(TheNewswire)
Vancouver, Canada –– TheNewswire - April 7, 2022- Teuton Resources Corp. (“Teuton” or “the Company”) (TSXV: TUO ) (Frankfurt: TFE ) has received newsfrom its joint venture partner, Tudor Gold Corp., that crews have beenmobilized to prepare for the 2022 exploration program at the TreatyCreek property, located in the heart of the Golden Triangle ofNorthwest British Columbia. Crews are currently transporting heavyequipment and drilling supplies to site along a winter accessbranching from the Brucejack Lake Road. Crews will also be preparingthe camps for the upcoming drill campaign set to commence early May.
Tudor Gold’s President and CEO, KenKonkin, P.Geo., stated: “As in the previousseason, the priority of our upcoming exploration program will be toexpand and define the limits of the Goldstorm Deposit (GS), asmineralization remains open in all directions and at depth. Tendiamond drill rigs are scheduled to be mobilized to site throughoutthe month of May for an aggressive diamond drilling program. Whilethe priority remains to complete the exploration and definition of theGoldstorm Deposit, exploration drilling will follow up on severalother discoveries including the Eureka Zone (EZ), located 800 meterssoutheast of GS, and the Company’s newest discovery, Calm Before theStorm (CBS), located two kilometres northeast of GS. Tudor’spriority is to define the limits of the GS mineralized domains inorder to complete an updated resource estimate and support aPreliminary Economic Assessment (PEA). At the end of the 2021 drillprogram, some of our best Au-Cu-Ag results were encountered from ourstep-out drilling to the north within the 300H and CS-600 domains fromdrill holes GS-21-113( 1.44g/t Au Eq over 405.0 meters within CS-600 ), GS-21-113-W1 ( 2.35g/t AuEq over 159.0 meters within 300H ) and GS-21-113-W2 ( 1.38g/t AuEq over 556.5 meters within CS-600 ) . To the northeast,we encountered some of strongest gold mineralization within the DS-5domain with drill hole GS-21-119 ( 1.76g/t AuEq over 196.5 meters ) . Not only is thesize of the deposit increasing, but the values are also some of thehighest that we have received within GS and these latter drill holesare those which we will be stepping out from in 2022.”
Yesterday, April 6, 2022, Tudor Gold reported that ithad closed its previously announced brokered private placementoffering for aggregate gross proceeds of approximately $12.9 million. Eric Sprott, through 2176423 Ontario Ltd., a corporationbeneficially owned by him, subscribed for 1,250,000 Units in theoffering for gross proceeds of $2.5 million to Tudor Gold. TeutonResources Corp. subscribed for $2 million, or 1,000,000 units (eachunit consists of one share and a half warrant, each warrant entitlingpurchase of another share at $2.80 good for two years). Inconjunction with its 2021 subscription, Teuton has now invested $11.6million into Tudor Gold.
QualifiedPerson
The Qualified Person for this news release for thepurposes of National Instrument 43-101 is Tudor Gold’s President andCEO, Ken Konkin, P. Geo. He has read and approved the scientificand technical information that forms the basis for the disclosurecontained in this news release. Mr. Konkin is also a director ofTeuton Resources.
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. Teuton earned $3.9million net income in 2020 and a further $2.4 million in the firstquarter of 2021. Its income is derived from option payments.
Teuton was the original staker of the Treaty Creekproperty, host to the large Goldstorm deposit, assembling the coreland position in 1985. It presently holds a 20% carried interest inTreaty Creek (carried until such time as a production decision ismade) and a 0.98% NSR in the Goldstorm deposit area. Interestedparties can access information about Teuton at the Company’swebsite, 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
Director Corporate Development andCommunications
Tel. 778-430-5680
Email: barry@teuton.com
Neither the TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
Cautionary Statements regardingForward-Looking information
Certain statements contained in this press releaseconstitute forward-looking information. These statements relate tofuture events or future performance. The use of any of the words"could", "intend", "expect","believe", "will", "projected","estimated" and similar expressions and statements relatingto matters that are not historical facts are intended to identifyforward-looking information and are based on the Company's currentbelief or assumptions as to the outcome and timing of such futureevents. Actual future results may differ materially.
All statements relating to future plans, objectivesor expectations of the Company are forward-looking statements thatinvolve various risks and uncertainties. There can be no assurancethat such statements will prove to be accurate and actual results andfuture events 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.
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