(TheNewswire)
Victoria , BC – TheNewswire - March 15, 2023 - Teuton Resources Corp. (“Teuton” or “the Company”)(TSX-V:TUO ) (Frankfurt:TFE) announces that it has received from its Joint Venture PartnerTudor Gold Corp. (“Tudor Gold”) results ofan updated Mineral Resource Estimate (MRE) prepared by Garth KirkhamP. Geo., of Kirkham Geosystems Ltd., and JDS Energy and Mining Inc.("JDS") for its flagship Treaty Creek project (the" Project ") located in the Golden Triangle Region of BritishColumbia. Tudor Gold’s initial Mineral Resource Estimate for theProject was included in a technical report entitled “TechnicalReport and Initial Mineral Resource Estimate of the Treaty Creek GoldProperty, Skeena Mining Division, British Columbia, Canada”, datedApril 23, 2021, with an effective date of March 1, 2021. (the"2021 MRE").
Highlights of the Updated MineralResource Estimate on the Goldstorm Deposit at the Project(“MRE”):
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Indicated Mineral Resource of 23.37 million ounces (Moz) of goldequivalent (AuEq) within 641.93 million tonnes (Mt) at a grade of 1.13g/t AuEq ; comprised of:
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18.75 Moz of gold (Au) at 0.91g/t , 112.44 Moz of silver (Ag) at 5.45 g/t , and 2.18 billion pounds (Blbs) ofcopper (Cu) at 0.15 %
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Inferred Mineral Resource of 7.35 Moz AuEq within 233.90 Mt at a grade of 0.98g/t AuEq ; comprised of:
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5.54 Moz Au at 0.74 g/t, 45.08 Moz Agat 5.99 g/t, and 848.00 million pounds (Mlbs) of Cu at 0.16%.
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CS-600 Domain is comprised of an intrusive hostedgold-copper porphyry system and hosts an Indicated Mineral Resource of 9.86 Moz of AuEq within 278.02Mt at a grade of 1.10 g/t AuEq ; comprisedof:
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6.22 Moz Au at 0.70 g/t; and 1.98Blbs of Cu at 0.32 %
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A 1.0 g/t sensitivity cut-off for all the Indicated Mineral Resource (open-pit andunderground) measures 15.18Moz of AuEq at a grade of 1.48 g/t AuEq ; comprised of:
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12.29 Moz of Au at 1.20 g/t, 72.07Moz of Ag at 7.02 g/t and 1.35 Blbs of Cu at 0.19 %
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Improved the definition and spatial continuity of theGoldstorm porphyry system which is comprised of six separate mineral domains over an area that measures approximately 2,500 m in length,1,000 m in width and 1,400 m in depth.
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The Goldstorm Deposit remains open to the south, north,northeast and at depth.
Commenting on the results, Ken Konkin, President &CEO of Tudor Gold said, "We are very pleased by the results ofour updated MRE for the Goldstorm Deposit, which resulted in animpressive 53% increase in the gold equivalent grade and a 20%increase in total gold equivalent ounces within the Indicated MineralResource category. The updated MRE utilizes higher cut-off grades(Pit: 0.50 g/t AuEq, Underground: 0.70 g/t AuEq) than the 2021 MRE(Pit: 0.30 g/t AuEq, Underground: 0.46 g/t AuEq). These higher cut-offgrades exemplify the robust nature of this deposit, including themineral consistency and thickness of the higher-grade gold and coppermineralized domains that were intercepted during the Company’s 2021and 2022 drill programs. Even at these higher cut-off grades, theoverall project-wide contained copper in both the Indicated andInferred Mineral Resource categories increased to more than double that of the previous MRE, to over 3billion pounds of copper. These accomplishments are a culmination oftwo additional years of drilling and refining of our geologicunderstanding to vector towards higher-grade gold, copper, and silver.These improvements to the Goldstorm Deposit are expected to provide anexcellent foundation as the Company advances the Treaty Creek Projecttowards an initial economic assessment. Continued definition andexpansion drilling will continue in 2023 to target higher gold, silverand copper grades throughout the northern expansion area of theGoldstorm Deposit.”
Dino Cremonese, P. Eng., President & CEO of TeutonResources said: “This is a milestone in the evolution of the TreatyCreek Project. The 53% increase in the gold equivalent grade isparticularly noteworthy as it improves the attractiveness of theproperty to major mining companies. I’d like to send a big‘thank you’ to Ken Konkin of Tudor Gold and all of the people whohave assisted bringing us to this point.”
Updated MineralResource Estimate for the Goldstorm Deposit
The MRE was prepared by Garth Kirkham, P.Geo, based on201 diamond drill holes (148,474 meters) completed between 2007 and2022. The MRE included 62,916 meters of diamond drill holes that werecompleted since the 2021 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 underthe Company’s profile on www.SEDAR.com within 45 daysof the date of this news release.
Table 1: Summary of Indicated andInferred Mineral Resource as of March 15, 2023 1-6
Mine Area | Tonnage (Mt) | AuEq (g/t) | Au (g/t) | Cu (%) | Ag (g/t) | AuEq (koz) | Au (koz) | Cu (Mlb) | Ag (koz) |
Indicated Mineral Resource | |||||||||
Pit | 389.11 | 1.05 | 0.90 | 0.08 | 5.44 | 13,138 | 11,320 | 687 | 68,168 |
Underground | 252.82 | 1.26 | 0.91 | 0.27 | 5.44 | 10,237 | 7,429 | 1,493 | 44,275 |
Combined | 641.93 | 1.13 | 0.91 | 0.15 | 5.45 | 23,375 | 18,750 | 2,180 | 112,443 |
Inferred Mineral Resource | |||||||||
Pit | 160.94 | 0.85 | 0.71 | 0.07 | 6.50 | 4,404 | 3,648 | 248 | 33,628 |
Underground | 72.96 | 1.25 | 0.80 | 0.37 | 4.87 | 2,946 | 1,888 | 600 | 11,452 |
Combined | 233.90 | 0.98 | 0.74 | 0.16 | 5.99 | 7,349 | 5,536 | 848 | 45,080 |
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Mineral Resources, which are not Mineral Reserves, donot have demonstrated economic viability. The estimate of MineralResources may be materially affected by environmental, permitting,legal, title, taxation, sociopolitical, marketing, or other relevantissues.
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The Inferred Mineral Resource in this estimate has alower level of confidence than that applied to an Indicated MineralResource and must not be converted to a Mineral Reserve. It isreasonably expected that the majority of the inferred Mineral Resourcecould be upgraded to an Indicated Mineral Resource with continuedexploration.
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The Mineral Resources in this press release wereestimated using the Canadian Institute of Mining, Metallurgy andPetroleum (CIM) Standards on Mineral Resources and Reserves,Definitions (2014) and Best Practices (2019) prepared by the CIMStanding Committee on Reserve Definitions and adopted by CIMCouncil.
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The Mineral Resource Estimate was prepared for apotential open pit scenario using a constrained pit shell (with50-degree slopes) at a 0.5 g/t gold equivalent cut-off grade and anunderground mining scenario using a 0.7 g/t gold equivalent cut-offgrade. Cut-off grades were derived from US$ 1,800/oz gold, US$ 20/ozsilver, US$ 3.50/lb copper, CAD:USD of 0.77, C$ 2.50/tonne open pitand C$7.50 underground mining cost, C$ 38.50/tonne milled processingcosts, C$ 1.50/tonne GA cost, and process recoveries of 90 % for gold,80 % for copper, and 80 % for silver.
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AuEq g/t = Au g/t + (Ag g/t*0.0098765) + (Cuppm*0.0001185)
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A mineral estimate of the material within the definedpit that exists outside of the outlined mineral domains was completedand is included within the Inferred Mineral Resource, and listed “InPit, External” in Table 4.
The Goldstorm sensitivity tables (Tables 2 and 3)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 ResourceCut-off Sensitivity - Combined Pit and Underground 1
Tonnage (Mt) | AuEq (g/t) | Au (g/t) | Cu (%) | Ag (g/t) | AuEq (koz) | Au (koz) | Cu (Mlb) | Ag (koz) | |
0.3 | 730.20 | 1.06 | 0.85 | 0.14 | 5.06 | 24,823 | 19,907 | 2,324 | 118,689 |
0.4 | 714.16 | 1.07 | 0.86 | 0.15 | 5.13 | 24,640 | 19,742 | 2,318 | 117,896 |
0.5 | 682.72 | 1.10 | 0.88 | 0.15 | 5.28 | 24,180 | 19,346 | 2,291 | 115,831 |
0.5 / 0.7 2 | 641.93 | 1.13 | 0.91 | 0.15 | 5.45 | 23,375 | 18,750 | 2,180 | 112,443 |
0.6 | 631.15 | 1.15 | 0.92 | 0.16 | 5.50 | 23,262 | 18,588 | 2,218 | 111,644 |
0.7 | 559.69 | 1.21 | 0.97 | 0.17 | 5.81 | 21,762 | 17,386 | 2,076 | 104,501 |
0.8 | 479.37 | 1.29 | 1.03 | 0.18 | 6.18 | 19,820 | 15,854 | 1,878 | 95,239 |
0.9 | 397.39 | 1.38 | 1.10 | 0.19 | 6.59 | 17,577 | 14,114 | 1,633 | 84,212 |
1.0 | 319.20 | 1.48 | 1.20 | 0.19 | 7.02 | 15,186 | 12,293 | 1,352 | 72,067 |
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Refer to footnotes to the Mineral Resource Estimate inTable 1 of this News Release.
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The MRE utilizes 0.5 g/t AuEq for the pit-constrainedMineral Resource and 0.7 g/t AuEq for the underground MineralResource.
Table 3: Inferred Mineral ResourceCut-off Sensitivity - Combined Pit and Underground 1
Cut-off | Tonnage (Mt) | AuEq (g/t) | Au (g/t) | Cu (%) | Ag (g/t) | AuEq (koz) | Au (koz) | Cu (Mlb) | Ag (koz) |
0.3 | 488.34 | 0.67 | 0.52 | 0.10 | 4.01 | 10,524 | 8,170 | 1,070 | 62,885 |
0.4 | 326.54 | 0.83 | 0.63 | 0.13 | 5.00 | 8,729 | 6,658 | 961 | 52,510 |
0.5 | 244.18 | 0.96 | 0.72 | 0.17 | 5.89 | 7,553 | 5,652 | 896 | 46,261 |
0.5 / 0.7 2 | 233.90 | 0.98 | 0.74 | 0.16 | 5.99 | 7,349 | 5,536 | 848 | 45,080 |
0.6 | 198.02 | 1.06 | 0.78 | 0.19 | 6.68 | 6,739 | 4,952 | 849 | 42,527 |
0.7 | 163.26 | 1.15 | 0.83 | 0.22 | 7.34 | 6,015 | 4,355 | 796 | 38,506 |
0.8 | 135.32 | 1.23 | 0.88 | 0.25 | 7.83 | 5,341 | 3,830 | 732 | 34,060 |
0.9 | 108.48 | 1.32 | 0.94 | 0.27 | 8.25 | 4,607 | 3,285 | 647 | 28,786 |
1.0 | 84.17 | 1.43 | 1.02 | 0.29 | 8.56 | 3,864 | 2,759 | 547 | 23,169 |
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Refer to footnotes to the Mineral Resource Estimate inTable 1 of this News Release.
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The MRE utilizes 0.5 g/t AuEq for the pit-constrainedMineral Resource and 0.7 g/t AuEq for the underground MineralResource.
The Goldstorm Deposit consists of six mineral domainswith unique geological characteristics. Five of the domains are gold-dominant with lesser proportions of silverand copper. Domain CS-600 is dominantly gold and copper rich, withlesser silver. The CS-600 hosts the majority of the copper at theGoldstorm Deposit and consists of a well-defined intrusive porphyrysystem. Table 4 summarizes the Indicated and Inferred MineralResources for each mineral domain.
Table 4: Mineral Resource by Domain -Combined Pit and Underground 1
Indicated Mineral Resources | |||||||||
Domain | Tonnage (Mt) | AuEq Q (g/t) | Au (g/t) | Cu (%) | Ag (g/t) | AuEq Q (koz) | Au (koz) | Cu (Mlb) | Ag (koz) |
300H | 234.13 | 1.02 | 0.95 | 0.03 | 3.90 | 7,700.29 | 7,173.49 | 131.05 | 29.36 |
CS-600 | 278.02 | 1.10 | 0.70 | 0.32 | 5.71 | 9,860.70 | 6,217.37 | 1,983.30 | 51.06 |
DS5 | 114.83 | 1.32 | 1.21 | 0.02 | 7.89 | 4,865.34 | 4,456.37 | 56.68 | 29.14 |
R66 | 5.02 | 1.36 | 1.30 | 0.04 | 1.07 | 219.44 | 209.10 | 4.71 | 0.27 |
NS STK | 6.37 | 2.28 | 2.20 | 0.01 | 6.16 | 467.60 | 451.30 | 1.57 | 1.26 |
Copper Belle | 3.57 | 1.00 | 0.90 | 0.03 | 5.50 | 114.45 | 103.58 | 2.53 | 0.63 |
Inferred Mineral Resources | |||||||||
300H | 6.41 | 1.03 | 0.95 | 0.03 | 4.92 | 213.19 | 195.00 | 4.52 | 1.02 |
CS-600 | 96.77 | 1.19 | 0.75 | 0.36 | 6.01 | 3,711.82 | 2,321.60 | 761.68 | 18.71 |
DS5 | 2.78 | 1.37 | 1.22 | 0.05 | 8.69 | 122.28 | 109.30 | 2.84 | 0.78 |
R66 | 0.55 | 2.19 | 2.07 | 0.01 | 9.32 | 38.90 | 36.84 | 0.15 | 0.17 |
NS STK | 1.30 | 2.26 | 2.09 | 0.01 | 14.26 | 94.06 | 86.95 | 0.37 | 0.59 |
In Pit, External 2 | 126.64 | 0.79 | 0.69 | 0.03 | 5.86 | 3,206.88 | 2,821.68 | 78.73 | 23.90 |
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Refer to footnotes to the Mineral Resource Estimate inTable 1 of this News Release.
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A mineral estimate of the material within the definedpit that exists outside of the outlined mineral domains was completedand is included within the Inferred Mineral Resource, and listed “InPit, External”.
2023 ExplorationProgram
In 2023, the Company expects to continue to target theGoldstorm Deposit in particular the limits of the CS-600 and the DS-5Domains. Definition and step-out drilling within the currentresource will continue to target higher gold, silver and copper gradesthroughout the northern step-out expansion area at Goldstorm. Theoverarching goal of future exploration programs is to increase thesize of the current Treaty Creek Property Mineral Resource, continueto make new significant discoveries, and advance the Goldstorm Depositand the Project towards an initial economic assessment.
QualityAssurance
The Goldstorm MRE was prepared under the supervision ofGarth Kirkham, P.Geo, FGC, of Kirkham Geosystems Ltd., and JDS who isan Independent Qualified Person, as defined by National Instrument43- 101. Mr. Kirkham has reviewed and approvedthe technical contents of 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 this newsrelease. Dino Cremonese, P. Eng., is the Qualified Person forTeuton Resources and although he was not involved in the preparationof the technical information, he has no reason to believe it isinaccurate. Mr. Cremonese, as President & CEO of Teuton, is notindependent of the Company.
Figures:
Goldstorm Deposit MRE domains can be seen here: http://teuton.com/UpdatedMRE2023
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. It also owns numerousadditional royalty interests within the Sulphurests Hydrothermalsystem on properties such as the King Tut, Tuck, High North, Orion,Delta and Fairweather properties.
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.
Interested parties can access information about Teutonat 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
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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