Vancouver, Canada –– Teuton Resources Corp. (“Teuton” or the “Company”) (“TUO”-TSX-V) (“TFE”- Frankfurt) disseminated a news release on Nov. 28, 2023 detailing exploration results from the Treaty Creek property and the Orion property. The Treaty Creek property is owned as to a 20% carried interest by Teuton (it also holds varying NSR interests in the claims), American Creek Resources which owns an identical 20% carried interest, and the remaining 60% interest held by Tudor Gold Corp. (“Tudor Gold”), which is also the Operator of the Treaty Creek Joint Venture. The Orion property, which used to belong to Teuton, was optioned to Tudor Gold. Upon Tudor Gold earning a 100% interest in the Orion property, Tudor Gold spun it out to Goldstorm Metals Inc. (“Goldstorm Metals”). Teuton now retains a 2.5% Net Smelter Royalty interest in the Orion property; there is no buyback provision attached to the royalty.
The Nov. 28, 2023 Teuton news release contained technical information as regards the Treaty Creek property that was disclosed on the same date by Tudor Gold, with Ken Konkin, P. Geo., acting as the qualified person (“QP”) for Tudor Gold for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Teuton news release also contained technical information as regards the Orion property that was disclosed by Goldstorm Metals the previous day on Nov. 27, 2023, also with Ken Konkin, P. Geo., acting as the QP for Goldstorm Metals. The disclosure in the Teuton release as regards Treaty Creek was verbatim as to what was disclosed in Tudor Gold’s release of the same date. The disclosure in the Teuton release as regards the Orion release was verbatim as to what was disclosed in the Goldstorm Metals release of Nov. 27, 2023, but it also contained an opinion as to those disclosures in a comment section by D. Cremonese, P. Eng. and Teuton’s President and CEO, as well as a caption which was not in the Goldstorm Metals release.
In the Nov. 28, 2023 release Teuton stated that “The Qualified Person for this news release for the purposes of National Instrument 43-101 is Tudor Gold’s President and CEO, Ken Konkin, P.Geo. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release. D. Cremonese, P. Eng., is the Qualified Person for Teuton Resources Corp. (as President of the Company he is not independent of the Company). Mr. Cremonese has not personally verified the technical data in the news release but has no reason to doubt its accuracy.”
This statement was inaccurate because it suggests that Ken Konkin approved the Teuton news release, when in fact he only approved the scientific and technical information in the original Tudor Gold news release and the original Goldstorm Metal news release. Mr. Konkin gave no specific approval of the technical information in the Teuton news release. Teuton now retracts the parts of that statement that refer to Ken Konkin as having approved the Teuton news release and apologizes for any confusion.
The QP statement in the Teuton news release should have read as follows:
Mr. Ken Konkin, P. Geo., is the QP for Tudor Gold Resources and Goldstorm Metals Inc. and, as indicated in news releases dated Nov. 28, 2023 by Tudor Gold and Nov. 27, 2023 by Goldstorm Metals, Mr. Konkin has approved the technical information disclosed in those news releases. D. Cremonese, P. Eng., is the Qualified Person for Teuton Resources Corp. (as President of the Company he is not independent of the Company) for the purposes of this Company news release. Mr. Cremonese has not personally verified the technical data included in this Company news release that is reproduced verbatim from the Tudor Gold and Goldstorm Metals news releases, but Mr. Cremonese has no reason to doubt its accuracy. Any comments made by D. Cremonese, P.Eng. as regards the technical data initially disclosed in the Tudor Gold and Goldstorm Metals news releases are his own opinion.
Comments made as to the Orion property in Nov. 28, 2023 Teuton Release.
The Nov. 28, 2023 Teuton news release stated the following in the section of the release dealing with technical disclosure on the Goldstorm Resources Orion property (in italics):
Ken Konkin, P.Geo., President and CEO of Goldstorm Metals commented: “Mineralization and textures observed at the Copernicus Zone closely resemble those found in volcanogenic massive sulphide (VMS) deposits such as the Granduc and Windy Craggy deposits, which are classified as Besshi-type VMS systems, with a comparable metallogenic assemblage to that at the Copernicus Zone. However, it is very early in the exploration phase and further mapping and sampling will be required to make final determinations on the characterization of the precious and base-metal mineralization at our new discovery. Additional geological observations suggest that this mineralization may also have been re-mobilized and deposited along northerly tectonic shear systems parallel to the orientation of the Orion Spine. The Copernicus Zone was traced for approximately 400 m along the upper Orion Spine. The Company has constructed a drill pad to initiate a drill program as part of the 2024 exploration program on the Copernicus Zone. Details of the proposed drilling will be determined prior to the 2024 drilling season.”
D. Cremonese, P. Eng., President of Teuton said: “The discovery of Besshi-type, VMS mineralization at the Orion is important not only because of Teuton’s 2.5% Net Smelter Return royalty (which is not encumbered by a buyback provision), but because it suggests potential for discovery of similar VMS mineralization within the 15km long span situated between the formerly producing Granduc mine and the Orion property. Teuton owns most of the ground in this trend, including properties such as the Leduc Silver, Pearson, Big Gold, Eskay Rift, Tennyson and Four J’s, many of which have sizeable geophsycial anomalies on them, none of them which yet been drill-tested.“
Goldstorm Metals has objected to the comment made by D. Cremonese, P. Eng., because it implies that the mineralization discovered by Goldstorm Metals has definitively been established as Besshi-type, when that characterization was qualified by Mr, Konkin’s entire statement, as produced above. Goldstorm Metals also objects to the use of the word “Besshi-type” in the caption of the news release.
Accordingly, Teuton Resources retracts the first sentence of Mr. Cremonese’s comment, and replaces it with: “The discovery of massive sulfide mineralization at the Orion is important not only because of Teuton’s 2.5% Net Smelter Return royalty (which is not encumbered by a buyback provision), but because it suggests additional potential for discovery of similar massive sulfide mineralization within the 15km long span situated between the formerly producing Granduc mine and the Orion property, as indicated by other exploration results within the area in past years.”
Also, the caption to the news release which states, in part: Orion Property – Discovery of the “Copernicus” zone Copper-rich VMS (Besshi-type) mineralization is retracted and replaced by Orion Property – Discovery of the “Copernicus” zone Copper-rich Massive Sulfide Mineralization.
About Teuton
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, both in cash and in shares of the optionee companies over the past 6 years, has provided Teuton with substantial income.
Qualified Person
D. Cremonese, P. Eng., is the Qualified Person for Teuton Resources Corp. (as President of the Company he is not independent of the Company) for the purposes of National Policy 43-101 — Standards of Disclosure for Mineral Projects.
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:
Barry Holmes
Director Corporate Development and Communications
Tel. 778-430-5680
Email: bholmesmba@gmail.com
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.
