(TheNewswire)
Vancouver, Canada –– TheNewswire - Teuton Resources Corp. (“Teuton” or “the Company”)(TSXV:TUO) (OTC:TEUTF) (Frankfurt:TFE) has received another progress report from itsoptionee, Optimum Ventures inc., (“Optimum”) stating that it hasnow completed an induced polarization (IP) and magnetic geophysicalsurveying on the Harry property located north of Stewart, BC, withinthe Golden Triangle.
Optimum reports that IP surveying has yielded new andimportant information that will help guide drilling and surfaceexploration work. This survey was carried out to outline knownstructures and uncover unknown structures due to overburden in thearea. This has outlined areas of sulphide concentrations as well asareas of quartz – sulphide stock works. The final survey report hasdemonstrated the program's success by outlining numerousanomalies.
IP Survey Highlights (see URL at the end of the releasefor a Plan Map showing IP Results) :
-Twenty-seven chargeability anomalies (first to thirdorder) have been identified, which are interpreted and presented inthe attached map.
-Drilling targets can now be selected from the firstpriority on the 2D sections for future exploration follow-up.
-The east side of the Grid (L7E, L8E, and L9E), depictthe strongest chargeability at both extents of the profiles.
-The western profiles (L5E, L6E, and L11E) depict thestrongest chargeability in the central parts of the sections
-Discovery of new zone Ursula South
- The firstand second priority zones are relatively shallow compared to the thirdpriority zone, which extends to a depth of more than 300m. Aside fromanomalous zones, overall chargeability is in the high range, whichreflects major amounts of pyrite and high sulphide percentage in thesurvey area. The chargeability zones are generally controlled by thesub-vertical faults.
The IP resistivity models display asubsurface resistivity variation range from 200?m to 20000+?m. Thesurvey area generally has low to moderate resistivity, and the rangeof resistivity shows the area's sedimentary and volcanic rock units.The resistivity sections resolved the distinct changes in resistivityfrom south to north along the parallel lines. Sub-horizontal contactsare mapped in this region and several sub-vertical faults areresolved, which extends from surface to a depth of more than400m."
Optimum has also completed several drill padsto:
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Test a strong IP anomaly over the Golden Summit zonemineralization.
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Test the mineralization on the Swann.
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Test the mineralization on the BR located a shortdistance above the Swann.
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Test the wide zone of mineralization on the Saw Cutzone.
Exploration is presently working at exposing the strikeand dip of the Swann zone to aid in the azimuth and dip of drillinggoing forward. Drilling is expected to commence within the next coupleof weeks. To date, Optimum has sent approximately 1000 surface rocksamples collected based on their sulphidecontent and talus fines, as well as Shaw drill core forassaying.
Optimum has also selected representative grab samplesfrom different zones for rush assaying to guide the continuingexploration. Assays are expected within a week.
Tyler Ross, CEO of Optimum stated: "[Optimum] is extremely pleased withthe progress achieved by our contractors on this project. I would liketo thank geologist Alex Walus who has located and identified numerousnew showings, Hardline Exploration, and K-6 Consulting, for conductinga highly successful program. The ongoing work is expanding on thestrike extensions of new structures through mapping, saw-cut, and Shawcore sampling of new zones and continued sampling in exposure areasafter snow melt. We are excited to start receiving assays, and tostart a drill program to not only test IP anomalies but to test newzones as well as enlarge on the success of drilling on the Swannzone.
Ed. Kruchkowski, P. Geo., a qualified person underNational Instrument 43-101, is in charge of the exploration programson behalf of Optimum and is responsible for the contents of thisrelease. As a director of Optimum, he is not independent. D.Cremonese, P. Eng., is the qualified person for Teuton ResourcesCorp., and as a director and CEO of Teuton, is not independent of theCompany. Although Mr. Cremonese has not verified the technicalinformation contained in this release first hand, he has no reason todoubt its accuracy.
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.
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), has provided Teuton withsubstantial income over the years.
URL for Alpha IP Survey
On Behalf of the Board of Directorsof Teuton Resources:
"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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