(TheNewswire)
October 2, 2023 Victoria , Canada – TheNewswire – Silver Grail Resources Ltd. (“Silver Grail”) (TSXV: SVG ) (“the Company”) announces that it has completed surfaceexploration on some of its many properties located east of Stewart inthe Golden Triangle region of northwestern British Columbia. Theseinclude the Clone, Fiji and Konkin Silver properties, all of whichhave shared ownership with Teuton Resources Corp. The propertieswere prospected and sampled with emphasis on zones recently exposed byretreating ice.
In addition, Silver Grail and Teuton also staked the856 hectare Kswhan property in July after it came open. It liesbetween the Clone property and Goliath’s Golddigger property.
This region of the Golden Triangle area has become moreprominent in recent years, largely due to the efforts of Dolly VardenSilver Corporation and Goliath Resources Limited. These two companieshave drilled over 60,000 metres in 2023 at their Homestake Ridge-DollyVarden and Golddigger properties, respectively. Recent drill resultsfrom Dolly Varden Silver have continued to expand their silver zones. During Silver Grail-Teuton’s property examination of thejointly-owned Fiji property, a string of fresh drill pads was observedon neighbouring Dolly Varden Silver claims extending northwest oftheir Homestake Main deposit. These drill pads had several rigs onthem ostensibly testing the northwestern extension of what is known asthe “Kitsault Valley Trend”, a trend which continues from theDolly Varden and Torbrit Silver mines northwestward into the HomestakeMain and beyond into Teuton and Silver Grail’s Fiji property (seemap, URL below). Goliath Resources has also been successful in 2023. They recently reported that 42% of the 98 holes drilled so far in2023 contained visible gold. Goliath is also investigating newmineralized zones which recently emerged from ice cover, two of whichare on claims which bound properties owned by Silver Grail and Teuton.
A first batch of assay data from sampling has beenreceived from 2023 prospecting on Silver Grail-Teuton’s Cloneproperty. These include 25 grab samples from an area of the Cloneproperty that has seen only light exploration to date and which ishypothesized as being distal to a porphyry copper zone. Results forcopper show a range from 66 to 4,450 ppm with an average of 1,640 ppm(0.16% Cu); for silver, a range from 0.20 to 6.24 ppm with an averageof 2.34 ppm, and; for gold, a range from 10 to 1,480 ppb gold with anaverage of 213 ppb gold. More samples have been sent in forassay.
Silver Grail and Teuton have owned the Clone propertyjointly since first staking in 1994-5. An optionee of the propertyeventually earned a 50% interest, leaving Teuton and Silver Grailowning 25% each. The interest earned by the optionee was later putup for sale in 2019 when the owner changed its business from mineralexploration to biopharma; it was subsequently acquired by Teuton for$200,000. Silver Grail now will pay Teuton $100,000 (plus interest)to acquire an additional 25% interest, which would leave bothcompanies reverting to their previous joint ownership (50-50).
A claim map (drawn before the Kshwan was acquired)shows properties held by Teuton and Silver Grail in this area of theGolden Triangle and can be viewed here: http://teuton.com/StewartEastmap .
QualifiedPerson
Dino Cremonese, P. Eng., is the Qualified Person forTeuton Resources; as President and CEO of Teuton, he is notindependent of the Company..
Respectfully submitted,
"Dino Cremonese, P.Eng."
Dino Cremonese, P. Eng.,
President and Chief ExecutiveOfficer
Silver Grail Resources Ltd
For further information, please visit the Company'swebsite at www.silvergrail.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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