Teuton Resources Corp. (“Teuton”) (“TUO”) is pleased to announce that it has entered into a purchase agreement with a private company for 12 mineral claims situated south and southeast of its High property, located north of Stewart, BC (see map). The 12 claims comprise an area of 4600 hectares, doubling the size of the High claims.
The new property covers the extension of the belt of gossans that runs south from Pretium Resources’ Brucejack claims through the High property. In the northwest corner of the 12 claims, a prominent alteration zone called the Feld gossan has undergone limited rock geochem sampling, returning highly anomalous gold and silver values at several sites. A comprehensive grab sample collected in 1986 from numerous float boulders (where the gossan disappears under snow and ice cover at the height of land) ran 0.182 oz/gold per ton. It is probable that much of the ice in this vicinity has ablated (melted back) in the intervening years, exposing ground which may host the source of the anomalous float.
To the east of the gossan lies a large area where heavy sediment samples taken from five streams running north-south all carried highly anomalous gold values. Geochemical soil sampling over part of this area also produced gold and base metal anomalies. Cursory rock sampling has unearthed several small mineralized structures. One features a vein segment consisting of massive tetrahedrite from which a grab sample ran 523 oz silver per ton. Another isolated occurrence was found to contain flakes of native gold.
Teuton has agreed to pay 600,000 common shares to the vendor which is an arms-length private company. A 2% NSR is also payable. The agreement has a closing date of April 21, 2011 and is subject to the approval of the TSX Venture Exchange.
D. Cremonese, P.Eng.
Teuton Resources Corp.
If you would like to be added to Teuton’s news distribution list, please send your email address to firstname.lastname@example.org.
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Teuton Resources Corp. does have an ongoing obligation to disclose material information, as it becomes available.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.