(TheNewswire)
December 9, 2020 - TheNewswire - Vancouver, Canada – Teuton Resources Corp. (“ Teuton” or “the Company ”) ( TSXV: TUO) ( Frankfurt: TFE) ( OTC: TEUTF) is pleased to announce that a new zone of mineralization hasbeen discovered on its Harry property averaging 7.86 oz/ton gold(269.5 g/t) across a 2 metre width. The full width of the zone hasnot been defined due to overburden cover.
The new showing, called the “Milestone”, was foundduring prospecting by geologist Jeff Auston, a long-time associate ofTeuton director Ken Konkin. Auston and Konkin previously workedtogether on the development of Pretium’s Valley of the Kings goldmine, which is located about 32km north of the Harry property inBC’s Golden Triangle.
The Milestone occurs in virgin ground exposed in recentyears by retreating ice. Locally, a 300m wide zone with gossanousoutcrops interspersed with glacial till features intensequartz-sericite-pyrite alteration. The main showing contains coarsedendrites of visible gold within a milky quartz vein breccia. Many ofthe surrounding outcrops have small veins carrying pyrite and galena(lead sulfide).
During the 2020 assessment program carried out byTeuton, a number of grab and chip samples were taken duringprospecting traverses of the northern portion of the Harry property. A grab sample from the Milestone showing ran 45.3 ounces/ton gold(1,553 g/t). The showing consists of a quartz vein breccia trending310 degrees. The second of two, 1m sub-samples taken across the zone(050 degrees) was the richest: it ran 15.7 ounces/ton gold (538g/t). Other samples taken in the surrounding gossans, mostly grabs,returned values between trace gold and a high of 0.63 ounces/ton gold(21.6 g/t gold).
In September of 2020, Teuton optioned its wholly-ownedHarry property to Jayden Resources. Jayden has the right to earn upto a 55% interest in the Harry property under the following terms: byspending $2,000,000 over 5 years and by making payments of $180,000over the term of the option. When Jayden earns its 55% interest,Teuton will also be granted a 2% NSR. Thereafter Jayden has theright to earn an additional 20% interest by taking the property toproduction.
The former Premier Mine property adjoins to the southof the Harry and the former Scottie Gold mine property adjoins to thenorth (see map). In its heyday in the early 1920’s, the Premierwas the greatest dividend-paying gold mine in the Americas. Direct-shipping ore from the first years at the Premier averaged 4.2oz/ton gold and 141 oz/ton silver.
D. Cremonese, P. Eng. commented as follows: “This isthe third instance of native gold to be discovered on Teuton claimsthis year, the first two being Treaty Creek and Del Norte/Lord Nelson.Although exploration at the Harry is at a very preliminary stage,future prospects look good based on the description of surroundingrock. Further work on the property in 2021 will be at Jayden’sdirection and will follow up on this exciting golddiscovery.”
Beginning in 2018, Teuton began a program of droneflights over many of its properties, particularly those lying in zonesof glacial meltback. The Harry was flown in 2019 and again in 2020and subsequent prospecting led directly to the Milestone native golddiscovery. Teuton has kilometres of ground toinvestigate along ice edges on its many properties as warmingconditions continue to expose virgin ground with each passing year.
All rock samples were prepared at MSA Labs' PreparationLaboratory in Terrace, BC and assayed at MSA Labs' Laboratory inLangley, BC. MSA Laboratories complies with the requirements for theInternational Standards ISO 17025 and ISO 9001. MSA Labs isindependent of the Company. The QualifiedPerson for Teuton Resources, Dino Cremonese, P. Eng. (who as Presidentis not independent of the Company), is responsible for the contents ofthis news release.
About Teuton
Teuton owns interests in more than thirty properties inthe prolific “Golden Triangle” area of northwestern BritishColumbia and was one of the first companies to adopt what has sincebecome known as the “prospect generator” model. Ten of theseproperties are currently under option to third parties. Over $2.4million in option cash payments has been generated from theseproperties since 2015 (not counting the value of shares received fromoptionees), including properties where optionees have already earnedtheir interest.
One of Teuton’s properties, the Treaty Creek, was thesubject of a multi-million dollar exploration program in 2020 testingthe Goldstorm zone with six diamond drills. Teuton was the originalstaker of this property, assembling the core land position in 1985. It presently holds a 20% carried interest in Treaty Creek (carrieduntil 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 ownedin the peripheral claims. None of the NSRs are subject to abuy-back. Teuton also owns eight other royalties in the SulphuretsHydrothermal System with interests ranging up to 2.5%, none of whichare subject to a buyback. Interested parties can access informationabout Teuton at the Company’s website.
Signed:
"Dino Cremonese, P.Eng."
Dino Cremonese, P. Eng.,
President and Chief Executive Officer
For further information, please visit the Company'swebsite at www.teuton.com or contact:
Barry Holmes
Director Corporate Development andCommunications
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.
Native Gold—MilestoneShowing
Top photo: 7.86 oz/tongold showing Bottom photo: Gossanoussurroundings-Milestone showing
Copyright (c) 2020 TheNewswire - All rights reserved.