(TheNewswire)
Vancouver, Canada – TheNewswire – August 18, 2022 –– Teuton Resources Corp. (“Teuton” or “theCompany”) (TSXV: TUO ) (OTC:TEUTF) (Frankfurt:TFE) hasreceived a report from its optionee Optimum Ventures Inc.(“Optimum”) which outlines several new zones of mineralization onthe Company's Harry property located in the Golden Triangle region ofnorthwestern British Columbia. Recent mapping has indicated a sequenceof volcanic rocks in the northeast portion of the property with thicksections of mudstone in the southwest, both of which areas areintensely altered and contain zones of mineralization hosting anabundance of sericite and pyrite. Quartz veins, quartz breccias, andsemi-massive sulphides also occur within these alteration zones.
Following are capsule descriptions of some of the moreimportant mineralized zones, many of which are slated for drilling in2022:
Summit
Located in the northwest corner of the claim group, itconsists of a quartz breccia zone 1-2 m wide, part of a 50m widealteration corridor which carries pockets and stringers oftetrahedrite, green sphalerite (similar to that of the Swann zone 1kmSE) and galena along with minor pyrite. In the footwall region of thezone, several parallel zones of quartz breccia with sulphides occur.Drill pads are presently being con structed fordrilling in early September, consisting of short holes to test thewidth and tenor of gold-silver-lead-zinc mineralization.
Milestone
This mineralized zone is located within quartzbreccias; a 2020 chip sample taken across 2 metres averaged 7.86oz/ton gold (269.5 g/t), with the full width of this new zone notbeing truly defined due to overburden cover. Optimum Ventures plans tocomplete Shaw shallow drilling on the area of coarse gold and aneastern extension.
Swann
Work completed in late 2021 indicated the occurrence ofsemi-massive to massive sulphides consisting of sphalerite, galena,tetrahedrite, chalcopyrite, and pyrite in sub-outcrop. Fine visiblegold occurs within the sulphides (particularly within greensphalerite). In 2021, 22 samples were collectedfrom a boulder train located near the new Swann discovery; assayvalues ran from 0.76 to 286.2 g/t Au, 246 to2,202 g/t Ag, 21.5 to 57.33 % Pb, 0.07 to 2.87 % Cu and 0.41 to32.11 % Zn. Two drill holes into the Swann zone in 2021 returned thefollowing encouraging silver results over appreciable widths:
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.
Optimum Ventures plans to expose an area of sub-crop todetermine the zone's strike and dip before the upcoming drilling.Drilling on the Swann will be the last area tested as its closeproximity to roads is not hampered by bad weather.
BR (new)
Located near the Swann zone, BR is approximately 100 mhigher in elevation. The zone consists of massive galena with minorsphalerite veinlets in a stockwork zone. The zone is poorly exposed inan overburden-covered area and further work is required to determineif it is part of the Swann zone or a separate system. Several drillholes are planned in this highly accessible zone.
Ursula (new)
The zone consists of massive pyrite with minor galenaand sphalerite exposed over a 10 m width. Galena-rich boulders (up to1 m in diameter) located down ice from an overburden-covered area inthe zone indicate the possibility of strike extension. Chip samplingand Shaw drill testing are planned for this zone.
Saw Cut (new)
Pyrite and sphalerite in mudstones were located alongthe edge of the Salmon Glacier in an area of glacial meltback. Thisnew zone features abundant hydrozincite on surface with coarse pyriteand fine sphalerite occurring along layers of fine beds. Thismineralization type appears to have some affinities with the EskayCreek mineralization found about 30km to the northwest. Furthersampling is planned to be followed by drilling.
GS (new)
A new discovery features galena and sphaleritemineralization in a stockwork zone hosted within north-trendingsediments. Additional sampling is planned as the Company continuesto define this new discovery.
Comment by Tyler Ross, CEO of Optimum Ventures
“We were excited to begin this seasons’ explorationat Swann on the back of last year’s successful drilling,”commented Tyler Ross, CEO of Optimum Ventures. “ Glacial icecrews have outlined several new zones from which we are awaiting assayresults from over 700 samples taken to confirm the zone’s potential. The discovery of this mineralized corridor solidifies our belief inthe robust potential of The Harry Project.”
An IP survey has also been completed and the Companyawaits the preliminary survey results.
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 within the samplestream to improve quality control. MSALabs, the accredited laboratorywhich performed the analyses, also ran internal standards and blanksas a check on their results. Pulps and rejects are retained for futureanalyses, 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 Executive Officer
For further information, please visit the Company's website atwww.teuton.com or contact:
Barry Holmes
Corporate Development and Communications
Tel. 778-430-5680
Email: barry@teuton.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 constituteforward-looking information. These statements relate to future eventsor future performance. 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 statements relating to future plans, objectives or expectationsof the Company are forward-looking statements that involve variousrisks and uncertainties. There can be no assurance that suchstatements will prove to be accurate and actual results and futureevents could differ materially from those anticipated in suchstatements. Important factors that could cause actual results todiffer materially from the Company's plans or expectations includerisks relating to the actual results of current explorationactivities, fluctuating gold prices, possibility of equipmentbreakdowns and delays, exploration cost overruns, availability ofcapital and financing, general economic, market or businessconditions, regulatory changes, timeliness of government or regulatoryapprovals and other risks detailed herein and from time to time in thefilings made by the Company with securities regulators. The Companyexpressly disclaims any intention or obligation to update or reviseany forward-looking statements whether as a result of new information,future events or otherwise except as otherwise required by applicablesecurities legislation.
Copyright (c) 2022 TheNewswire - All rights reserved.