(TheNewswire)
March 9, 2021 – TheNewswire - Vancouver, Canada ––Teuton Resources Corp. (“Teuton” or “the Company”)(TSXV: TUO ) (OTC:TEUTF) (Frankfurt-TFE) has received a report from its joint venturepartner Tudor Gold containing the InitialMineral Resource Estimate for the Goldstorm and Copper Belle Zonesat their flagship property, Treaty Creek. The Property is locatedwithin the heart of the Golden Triangle of Northwestern BritishColumbia which is on-trend from Seabridge’s KSM Project located fivekilometres southwest of the Goldstorm Zone. A total of 218 drill holestotaling 105,658.8 metres were used in the Mineral Resource Estimatecompleted by P&E Mining Consultants Inc. (P&E) . The constraining open-pit shell contains 14.15 millionounces of Measured and Indicated gold equivalent ounces (“AuEq”)at an average grade of 0.72 gpt AuEq and 5.26 million Measured andIndicated AuEq ounces at an average grade of 0.80 gpt AuEq for theout-of-pit Mineral Resources. Cut-off grades of 0.30 gpt AuEq wereused inside the constraining open-pit shell and a higher cut-off gradeof 0.46 gpt AuEq was used for the out-of-pit Mineral Resource Estimatewhich includes underground constrained blocks. The Goldstorm Zoneremains open in all directions and at depth. The effective date of theMineral Resource Estimate is March 1, 2021. A Technical Reportprepared in accordance with National Instrument 43-101, Standards ofDisclosure for Mineral Projects, will follow within 45 days of thisnews release and this will be posted on SEDAR and the Company`swebsite.
Tudor Gold’s Vice President ofExploration and Project Development, Ken Konkin, P.Geo.,states: “We are very pleased with the resultsobtained from our Initial Mineral Resource Estimate. Only 10-12 % ofthe gold equivalent values are attributed to silver and coppermineralization indicating a strong gold-dominate system. However, dueto the immense volume of the system, it contains large quantities ofsilver and copper. Further studies are required to investigate thepotential economic impact of these two metals. Our preliminarymetallurgical test work shows excellent gold recoveries to a gravity +flotation concentrate. From four composite tests, gold recoveriesaveraged 96.2% in pyrite concentrates with overall gold recoveriesafter concentrate extraction expected to be on the order of 88%. Themineralogical studies also demonstrated that no deleterious elementssuch as As, Sb or Hg were detected within the Goldstorm and CopperBelle Zones. The four tests were carried out by BV MineralsMetallurgical Division and supervised by metallurgical consultantFrank Wright, P.Eng.
Our plans for 2021 are to complete the drilling of theGoldstorm Zone; to define the limits of the 300 Horizon, the CS-600and DS-5 Zones. In-addition, diamond drilling is planned for theEureka and Perfect Storm Zones. We believe that the Treaty CreekProperty contains excellent potential for continued discovery ofgold-silver-copper systems such Goldstorm.“
Mineral Estimate Highlightsinclude:
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- The classifications of Measured,Indicated and Inferred Mineral Resources for gold, silver, copper andgold-equivalents and their respective tonnage are listed in Table 1below. In addition to the 17.33 million ounces of gold Measured andIndicated Mineral Resource and 7.22 million ounces of gold InferredMineral Resource, there are 93.41 million ounces of silver estimatedas Measured and Indicated Mineral Resources with an additional 40.57million ounces of Inferred silver Mineral Resource. The Measured andIndicated Mineral Resource also estimates 1.096 billion pounds ofcopper with an additional 330 million pounds of copper as an InferredMineral Resource.
- A bulk density of 2.80 t/m3 wasbased on measurements taken by P&E during their fieldvisits.
- 5m x 5m x 5m three-dimensionalblock model was used for the Mineral Resource Estimate. MeasuredMineral Resources are informed by four of more drill holes within 100metres; Indicated Mineral Resources are informed by four of more drillholes within 200 metres.
TABLE 1: INITIAL MINERAL RESOURCE ESTIMATESUMMARY
Pit Constrained Mineral ResourceEstimate | ||||||||||
Classification | Cut-Off AuEq gpt | Tonnes Million | Au gpt | Ag gpt | Cu % | AuEq gpt | Au M oz | Ag M oz | Cu M lb | AuEq M oz |
Measured | 0.30 | 283.2 | 0.71 | 2.9 | 0.03 | 0.76 | 6.49 | 25.96 | 187.3 | 6.89 |
Indicated | 0.30 | 326.6 | 0.59 | 3.5 | 0.08 | 0.69 | 6.21 | 37.25 | 583.2 | 7.26 |
Meas & Ind | 0.30 | 609.8 | 0.65 | 3.2 | 0.06 | 0.72 | 12.70 | 63.20 | 770.5 | 14.15 |
Inferred | 0.30 | 139.4 | 0.72 | 3.6 | 0.04 | 0.77 | 3.22 | 16.29 | 113.7 | 3.46 |
Out-of-Pit Mineral ResourceEstimate | ||||||||||
Classification | Cut-Off AuEq gpt | Tonnes Million | Au gpt | Ag gpt | Cu % | AuEq gpt | Au M oz | Ag M oz | Cu M lb | AuEq M oz |
Measured | 0.46 | 15.4 | 0.71 | 3.9 | 0.06 | 0.79 | 0.35 | 1.95 | 19.0 | 0.39 |
Indicated | 0.46 | 190.5 | 0.70 | 4.6 | 0.07 | 0.80 | 4.28 | 28.26 | 306.6 | 4.88 |
Meas & Ind | 0.46 | 205.9 | 0.70 | 4.6 | 0.07 | 0.80 | 4.63 | 30.21 | 325.6 | 5.26 |
Inferred | 0.46 | 172.3 | 0.72 | 4.4 | 0.06 | 0.80 | 4.00 | 24.28 | 216.5 | 4.43 |
Total Mineral ResourceEstimate | ||||||||||
Classification | Cut-Off AuEq gpt | Tonnes Million | Au gpt | Ag gpt | Cu % | AuEq gpt | Au M oz | Ag M oz | Cu M lb | AuEq oz |
Measured | 0.30 & 0.46 | 298.6 | 0.71 | 2.9 | 0.03 | 0.76 | 6.84 | 27.91 | 206.3 | 7.28 |
Indicated | 0.30 & 0.46 | 517.1 | 0.63 | 3.9 | 0.08 | 0.73 | 10.49 | 65.50 | 889.8 | 12.13 |
Meas & Ind | 0.30 & 0.46 | 815.7 | 0.66 | 3.6 | 0.06 | 0.74 | 17.33 | 93.41 | 1,096.1 | 19.41 |
Inferred | 0.30 & 0.46 | 311.7 | 0.72 | 4.0 | 0.05 | 0.79 | 7.22 | 40.57 | 330.2 | 7.90 |
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1. Mineral Resources are notMineral Reserves do not have demonstrated economic viability. Theestimate of Mineral Resources may be materially affected byenvironmental, permitting, legal, title, taxation, socio-political,marketing, or other relevant issues. There is no certainty thatMineral Resources will be converted to Mineral Reserves.
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2. The Inferred Mineral Resourcein this estimate has a lower level of confidence than that applied toan Indicated Mineral Resource and must not be converted to a MineralReserve. It is reasonably expected that the majority of the InferredMineral Resource could be upgraded to an Indicated Mineral Resourcewith continued exploration.
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3. The Mineral Resources in thisnews release were estimated in accordance with the Canadian Instituteof Mining, Metallurgy and Petroleum (CIM), CIM Standards on MineralResources and Reserves, Definitions (2014) and Best PracticesGuidelines (2019) prepared by the CIM Standing Committee on ReserveDefinitions and adopted by the CIM Council.
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4. Metal prices used wereUS$1,625/oz Au, US$19/oz Ag, US$2.80/lb Cu with process recoveries of88% Au, 30% Ag and 80% Cu. A C$16.50/tonne process and C$2 G&Acost were used.
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5. The constraining pitoptimization parameters were C$2.50/t mineralized and waste materialmining cost and 50-degree pit slopes with a 0.30 gpt AuEqcut-off.
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6. The out-of-pit parameters wereat a C$10/t large scale bulk mining cost. The out-of-pit MineralResource grade blocks were quantified above the 0.46 gpt AuEq cut-off,below the constraining pit shell and within the constrainingmineralized wireframes. Out–of-Pit Mineral Resources exhibitcontinuity and reasonable potential for extraction by a bulkunderground mining method.
FIGURE 1 (View looking NNE): Image ofthe 3D Constraining Pit Shell showing the 300 Horizon (Purple), CS-600Zone (Red) DS-5 Zone (Orange) and Copper Belle (Blue).
Walter Storm, President and CEO ofTudor Gold , stated : “We areextremely pleased with our exploration efforts and the resultingInitial Mineral Resource Estimate indicating that Treaty Creek couldbe one of the world’s largest gold discoveries of the decade. Wecompleted a very difficult exploration year under strict COVID-19protocols and maintained an excellent safety record. The GoldstormZone remains open on all fronts and to depth, and our priority for2021 will be to complete the drilling to the Northeast and Southeastlimits as well as to depth. The objective will be to convert as muchof the 7.9 million ounces of Inferred Mineral Resource averaging 0.79gpt AuEq to Measured and Indicated Resource classifications, inaddition to finding the limits to the mineralized zones within theGoldstorm Zone. Our geological team is currently planning the 2021exploration program that will also include drilling of the newly discovered Perfect Storm Zone as wellas the Eureka Zone. The goal is to add to the current Au-Ag-Cu MineralResource of Treaty Creek”.
Dino Cremonese, P. Eng., President of CEO of TeutonResources commented as follows: “This resource estimate hasexceeded my expectations both in size and in grade and is a wonderfulstart to 2021! Again, I would like to thank all of the people inthe Tudor Gold team from Walter Storm to Ken Konkin for doing such atremendous job. Thanks also to Sean Pownall of More Core Drillingand Charlie Mooney of Yellowhead Helicopters. Everyone worked welltogether and brought about this incredible success.”
QA/QC
Drill core samples were prepared at the MSALaboratories (“MSA”) Preparation facility in Terrace, BC andassayed at MSA’s Geochemical Laboratory in Langley, BC. Analyticalaccuracy and precision are monitored by the submission of blanks,certified standards and duplicate samples inserted at regularintervals into the sample stream by Tudor Gold personnel. MSALaboratories quality system complies with the requirements for theInternational Standards ISO 17025 and ISO 9001. MSA is independent ofthe Company.
Qualified Person
Eugene Puritch, P.Eng. of P&E Mining ConsultantsInc. is the Qualified Person, as defined in National Instrument 43-101Standards of Disclosure for Mineral Projects, who have reviewed andapproved of the scientific and technical disclosure in this newsrelease. Mr. Puritch is 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. Ten of these propertiesare currently under option to third parties. Over $2 million inoption cash payments (not including appreciable payments made inshares) has been generated from these properties since 2015, includingproperties where optionees have already earned their interest.
Teuton was the original staker of the Treaty Creekproperty assembling the core land position in 1985. It presentlyholds a 20% carried interest in Treaty Creek (carried until such timeas a production decision is made). Interested parties can accessinformation about Teuton at the Company’s website, www.teuton.com .
Respectfully submitted,
"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 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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