Teuton Resources: Major Drill Program at Treaty Creek in 2017
TSX VENTURE: TUO
VANCOUVER, British Columbia, June 26, 2017 (GLOBE NEWSWIRE) -- Teuton Resources Corp. (“Teuton”) (TSX-V:TUO) (Frankfurt:TFE) (OTCBB:TEUTF) is pleased to announce that a major drill program is set to begin on the Treaty Creek joint venture property, located 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. (60% interest) is the operator and American Creek Resources also holds a 20% carried interest.
The drill program will attempt to establish a resource in the Copper Belle zone by drilling at 50m centres adjacent to previous holes put down in 2007, 2009 and 2016. Last year, Hole CB16-03, an 800m stepout from a 2009 hole with an intersection grading 241m of 0.80 g/t gold, returned an interval grading 338m averaging 0.70 g/t gold with a sub-interval running 122m of 0.965 g/t gold (more details are available in the News Release dated Oct. 26, 2016). The 2017 drilling is being guided by a magnetotelluric survey which was carried out in 2016. Additional drilling will also be carried out on the GR2 zone, a precious metal-rich, massive sulfide target. Illustrations of the target areas are available in the URLs presented at the end of this news release.
The Treaty Glacier-KSM-Brucejack-Stewart trend has been characterized as “one of the most productive and promising in northwestern British Columbia”. Among the many mineral occurrences found in the region, the most important to date is the Valley of the Kings mine, an 8.1 million ounce gold deposit owned by Pretium Resources (proven and probable reserves of 15.6 million tonnes of 16.1 g/t gold). After spending $1 Billion putting the mine into production, Pretium announced on June 20, 2017 that the first gold brick had been poured.
Due west of Pretium’s property and adjoining southwest of the Treaty Creek property, Seabridge Gold’s KSM property presently holds four large deposits, the Mitchell, Kerr, Sulphurets and Iron Cap. These collectively have proven and probable reserves in excess of 38.8 million ounces of gold and 10.155 billion pounds of copper (as reported on the Seabridge Gold website citing its “most recent National Instrument 43-101 compliant estimates”- February 2017). The above metal quantities are contained within 2.198 billion tonnes of rock grading 0.55 g/t gold and 0.21% copper. Note that Teuton’s Qualified Person has been unable to verify the information on deposits within Seabridge Gold's KSM property and Pretium’s Brucejack-Snowfield property and the information is not necessarily indicative of the mineralization on the Treaty Creek property.
On June 27, 2017, Seabridge Gold announced an 8,750m drill program with immediate mobilization to follow-up a deep discovery made 500m north of the Iron Cap deposit in 2016. A 60.7m interval beginning at 201m averaged 1.20 g/t gold and 0.95% Cu, among the highest grades achieved in the porphyries at KSM to date. The Iron Cap deposit and its new northern discovery remain open to the north, east and west. Its current easternmost limit lies only 800m from the Treaty Creek property.
Jeff Kyba, formerly Northwest Regional geologist for the BC government, has a theory postulating important factors for finding large-scale mineral deposits: these include proximity to a “red-line” (geological contact between Triassic and Stuhini age rocks) and certain key faults. The Sulphurets thrust fault, in particular, appears to be critical, as it is spatially related to all of the deposits on the KSM property. Kyba has said, “…. all the prospective structures bounding these old basins were slippery because of the alteration associated with the porphyries. So they were the first to fail, and became reactivated as younger, prominent thrust faults.” [Excerpted from May 6, 2015 Northern Miner]. Significantly, the Sulphurets thrust fault turns northeastward into the Treaty Creek property from the KSM property, continuing onwards for several kilometres (see map).
Dino Cremonese, P.Eng., president of Teuton Resources, commented as follows: “The news that Pretium’s Valley of the Kings has poured its first gold, that Seabridge Gold is going to continue exploring its prolific KSM property and that Tudor Gold will attempt to drill off a resource in 2017 at Treaty Creek is very encouraging and suggests that work in this promising region is beginning to enter a more mature phase. There are many other positive developments this year, both locally in the Treaty-Stewart trend and elsewhere in the Golden Triangle, of which exploration at Ascot’s Premier property, IDM Mining’s Red Mountain property, Colorado’s KSP property, Eskay Mining’s SIB property, GT Gold’s Tatogga property and Decade’s Red Cliff property are prime examples."
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 independently verified the accuracy of the technical data presented in this release 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 $1.2 million in the past two years, 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.