Vancouver, Canada –– Teuton Resources Corp. (“Teuton” or “the Company”) (“TUO”-TSX-V) (“TFE”- Frankfurt) has received another progress report from its optionee, Optimum Ventures inc., (“Optimum”) stating that it has now completed an induced polarization (IP) and magnetic geophysical surveying on the Harry property located north of Stewart, BC, within the Golden Triangle.
Optimum reports that IP surveying has yielded new and important information that will help guide drilling and surface exploration work. This survey was carried out to outline known structures and uncover unknown structures due to overburden in the area. This has outlined areas of sulphide concentrations as well as areas of quartz – sulphide stock works. The final survey report has demonstrated the program’s success by outlining numerous anomalies.
IP Survey Highlights (see URL at the end of the release for a Plan Map showing IP Results):
-Twenty-seven chargeability anomalies (first to third order) have been identified, which are interpreted and presented in the attached map.
-Drilling targets can now be selected from the first priority on the 2D sections for future exploration follow-up.
-The east side of the Grid (L7E, L8E, and L9E), depict the strongest chargeability at both extents of the profiles.
-The western profiles (L5E, L6E, and L11E) depict the strongest chargeability in the central parts of the sections
-Discovery of new zone Ursula South
– The first and second priority zones are relatively shallow compared to the third priority zone, which extends to a depth of more than 300m. Aside from anomalous zones, overall chargeability is in the high range, which reflects major amounts of pyrite and high sulphide percentage in the survey area. The chargeability zones are generally controlled by the sub-vertical faults.
The IP resistivity models display a subsurface resistivity variation range from 200Ωm to 20000+Ωm. The survey area generally has low to moderate resistivity, and the range of resistivity shows the area’s sedimentary and volcanic rock units. The resistivity sections resolved the distinct changes in resistivity from south to north along the parallel lines. Sub-horizontal contacts are mapped in this region and several sub-vertical faults are resolved, which extends from surface to a depth of more than 400m.”
Optimum has also completed several drill pads to:
- Test a strong IP anomaly over the Golden Summit zone mineralization.
- Test the mineralization on the Swann.
- Test the mineralization on the BR located a short distance above the Swann.
- Test the wide zone of mineralization on the Saw Cut zone.
Exploration is presently working at exposing the strike and dip of the Swann zone to aid in the azimuth and dip of drilling going forward. Drilling is expected to commence within the next couple of weeks. To date, Optimum has sent approximately 1000 surface rock samples collected based on their sulphide content and talus fines, as well as Shaw drill core for assaying.
Optimum has also selected representative grab samples from different zones for rush assaying to guide the continuing exploration. Assays are expected within a week.
Tyler Ross, CEO of Optimum stated: “[Optimum] is extremely pleased with the progress achieved by our contractors on this project. I would like to thank geologist Alex Walus who has located and identified numerous new showings, Hardline Exploration, and K-6 Consulting, for conducting a highly successful program. The ongoing work is expanding on the strike extensions of new structures through mapping, saw-cut, and Shaw core sampling of new zones and continued sampling in exposure areas after snow melt. We are excited to start receiving assays, and to start a drill program to not only test IP anomalies but to test new zones as well as enlarge on the success of drilling on the Swann zone.
Ed. Kruchkowski, P. Geo., a qualified person under National Instrument 43-101, is in charge of the exploration programs on behalf of Optimum and is responsible for the contents of this release. As a director of Optimum, he is not independent. D. Cremonese, P. Eng., is the qualified person for Teuton Resources Corp., and as a director and CEO of Teuton, is not independent of the Company. Although Mr. Cremonese has not verified the technical information contained in this release first hand, he has no reason to doubt its accuracy.
Details of Option on Harry Property
Option terms allow Optimum to 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.
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 Alpha IP Survey
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.