(TheNewswire)
Vancouver, Canada – TheNewswire – October 25,2022 - Teuton Resources Corp. (“Teuton” or “theCompany”) ( TSXV: TUO) ( F rankfurt: TFE ) (OTC:TEUTF) has received a report from its optionee Optimum Ventures Inc.(“Optimum”) stating that drilling has commenced on the Harryproperty. The Harry property is situated within a 200 kilometre(“km”) long northwest trending corridor hosting numeroushigh-grade gold occurrences and discoveries. It is just 30 kmsouthwest of the Eskay Creek Mine and located between Ascot ResourcesLtd.’s Premier Mine and Newcrest Mining’s Brucejack Mine.
Sunbeam Drilling has commenced operations utilizing aB-15 drill running NQ core and a JK Smit helicopter portable drillusing BTW core. This season’s program is planned to test several newzones discovered earlier this year during prospecting, mapping and, insome instances, Shaw shallow surface drilling. Priority is being givento the Swann, BR, Ursula, Ursula South, Saw Cut, and GS zones, whereto date over 1000 surface talus fines, chip samples, grab samples, sawcut samples and Shaw drill core has been sent for assay. Some earlyresults released by Optimum Ventures on September 22, 2022,indicated that gold and silver values occur in every zone. Additionalassay results will be released as available.
The initial drilling campaign is planned and financedfor 2,500 metres (“m”) and is scheduled to test these multiplezones of gold-silver bearing poly-metallic sulphide mineralizationwhere surface prospecting coupled with surface exposure Shaw drillinghas established multiple prospective targets for follow-updrilling.
D. Cremonese, P. Eng., President of Teuton commented asfollows: “I am pleased that Optimum Ventures’ methodicalapproach to exploration at the Harry property has led to a drillprogram testing multiple targets. Particularly intriguing is thesuggestion that some of the zones may contain volcanogenic massivesulfide mineralization.”
Saw Cut Zone
The Saw Cut zone outcrops and has been exposed over astrike length of 40 metres. Sampling along its exposed length inshallow Shaw drill core returned sulphide mineralization consisting ofpyrrhotite, galena, sphalerite, chalcopyrite, and pyrite insemi-massive to massive veins, stringers, and interstitials withinbrecciated zones and/or disseminated throughout the core. The zone ishosted in mudstone, dacite tuff and mudstone supported dacitelapilli-tuff which contain from 1 to 30% pyrite, locally trace to 8%sphalerite and trace to minor galena. Three grab samples collectedfrom the zone were submitted for gold and silver assaying at SeacanLabs based in Stewart, BC. The samples returned up to 5.40 g/t goldand 156.4 g/t silver. Geological data gathered to date indicates thatthe Saw Cut zone belongs to a gold-silver enriched volcanogenicmassive sulphide (VMS) type of mineralization like that of the famousEskay Creek deposit located just 30 km north of the Harry project.Drilling using the B-15 diamond drill has commenced on the Saw Cutzone where a four drill hole program is just being completed.Observations of the core indicate sections of semi massive sulphides.On completion of drilling at Saw Cut, the drill will immediately bemoved to the BR zone.
Swann Zone
The JK Smit drill was mobilized to the Swann zone wheretwo holes have now been drilled of a planned four-hole program.Surface work indicates the Swann zone is exposed up to 40 metres wideat surface. Mineralization in the zone shows similarities to EskayCreek-type mineralized structures where footwall and veins haddisseminations of dominantly sphalerite-galena-tetrahedrite-pyritewith minor amounts of chalcopyrite. Previous drill results (see pressrelease: 2022-04-20) intersecting the Swann zone returned thefollowing results:
Drill Hole # | From (m) | To (m) | Interval (m)* | Cu (%) | Pb (%) | Zn (%) | Au (g/t) | Ag (g/t) |
S21-3 | 8.75 | 24.39 | 15.64 | 0.606.37 | 7.17 | 8.74 | 3.10 | 433.4 |
S21-4 | 14.57 | 23.78 | 9.26 | 0.745 | 14.0 | 9.33 | 1.64 | 690.1 |
* Statedlengths in meters are downhole core lengths and not true widths.
More recently, crews have exposed parts of the Swannzone in an area of deep overburden where the current drilling isaiming to expand the strike of the zone.
BR zone
The BR is a zone of massive galena with minorsphalerite veinlets in a stockwork. Discovered while prospecting theSwann zone, it appears to run parallel to and is approximately 100meast and uphill from the Swann zone. Priorsampling on the BR returned values from 1.8 to 26.6 grams per tonnegold and 282.9 to 1,003.2 g/t silver in five samples from the zone.The zone’s relationship to the Swann is hoped to be determined bythis year’s drilling.
Details of Option on HarryProperty
Option terms allow Optimum to earn up to an 80%interest in the Harry property by carrying out $9 million of work overfive years. Optimum must also pay Teuton $1.5 million in cash andissue 4,000,000 shares to Teuton over the option period. Teuton willretain a 2.0% Net Smelter Royalty and a 20% interest after the optionis exercised.
Qualified Persons : Mr. Edward Kruchkowski, P.Geo., a member ofOptimum’s Board of Directors, is a qualified person for the purposesof National Instrument 43-101 and has reviewed and approved thetechnical information contained herein. D. Cremonese, P. Eng., isthe Qualified Person for Teuton Resources and although he has notreviewed the technical information firsthand, he has no reason todoubt its reliability. As the CEO and President of Teuton, Mr.Cremonese is not independent of the Company.
Quality assurance -- qualitycontrol
Optimum Ventures inserted blanks and standards withinthe sample stream to improve quality control. MSALabs, the accreditedlaboratory which performed the analyses, also ran internal standardsand blanks as a check on their results. Pulps and rejects are retainedfor future analyses, if needed.
About Teuton
Teuton owns interests in more than thirty properties inthe prolific “Golden Triangle” area of northwest British Columbiaand was one of the first companies to adopt what has since becomeknown as the “prospect generator” model. This model minimizesshare equity dilution while at the same time maximizing opportunity. Earnings provided from option payments, received both in cash and inshares of the optionee companies, has provided Teuton with substantialincome.
Teuton acquired the Harry property many years ago bystaking. Interested parties can access information about Teuton at theCompany’s website, www.teuton.com .
On Behal f of the Board of Directors of TeutonResources:
"Dino Cremonese, P.Eng."
Dino Cremonese, P. Eng.,
President and Chief ExecutiveOfficer
For further information, please visit the Company'swebsite at www.teuton.com or contact:
Barry Holmes
Corporate Development and Communications
Tel. 778-430-5680
Email: barry@teuton.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
CautionaryStatements regarding Forward-Looking information
Certain statementscontained in this press release constitute forward-lookinginformation. These statements relate to future events or futureperformance. The use of any of the words "could","intend", "expect", "believe","will", "projected", "estimated" andsimilar expressions and statements relating to matters that are nothistorical facts are intended to identify forward-looking informationand are based on the Company's current belief or assumptions as to theoutcome and timing of such future events. Actual future results maydiffer materially.
All statementsrelating to future plans, objectives or expectations of the Companyare forward-looking statements that involve various risks anduncertainties. There can be no assurance that such statements willprove to be accurate and actual results and future events could differmaterially from those anticipated in such statements. Importantfactors that could cause actual results to differ materially from theCompany's plans or expectations include risks relating to the actualresults of current exploration activities, fluctuating gold prices,possibility of equipment breakdowns and delays, exploration costoverruns, availability of capital and financing, general economic,market or business conditions, regulatory changes, timeliness ofgovernment or regulatory approvals and other risks detailed herein andfrom time to time in the filings made by the Company with securitiesregulators. The Company expressly disclaims any intention orobligation to update or revise any forward-looking statements whetheras a result of new information, future events or otherwise except asotherwise required by applicable securities legislation.
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