Teuton Resources Corp. (“Teuton”) (“TUO”) announces that it has entered into an agreement to purchase a 100% interest in the IC2 claim, subject to a 1.5% NSR which is capped at $500,000. Consideration for the purchase is $5,000 and 40,000 shares in the capital of the Company, the latter payable upon regulatory approval.
The IC2 claim (see map) lies between the High property which is 100% owned by Teuton and the Brucejack property of Silver Standard Resources Inc., within the Stewart region of northwestern British Columbia. Recent prospecting of the High claim by Company personnel has disclosed an extensive gossan, over 1km wide in an east-west direction, and which appears to trend into the IC2 claim.
Samples from the gossan show highly altered quartz sericite schist cut in places by quartz veins. Many of the samples taken feature sparse to abundant arsenopyrite. The samples are to be shipped to Pioneer Laboratories tomorrow. A decision to drill the gossan will be made upon receipt of assays.
Silver Standard is currently drilling 24,000m with five drills on its Brucejack property, with one of the targets, the Bridge zone, located less than 1.25km from the boundary with Teuton’s property. Drilling results to date have been impressive. On its Galena Hill zone, Silver Standard recently reported two bonanza intersections of 1.5m of 1,025 g/t gold and 1.59m of 2,490 g/t gold at relatively shallow depths. On its Bridge zone, it reported from surface a 161.89m interval running 2.09 g/t gold.
Elsewhere in the region, drilling at Teuton’s Tennyson property (located south of the High claims) is continuing with the drill now on the seventh hole.
D. Cremonese, P.Eng., is the Qualified Person for the purposes of this news release.
“Dino Cremonese, P.Eng.”
President
Teuton Resources Corp.
If you would like to be added to Teuton’s news distribution list, please send your email address to gary.teuton@shawlink.ca.
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. has an ongoing obligation to disclose material information, as it becomes available.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
