April 13, 2020 – TheNewswire - Vancouver, Canada - Teuton Resources Corp. (“Teuton” or “the Company”) (TSXV:TUO) (OTC:TEUTF) (Frankfurt:TUC) announces the following plans for 2020 work on its many properties in the Golden Triangle of northwestern, British Columbia:
Treaty East Property
The Treaty East property is surrounded by the Treaty Creek property (Tudor Gold 60%. American Creek 20% and Teuton Resources 20%) to the west, the Brucejack-Snowfield property (Pretium Resources) to the south and satellite claims belonging to Seabridge Gold to the north. [ A claim map can be viewed here: http://teuton.com/TreatyEastMap ].
The property is 100% owned by Teuton and was acquired in a multi-property agreement with Pretium Resources in 2013. Recently, Pretium has announced discovery of the “A6” zone located due south of the Treaty East property and has termed it “a potential Eskay Creek style volcanogenic massive sulphide (“VMS”) system”. Drilling by Pretium in 2019 intersected 2,890 grams per tonne silver (84.3 oz/ton silver), 0.95 grams per tonne gold, and 1.81% copper over 1.50 meters at 187.5m depth. The geological setting has been described as follows: “a buried rhyolite dome capped by a mudstone unit locally anomalous in arsenic and mercury. The rhyolite dome is up to 200 meters thick, at least 500 meters wide and 2 kilometers long, and remains open to the north and south. The rhyolite is intensely sericite altered, hosts pyrite stringer zones, and locally hosts anomalous copper and silver values.” [Note: Mineralization as described on Pretium Resources neighbouring property is not necessarily indicative of any mineralization hosted on the Company’s Treaty East property.]
Teuton has not undertaken exploration on the property to date but is pleased that recent regional exploration developments have demonstrated VMS potential in rocks located east of the prolific Sulphurets Hydrothermal System, home to many large-scale gold-silver deposits such as the KSM, Iron Cap, Snowfield and Goldstorm, among others. The Company plans prospecting and geochemical sampling over the Treaty East property in 2020. Drone video footage taken from the property in 2019 is available for viewing on the Company website at www.teuton.com.
Eskay Rift Property
Drone video reconnaissance over the Eskay Rift property has identified a series of stratigraphically controlled pyritic beds recently exposed by retreating ice. It appears that these distinct horizons are 1-5m in thickness and occur over at least 500m in strike. The beds lie within (and have the same orientation as) a 3km long, north-south target zone identified during a ZTEM airborne geophysical survey undertaken in 2018. Geotech, geophysical contractors for the survey, characterized the target as a conductive mag high and said it “could represent massive sulphide or BIF [banded iron formation] mineralization”.
Drone videos of the newly emerged zones are available for viewing on the Company’s website under “Eskay Rift” property. The Company plans prospecting, sampling and some ground geophysical programs on the property in 2020.
At the Granduc property located about 10km to the southwest, pancake-like lenses occur laterally over distances up to 1,200m and over a vertical range of 760m and were mined for copper from the 1960’s to 1984. A significant resource remains. Mineralization has been variously described as VMS (Besshi-type) or cupriferous banded iron formation. The stratigraphic nature of mineralization identified in drone videos at the Eskay Rift property along with Geotech’s interpretation of the coincident target zone (VMS or BIF) suggest there could be similarities with Granduc. Intensive sampling will be necessary to see whether or not the new zones carry copper and at this time there is not enough information to make a comparison although VMS deposits are known to occur in clusters. [Note: Mineralization as described on the Granduc property is not necessarily indicative of any mineralization hosted on the Company’s Eskay Rift property.]
Del Norte Property
The Del Norte property was optioned to Decade Resources in January of 2020 with terms allowing Decade to earn up to a 55% interest in the property by spending $4 million over a five year period. Decade can an earn an additional 20% interest by carrying the property to commercial production.
In the intervening period Decade has commissioned two geologists to assemble and collate exploration data regarding approximately $5.5 million of work carried out since 1985. Previous exploratoin, consisting of comprehensive surface programs including diamond drilling, was mostly undertaken by three previous optionees (Goodgold Resources, Lateegra Resources and Sabina Silver Resources) but Teuton also carried out a number of drill programs itself, the last in 2019. Most of this work concentrated on vein discoveries carrying gold and silver values (principally the LG Vein), gold-silver breccias (K Zone) and porphyry-copper related showings (Crackle zone, Hardpan Creek and the “O“ zone).
Decade’s geologists have noted that silver sulfosalts and native gold often occur in the LG vein within a soft, black, graphitic matrix which fills interstices between breccia fragments. They observed that historical holes into the LG vein were small-diamter (BQ) size and that “gold and silver mineralization was very likely lost in the drilling process“. This thesis is supported by drill logs which often showed poor recovery in the vein target zones. Future drilling in the LG is vein with NQ or HQ size drill rods should provide better samples (HQ gives a little over 3 times the volume of rock collected from BQ).
A drill permit is pending from the Ministry of Mines.
Treaty Creek property
Tudor Gold, the Company’s joint venture partner at Treaty Creek, has informed Teuton that it has sufficient funds to execute a large drilling and exploration program on the property in 2020. It is currently in the final stages of finalizing all preparations needed for the upcoming 2020 drill program at Treaty Creek. Under the terms of the joint venture agreement, Teuton’s interest (20%) is carried until such time as a production notice is given. Teuton also retains a 0.98% NSR in the core of the property, including the Goldstorm Zone area.
Tudor Gold’s Vice President of Project Development, Ken Konkin, P.Geo., stated: “The Goldstorm system is currently open at depth and along the northeast axis of the mineralized body. The drill program is designed to extend and to explore the limits of Goldstorm system to the southeast as well as to the northeast and to depth. We anticipate drilling approximately 18,000 to 20,000 metres of HQ and NQ diameter core from 7-10 drill platforms with four diamond drill rigs. Compared to the drill program last year (14 diamond drill holes over 9,781.8 meters), the planned 2020 drill program will be much larger.”
The current known length of the northeast axis of the Goldstorm System is over 850 meters long and the southeast axis is at least 600m across. The system remains open in all directions and to depth. The best mineralization encountered to date is from the two consecutive 150m step-out holes to the Northeast: GS-19-42 yielded 0.849 g/t Au Eq over 780 m with 1.275 g/t Au Eq over 370.5m and GS-19-47 yielded 0.697 g/t Au Eq over 1,081.5m with 0.867 g/t Au Eq over 301.5m.
The best southeast extension came from GS-19-52 which yielded 0.783 g/t Au Eq over 601.5m intercept with 1.062 g/t Au Eq over 336.0m intercept. (results from the company’s NR dated March 3rd, 2020).
Teuton—Additional Projects for 2020
Teuton has drill permits in place on the Tennyson, Big Gold (adjoining to the north of the Eskay Rift), Pearson, Mach and Fiji properties. Permits are pending for the Harry and Konkin Silver properties (the latter includes permission for the Midas property). Drilling plans for work this summer are not yet fixed and will await the receipt of outstanding permits. Resoluton of the COVID-19 crisis will also factor into final decisions for 2020 work.
The Qualified Person for Teuton Resources is Dino Cremonese, P. Eng. (who as President is not independent of the Company).
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. Seven of these properties are currently under option to third parties. Over $4 million in option cash payments and shares in optionee companies has been generated from these properties since 2015, including properties where optionees have already earned their interest.
Teuton was the original staker of the Treaty Creek property assembling the core land position in 1985. It presently holds a 20% carried interest in Treaty Creek (carried until such time as a production decision is made) as well as a 0.98% NSR in the claims covering the Goldstorm zone. A 0.49% NSR is owned in the peripheral claims. None of the NSRs are subject to a buy-back.
Teuton also owns many royalties in the Sulphurets Hydrothermal System with interests ranging up to 2.5%. None of these royalties are subject to a buyback. Interested parties can access information about Teuton at the Company’s website, www.teuton.com.
"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.
Copyright (c) 2020 TheNewswire - All rights reserved.