Treaty Creek Property — Teuton’s Most Important Mineral Property Interest

Recent Drill Results – 2023 Program

One of the best-looking mineralized areas of the Goldstorm Deposit to date is the lower CS-600 domain within GS-23-176-W1, which returned 273.75 m of 2.19 g/t AuEq (1.98 g/t Au, 3.30 g/t Ag, 0.15 % Cu) that includes an enriched central core that averaged 3.51 g/t AuEq (3.23 g/t Au, 5.57 g/t Ag, 0.19 % Cu) over 123.0 m. An interval of higher-than-average gold values was intersected near the end of GS-23-176-W1 that was associated with narrow quartz veinlets with minor disseminated pyrite; this is interpreted to be part of the DS5 domain, which may extend to greater depths than previously thought. This hole may be extended during the 2024 drill program to determine if there is a continuation to the lower 27 meters of mineralization that averaged 2.41 g/t AuEQ near the bottom of this hole.

The most significant aspect of GS-23-176-W1 may be the 15.0 m of 15.64 g/t AuEq (14.89 g/t Au, 4.72 g/t Ag, 0.60 % Cu) that occurs at the core of the richest portion of the CS-600 domain. This enriched quartz stockwork in the lower part of CS-600 is a comparable-looking zone to the high-grade gold interval encountered within the CS-600 in GS-22-134, located 135 m to the west. GS-22-134 intersected 25.5 m of 9.96 g/t AuEq (see Press Release dated July 19, 2023). This may be related to a later mineralizing event that over-prints the CS-600 copper-gold porphyry mineralization with a discrete high-grade gold-dominant quartz stockwork system.   Tudor Gold’s technical team is examining the hypothesis that an independent high-grade system cuts both 300H and CS-600 domains. Including the high-grade interval, the overall larger composite of the CS-600 domain totaling 601.5 m of 1.40 g/t AuEq is comparable to that of GS-21-113-W2 which had a composite of 732.m of 1.60 g/t AuEq (see press release dated August 11, 2022). These two intercepts could now significantly contribute to the Indicated Mineral Resource for the next Mineral Resource update, which will benefit from the increased drilling density provided by this program.1

1Excerpted from News Release dated November 28, 2023

2023 RESOURCE ESTIMATE

The Goldstorm Deposit hosts an Indicated Mineral Resource of 23.37 million ounces (Moz) of gold equivalent (AuEq) within 641.93 million tonnes (Mt) at a grade of 1.13 g/t AuEq; comprised of 18.75 Moz of gold (Au) at 0.91 g/t, 112.44 Moz of silver (Ag) at 5.45 g/t, and 2.18 billion pounds (Blbs) of copper (Cu) at 0.15 %.

It hosts an Inferred Mineral Resource of 7.35 Moz AuEq within 233.90 Mt at a grade of 0.98 g/t AuEq; comprised of 5.54 Moz Au at 0.74 g/t, 45.08 Moz Ag at 5.99 g/t, and 848.00 million pounds (Mlbs) of Cu at 0.16 %.

2023 Updated Mineral Resource Estimate for the Goldstorm Deposit

The Mineral Resource Estimate (“MRE”) was prepared by Garth Kirkham, P.Geo, based on 201 diamond drill holes (148,474 meters) completed between 2007 and 2022. The MRE included 62,916 meters of diamond drill holes that were completed since the 2021 MRE.   A National Instrument 43-101 Technical Report was prepared by Garth Kirkham Geosystems and JDS and was posted to the Tuder Gold Corp. profile (Tudor Gold is the Operator of the Treaty Creek Project of which Teuton Resources is a JV partner) on www.SEDAR.com.

 

Table 1: Summary of Indicated and Inferred Mineral Resource as of March 15, 20231-6

Mine Area Tonnage

(Mt)

AuEq (g/t) Au (g/t) Cu (%) Ag (g/t) AuEq

(koz)

Au

(koz)

Cu

(Mlb)

Ag

(koz)

Indicated Mineral Resource
Pit 389.11 1.05 0.90 0.08 5.44 13,138 11,320 687 68,168
Underground 252.82 1.26 0.91 0.27 5.44 10,237 7,429 1,493 44,275
Combined 641.93 1.13 0.91 0.15 5.45 23,375 18,750 2,180 112,443
Inferred Mineral Resource
Pit 160.94 0.85 0.71 0.07 6.50 4,404 3,648 248 33,628
Underground 72.96 1.25 0.80 0.37 4.87 2,946 1,888 600 11,452
Combined 233.90 0.98 0.74 0.16 5.99 7,349 5,536 848 45,080
  • Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
  • The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  • The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
  • The Mineral Resource Estimate was prepared for a potential open pit scenario using a constrained pit shell (with 50-degree slopes) at a 0.5 g/t gold equivalent cut-off grade and an underground mining scenario using a 0.7 g/t gold equivalent cut-off grade. Cut-off grades were derived from US$ 1,800/oz gold, US$ 20/oz silver, US$ 3.50/lb copper, CAD:USD of 0.77, C$ 2.50/tonne open pit and C$7.50 underground mining cost, C$ 38.50/tonne milled processing costs, C$ 1.50/tonne G&A cost, and process recoveries of 90 % for gold, 80 % for copper, and 80 % for silver.
  • AuEq g/t = Au g/t + (Ag g/t*0.0098765) + (Cu ppm*0.0001185)
  • A mineral estimate of the material within the defined pit that exists outside of the outlined mineral domains was completed and is included within the Inferred Mineral Resource, and listed “In Pit, External” in Table 4.

The Goldstorm sensitivity tables (Tables 2 and 3) report the variation of resource grade and tonnage with respect to the change in cut-off grades for the Indicated and Inferred Mineral Resources.

Table 2: Indicated Mineral Resource Cut-off Sensitivity – Combined Pit and Underground1

Cut-off Tonnage

(Mt)

AuEq (g/t) Au (g/t) Cu (%) Ag (g/t) AuEq

(koz)

Au

(koz)

Cu

(Mlb)

Ag

(koz)

0.3 730.20 1.06 0.85 0.14 5.06 24,823 19,907 2,324 118,689
0.4 714.16 1.07 0.86 0.15 5.13 24,640 19,742 2,318 117,896
0.5 682.72 1.10 0.88 0.15 5.28 24,180 19,346 2,291 115,831
0.5 / 0.72 641.93 1.13 0.91 0.15 5.45 23,375 18,750 2,180 112,443
0.6 631.15 1.15 0.92 0.16 5.50 23,262 18,588 2,218 111,644
0.7 559.69 1.21 0.97 0.17 5.81 21,762 17,386 2,076 104,501
0.8 479.37 1.29 1.03 0.18 6.18 19,820 15,854 1,878 95,239
0.9 397.39 1.38 1.10 0.19 6.59 17,577 14,114 1,633 84,212
1.0 319.20 1.48 1.20 0.19 7.02 15,186 12,293 1,352 72,067
  • Refer to footnotes to the Mineral Resource Estimate in Table 1.
  • The MRE utilizes 0.5 g/t AuEq for the pit-constrained Mineral Resource and 0.7 g/t AuEq for the underground Mineral Resource.

Table 3: Inferred Mineral Resource Cut-off Sensitivity – Combined Pit and Underground1

Cut-off Tonnage

(Mt)

AuEq (g/t) Au (g/t) Cu (%) Ag (g/t) AuEq

(koz)

Au

(koz)

Cu

(Mlb)

Ag

(koz)

0.3 488.34 0.67 0.52 0.10 4.01 10,524 8,170 1,070 62,885
0.4 326.54 0.83 0.63 0.13 5.00 8,729 6,658 961 52,510
0.5 244.18 0.96 0.72 0.17 5.89 7,553 5,652 896 46,261
0.5 / 0.72 233.90 0.98 0.74 0.16 5.99 7,349 5,536 848 45,080
0.6 198.02 1.06 0.78 0.19 6.68 6,739 4,952 849 42,527
0.7 163.26 1.15 0.83 0.22 7.34 6,015 4,355 796 38,506
0.8 135.32 1.23 0.88 0.25 7.83 5,341 3,830 732 34,060
0.9 108.48 1.32 0.94 0.27 8.25 4,607 3,285 647 28,786
1.0 84.17 1.43 1.02 0.29 8.56 3,864 2,759 547 23,169
  • Refer to footnotes to the Mineral Resource Estimate.
  • The MRE utilizes 0.5 g/t AuEq for the pit-constrained Mineral Resource and 0.7 g/t AuEq for the underground Mineral Resource.

Quality Assurance

The Goldstorm MRE was prepared under the supervision of Garth Kirkham, P.Geo, FGC, of Kirkham Geosystems Ltd., and JDS who is an Independent Qualified Person, as defined by National Instrument 43-101. Mr. Kirkham has reviewed and approved the technical contents of this news release.

Ken Konkin, P.Geo, President and CEO, Tudor Gold, is the Qualified Person, as defined by National Instrument 43-101, responsible for the Project. Mr. Konkin has reviewed, verified, and approved the scientific and technical information in this news release.   Dino Cremonese, P. Eng., is the Qualified Person for Teuton Resources and although he was not involved in the preparation of the technical information, he has no reason to believe it is inaccurate.  Mr. Cremonese, as President & CEO of Teuton, is not independent of the Company.

Figures:

Goldstorm Deposit MRE domains can be seen here: http://teuton.com/UpdatedMRE2023

Summary

The Treaty Creek property is located within the Golden Triangle region of northwestern British Columbia, in the northern portion of the prolific Sulphurets Hydrothermal System (“SHS”)—host to kilometers of bright yellow, orange and red zones of alteration (gossans) which can be seen from miles around.  Principal deposits in the region include Pretium Resource’s producing, high-grade Valley of the Kings gold mine as well as Seabridge Gold’s Iron Cap, Mitchell, Sulphurets and Kerr deposits.   Seabridge Gold recently added to its gold resources by purchasing from Pretium the large Snowfield gold deposit lying just to east of the Mitchell.  

The Goldstorm/Copper Belle zone on the Treaty Creek property, owned by Tudor Gold (60%), Teuton Resources (20%) and American Creek (20%), is the newest addition to the “string of pearls” in the Sulphurets Hydrothermal System.  This string stretches from the Kerr deposit in the south through the Iron Cap and now onto the Goldstorm/Copper Belle.  All of these very large mineral deposits are spatially associated with the Sulphurets thrust fault. 

 Under the terms of the joint venture with Teuton and American Creek, Tudor Gold must pay for all exploration costs until such time as a production decision is made.  In March of 2021 a maiden resource was released on the Goldstorm and adjacent Copper Belle zones.  Current plans for 2021 included expanded diamond drilling aimed at increasing the number of measured and indicated resources on the Goldstorm/CB and drilling for potential further gold or gold-copper discoveries elsewhere on the property such as in the Perfect Storm, Northeast and Eureka zones.

The current known length of the northeast axis of the Goldstorm System is over 1,150m and the southeast axis is at least 600m across. The system remains open in all directions and to depth.  [Interested readers can review the history of drilling of the Goldstorm by referencing News Releases regarding Treaty Creek elsewhere in the website]. 

String of Pearls Map

Ownership of Treaty Creek

Tudor Gold Corp. (“TUD”) owns a 60% interest in Treaty Creek and is the Operator of the project.  It Is responsible for paying all costs associated with exploration up until such time as the property has a positive feasibility decision.  To December 31, 2020, Tudor Gold has spent more than $40 million on the property.

Teuton Resources (“TUO”) is the original owner of Treaty Creek.  It now holds a 20% carried interest in the property, meaning it does not have to pay for exploration costs until such time as a production decision is made.  It also holds a royalty interest of 0.98% in the core portion of the property (which cover the Goldstorm/CB zones)  and a 0.49% royalty interest in the peripheral claims, neither of which are subject to a buy back.  American Creek Resources (“AMK”) owns the remaining 20% carried interest in the property.

Well-known Canadian mining financier, Eric Sprott, has taken down large private placements in Tudor Gold as well as in the remaining two joint venture partners, Teuton Resources and American Creek.  His last private placement into Teuton was carried out in July of 2020 and consisted of 3 million shares at $3/share without a warrant.  Mr. Sprott now owns  % in Teuton and % partially diluted (upon exercise of warrants).

In April of 2021, Teuton invested $9.6 million into Tudor Gold, purchasing 1 million flow-through shares at $3.60/share and 2 million non-flow-through shares at $3.00/share.  

History of Treaty Creek

From 1985 to 2015, Treaty Creek was explored by Teuton and five separate optionees (Tantalus Resources, Homestake Mining, Global Explorations, Heritage Explorations and American Creek Resources).  Around $9 million was spent during this period resulting in the discovery of multiple zones of precious metal mineralizaton.  In 2016, Teuton and co-owner American Creek (“AMK”), optioned the property to Walter Storm’s vehicle, Tudor Gold. 

Treaty Creek was originally discovered by prospectors Knipple and Williams in 1928, who then interested C.M. & S. Co. (Cominco) in the claims.   Some gold and copper was apparently found (there are no assay records of this early work) but Cominco eventually dropped the property.   Knipple and Williams returned to the property in the 1950’s and are reported to have discovered some high-grade silver-bearing float on the glacier as well as a narrow tetrahedrite-bearing vein in place.  In 1983-4,  Dino Cremonese, before Teuton was a public company, staked a large tract of ground covering the current Goldstorm/CB deposit.  Afterwards Teuton purchased a 20 unit claim from Elan Exploratoins covering the present campsite area (Eureka zone).   

Treaty Creek central gossan.
View from Iron Cap Deposit looking north to southern end of Treaty Creek Property (Area 2).

Goldstorm Zone Flyover

Property Gallery

Property News

Updated Mineral Resource Estimate Increases Ounces and Grade For The Goldstorm Deposit at Treaty Creek, British Columbia, With An Indicated Mineral Resource of 27.87 Million Ounces AuEq at 1.19 g/t AuEq

Vancouver, Canada –– Teuton Resources Corp.  (“Teuton” or “the Company”) (“TUO”-TSX-V) (“TFE”- Frankfurt) has received from Tudor Gold Corp., its joint venture partner in the Treaty Creek Project (the “Project”), results of an updated Mineral Resource Estimate (MRE) prepared by Garth Kirkham P. Geo., of Kirkham Geosystems Ltd., and JDS...

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High-Grade Gold Breccia System Located at the Goldstorm Deposit, Treaty Creek Project, Golden Triangle, British Columbia

Vancouver, Canada –– Teuton Resources Corp.  (“Teuton” or “the Company”) (“TUO”-TSX-V) (“TFE”- Frankfurt) has received an update on the recent identification of a high-grade gold system within the Goldstorm Deposit and a brief overview of the successful expansion of the Goldstorm Domains from Tudor Gold’s 2023 drill program (the “Program”)...

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Treaty Creek Property – Drill Hole, GS-23-176-W1 Intersects 123.0 Meters (M) OF 3.51 g/t AuEq Within 601.5 M OF 1.40 g/t AuEq at the Goldstorm Deposit; Orion Property – Discovery of the “Copernicus” zone – Copper-rich VMS (Besshi-type) Mineralization

Vancouver, Canada –– Teuton Resources Corp.  (“Teuton” or “the Company”) (“TUO”-TSX-V) (“TFE”- Frankfurt) has received assays from its Joint Venture partner, Tudor Gold Corp. (“Tudor Gold”), in respect of the sixth set of drill results from the 2023 work program at the Treaty Creek property.  Treaty Creek is located in...

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