(TheNewswire)
Vancouver, Canada –– TheNewswire – February 16, 2023 - Teuton Resources Corp. (“Teuton” or “theCompany”) (TSXV:TUO) (Frankfurt:TFE) hasreceived a report from its optionee Optimum Ventures Inc.(“Optimum”) outlining results of backpack drilling to 1.0 meterdepths on the Company's Harry property located in the Golden Triangleregion of northwestern British Columbia. The Harry property lieswithin a 50km long north-northwesterly trending corridor which hostsseveral gold occurrences including the producing Valley of the Kingsgold mine (Newcrest Mining) and former gold producer, the Premier(Ascot Resources), as well as such high-grade prospects as theBlueberry vein (Scottie Resources) and the Electrum (GoldstormResources).
A “Shaw” backpack drill capable of providing coreto 1m depths was used in the sampling program. This type of drill isespecially useful in glacially polished areas where obtaining arepresentative sample from conventional surface sampling can provedifficult. Results from 97 one-meter Shaw drill holes have beenreceived. The Shaw backpack drilling program was followed up bystandard diamond drilling from which 2,218 meters was obtainedbefore the end of the field season. Assay results for this latterphase are presently awaited and will be released upon receipt.
Dino Cremonese, P. Eng, President of Teuton, commentedas follows: “Optimum Ventures is to be commended for using theShaw backpack drill to test a variety of surface exposures on theHarry property. The results obtained show strong base metal valuesand, in respect to certain exposures within the Sheeted Vein zone,very encouraging silver values. The Shaw drill is an excellent toolfor determining viable targets for conventional diamond drilling. Iunderstand that Optimum Ventures drilled substantial meterage duringthe 2022 season, assay results for which are still to bereported.”
Sheeted Vein Zone – Highlights fromShaw Drilling
Drill Hole # | From (m) | To (m) | Interval (m) | Cu (%) | Pb (%) | Zn (%) | Au (g/t) | Ag (g/t) |
22-SVS-3 | 0 | 1.0 | 1.0 | 0.23 | 2.64 | 8.65 | 0.099 | 208 |
22-SVS-4 | 0 | 1.0 | 1.0 | 0.37 | 39.74 | 22.95 | 0.477 | 970 |
22-SVS-6 | 0 | 1.0 | 1.0 | 0.37 | 4.33 | 4.41 | 0.092 | 308 |
22-SVS-9 | 0 | 1.0 | 1.0 | 1.70 | 5.78 | 2.72 | 0.401 | 1,511 |
22-SVS-10 | 0 | 1,0 | 1.0 | 0.64 | 7.29 | 3.09 | 0.201 | 522 |
22-SVS-11 | 0 | 1.0 | 1.0 | 0.62 | 8.34 | 11.36 | 0.230 | 442 |
The above highlights from the Sheeted Vein zonerepresent 6 out of 15 test holes to 1m depth. The Sheeted Vein zoneconsists of northwest-striking parallel quartz-sulfide veins that dipto the east, with widths of at least 7 m. The veins hostsemi-massive to massive galena, green sphalerite, and tetrahedritemasses along a quartz stockwork. The zone is exposed over 15 m ofstrike length and drilling was conducted to test the various parallelveins.
Assay values for the entire Sheeted Vein zone rangefrom <0.005 to 0.477 g/t gold, 1.2 to 1511g/t silver, 51 ppm to 1.7% copper, 122 ppm to 39.74% and 335 ppm to 22.95%zinc.
Saw Cut Zone – Highlights from ShawDrill
Drill Hole # | From (m) | To (m) | Interval (m) | Zn (%) | Au (g/t) | Ag (g/t) |
22-SCS-31 | 0 | 1.0 | 1.0 | 1.15 | 0.242 | 4.9 |
22-SCS-34 | 0 | 1.0 | 1.0 | 5.02 | 0.696 | 6.8 |
22-SCS-35 | 0 | 1.0 | 1.0 | 1.73 | 0.161 | 9.0 |
22-SCS-40 | 0 | 1,0 | 1.0 | 1.96 | 2.117 | 20 |
22-SCS-42 | 0 | 1.0 | 1.0 | 4.49 | 2.886 | 132 |
22-SCS-53 | 0 | 1.0 | 1.0 | 4.01 | 1.446 | 9.5 |
22-SCS-54 | 0 | 1.0 | 1.0 | 5.73 | 1.307 | 11.6 |
22-SCS-55 | 0 | 1.0 | 1.0 | 1.75 | 0.367 | 7.8 |
22-SCS-58 | 0 | 1.0 | 1.0 | 3.08 | 0.324 | 9.1 |
22-SCS-60 | 0 | 1,0 | 1.0 | 2.67 | 1.155 | 12.8 |
22-SCS-61 | 0 | 1.0 | 1.0 | 3.13 | 0.418 | 7.2 |
22-SCS-62 | 0 | 1.0 | 1.0 | 1.11 | 0.222 | 7.3 |
The above highlights from the Saw Cut zone represent 12out of 82 holes to 1 m depth. The Saw Cut zone has been exposed overa 40 m strike length, with shallow Shaw drill core samples showingsulphide mineralization consisting of pyrrhotite, galena, sphalerite,chalcopyrite, and pyrite in semi-massive to massive veins, stringers,and interstitials within brecciated zones and/or disseminatedthroughout the core. The zone is hosted in mudstone, dacite tuff, andmudstone-supported dacite lapilli-tuff containing 1 to 30% pyrite,trace to 8% sphalerite, and trace to minor galena. The Saw Cut zone isbelieved to belong to a gold-silver enriched VMS (volcanogenic massivesulfide) class of mineralization similar in nature to parts of theEskay Creek deposit.
Assay values for the entire Saw Cut zone range from0.006 to 2.886 g/t gold, <0.05 to 132 g/t silver, 33 ppm to 112 ppmcopper, 316 ppm to 0.715% and 44 ppm to 5.02% zinc.
Assays have been completed by MSA Labs in Langley BC,an accredited facility.
The Harry Property hosts several500 metre (“m”) wide zones of intense alteration that trendnorthwest along the claim length with several different mineralizationtypes, as follows:
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Quartz and quartz breccias with sphalerite (zincsulphide), galena (lead sulphide), chalcopyrite (copper-ironsulphide), tetrahedrite (copper-antimony sulphosalts), pyrite (ironsulphide) and occasionally fine visible gold.
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Gold-silver enriched volcanogenic massive sulphide(VMS) type of mineralization like that of the famous Eskay Creekdeposit.
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Enhanced gold associated with arsenopyrite(iron-arsenic sulphide) in sericite altered rocks.
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. Important factors thatcould cause actual results to differ materially from the Company'splans or expectations include risks relating to the actual results ofcurrent exploration activities, fluctuating gold prices, possibilityof equipment breakdowns and delays, exploration cost overruns,availability of capital and financing, general economic, market orbusiness conditions, regulatory changes, timeliness of government orregulatory approvals and other risks detailed herein and from time totime in the filings made by the Company with securities regulators.The Company expressly disclaims any intention or obligation to updateor revise any forward-looking statements whether as a result of newinformation, future events or otherwise except as otherwise requiredby applicable securities legislation.
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