Vancouver, Canada –– Teuton Resources Corp. (“Teuton” or “the Company”) (“TUO”-TSXV) (“TFE”- Frankfurt) announces that Optimum Ventures Ltd. (“Optimum”), optionee of the Company’s Harry property, has reported partial assay results from surface sampling. The property is located 25km north of Stewart, British Columbia, adjoining the Premier-Dilworth property of Ascot Resources to the west.
The 2021 work was successful in identifying a number of new structures as shown on the attached maps (see URLs at the end of the release). Highlights of sampling indicate:
- Six separate quartz-sulphide structures in a small northeastern part of the claim area.
- Discovery of the new Swann zone several hundred meters from the Milestone showing. (The Milestone was found in 2020 and ran 7.86 oz/ton gold over 2.0m).
- Identification of fine visible gold in semi-massive to massive sulphide in the Swann zone (assays pending)—2nd visible gold occurrence found on the property to date.
- Identification of Premier porphyry intrusive in contact with mineralized zones (similar to the host rock of the Premier gold deposit).
The property features several 500m wide zones of intense alteration that trend northwest along the length of the claim. Within this intense alteration, sericite along with abundant pyrite is prevalent. Surface exploration completed in late 2021 on a small portion of the Harry property, less than 10% of the claims area, indicates that sulphide zones occur within quartz bearing structures trending both east-west (south dip) and northwest structures dipping east. At intersection points, semi-massive to massive sulphides occur, namely sphalerite, galena, tetrahedrite, chalcopyrite and pyrite. Fine visible gold is occasionally present within the massive mineralization.
In 2020, a new zone of mineralization in quartz breccias, called the “Milestone” was discovered on the Harry Property. Teuton prospectors reported a trench sample averaging 7.86 ounces per ton gold (269.5 g/t) across a 2 metre width. The full width of this new zone has not been defined due to overburden cover.
The 2021 program funded by Optimum consisted of surface sampling any newly located structures in the area of the Milestone showing. A total of 50 samples were collected with assay results received for the first 38 samples. Values ranged from 0.01 to 23.30 g/t Au and 0.02 to 3,379 g/t Ag.
Assay results from part of the 2021 sampling are highlighted, below:
Program Highlights (See URL for sampling map and mineralized zones at the end of this release):
- Up to 23 g/t Au and 2,995 g/t Ag in composite grab A21-2A
- Up to 11 g/t Au and 3,739 g/t Ag in grab A21-3
- Up to 5.5 g/t Au and 270 g/t Ag in a 0.4m chip A21-5
Optimum reports it is awaiting further results of the sampling. Laboratories have experienced delays due to large amounts of samples submitted by companies as well as labor shortage.
The Harry Property consists of three contiguous claims that cover a gross area of approximately 1,333 hectares. As per the December 1, 2020 National Instrument 43-101 Technical Report on the Harry Property (available at: https://sedar.com under Optimum Ventures Ltd.) the majority of the Property lies along the northwest portion of a geological corridor prospective for gold-silver mineralization. This corridor is up to 3km wide and at least 15km long, extending from south of the Premier Mine north to the Scottie Gold Mine and beyond. The Harry property is situated near developed infrastructure such as a year-round road, a powerline, and an ice-free port in Stewart.
A technical report prepared on the Harry property outlines a recommended Phase 1 exploration program intended to generate targets which subsequently will be drill tested, consisting of rock sampling, geological mapping, geophysical surveys, drilling and core cutting at an estimated cost of $500,000. Optimum Ventures reports it has begun the recommended program and intends to complete the rest of Phase 1 beginning in the second quarter of 2022.
D. Cremonese, P. Eng., President of Teuton Resources commented as follows: “The discovery of a second zone containing visible gold is very encouraging, particularly considering that the surface sampling program was not large. Finding silver mineralization running as high as 3,700 g/t to accompany the gold values was also noteworthy. The discovery of “Premier Porphyry” spatially associated with the mineralization suggests a similar environment to that found at the nearby, formerly producing, Premier gold mine.”
Analyses were performed by MSA Laboratories Ltd. in Langley, BC, an accredited facility. Ed Kruchkowski, P. Geo., a qualified person under National Instrument 43-101 for Optimum Ventures is responsible for the contents of this release. D. Cremonese, P. Eng., is the Qualified Person for Teuton Resources. He has not independently verified the assay results but has no reason to believe they are inaccurate. Mr. Cremonese, as President of Teuton Resources, is not independent of the Company.
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. Ten of these properties are currently under option to third parties. Over $4 million in option cash payments (not including appreciable payments made in shares) has been generated from these properties since 2015, including properties where optionees have already earned their interest.
Interested parties can access information about Teuton at the Company’s website, www.teuton.com.
URL for maps:
“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
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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.