(TheNewswire)
June 14, 2023 – TheNewswire - Victoria , Canada – Teuton Resources Corp. (“Teuton”) ( TSX: TUO) and Silver Grail(Silver Grail) (TSXV: SVG ) announce that they are finalizing plans for a summer workprogram on some of their many properties located east and southeast ofStewart, British Columbia. This area has become a prominentexploration hub in recent years, mostly because of the efforts ofDolly Varden Silver Corporation and Goliath Resources Limited. Thesetwo companies have announced plans for drilling a combined total of58,000 metres in 2023 at their Homestake Ridge-Dolly Varden and Golddigger properties, respectively. This amount of planned drillingis comparable to programs slated for theTreaty-Sulphurets-Scottie-Premier area about 60 km to the northwest,traditionally the hot spot for exploration in the Triangle.
Teuton and Silver Grail own interests in manyproperties within this sub-region, foremost among them being theClone, Tonga, Fiji, Midas and Konkin Silver (see end of release forURL of figures). Both TUO and SVG began acquiring ground here bystaking beginning in the mid-1980s. Last year, Goliath Resourcesstaked a large number of claims in the area after completing twosuccessful years of exploration at their promising Golddiggerproperty. Many of these newly staked Goliath claims adjoinproperties long held by Teuton and Silver Grail.
Plans by Teuton and Silver Grail in 2023 call forprospecting and sampling, particularly in areas of glacial ablation(meltback of ice due to a prolonged warming trend) and along extensiveportions not previously investigated. Teuton’s Clone property,owned 75% by Teuton and 25% by Silver Grail Resources, features a setof shear zones from which high gold grades have been found on surfaceand by drilling after discovery in 1996. A bulk sample from onelocation within this zone in 2011 returned 102 tons grading 4.0 ouncesgold/ton. About $7 million has been spent at the Clone property todate and around 200 holes have been drilled.
One theory about the Clone mineralization is that itcould be related to a porphyry copper-gold zone located somewhere atdepth. This is suggested by the presence of chalcopyrite clasts in amegabreccia which is in contact with the main gold-rich,hematite-bearing shear on its northeast side. More work will be donethis year to follow up this theory. Coincidentally, petrographicwork in 2022 at the Goliath’s Golddigger property located 12 km tothe southeast of the Clone, and which also features a set of northwesttrending mineralized shear zones, also suggests a genetic link betweenthe gold-silver mineralization observed found near surface with aporphyry feeder zone.
Work on Teuton’s Tonga and Fiji properties, owned50-50 with Silver Grail Resources, will focus on a variety ofmineralized occurrences previously found but never investigated indetail. Prominent silver stream sediment geochemistry found on theTonga property is in an area with many airborne geophysical anomalies. Several copper soil geochem anomalies in the vicinity have neverbeen followed up but will be investigated in 2023. Sedimentaryexhalative lead-zinc-silver float previously found in a creek has yetto be traced to source.
The northern end of the Fiji property (to the north ofthe Tonga silver and gold mineralization), lies along the northwesternextension of the Kitsault Valley trend which hosts the majorgold-silver Homestake Ridge zone owned by Dolly Varden, and furthersouth the former producing Torbrit silver mine. The Fiji area has beenonly lightly explored in the past and in particular, there are manyareas within it that have been covered by permanent snow or icefields. Much of these previously obscured areas have now opened up forprospecting due to meltback.
Silver-rich areas within the western portion of theKonkin Silver claim and surrounding properties will also beprospected. Again, it is hoped that ablation of icefields hasexposed new ground for investigation. Ross Sherlock, Ph.D., formerlyof SRK Consultants, had this to say about the Konkin Silver after asite visit: “ Eskay Creek isa precious metal rich VMS deposit and portions have similar geology tothe Konkin showing, with high grade gold and silver in massive bariticzones.”
To the north of the Konkin Silver are the Midas, DelNorte and Lord Nelson properties. The latter two properties, 100%owned by Teuton, are currently under option to Decade Resources. Around $8 million has been spent exploring the Del Norte withmultiple structures identified, mostly gold-silver-lead-zinc orgold-copper.
Other properties which may be looked at will be theRam, Bud and Gold Mountain claims, all jointly owned as between Teutonand Silver Grail. Each one of these properties retains potential fordiscovery of economic mineralization. Teuton and Silver Grail mayalso accept proposals to option some of their properties.
QualifiedPerson
Dino Cremonese, P. Eng., is the Qualified Person forTeuton Resource for the purposes of this news release; as Presidentand CEO of Teuton, he is not independent of the Company.
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 in cash and oftenalso in shares of the optionee companies), have provided substantialincome to Teuton.
Interested parties can access information about Teutonat the Company’s website, www.teuton.com .
URL for Figures: http://teuton.com/goliathmap
Respectfully submitted,
"Dino Cremonese, P.Eng."
Dino Cremonese, P. Eng.,
President and Chief ExecutiveOfficer
Teuton Resources Corp.
Silver Grail Resources Ltd
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: bholmesmba@gmail.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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