(TheNewswire)
February 20, 2024 – TheNewswire - Vancouver, Canada ––Teuton Resources Corp. (“Teuton” or “the Company”)(TSXV:TUO) (Frankfurt:TFE) has received fromTudor Gold Corp., its joint venture partner in the Treaty CreekProject (the “Project”), results of anupdated Mineral Resource Estimate (MRE) prepared by Garth Kirkham P.Geo., of Kirkham Geosystems Ltd., and JDS Energy and Mining Inc.("JDS") for the Goldstorm Deposit, located in the GoldenTriangle Region of British Columbia.
Tudor Gold’s previous MRE for the Project wasincluded in a technical report entitled “NI 43-101 Technical Report,Treaty Creek Project, British Columbia”, dated April 28, 2023, withan effective date of April 28, 2023. (the "2023MRE").
Highlights of the2024 Updated Mineral Resource Estimate for the GoldstormDeposit:
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Increased the Indicated Mineral Resource by 19% in goldequivalent ounces (AuEq), consisting of a 16% increase in gold (Au),14% increase in silver (Ag) and 32% increase in copper (Cu).
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Indicated Mineral Resource of 27.87 million ounces (Moz) ofAuEq within 730.20 million tonnes (Mt) at a grade of 1.19g/t AuEq ; comprised of:
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21.66 Moz of Au at 0.92 g/t , 128.73 Moz of Ag at 5.48g/t , and 2.87 billion pounds (Blbs) of Cu at 0.18%
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Inferred Mineral Resource of 6.03 Moz of AuEQ within 149.61 Mt at a grade of 1.25g/t AuEq ; comprised of:
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4.88 Moz of Au at 1.01 g/t, 28.97 Mozof Ag at 6.02 g/t, and 503.23 million pounds (Mlbs) of Cu at0.15%.
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The CS-600 domain, comprised of a monzodioriteintrusive stock and associated gold-copper porphyry system,constitutes a large part of the deposit with an Indicated MineralResource of 15.65 Moz of AuEqwithin 400.29 Mt at a grade of 1.22 g/t AuEq ;consisting of:
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9.99 Moz of Au at 0.78 g/t; and 2.73Blbs of Cu at 0.31%
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An 58% increase in the AuEQ ounces within the CS-600domain.
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The 2023 drilling improved our geologic understandingof the mineralization in the northern portion of the deposit. TheNS-STK Domain was reinterpreted to be a NE-SW trending stockwork andis associated with the 300H Domain mineralization. This system has nowbeen separated into its own mineral domain, named 300-N.
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Advanced metallurgical studies and refined the pitconstrained and underground cutoff grades, increasing the pitconstrained cutoff from 0.5 to 0.7 g/t AuEq and the underground cutofffrom 0.7 to 0.75 g/t AuEq.
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Substantially reduced the pit size which eliminated thenecessity to remove the glacier and reduced the strip ratio.
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The Goldstorm Deposit remains open to the south, north,northeast and at depth.
Commenting on the results, KenKonkin, President & CEO of Tudor Gold: "Our technical team has done an outstandingjob, increasing the volume, the grade, and the geologicalunderstanding of our massive Goldstorm Deposit. The 2023 drill holeprogram was designed to expand the mineralized domains to theirnorthern, northeastern and eastern extents. We not only pushed out theedges of the Deposit, but we also successfully increased the grade ofthe Inferred Mineral Resource. The 2023 Inferred Mineral Resource was7.35 million ounces of AuEq at 0.98 g/t AuEq but we were able toconvert some of those ounces to the Indicated category and increasethe grade of the current Inferred Mineral Resource of 6.03 millionounces of AuEq to 1.25 g/t AuEq. This was a result of drilling highergrades in our step-out holes, as well as converting several of the2023 Inferred Mineral Resources to the Indicated Mineral Resourcecategory through closer-spaced fill-in drilling. Furthermore, thecopper content of the CS-600 domain in the Indicated category has alsoincreased by 37%, now containing 2.73 billion lbs of copper at 0.31%with an additional Inferred Mineral Resource of 476 million lbs of0.29% copper. The higher gold-equivalent grades in the Inferredcategory strongly suggests that we have not yet passed through thestrongest portion of the Goldstorm mineralized system. We hope thatthe 2024 drill program can give us clear information about theconfiguration and boundaries of the Deposit, as it remains open in alldirections and at depth. Our Goldstorm system has continued to expand,as has our understanding of the minable potential, as we continue toadvance the project towards a PEA.
Tudor Gold is also pleased to announce the signing of aMemorandum of Understanding with the Tsetsaut Skii km Lax Ha Nation,on whose territory the project area is located. Tudor Gold understandsand acknowledges that the Nisga’a and Tahltan also assert interestsin the Treaty Creek area. In accordance with the Ministry of Mines, weseek consultation with all First Nation groups as part of ourcompliance and permitting requirements. We are committed to workingwith all First Nations groups who may be impacted by our project aspart of our Truth and Reconciliation policies. We welcome theopportunity of working together to build a strong and robust projectthat is beneficial to all who live in the Northerncommunities. ”
Updated MineralResource Estimate for the Goldstorm Deposit
The MRE was prepared by Garth Kirkham, P.Geo, based on225 diamond drill holes (175,719 meters) completed between 2007 and2023. The MRE included 27,394 meters of diamond drill holes that werecompleted since the 2023 MRE. A National Instrument 43-101 TechnicalReport is expected to be prepared by Garth Kirkham Geosystems and JDSand posted on www.tudor-gold.com and underTudor Gold’s profile on www.SEDAR.com within 45 daysof the date of this news release.
Table 1: Summary of Indicated andInferred Mineral Resources as of February 20, 2024 1-6
Mine Area | Tonnage (Mt) | AuEq (g/t) | Au (g/t) | Cu (%) | Ag (g/t) | AuEq (Moz) | Au (Moz) | Cu (Mlb) | Ag (Moz) |
Indicated Mineral Resource | |||||||||
Pit | 68.94 | 1.06 | 1.03 | 0.02 | 3.69 | 2.36 | 2.28 | 29.33 | 8.19 |
Underground | 661.25 | 1.20 | 0.91 | 0.20 | 5.67 | 25.51 | 19.38 | 2842.74 | 120.54 |
Combined | 730.20 | 1.19 | 0.92 | 0.18 | 5.48 | 27.87 | 21.66 | 2872.07 | 128.73 |
Inferred Mineral Resource | |||||||||
Pit | 0.35 | 0.82 | 0.79 | 0.01 | 3.06 | 0.01 | 0.01 | 0.09 | 0.03 |
Underground | 149.26 | 1.25 | 1.01 | 0.15 | 6.03 | 6.02 | 4.87 | 503.15 | 28.94 |
Combined | 149.61 | 1.25 | 1.01 | 0.15 | 6.02 | 6.03 | 4.88 | 503.23 | 28.97 |
(1) Mineral Resources, which are notMineral Reserves, do not have demonstrated economic viability. Theestimate of Mineral Resources may be materially affected byenvironmental, permitting, legal, title, taxation, sociopolitical,marketing, or other relevant issues.
(2) The Inferred Mineral Resource inthis estimate has a lower level of confidence than that applied to anIndicated 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.
(3) The Mineral Resources in thispress release were estimated using the Canadian Institute of Mining,Metallurgy and Petroleum (CIM) Standards on Mineral Resources andReserves, Definitions (2014) and Best Practices (2019) prepared by theCIM Standing Committee on Reserve Definitions and adopted by CIMCouncil.
(4) The Mineral Resource Estimatewas prepared for a potential open pit scenario using a constrained pitshell (with 45-degree slopes) at a 0.7 g/t gold equivalent cut-offgrade and an underground mining scenario using a 0.75 g/t goldequivalent cut-off grade. Cut-off grades were derived from US$1,850/oz gold, US$ 21/oz silver, US$ 3.75/lb copper, CAD:USD of 0.77,C$ 2.50/tonne open pit and C$8.50 underground mining cost, C$48.25/tonne milled processing costs for the Copper Belle, 300H, R66,DS5 and 300-N domains, and C$ 28.50/tonne milled processing costs forthe CS-600 domain, and a C$ 1.50/tonne G&A cost. Processrecoveries of 90% for gold, 80% for copper, and 80% for silver wereused for the CS-600 domain and 90% for gold and 80% for silver with nocopper for all other mineral domains
(5) AuEq g/t = Au g/t + (Agg/t*0.01009) + (Cu ppm*0.0001236)
(6) A mineral estimate of thematerial within the defined pit that exists outside of the outlinedmineral domains was completed and is included within the InferredMineral Resource.
The Goldstorm sensitivity tables (Tables 2,3,4 and 5)report the variation of resource grade and tonnage with respect to thechange in cut-off grades for the Indicated and Inferred MineralResources.
Table 2: Indicated Mineral ResourceCutoff Sensitivity – Pit Constrained 1
Pit Cutoff | Tonnage (Mt) | AuEq g/t | Au g/t | Cu % | Ag g/t | AuEq Moz | Au Moz | Cu Mlb | Ag Moz |
0.4 | 95.63 | 0.93 | 0.89 | 0.02 | 3.20 | 2.85 | 2.75 | 36.33 | 9.84 |
0.5 | 88.61 | 0.96 | 0.93 | 0.02 | 3.33 | 2.74 | 2.65 | 34.51 | 9.48 |
0.6 | 80.07 | 1.01 | 0.97 | 0.02 | 3.49 | 2.59 | 2.50 | 32.35 | 8.98 |
0.7 2 | 69.29 | 1.06 | 1.03 | 0.02 | 3.69 | 2.37 | 2.29 | 29.42 | 8.22 |
0.8 | 57.16 | 1.13 | 1.09 | 0.02 | 3.92 | 2.08 | 2.00 | 25.43 | 7.21 |
0.9 | 44.84 | 1.21 | 1.16 | 0.02 | 4.20 | 1.74 | 1.68 | 21.14 |
(1) Refer to footnotes to theMineral Resource Estimate in Table 1 of this News Release.
(2) The MRE utilizes 0.7 g/t AuEQfor the pit constrained Mineral Resource
Table 3: Indicated Mineral ResourceCutoff Sensitivity – Underground 1
UG Cutoff | Tonnage (Mt) | AuEq g/t | Au g/t | Cu % | Ag g/t | AuEq Moz | Au Moz | Cu Mlb | Ag Moz |
0.5 | 810.32 | 1.10 | 0.84 | 0.18 | 5.18 | 28.60 | 21.85 | 3 129.85 | 135.06 |
0.6 | 766.70 | 1.13 | 0.86 | 0.18 | 5.34 | 27.82 | 21.21 | 3 066.17 | 131.51 |
0.7 | 700.73 | 1.17 | 0.89 | 0.19 | 5.55 | 26.43 | 20.10 | 2935.20 | 124.99 |
0.75 2 | 661.25 | 1.20 | 0.91 | 0.20 | 5.67 | 25.51 | 19.38 | 2 842.74 | 120.54 |
0.8 | 618.58 | 1.23 | 0.93 | 0.20 | 5.79 | 24.45 | 18.55 | 2 734.31 | 115.19 |
0.9 | 525.43 | 1.30 | 0.98 | 0.21 | 6.04 | 21.91 | 16.59 | 2 465.04 | 101.98 |
1.0 | 428.72 | 1.37 | 1.04 | 0.23 | 6.28 | 18.95 | 14.37 | 2 126.64 |
(1) Refer to footnotes to theMineral Resource Estimate in Table 1 of this News Release.
(2) The MRE utilizes 0.75 g/tAuEQ for the underground Mineral Resource.
Table 4: Inferred Mineral ResourceCutoff Sensitivity – Pit Constrained 1
Pit Cutoff | Tonnage (Mt) | AuEq g/t | Au g/t | Cu % | Ag g/t | AuEq Moz | Au Moz | Cu Mlb | Ag Moz |
0.4 | 4.52 | 0.51 | 0.49 | 0.01 | 1.86 | 0.07 | 0.07 | 1.38 | 0.27 |
0.5 | 1.83 | 0.62 | 0.60 | 0.01 | 2.14 | 0.04 | 0.04 | 0.46 | 0.13 |
0.6 | 0.79 | 0.72 | 0.69 | 0.01 | 2.45 | 0.02 | 0.02 | 0.19 | 0.06 |
0.70 2 | 0.35 | 0.82 | 0.79 | 0.01 | 3.06 | 0.01 | 0.01 | 0.09 | 0.03 |
0.8 | 0.15 | 0.93 | 0.89 | 0.01 | 3.91 | 0.00 | 0.00 | 0.04 | 0.02 |
0.9 | 0.06 | 1.07 | 1.01 | 0.01 | 5.42 | 0.00 | 0.00 | 0.02 | 0.01 |
(1) Refer to footnotes to theMineral Resource Estimate in Table 1 of this News Release.
(2) The MRE utilizes 0.7 g/t AuEQfor the pit constrained Mineral Resource
Table 5: Inferred Mineral ResourceCutoff Sensitivity – Underground 1
UG Cutoff | Tonnage (Mt) | AuEq g/t | Au g/t | Cu % | Ag g/t | AuEq Moz | Au Moz | Cu Mlb | Ag Moz |
0.5 | 173.86 | 1.17 | 0.95 | 0.14 | 5.58 | 6.53 | 5.29 | 542.37 | 31.17 |
0.6 | 166.84 | 1.19 | 0.97 | 0.15 | 5.73 | 6.40 | 5.18 | 536.27 | 30.74 |
0.7 | 157.10 | 1.23 | 0.99 | 0.15 | 5.91 | 6.20 | 5.01 | 518.84 | 29.84 |
0.75 2 | 149.26 | 1.25 | 1.01 | 0.15 | 6.03 | 6.02 | 4.87 | 503.15 | 28.94 |
0.8 | 140.68 | 1.28 | 1.04 | 0.16 | 6.17 | 5.80 | 4.70 | 482.89 | 27.89 |
0.9 | 121.32 | 1.35 | 1.10 | 0.16 | 6.45 | 5.27 | 4.28 | 432.48 | 25.17 |
1.0 | 101.26 | 1.43 | 1.17 | 0.17 | 6.80 | 4.66 | 3.81 | 369.91 | 22.14 |
(1) Refer to footnotes to theMineral Resource Estimate in Table 1 of this News Release.
(2) The MRE utilizes 0.75 g/tAuEQ for the underground Mineral Resource.
The Goldstorm Deposit consists of six mineral domainswith unique geological characteristics. Five of the domains aregold-dominant with lesser proportions of silver and copper. DomainCS-600 is dominantly gold and copper rich, with lesser silver. TheCS-600 hosts the majority of the copper at the Goldstorm Deposit andconsists of a well-defined intrusive porphyry system. Table 6summarizes the Indicated and Inferred Mineral Resources for eachmineral domain.
Table 6: Mineral Resources by Domain– Combined Pit and Underground 1
Indicated Mineral Resources | |||||||||
Domain | Tonnage (Mt) | AuEq (g/t) | Au (g/t) | Cu (%) | Ag (g/t) | AuEq (koz) | Au (koz) | Cu (Mlb) | Ag (Moz) |
300H | 184.86 | 1.08 | 1.05 | 0.02 | 3.76 | 6.44 | 6.22 | 92.28 | 22.32 |
300N | 11.62 | 1.51 | 1.46 | 0.01 | 4.55 | 0.56 | 0.55 | 2.64 | 1.70 |
CS-600 | 400.29 | 1.22 | 0.78 | 0.31 | 5.71 | 15.65 | 9.99 | 2725.13 | 73.47 |
DS5 | 124.75 | 1.22 | 1.14 | 0.02 | 7.60 | 4.89 | 4.59 | 48.68 | 30.47 |
R66 | 3.10 | 1.40 | 1.38 | 0.03 | 1.90 | 0.14 | 0.14 | 2.18 | 0.19 |
Copper Belle | 5.58 | 1.02 | 0.99 | 0.01 | 3.27 | 0.18 | 0.18 | 1.36 | 0.59 |
Inferred Mineral Resources | |||||||||
300H | 0.09 | 1.04 | 0.98 | 0.03 | 6.16 | 0.00 | 0.00 | 0.07 | 0.02 |
300N | 2.31 | 1.75 | 1.72 | 0.01 | 3.12 | 0.13 | 0.13 | 0.44 | 0.23 |
CS-600 | 74.03 | 1.20 | 0.79 | 0.29 | 5.63 | 2.86 | 1.87 | 475.62 | 13.40 |
DS5 | 72.83 | 1.29 | 1.22 | 0.02 | 6.53 | 3.02 | 2.87 | 27.13 | 15.29 |
In Pit, External 2 | 0.35 | 0.10 | 0.09 | 0.01 | 0.88 | 0.00 | 0.00 | 0.05 | 0.01 |
(1) Refer to footnotes to theMineral Resource Estimate in Table 1 of this News Release.
(2) A mineral estimate of thematerial within the defined pit that exists outside of the outlinedmineral domains was completed and is included within the InferredMineral Resource.
Figure 1: Goldstorm Deposit MREDomains
MetallurgicalStudies Update
Blue Coast Research Ltd. (BCR), under the supervisionof Tad Crowie, P. Eng of JDS Energy & Mining Inc., has beenconducting a metallurgical test work program on samples from theGoldstorm Deposit from the Treaty Creek Property. The programincludes flotation and whole ore cyanide leach to build on previouswork conducted at SGS and Bureau Veritas (BV). The flotation testsdemonstrate that the CS-600 domain can produce a quality copperconcentrate with significant quantities of gold. Also, CS-600cyanidation results demonstrated improved gold recoveries overprevious test work. The positive flotation and leaching tests, alongwith previously conducted oxidative stage (POX, Albion, or bioleach)and leaching will continue to allow for previously reported goldrecoveries of 90% and copper recoveries of 80% for the CS-600domain. The testwork completed to date hasindicated that there are no deleterious elements of concern inprocessing the Treaty Creek material or selling concentrates.
In the flotation tests, emphasis was placed on theCS-600 domain to produce a copper concentrate and a pyrite/goldconcentrate as the CS-600 area had previously only receivedpreliminary test work. Metallurgical results from the CS-600 domaininclude:
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Flotation testing of the CS-600 produced a concentrateof approximately 20% copper and 25 g/t gold;
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Flotation recoveries for the CS-600 domain achieved79.5% and 65.3% for copper and gold respectively;
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Flotation recoveries of the 300H, and DS5 domainsdemonstrate that gold can be concentrated prior to oxidation andcyanide leaching to improve the economics of recovery; and
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Whole ore leach recoveries of 81.1% gold on the CS-600sample.
The next phase of metallurgical test work will buildupon the results that have already been achieved with a program thatwill provide information to be used in a Preliminary EconomicAssessment. The test work will include comminution, follow upflotation tests, alternate forms of oxidation, and leaching tests torecover copper and gold. The flotation tests will target reducing theamount of non-sulphide gangue that is entrained in the flotationconcentrates to improve the concentrate grades achieved thusfar.
QualifiedPersons
The Goldstorm MRE was prepared under the supervision ofGarth Kirkham, P.Geo, FGC, of Kirkham Geosystems Ltd., withmetallurgical expertise provided by Tad Crowie, P.Eng, of JDS Energyand Mining Inc, who are Independent Qualified Persons, as defined byNational Instrument 43-101. Mr. Kirkham and Mr. Crowie have reviewedand approved the technical contents of the news release disseminatedby Tudor Gold Corp. on February 20, 2024 (which contains the sametechnical information included in this news release).
Ken Konkin, P.Geo, President and CEO, Tudor Gold, isthe Qualified Person, as defined by National Instrument 43-101,responsible for the Project. Mr. Konkin has reviewed, verified, andapproved the scientific and technical information in the Tudor Goldnews release disseminated on February 20, 2024. D. Cremonese, P. Eng., is the Qualified Person for TeutonResources Corp. (as President of the Company he is not independent ofthe Company). Mr. Cremonese has not personally verified thetechnical data taken verbatim from the Tudor Gold news release but hehas no reason to doubt its accuracy.
About TreatyCreek
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 inthe Treaty Creek Project (Tudor Gold is responsible for paying allexploration costs up until such time as a production decision is madeand owns a 60% interest; American Creek Resources owns the remaining20% interest, also carried). Additionally, Teuton owns a 0.98% NetSmelter Royalty in the Goldstorm deposit area as well as in thenorthern portion of the Perfectstorm zone; within the southern portionof the Perfectstorm zone, Teuton owns a 0.49% NSR with an option toincrease that to 1.49% by paying $1 million tothe current owner. It also owns numerous additional royaltyinterests within the Sulphurets Hydrothermal system on formerly100%-owned properties such as the King Tut, Tuck, High North, Orion,Delta and Fairweather properties (King Tut and Tuck now owned byNewmont Mining; High North, Orion, Delta and Fairweather propertiesnow owned by Goldstorm Metals).
The Treaty Creek Project contains the Goldstorm Deposit(a large gold-copper porphyry system) as well as several othermineralized zones
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, both in cash and inshares of the optionee companies over the past 7 years, has providedTeuton with substantial income.
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: bholmesmba@gmail.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 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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