Vancouver, Canada –– Teuton Resources Corp. (“Teuton” or “the Company”) (“TUO”-TSX-V) (“TFE”- Frankfurt) has received the seventh set of drill results from its Joint Venture Partner, Tudor Gold, with respect to the 2022 exploration program at the Treaty Creek property. The property is located in the heart of the Golden Triangle of northwestern British Columbia, adjoining and on geological trend with Seabridge Gold’s KSM property and Newcrest Mining’s Brucejack property.
Ken Konkin, President and CEO of Tudor Gold, commented: “We are very pleased to confirm that our step-out and in-fill drilling is progressing extremely well. We continue to intersect higher gold values within broad mineralized envelopes within the northern aspect of the Goldstorm Deposit. Both 300H and CS600 domains yield very consistent gold mineralization with continued strong copper grades observed throughout the CS600 domain. Our geological team was delighted to observe a similar pulse of enriched gold mineralization within the 300H domain with holes GS-22-145-W1 (2.00 g/t AuEq over 66.0 m) and GS-22-154 (4.38 g/t AuEq over 57.0 m) which are approximately 400 m apart. These holes also share the similar characteristic of containing a higher-grade core of 8.22 g/t AuEq over 5.0 m (GS-22-145-W1) and 7.84 g/t AuEq over 15.0 m (GS-22-151-W1). Exploration for the high-grade gold potential in the northern region of the Goldstorm Deposit will be a priority for the 2023 exploration season. Additionally, the CS600 domain continues to demonstrate very strong and consistent copper mineralization with obvious disseminated and veinlet chalcopyrite throughout the CS600 domain with notable addition of disseminated bornite in the deeper portions of the domain. There is also a distinct higher-grade of copper mineralization of 0.57% Cu over 99.0 m within a 199.0 m envelope of 0.44% Cu (GS-22-154) in the CS600 domain. Drilling is expected to continue well into October as the Goldstorm Deposit remains open in all directions and at depth.”
The Program at the Treaty Creek property includes an aggressive resource expansion and delineation plan for several areas, including the Goldstorm Deposit and the Eureka and Calm Before the Storm Zones. Results included in this press release are reported from five diamond drill holes that were drilled on the Goldstorm Deposit (Sections 114+00, 116+50 and Section J). At Goldstorm, four out of five holes were drilled partially or completely outside the 2021 NI 43-101 Mineral Resource Estimate area (see end of the release for a URL link to plan map and sections).
SECTION 114+00 NE
- GS-22-155 was drilled to target the footwall of the Treaty Thrust Fault 1 (TTF1) where the March 2021 NI 43-101 Mineral Resource Estimate classified the area largely as Inferred Mineral Resource. The drill hole successfully intercepted mineralization in close proximity to TTF1, below which intercepted 136.5 m grading 1.62 g/t AuEq (1.54 g/t Au, 3.49 g/t Ag, 0.04 % Cu) within a broader envelope of 1.28 g/t AuEq (1.20 g/t Au, 3.39 g/t Ag, 0.04 % Cu) over 222.0 m.
SECTION 116+50 NE
- GS-22-154 was drilled to target an area down-plunge of the CS600 domain, which exists outside of the March 2021 Mineral Resource area. Preliminary results were released on September 12, 2022 to a depth of 1236.0, with an initial interpretation of a higher-grade zone being attributed to the 300H domain. An interval consisting of steeply dipping, north-trending quartz stockwork veins and veinlets bearing sulphosalt minerals, pyrite, and sphalerite returned 57.0 m grading 4.38 g/t AuEq (4.30 g/t Au, 5.91 g/t Ag, 0.01 % Cu) with an enriched interval of 15.0 m grading 7.84 g/t AuEq (7.76 g/t Au, 6.58 g/t Ag, 0.01 % Cu).
At depth, the CS600 domain was intercepted and reported 199.5 m grading 1.04 g/t AuEq (0.45 g/t Au, 3.01 g/t Ag, 0.44 % Cu) in the intrusive hosted Gold-Copper porphyry system.
- GS-22-145 was drilled to target a deep intercept of CS600, however, was terminated due to unfavorable deviation and was then used as a parent hole for wedging. However, this drill hole intercepted a mineralized system that graded 0.90 g/t AuEq (0.77 g/t Au, 9.27 g/t Ag, 0.02 % Cu) over 127.0 m before it was stopped.
- GS-22-145-W1 was drilled as a wedge daughter hole from GS-22-145 and was designed to target the CS600 domain. The hole intercepted strong sulphide mineralization which correlated well to that intercepted in GS-22-154, within a quartz stockwork system. The intercept averaged 2.00 g/t AuEq (1.86 g/t Au, 10.54 g/t Ag, 0.01 % Cu) over 66.0 m. An enriched portion of the interval returned 8.22 g/t AuEq (8.16 g/t Au, 4.80 g/t Ag) over 5.0 m. This stockwork interval was located 400 m from the high-grade interval intercepted in GS-22-154.
Minor CS600 style mineralization was noted at depth, however, the drill hole experienced excessive lift at depth and the hole intercepted peripheral CS600 mineralization.
- GS-22-151-W1 continued from its parent drill hole GS-22-151 to intersect the northwest extent of CS600. Preliminary results were reported in the September 12, 2022 press release to a depth of 946.5 m. In addition to the preliminary results, the CS600 domain was intercepted with a total of 300.0 m grading 1.27 g/t AuEq (0.95 g/t Au, 2.43 g/t Ag, 0.25 % Cu). Intervals of stronger mineralization were also recorded, such as 7.5 m grading 4.10 g/t AuEq (3.96 g/t Au, 3.85 g/t Ag, 0.08 % Cu).
Table 1: Drilling Results for the Goldstorm Deposit in Press Release
|Section||Hole||From (m)||To (m)||Interval (m)||Au (g/t)||Ag (g/t)||Cu (ppm)||AuEq (g/t)|
|116+50 NE||GS-22-154 (300H)(2)||418.50||598.50||180.00||1.97||3.72||124||2.02|
|114+00 NE||GS-22-155 (300H)||475.50||697.50||222.00||1.20||3.39||389||1.28|
|Drill hole GS-22-151-W1 was reported to 946.5 m in the September 12, 2022 press release. Results are fully reported in the current press release.Drill hole GS-22-154 was reported to 1236.0 m in the September 12, 2022 press release. Results are fully reported in the current press release. All assay values are uncut and intervals reflect drilled intercept lengths. HQ and NQ2 diameter core samples were sawn in half and typically sampled at standard 1.5m intervals The following metal prices were used to calculate the Au Eq metal content: Gold $1625/oz, Ag: $19/oz, Cu: $2.8/lb. Calculations used the formula Au Eq g/t = (Au g/t) + (Ag g/t x 0.01169) + (Cu% x 1.1815). All metals are reported in USD and calculations do not consider metal recoveries. True widths have not been determined as the mineralized body remains open in all directions. Further drilling is required to determine the mineralized body orientation and true widths.|
Table 2: Drill data for holes in Press Release
|Section||Hole ID||UTM E NAD 83||UTM N NAD 83||Elevation (m)||Azi (ᵒ)||Dip (ᵒ)||Depth (m)|
Diamond drill core samples were prepared at MSA Labs’ Preparation Laboratory in Terrace, BC and assayed at MSA Labs’ Geochemical Laboratory in Langley, BC. Analytical accuracy and precision are monitored by the submission of blanks, certified standards and duplicate samples inserted at regular intervals into the sample stream by Tudor Gold personnel. MSA Laboratories quality system complies with the requirements for the International Standards ISO 17025 and ISO 9001. MSA Labs is independent of the Company.
About the Treaty Creek Property
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 (Tudor Gold is responsible for paying all exploration costs up until such time as a production decision is made) and a 0.98% NSR in the Goldstorm deposit area. It also owns numerous additional royalty interests within the Sulphurests Hydrothermal system on properties such as the King Tut, Tuck, High North, Orion, Delta and Fairweather properties. Interested parties can access information about Teuton at the Company’s website, www.teuton.com.
Exploration Update—Harry Property, Big Gold & Eskay Rift Properties
Teuton Resources’ optionee, Optimum Ventures Inc. (“Optimum”) has reported that it has received the gold and silver assays for select samples from the BR, Usrula and Golden Summit zones located on the Harry property.
Highlights of the sampling include:
- 1.8 to 26.60 g/t Au and 282.9 to 1003.2 g/t Ag from 5 samples on the BR zone.
- 0.8 to 6.5 g/t gold and 131.3 to 208.1 g/t silver on the Ursula zone.
- 0.1 to 2.30 g/t Au and 470.3 to 5477.4 g/t Ag on the Golden Summit zone.
Shaw drilling of 1 m holes on the Saw Cut zone has intersected abundant sphalerite (ZnS) over at least 10 m within an overall zone that is up to 40 m wide. Grab sample assaying of this zone produced results ranging from 0.1 to 5.4 g/t Au and 10.2 to 158.4 g/t Ag (from 3 samples) associated with the strong sphalerite mineralization.
The new zone, Ursula South, consists of mineralization in a stockwork of galena-sphalerite veins up to 0.8 m wide over a width of 5 m. This new zone is located in an overburden area approximately 75 m south of the Ursula zone.
Assays were conducted by Seacan Labs Stewart based in Stewart, BC.
Under the terms of the option agreement between Teuton and Optimum, Optimum can earn up to an 80% interest in the Harry property by carrying out $9 million of work over five years. Optimum must also pay Teuton $1.5 million in cash and issue 4,000,000 shares to Teuton over the option period. Teuton will retain a 2.0% Net Smelter Royalty and a 20% interest after the option is exercised.
Big Gold & Eskay Rift Properties
Prospecting and sampling over ground covered by, or in the vicinity of, several large geophysical anomalies detected by a 2018 airborne ZTEM survey conducted by Geotech has now been completed. About 85% of samples taken have now been sent for assay.
On the Big Gold property certain samples sent in early during the season have been received and show an area containing anomalous copper values.
On the Eskay Rift property, prospecting and sampling of black mudstone horizons (up to 10m thick) capped by basalts and extending along strike for hundreds of meters have been completed. Samples from many of these horizons have shown occasional chalcopyrite mineralization along with pyrite, pyrrhotite and possibly magnetite. The mineralization in the horizons is often very fine-grained and laminar. One of the horizons carrying chalcopyrite was very cherty.
Samples taken below the horizons on the ice from two prominent boulder trains have also shown occasional chalcopyrite sometimes associated with an unidentified, fine-grained blue mineral. Further exploration will depend on assay results, expected within two to three months because of a backlog at the assay lab.
Teuton revises 2022 Stock Option Plan
Teuton has revised its previously announced 2022 Stock Option Plan (see News Release dated March 7, 2022—this plan could not be approved by the TSX because it did not meet policy requirements). The number of shares which can be reserved for issuance under the revised plan is 5,723,688, which is 10 per cent of the 57,346,881 shares currently outstanding. After taking into consideration currently valid, previously granted options, there are 3,330,500 options now available for granting. The plan, which has an effective date of Sept. 21, 2022, is subject to acceptance by the TSX-V.
The Qualified Person for the Treaty Creek technical information in this news release is Tudor Gold’s President and CEO, Ken Konkin, P.Geo. Mr. Konkin is also a director of Teuton Resources and as such is not independent of the Company. He has read and approved the scientific and technical information in regard to the Treaty Creek property that forms the basis for the disclosure contained in this news release.
The Qualified Person for the Harry, Big Gold and Eskay Rift properties portion of this news release is Dino Cremonese, P.Eng.. Mr. Cremonese as the President of Teuton is not independent of the Company. Although he has not personally supervised the sampling on the Harry property (the Harry property is under option to Optimum), he has no reason to believe the results reported are inaccurate.
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. This model minimizes share equity dilution while at the same time maximizing opportunity. Earnings provided from option payments (received in cash and often also in shares of the optionee companies), has provided Teuton with substantial income over the years.
URL for various Treaty maps:
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:
Director 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.