2019 Drilling of Del Norte Property Suggests VMS Environment; Teuton Now Owns 75% of Clone Gold-Cobalt Property

2019-11-25 / @thenewswire

 

(TheNewswire)

November 25 2019 - TheNewswire - Vancouver, BC - Teuton Resources Corp. (“Teuton”) (TSXV:TUO) (Frankfurt:TFE) (OTC:TEUTF) drilled four holes into its 100% owned Del Norte property in 2019.  The first two holes targeted a sharp EM anomaly identified by a 2005 airborne survey lying parallel to and just east of the LG vein.  Interpretation of a 2018 ZTEM survey flown over the same area suggested a zone of alteration beginning about 200m below surface.  Assay results and geological analysis of the two holes indicate the following:

 
  • - The stratigraphic sequence includes andesite/andesite breccia of the Betty Creek Formation conformably overlain by dacitic rocks of the Mt Dilworth Formation overlain unconformably by sediments of the Salmon River Formation.

    - This geological sequence drilled is analogous to the geology of the Eskay Creek deposit.

    - Bedded sulphides are indicated in the mudstone horizon which is black, thinly bedded, with minor thinly bedded pyrite in beds up to 1 cm wide over a 10 m section.  

    - Anomalous zinc and silver values are indicated for the mudstone horizon tested.

    - Presence of up to 30% anhydrite (calculated from analysis) in the dacites immediately below the mudstones suggests the presence of a nearby volcanic vent

 

The reason for the strong EM anomaly has not been determined by the holes.  Teuton plans to carry out surface geophysical surveys in 2020 to see if it can vector towards the area where VMS-type mineralization is potentially most concentrated.  Positive results from such work will lead to an expanded drill program.  

 

Dino Cremonese, P. Eng., President of Teuton Resources Corp., commented as follows: “Although we did not hit economic precious metal mineralization in either of the holes this year, we did underscore the hypothesis that the property has significant VMS (Volcanogenic Massive Sulfide) potential.  Right after the Eskay Creek discovery in 1989, Del Norte was optioned to Goodgold Resources (Murray Pezim’s and Ned Goodman’s company) on the basis of geological similarities to the setting at Eskay.  In 2005, the property was optioned to Sabina Silver who stated in an October 3, 2005 news release:  ‘The geological environment of mineralization is broadly similar to that of the Eskay Creek Mine. At Eskay Creek, high-grade veins were the focus of exploration prior to the discovery in 1989 of rich deposits of stratiform, sedex gold-silver-base metal mineralization at or near a mudstone-volcanic contact. Sabina believes that the Del Norte Property demonstrates the potential to host similar bonanza silver and gold mineralization.’  The discovery in 2019 of anomalous zinc and silver in mudstones overlying dacite containing up to 30% anhydrite is an intriguing first step to confirming the VMS theory.”

 

The last two holes of the 2019 target were drilled to test a zone of mineralization discovered in the western portion of the Del Norte property within a zone of ablation (glacial meltback).  Neither of these holes encountered economic mineralization.

 

Quality control procedures in place include the field insertion of blanks and standards into the sample stream.  Analytical work was done by MSALabs of Langley, BC, an accredited facility. The technical data in this news release was reviewed by D. Cremonese, P.Eng., Teuton’s Qualified Person as defined by National Instrument 43-101.  Mr. Cremonese, P.Eng. is the President of Teuton and is not independent of the Company

 

Clone property

 

Teuton has purchased a 50% interest in the Clone gold-cobalt property for $200,000 from an arms-length,  third party who, in turn, acquired the interest by assignment from Makena Resources.  In addition, Sky Gold Corp., optionee of Teuton’s 25% interest and Silver Grail Resource’s 25% interest in the Clone property has decided it will not continue with the option.  Accordingly, Teuton now owns 75% of the property with the remaining 25% owned by Silver Grail Resources Ltd.

 

High-grade gold and gold-cobalt mineralization occurs on the Clone property within a series of sub-parallel shears exposed over a strike length of 500m and a vertical range of 130m. Trenching of the shears returned values ranging up to 3.59 oz/ton gold over 5.5m (18 feet). Significant cobalt values were found to accompany gold in the southeast portion of the zone.

 

Drilling in 1995-96 was confined to the 500m long Main Zone at the south end of the mineralized system, overlapping the original discovery area. The most promising structure outlined by the drilling was the “H-1” which yielded many holes carrying high-grade gold mineralization over significant widths. The best of these was Hole #110 which contained a 32.9 foot intercept grading 1.28 oz/ton gold. Some outstanding intersections were also reported from the parallel S-2A structure, known from trenching to host both gold and cobalt mineralization. Hole #18 into the S-2A contained a 19.7 foot intercept grading 1.53 oz/ton gold and 0.33% cobalt.

 

In 2010 a bulk sampling program was commenced on the Clone property in the high-grade portion of the H-1 zone. A total of 34 samples taken from the one-ton lots comprising the 2010 Clone bulk sample returned an average grade of 68.65 g/t gold.   A larger bulk sample of 102 tons was taken in 2011 which averaged 137.1 g/t gold (4.0 oz/ton gold).

 

Teuton and Silver Grail will, over the winter months, examine results of SkyGold’s 2018 and 2019 exploration programs on the Clone estimated to have cost just under $1 million before deciding on a next step for the property.    

 

About Teuton

 

Teuton owns interests in more than thirty properties in the prolific “Golden Triangle” area of northwestern British Columbia and was one of the first companies to adopt what has since become known as the “prospect generator” model.  Eight of these properties are currently under option to third parties.   Over $2 million in option cash payments has been generated from these optioned properties since 2015, including properties where optionees have already earned their interest (this does not include the value of shares received from the optioning companies).  Teuton also owns a series of Net Smelter Returns in various properties in the Golden Triangle concentrated within the Sulphurets Hydrothermal System.  Principal among these is an 0.98% NSR owned in the Goldstorm zone of the Treaty Creek property, currently the subject of an advanced exploration program by Tudor Gold,; other notable royalties include 2.0% NSRs in the King Tut and Tuck properties, owned by Pretium Resources and located due south of the producing Valley of the Kings Gold mine.

 

Respectfully:

 

“Dino Cremonese, P.Eng.”

 

President, Teuton Resources Corp.

 

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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. does have an ongoing obligation to disclose material information, as it becomes available.

 

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