Vancouver, Canada –– Teuton Resources Corp. (“Teuton” or “the Company”) (“TUO”-TSX-V) (“TFE”- Frankfurt) has received a report from its optionee Optimum Ventures Inc. (“Optimum”) which outlines further highly encouraging results from a limited surface exploration program conducted on the Harry Property in northwestern British Columbia, in late 2021 prior to the onset of winter. The sampling program was conducted on and in the region of the Swann prospect, which is exposed over a small area and consists of quartz and semi-massive to massive mineralization with visible gold within an intensely altered zone. Determination of its true width and strike length will be part of the focus in the 2022 exploration program.
Table 1 – Swann Zone Surface Sampling
|Sample Number||Gold g/t||Silver g/t||Copper %||Lead %||Zinc %|
Grab samples are solely designed to show the presence or absence of any mineralization and to characterize the metal tenor in this mineralization. Grab samples are by definition selective and not intended to provide nor should be construed as a representative indication of grade or mineralization at the property; and the grab samples analysed from the property reflect a broad range in grade from below detection limit to the grades highlighted herein.
Following the surface sampling program, Optimum completed four short diamond drill holes on the Swann zone as a requirement under the option agreement on the property. Due to a quick onset of winter and Covid complications, these four drill holes were boxed and put in locked storage prior to being logged. Optimum geologists have now retrieved the drill core from storage and have logged, split and sent it in for assay. Logging of the core has indicated up to 6 metres of semi-massive to massive mineralization associated with highly altered sericitic rocks and quartz veining. Diamond-sawed core showed silvery galena, indicative of silver in the Stewart area, green sphalerite and dull black stringers of tetrahedrite (in cut surface samples, fine visible gold is observed in the sphalerite, galena and tetrahedrite). Photos of cut core showing massive sulphides are shown on the Company website (www.teuton.com) under “Harry property”.
The Harry Property is comprised of three contiguous claims covering an area of approximately 1,333 hectares along the Granduc mining road near Stewart, British Columbia. The property is bordered by Ascot Resources Ltd. to the east and south, Pretium Resources Inc, to the north, and Scottie Resources Corp to the west. It contains several 500 metre wide zones of intense alteration that trend northwest along the claim length. Within this intense alteration, sericite with abundant pyrite is prevalent. Quartz veins, quartz breccias and semi-massive sulphides occur within these alteration zones. This type of alteration and mineralization is found at the nearby gold deposits currently being developed by Ascot Resources Ltd.
Work completed in late 2021, while only on about 10% of the property, indicates that sulphide zones occur within quartz bearing structures trending east-west (south dip). Where these structures are crosscut by northwest trending structures (dipping east), semi-massive to massive sulphides occur. Within these sulphides, sphalerite, galena, tetrahedrite, chalcopyrite and pyrite are present. Fine visible gold is occasionally present within the massive mineralization. The Swann zone is two hundred metres east of the Milestone, where 2020 trench sampling returned 7.86 oz/ton gold (269.5 g/t) across a 2 metre width.
Mr. Edward Kruchkowski, P.Geo., a member of Optimum’s Board of Directors, is a qualified person for the purposes of National Instrument 43-101 and has reviewed and approved the technical information contained herein. D. Cremonese, P. Eng., is the Qualified Person for Teuton Resources and although he has not reviewed the technical information firsthand, he has no reason to doubt its reliability. As the CEO and President of Teuton, Mr. Cremonese is not independent of the Company.
Quality assurance/ quality control
Optimum Ventures inserted blanks and standards within the sample stream to improve quality control. MSALabs, the accredited laboratory which performed the analyses, also ran internal standards and blanks as a check on their results. Pulps and rejects are retained for future analyses, if needed.
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. Teuton also acquired the Harry property many years ago by staking. 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:
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.