut property adjoins immediately to the south of Pretium Resources’ Brucejack property, host to  the large, high-grade gold Valley of the Kings deposit currently being primed for production in 2017.    Government geological maps indicate that the favourable  Jurassic age rocks which underlie many of the gold deposits on the Brucejack property extend south into the King Tut property.  The key Brucejack Fault, spatially related to all of the gold deposits in the Brucejack area, is also interpreted as passing south into the King Tut claims.

A feasibility study completed in June 2014 for Pretium outlined proven and probable mineral reserves in the Valley of the Kings deposit of 6.9 million ounces of gold (13.6 million tonnes grading 15.7 grams per tonne gold).  The deposit can be simply described as a network of high-grade visible gold stringers contained within a lower grade gold quartz stockwork system.    It is currently one of the world’s largest undeveloped high-grade gold deposits.

South of the Valley of the Kings,  Pretium has partially drilled off  the Bridge* deposit.   This large, bulk tonnage grade gold deposit also contains discrete sections of high-grade gold.

Teuton carried out limited exploration of the King Tut property from 2011 to 2014, including prospecting, collection of surface grab samples and drilling.  The first  and only hole drilled into the King Tut zone was in 2012–it intersected 222m grading 0.88/t gold in a hypabyssal porphyry body.    The length and grade of this hole compares well with the average for 21 holes drilled in 2010 in the nearby Bridge deposit (on Pretium’s ground) which came to 237m of 0.87 g/t gold.

The drill set-up for the 2012 King Tut hole was situated on top of a bluff arising out of the ice.   The hole passed through 300 m of dead rock going down the bluff  before encountering the gold-bearing porphyry (see drill section).   An attempt was made in 2013 to drill a series of shallow holes close to the original drill collar to test for near-surface expressions of the same kind of gold-bearing mineralizaton but this did not locate any new mineralization.  .

In recent years the sides of this bluff have been increasingly exposed by melting snow and ice so that there is now a good chance that a drill collar can  be situated  at much lower elevation, decreasing the distance before one reaches the gold-bearing porphyry.  If the King Tut zone is similar to the Bridge zone, then there is hope that  one could find  higher grade gold zones within the extensive bulk tonnage mineralization.

Surface samping close to the King Tut zone in 2013 confirmed the presence of higher grade mineralization with samples UH-1 to UH-10 returning assays of 4.8-63.0 g/t gold, 18-86 g//t silver, 0.31 to 2.42% lead and 1.4 to 6.5% zinc.

South and southwest of the King Tut are a set of prominent gossanous zones which have either not yet been sampled or have been sampled only on  their margins (see pictures).

Area Map

King Tut Schematic

Property Gallery