Teuton Resources: First Two Holes of 2018 at Treaty Creek Property; Bay Silver Farmed Out
TSX VENTURE: TUO
TheNewswire / August 27, 2018: Teuton Resources Corp. ("Teuton" or "the Company") ("TUO"-TSX-V) ("TUC"-Frankfurt) reports initial results from a 2018 drill program on the Copper Belle zone of the Company's Treaty Creek property in BC's Golden Triangle of north-western BC. Gold assays have been received from the first two holes. To date, five holes have been completed, totalling 3,899 meters and the sixth and seventh holes are proceeding. Teuton owns a 20% carried interest in the property. American Creek Resources also owns a 20% carried interest and Tudor Gold, the operator, owns a 60% interest and is responsible for all costs up to the time of a production decision.
The gold assays from the first two drill holes indicate broad intervals of more than 300 meters of gold mineralization that have expanded the known area of the Copper Belle zone, providing positive results that will be used in future resource calculations. Significantly, the first sighting of coarse visible gold has been made, within an interval that assayed 26.6 g/t gold over 1.5 meters in hole CB-18-32.
Copper Belle visible gold in CB-18-32
Walter Storm, President and CEO of Tudor Gold, stated: "We are extremely encouraged by the broad intervals of gold mineralization encountered in the first two drill holes of the season at Copper Belle. The large step-outs with the drills will quickly evaluate a significant area of the porphyry system and we are prepared to drill deeper holes to explore the indications of continuing gold mineralization at depth. In addition, there is a three-kilometer interval between Tudor Gold's Copper Belle discovery and Seabridge Gold's Iron Cap deposit, in which our magnetotelluric geophysical survey has identified strongly anomalous targets that have yet to be drill tested."
CB-18-31, the first hole of the season, is a step-out hole that has expanded the known extent of the Copper Belle zone some 100 m to the west of previous drilling. CB-18-32, which is located 190m south of hole 31, has also extended the zone more than 100m to the west. Current drilling continues to step out successfully to the west in large jumps of 100 to 150 meters, providing information about a sizeable portion of the porphyry-style mineralized system. The Copper Belle zone appears to be a relatively flat-lying body that is located along trend, to the northeast of the Iron Cap Au-Cu deposit on the adjacent property of Seabridge Gold Corp. Holes at Copper Belle in 2018 are testing a magnetic high that measures some 600 meters by 500 meters and has previously only been drilled along its eastern and southern margins. For locations of the 2018, and other, holes in the Copper Belle area that are overlain on Total Magnetics contours, please view the map below.
CB-18-31 intersected a 302 meter-long mineralized interval from 392.0 to 694.0 meters that averages 0.471 g/t gold. Within this section are zones of more intense silica alteration that contain greater concentrations of pyritic mineralization, which have returned higher gold values, such as 1.908 g/t Au over 20.5 meters.
CB-18-32 intersected two broad zones of mineralization; the upper zone averages 0.662 g/t gold over 337.8 meters and also contains intervals of stronger alteration and mineralization, such as 1.036 g/t gold over 121.8 meters and 0.800 g/t gold over 49.5 meters. The lower zone, 90 meters downhole from the first, averages 0.395 g/t gold over 169.5 meters, with higher grade intervals such as 0.758 g/t gold over 31.5 meters. Strong mineralization is present at the end of hole 32, indicating very good potential for continuing gold values at depth.
Gold results for holes CB-18-31 and CB-18-32 are summarized in the table below:
|Hole ID||From (m)||To (m)||Interval (m)||Au (g/t)||Ag (g/t)||Cu (%)||Comments|
|includes||194.7||316.5||121.8||1.036||106.0||-||with 37.0 m at 2.200 g/t Au|
|and||483.0||532.5||49.5||0.800||2.7||0.002||with 18.0 m at 1.477 g/t Au|
|and||752.0||783.5||31.5||0.758||2.0||0.049||with 6.0 m at 1.282 g/t Au|
* All assay values are uncut and intervals reflect drilled intercept lengths.
* True widths of the mineralization have not been determined.
Earlier in the season, field crews examined and channel sampled a new zone of porphyry-style veining that has recently been exposed by retreating glacial ice. This area is about 1.1 kilometers southwest of the Copper Belle zone, toward the Iron Cap deposit, and has not been previously sampled. Of the twelve samples, several were anomalous in gold, with values such as 0.522 g/t gold over 1.5 meters. Additional sampling in this new zone is planned.
Copper Belle Drill Hole Locations on Total Magnetic Intensity
("Warmer" Colours Indicate Higher Magnetic Intensity)
Drill core samples were prepared at ALS Global's Preparation Laboratory in Terrace, BC and assayed at ALS Global's Geochemical Laboratory in North Vancouver, 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. ALS Global Laboratories quality system complies with the requirements for the International Standards ISO 17025: 2005.
The Qualified Person for the analytical information in this new release is Tudor Gold geologist James A. McCrea, P.Geo, 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.
Bay Silver Property Optioned to Auramex Resources
Teuton Resources, in conjunction with joint owner Silver Grail Resources Ltd., has agreed to option out the Bay Silver property to Auramex Resources Corp. subject to TSX approval.
The option to acquire a 100% interest in the Bay Silver property involves an initial payment of $10,000 and the issuance of 100,000 shares upon Exchange acceptance, to be divided equally between Teuton and Silver Grail. To complete the option, payments aggregating a further $110,000 and 400,000 shares are required over the next four years, again to be divided equally. The vendors will retain a 2% NSR, one half of which can be bought down for $1 million, with a minimum advance annual royalty of $50,000 to begin after 7 years.
High-grade silver-bearing veins located in the southern portion of the Bay Silver property were mined on a limited basis beginning in 1928. Mining at that time was hampered by the difficulty of transporting ore from the mine at 900 meters elevation down to sea level in the Bear Valley. Other high-grade silver occurrences have been documented on other parts the Bay Silver property.
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. Twelve of its properties are currently under option and cash proceeds from these options have exceeded $1.9 million since 2015, 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.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.