VANCOUVER, British Columbia, Oct. 26, 2016 (GLOBE NEWSWIRE) -- Teuton Resources Corp. (“Teuton”) (TSX-V:TUO) (Frankfurt:TFE) (OTCBB:TEUTF) is pleased to announce that the complete assays for drill hole CB-16-03 on the Treaty Creek property have now been received. The Treaty Creek property is situated north of the KSM property of Seabridge Gold and the Brucejack property of Pretium Resources in the Golden Triangle region of northwestern British Columbia. Teuton holds a 20% carried interest in the property (carried until a production decision is made) as well as various NSR interests. Tudor Gold Corp. is the operator and American Creek Resources holds an identical 20% carried interest to Teuton’s.
Hole CB-16-03 was drilled to test a geophysical anomaly identified in a preliminary Magnetotelluric (MT) profile carried out by Quantec Geoscience in 2012 and further defined based on an MT survey carried out by Simcoe Geoscience Ltd. in 2016. Final results from the Simcoe MT survey are awaited.
Hole CB-16-03 returned two higher grade intervals: the first, 54 meters from 88 to 142 meters grading 1.117 g/t Au; the second, 122 meters from 304 to 426 meters of 0.965 g/t Au*. Overall, the hole averaged 0.526 g/t gold over 629.7 meters (from 88 m to 717.7 m). It was terminated at 717.7 meters in mineralization with the final 13.7 meters averaging 0.315 g/t Au.
* Teuton previously released partial assay results from hole CB-16-03 (316 to 717.7 meters downhole), along with complete assays for drill holes CB-16-01 and CB-16-02 in a Press Release dated October 11, 2016. The interval reported in that release, a 110 m interval from 316 m to 426 m averaging 0.909 g/t gold was expanded by an additional 12 m (once additional assays were received) to 122 m from 304 m to 426 m grading 0.965 g/t gold.
Walter Storm, CEO and President of Tudor Gold says: "The complete results from CB-16-03 confirm our belief that Treaty Creek holds the potential to host significant gold mineralization and validates our exploration model. To date, we have successfully hit gold mineralization down to 717 meters downhole and have encountered nearer-to-surface gold mineralization like the 1.12 grams gold per tonne over 54 meters starting at 88 meters downhole, which opens up the targeted area.”
Drill hole CB-16-03 was drilled at an azimuth of 292˚ with an inclination of -73˚ and was collared approximately 550 meters northeast of the nearest of the Copper Belle zone drill holes (CB-09-11 which carried 229 m of 0.52 g/t gold from 40 m to 270 m, CB-09-10 which carried 212 m of 0.47 g/t gold from 119 m to 331 m and CB-09-06 which carried 65.3 m of 0.84 g/t gold---cf. Teuton Resources News Release dated January 12, 2010). The gold intercepts encountered in CB-16-03 may represent a new mineralized zone or could possibly be an extension of the previously known Copper Belle Zone. Further work will be required in order to investigate the continuity between these areas. The casing has been left in place so the hole may be re-entered and extended if desired. All intervals are downhole widths as there is not enough information to calculate true widths of the mineralization encountered in any of the holes.
Quality control procedures in place include the field insertion of blanks, standards and duplicate samples into the sample stream. Analytical work was done by Activation Laboratories Ltd., an accredited laboratory located in Kamloops, B.C. Gold was analyzed by 30 gram fire assay with AA finish. Other elements were analyzed by 38 element ICP-OES following Aqua Regia extraction. The main technical data in this news release was reviewed by James Hutter, P.Geo., Tudor Gold’s Qualified Person as defined by National Instrument 43-101. The Qualified Person for this news release is Dino Cremonese, P.Eng., who as President of Teuton is not independent of the Company. Mr. Cremonese has not verified the accuracy of the technical data but has no reason to believe it is unreliable.
Teuton owns interests in more than thirty properties in the prolific “Golden Triangle” area of northwestern British Columbia and was one of the first companies to adopt what has since become known as the “prospect generator” model. Ten of its properties are currently under option and cash proceeds from these options have exceeded $1 million in the past eighteen months, not including the value of shares received from the optioning companies. Shareholders and other interested parties can access information about Teuton at the Company’s website, www.teuton.com.
“Dino Cremonese, P.Eng.”
President, Teuton Resources Corp.
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. Teuton Resources Corp. does have an ongoing obligation to disclose material information, as it becomes available.
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