(TheNewswire)
August 3, 2021 - TheNewswire - Vancouver, Canada – Teuton Resources Corp. (“Teuton” or “the Company”) (TSXV:TUO) (Frankfurt:FTE) (OTC:TEUTF) and Silver Grail Resources Ltd. (TSXV:SVG) (OTC:SVGAF) report that drilling has begun on their Midas property (Teuton – 75%, Silver Grail – 25%) situated 27 km east of Stewart, BC in the Golden Triangle, due south of Teuton’s Del Norte property currently under option to Decade Resources. The first hole is testing, at depth, a strong ZTEM anomaly, the “A-6”, detected during a 2018 airborne geophysical survey flown by Geotech. The southern portion of the anomaly lies within the Midas property, the northern portion is on the Del Norte; a rhyolite dome is exposed on surface within the northern portion.
Midas Property
The Company is using a heavy-duty drill with capacity to penetrate 1,000 metres under contract from BC Diamond Drilling. Yellowhead Helicopters is providing air support.
Geotech’s geophysicists had this to say about the A-6 target: “It is stretching roughly in the NS direction over a distance of ≈ 1.5 km and connects the 3Oz Vein and the Rhyolite Dome showing. It has an estimated resistivity of < 50 ohm-m at depth of 300m, coincides with a strong Aerotem conductor and occurs within a zone of magnetic low. It is affected by a NW striking fault and occurs within a zone of complex structural pattern. It may represent a link to a tension fault generated by the NW striking fault system.”
The drill is currently at 500+ m depth. It has intersected a series of felsic volcanic and volcanoclastic rocks including peperite with a section of rhyolitic flows and or tuffs. In one core interval, very fine-grained pyrite appears to be associated with thin exhalite layers. Drilling is expected to continue to 700 m. Core is brought to the Teuton core storage facilities on a daily basis where it is being logged and processed. The Teuton geologists will determine intervals to cut with blanks and standards inserted in the sample stream for quality assurance.
Konkin Silver Property
The Konkin Silver property adjoins due south of the Midas and is 50% owned by Teuton and 50% by Silver Grail. Silver-bearing mineralization has been discovered in a number of showings throughout the property in past exploration programs.
The aim here is to test at depth a strong ZTEM anomaly, the “A-9”, discovered during a 2018 Geotech survey. The A-9 surrounds two, large VTEM anomalies detected during an earlier survey completed in 2005 (see Map, URL at end of the News Release). Neither of the anomalies has been previously drill-tested.
Geotech summarized the A-9 target as follows: “It lies within the Hazelton Group volcanics and appears to be structurally controlled by a NNW striking fault. It is stretching roughly in the NNW direction over a distance of ≈ 2 km along an inferred fault zone. It has an estimated resistivity value of < 30 ohm-m at depth of 300m and coincides with a strong Aerotem conductor.”
The drillpad is collared within the Salmon River Formation in an area marked by carbonaceous mudstones. Discrete gossanous zones are in evidence west, east, north and southeast of the drillsite. Drilling will begin at Konkin Silver as soon as drilling on the Midas is complete.
Dino Cremonese, P. Eng., Teuton’s President, states: “In 2021, our plan is to test a number of targets generated by airborne surveys flown in 2005 and 2018. In the Del Norte-Midas-Konkin Silver corridor, past exploration suggests potential for VMS mineralization with particular sections having a geological setting which is somewhat analogous to that in and around the Eskay Creek deposit (rhyolite breccias, peperitic dacites, carbonaceous mudstones). After we have finished in this part of the Golden Triangle, we plan to move to the Eskay Rift property in the Frank Mackie glacier area (wholly owned by Teuton Resources) and drill various ZTEM targets there. “
QA/QC
Drill core samples will be sent to MSA Labs' Preparation Laboratory in Terrace, BC and will be assayed at MSA Labs' Geochemical Laboratory in Langley, 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 Teuton personnel. MSA Laboratories quality system complies with the requirements for the International Standards ISO 17025 and ISO 9001. MSA Labs is independent of the Company.
Qualified Person
The Qualified Person for this news release for the purposes of National Instrument 43-101 is Dino Cremonese, P. Eng. As Mr. Cremonese is the President of both Silver Grail and Teuton, he is not independent of the companies.
About Silver Grail
Silver Grail owns interests in over 12 mineral properties in the southern portion of the Golden Triangle, all located within 35 km of the town of Stewart, BC. Many of these properties contain veins or shear zones hosting significant amounts of silver mineralization. In addition, the Company also owns interests in three other properties in British Columbia containing cobalt mineralization.
About Teuton
Teuton owns interests in more than thirty properties in the prolific “Golden Triangle” area of northwest British Columbia and was one of the first companies to adopt what has since become known as the “prospect generator” model. Teuton earned $3.9 million net income in 2020 and a further $2.4 million in the first quarter of 2021. Its income is derived from option payments.
Teuton was the original staker of the Treaty Creek property, host to the large Goldstorm deposit, assembling the core land position in 1985. It presently holds a 20% carried interest in Treaty Creek (carried until such time as a production decision is made). Interested parties can access information about Teuton at the Company’s website, www.teuton.com.
Figures Accompanying News Release
Map – http://teuton.com/KonkinSilverDrillpadMap
Respectfully submitted,
"Dino Cremonese, P.Eng."
Dino Cremonese, P. Eng.,
President and Chief Executive Officer
Silver Grail Resources Ltd.
Teuton Resources Corp.
For further information, please visit the Company's website at www.teuton.com or contact:
Barry Holmes
Director Corporate Development and Communications
Tel. 778-430-5680
Email: barry@teuton.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements regarding Forward-Looking information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.
All statements relating to future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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