Teuton Resources: Drill Hole Intersects 6.43 Metres Grading 17.83 g/t Gold at Clone Gold Property
TSX VENTURE: TUO
VANCOUVER, B.C., Dec. 19, 2016 (GLOBE NEWSWIRE) -- Teuton Resources Corp. (“Teuton”) (TSX-V:TUO) (Frankfurt:TFE) (OTCBB:TEUTF) is pleased to report that the first hole of the 2016 diamond drilling program at the Clone Gold property intersected 6.43 metres grading 17.83 g/t gold from 46.33 to 52.76 metres. The Clone Gold property is located 20 km southeast of Stewart in the Golden Triangle region of northwestern British Columbia.
Hole CL-16-01 was designed to test the depth potential of a trench excavated in 1995 which returned a grade of 11.65 g/t gold and 0.18% cobalt across 9.0 metres. It was inclined at an angle of 55 degrees and ended at 111.9 metres. Cobalt assays are pending.
Two lesser intersections were also reported in the hole: the first ran 3.07 g/t gold over 3.05 metres from 34.14 to 37.19 metres; the second ran 1.11 g/t gold over 33.6 metres from 78.3 to 111.9 metres (ending in mineralization). At present there is not enough information to calculate true widths of any of the intersections reported in the hole.
Gold-cobalt results from a further six holes are awaited. The last five holes of the program were spotted at the southeastern end of the bulk sampling area from which several multi-ounce gold shipments have been taken.
The Clone gold and gold-cobalt bearing shear zones were first discovered in 1995. Since that date almost $6 million has been spent exploring a series of occurrences lying along a 2km package of volcanic and sedimentary rocks. The so-called Main Zone, situated in the southeast portion of this system, has produced elevated gold grades both in trenches and in diamond drill core.
Present ownership of the property is Makena Resources 50%, Silver Grail Resources Ltd. 25% and Teuton Resources 25%.
Quality control procedures in place include the field insertion of blanks and standards into the sample stream. Analytical work was done by Pioneer Laboratories of Richmond, BC., an accredited facility. Gold was analyzed by 30 gram fire assay with AA finish. The Qualified Person for this news release is Dino Cremonese, P.Eng., who as President of Teuton is not independent of the Company.
Big Gold Property
The Big Gold property adjoins to the south of Teuton’s Orion property and lies about 50 km north-northwest of Stewart, BC. Sampling in 2015 and 2016 disclosed several areas containing anomalous to highly anomalous values in gold and silver within northerly trending zones of sericite schists.
Two areas were selected for drilling in 2016 under the theory that gold and silver values might improve with depth. Altogether eight holes were drilled at various angles. Although many intercepts were obtained containing anomalous levels of gold, silver and zinc, no economic intersections of mineralization were found.
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 $1.1 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.