Teuton Resources Reports Initial Drill Results from Treaty Creek Property
TSX VENTURE: TUO
VANCOUVER, British Columbia, Oct. 16, 2017 (GLOBE NEWSWIRE) -- Teuton Resources Corp. (“Teuton” or “the Company”) (TSX-V:TUO) (Frankfurt:TFE1) is pleased to announce gold results from the first four holes of a total of 27 drilled into the Copper Belle zone within the Treaty Creek property, located in the Golden Triangle 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 is the Operator and owns a 60% interest.
CB-17-04, the first step-out hole drilled this year on the Copper Belle zone, intersected 176.2 meters of continuous mineralization which returned 0.80 g/t gold from 152.1 to 328.5 meters depth. Hole CB-17-04 was collared 40 meters north of CB-16-03 (which was drilled in 2016 and returned 338 meters of 0.70 g/t gold). Drill results for all of the first four holes are summarized below:
|From - To
|CB-17-04||152.10 to 328.50||176.20||0.008||1.0||0.801|
|152.10 to 180.60||28.50||0.010||2.0||1.071|
|192.70 to 202.80||10.10||0.007||1.3||2.897|
|CB-17-05||98.20 to 102.30||4.10||0.012||2.3||0.926|
|CB-17-06||182.50 to 592.50||410.00||0.037||3.1||0.672|
|CB-17-07||161.00 to 530.00||369.00||0.032||2.4||0.686|
|203.00 to 246.50||43.50||0.142||11.88||1.810|
|507.50 to 530.00||22.50||0.036||3.7||1.494|
* - True widths of the mineralization have not been determined
Results from subsequent drill holes from the 2017 drill program at Copper Belle are still pending. Almost all holes into the Copper Belle to date have intersected long intervals of mineralization to depth. Drill holes were targeted oblique to the northwesterly plunge of the main mineralized zone. The drill program was designed with approximately 50 meter step-outs across the mineralized zone to create a block of delineated mineralization for a preliminary resource estimate. All drill holes were down hole surveyed at 25 metre stations using a Reflex Multi-shot device.
The Copper Belle resource estimate will use data from 27 holes from 2017, three holes from 2016, 17 holes from 2009 and 10 holes from 2007, for a total of 22,970 meters drilled. These drill holes cover an area of approximately 250 meters wide by a kilometer long. Copper Belle zone mineralization remains open in all directions and to depth.
The magnetotelluric geophysical survey program (“MT Survey”) that was implemented in 2016 has been effectively utilized as a guide for the 2017 drill program. The MT Survey suggests that the mineralization continues to the south, toward the Iron Cap deposit of Seabridge Gold Inc. The MT Survey also suggests that the mineralized zone continues in all directions. The 2017 drill program site is located five kilometers north of the Iron Cap deposit and Tudor intends to step out to the south in its 2018 program to see if it can determine a relationship between the two areas.
Walter Storm, President and CEO, stated: “We are very pleased with these early drill results at Copper Belle because they demonstrate both grade, continuity and the immense size of this pervasively mineralized system. Two major faults control the mineralization which strikes southwest-northeast and dips to the northwest. Our exploration team is effectively following the mineralization using 50 meter step-outs, which will help ensure we have the data density for our planned mineral resource estimates.”
Dino Cremonese, P.Eng., President of Teuton Resources, commented as follows: “It is also gratifying to see a higher grade section within one of the intervals, carrying elevated copper and silver values along with the gold. The 43.50 metre sub-interval in Hole CB-17-07 registers a gold equivalent** value of 2.20 g/t gold when you take into consideration the copper and silver credits, a 21.5% increase in just the gold values alone (**Gold at $1303/oz; Silver at $17.35/oz; Copper at $3.164/lb; assumes 100% recovery).”
Drill hole samples were assayed by Activation Laboratories Ltd. in Kamloops, BC. Analytical accuracy and precision are monitored by the submission of blanks, certified standards and duplicate samples inserted at regular intervals into the sample stream by Tudor Gold personnel. Activation Laboratories quality system complies with the requirements for the International Standards ISO 17025: 2005.
The main technical data in this news release was reviewed by by James McCrea, P.Geo., Tudor Gold’s geologist, for the purposes of 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 believes that it is reliable.
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. Eleven of its properties are currently under option and cash proceeds from these options have exceeded $1.45 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.