June 14, 2023 Victoria, Canada –– Teuton Resources Corp. (“Teuton”) (“TUO”-TSX-V) and Silver Grail (Silver Grail) (“SVG” -TSX-V) announce that they are finalizing plans for a summer work program on some of their many properties located east and southeast of Stewart, British Columbia. This area has become a prominent exploration hub in recent years, mostly because of the efforts of Dolly Varden Silver Corporation and Goliath Resources Limited. These two companies have announced plans for drilling a combined total of 58,000 metres in 2023 at their Homestake Ridge-Dolly Varden and Golddigger properties, respectively. This amount of planned drilling is comparable to programs slated for the Treaty-Sulphurets-Scottie-Premier area about 60 km to the northwest, traditionally the hot spot for exploration in the Triangle.
Teuton and Silver Grail own interests in many properties within this sub-region, foremost among them being the Clone, Tonga, Fiji, Midas and Konkin Silver (see end of release for URL of figures). Both TUO and SVG began acquiring ground here by staking beginning in the mid-1980s. Last year, Goliath Resources staked a large number of claims in the area after completing two successful years of exploration at their promising Golddigger property. Many of these newly staked Goliath claims adjoin properties long held by Teuton and Silver Grail.
Plans by Teuton and Silver Grail in 2023 call for prospecting and sampling, particularly in areas of glacial ablation (meltback of ice due to a prolonged warming trend) and along extensive portions not previously investigated. Teuton’s Clone property, owned 75% by Teuton and 25% by Silver Grail Resources, features a set of shear zones from which high gold grades have been found on surface and by drilling after discovery in 1996. A bulk sample from one location within this zone in 2011 returned 102 tons grading 4.0 ounces gold/ton. About $7 million has been spent at the Clone property to date and around 200 holes have been drilled.
One theory about the Clone mineralization is that it could be related to a porphyry copper-gold zone located somewhere at depth. This is suggested by the presence of chalcopyrite clasts in a megabreccia which is in contact with the main gold-rich, hematite-bearing shear on its northeast side. More work will be done this year to follow up this theory. Coincidentally, petrographic work in 2022 at the Goliath’s Golddigger property located 12 km to the southeast of the Clone, and which also features a set of northwest trending mineralized shear zones, also suggests a genetic link between the gold-silver mineralization observed found near surface with a porphyry feeder zone.
Work on Teuton’s Tonga and Fiji properties, owned 50-50 with Silver Grail Resources, will focus on a variety of mineralized occurrences previously found but never investigated in detail. Prominent silver stream sediment geochemistry found on the Tonga property is in an area with many airborne geophysical anomalies. Several copper soil geochem anomalies in the vicinity have never been followed up but will be investigated in 2023. Sedimentary exhalative lead-zinc-silver float previously found in a creek has yet to be traced to source.
The northern end of the Fiji property (to the north of the Tonga silver and gold mineralization), lies along the northwestern extension of the Kitsault Valley trend which hosts the major gold-silver Homestake Ridge zone owned by Dolly Varden, and further south the former producing Torbrit silver mine. The Fiji area has been only lightly explored in the past and in particular, there are many areas within it that have been covered by permanent snow or icefields. Much of these previously obscured areas have now opened up for prospecting due to meltback.
Silver-rich areas within the western portion of the Konkin Silver claim and surrounding properties will also be prospected. Again, it is hoped that ablation of icefields has exposed new ground for investigation. Ross Sherlock, Ph.D., formerly of SRK Consultants, had this to say about the Konkin Silver after a site visit: “Eskay Creek is a precious metal rich VMS deposit and portions have similar geology to the Konkin showing, with high grade gold and silver in massive baritic zones.”
To the north of the Konkin Silver are the Midas, Del Norte and Lord Nelson properties. The latter two properties, 100% owned by Teuton, are currently under option to Decade Resources. Around $8 million has been spent exploring the Del Norte with multiple structures identified, mostly gold-silver-lead-zinc or gold-copper.
Other properties which may be looked at will be the Ram, Bud and Gold Mountain claims, all jointly owned as between Teuton and Silver Grail. Each one of these properties retains potential for discovery of economic mineralization. Teuton and Silver Grail may also accept proposals to option some of their properties.
Qualified Person
Dino Cremonese, P. Eng., is the Qualified Person for Teuton Resource for the purposes of this news release; as President and CEO of Teuton, he is not independent of the Company.
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 in cash and often also in shares of the optionee companies), have provided substantial income to Teuton.
Interested parties can access information about Teuton at the Company’s website, www.teuton.com.
URL for Figures: http://teuton.com/goliathmap
Respectfully submitted,
“Dino Cremonese, P.Eng.”
Dino Cremonese, P. Eng.,
President and Chief Executive Officer
Teuton Resources Corp.
Silver Grail Resources Ltd
For further information, please visit the Company’s website at www.teuton.com or contact:
Barry Holmes
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.
