(TheNewswire)
April 20, 2022 - TheNewswire - Vancouver, Canada - Teuton Resources Corp. (“Teuton” or “the Company”) (TSXV:TUO) (Frankfurt:TFE) has received a report from its optionee Optimum Ventures Inc. (“Optimum”) which outlines encouraging results from a limited, 4-hole drill program conducted on the Harry property in late 2021. The property is located 25km north of Stewart, British Columbia, adjoining the Premier-Dilworth property of Ascot Resources to the west.
Highlights
Hole S21-3 intersected 15.64m grading 1,437 g/t Silver Equivalent (433.4 g/t Ag, 3.10 g/t Au, plus significant base metal credits, cf. table below for details).
Hole S21-4 intersected 9.26m grading 1,833 g/t Silver Equivalent (690.15 g/t Ag, 1.64 g/t Au plus significant base metal credits, cf. table below for details).
Sampling of a train of massive sulfide float boulders returned high-grade results: the average value of 22 samples taken from the vicinity of the Swann showings is 74.22 g/t Au, 842.9 g/t Ag, 37.6 % Pb, 1.18 % Cu and 28.9 % Zn.
The 2021 exploration concentrated on a broad zone of quartz-sericite-pyrite (QSP) alteration hosting several showings, two of which, the Milestone and Swann, have featured visible gold in surface samples. An outcrop of Premier Porphyry, a particular type of intrusive known to be spatially associated with precious metal mineralization at the nearby, formerly-producing Premier gold mine (now owned by Ascot Resources), has been observed in the vicinity of the Milestone and Swann showings. [A satellite map, plan map and drill sections are available for download, see URLs at end of release]
Four short holes were drilled during the abbreviated 2021 program. The last two of the holes intersected the Swann zone in an overburden covered area, indicating it was an east-dipping stockwork. Assays of these holes returned very encouraging precious and base metal values as detailed below:
DRILL RESULTS – SWANN ZONE
|
Drill Hole # |
From (m) |
To (m) |
Interval (m)* |
Cu (%) |
Pb (%) |
Zn (%) |
Au (g/t) |
Ag (g/t) |
AgEq (g/t)** |
|
S21-3 |
8.75 |
24.39 |
15.64 |
0.606.37 |
7.17 |
8.74 |
3.10 |
433.4 |
1,437 .31 |
|
S21-4 |
14.57 |
23.78 |
9.26 |
0.745 |
14.0 |
9.33 |
1.64 |
690.1 |
1,833 |
* Stated lengths in meters are downhole core lengths and not true widths. True widths will be calculated once more drilling confirms the geometry of the mineralized system.
** AgEq metal values are calculated using Au USD/oz $1,977.40, Ag USD/oz $25.82, Cu USD/lb $4.72 Pb USD/lb $1.12, Zn USD/lb $2.05 (2022/04/8). All values are reported in USD and do not consider metal recoveries.
The first 2 holes of the program appear to have penetrated the footwall region of the Swann zone with narrow stringers of base metal in quartz containing low precious metal values. DDH21-2 had 0.91m of 11.77 Ag and 2.17% Zn as well as 3.05 m of 21.66 g/t Ag and 2.24 % Zn.
Continued Surface Sampling
In addition to the drilling, further sampling was undertaken of massive sulfide float boulders found in the vicinity of the Swann zone. Optimum forwarded an additional 16 grab samples taken from Swann zone boulders for assaying along with the core samples. Results from these grab samples on the Swann zone include values up to up 286.2 g/t Au, 2,202 g/t Ag, 62.19 % Pb, 2.87 % Cu and 28.9 % Zn.
The 22 samples (16 additional samples plus 6 reported previously, cf. News Release dated March 2, 2022) collected to date from the discovery boulders show a range of 0.76 to 286.2 g/t Au, 246 to 2,202 g/t Ag, 21.5 to 57.33 % Pb, 0.07 to 2.87 % Cu and 0.41 to 32.11 % Zn. The average value of these samples is 74.22 g/t Au, 842.9 g/t Ag, 37.6 % Pb, 1.18% Cu and 28.9 % Zn. Of particular interest, narrow sulphide stringers in bedrock parallel to the indicated strike of the Swann zone located within 25m of the discovery boulders also showed high gold and silver values. Sample A21-62 from one of these stringers assayed 45.2 g/t Au, 1,111 g/t Ag, 9.38 % Pb, 2.74 % Cu and 20.88 % Zn.
In addition, reconnaissance sampling was carried out prior to snowfall in 2021 on mineralized sub-crop quartz found along several QSP zones situated close to the lower Granduc Road. These east-west zones of sub-crop appear to be up to 5m wide with strong pyrite veining and narrow quartz veining with base metals. One zone is located 1.7 km south of the Swann zone and sampling indicates up to 1.99 g/t Au and 15.63 g/t Ag, another zone 1.5 km south gave 1.58 g/t Au and 65.92 g/t Ag while a third zone 1.2 km south assayed 2.17 g/t Au and 245 g/t Ag.
Note: Grab samples are solely designed to show the presence or absence of any mineralization and to characterize the metal tenor in this mineralization. Grab samples are by definition selective and not intended to provide nor should be construed as a representative indication of grade or mineralization at the property; and the grab samples analyzed from the property reflect a broad range in grade from below detection limit to the grades highlighted herein.
E. Kruchkowski, director of Optimum Ventures stated: “Finding visible gold in massive to semi-massive boulders at surface leading to the discovery of the Swann zone confirms the potential of the Harry property. With the surface results from the Milestone zone discovered in 2020 (7.86 ounces per ton gold [269.5 g/t] across a 2-metre width) and Swann zone drill intersections, the Company is excited for the up coming 2022 exploration program being finalized. The Company initially plans an aggressive program including mapping, sampling and drilling once the 2022 surface work is compiled. The property shows similarities to both the Valley of Kings and Premier deposits based on my experiences working on them. With the rapid ablation of glacial ice and large areas of the property that have not been explored, particularly the bright gossans being exposed, the Company anticipates numerous new exciting discoveries.”
D. Cremonese, P. Eng., President of Teuton, commented as follows: “These results are very propitious and they underscore my long-held belief about the merits of the Harry property. Like Mr. Kruchkowski, I am looking forward to the follow-up phase of exploration which is expected to begin, weather permitting, within a couple of months.”
Qualified Persons: Mr. Edward Kruchkowski, P.Geo., a member of Optimum’s Board of Directors, is a qualified person for the purposes of National Instrument 43-101 and has reviewed and approved the technical information contained herein. D. Cremonese, P. Eng., is the Qualified Person for Teuton Resources and although he has not reviewed the technical information firsthand, he has no reason to doubt its reliability. As the CEO and President of Teuton, Mr. Cremonese is not independent of the Company.
Quality assurance -- quality control
Optimum Ventures inserted blanks and standards within the sample stream to improve quality control. MSALabs, the accredited laboratory which performed the analyses, also ran internal standards and blanks as a check on their results. Pulps and rejects are retained for future analyses, if needed.
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) and a 0.98% NSR in the Goldstorm deposit area. Teuton also acquired the Harry property many years ago by staking. Interested parties can access information about Teuton at the Company’s website, www.teuton.com.
URLs For Figures
Satellite Photo – Mineralized Zones: http://teuton.com/harrysatphoto
Drill Plan Map: http://teuton.com/harrydrillplanmap
Cross Section DDH S21-3: http://teuton.com/XSection-DDH-21-S-3
Cross Section DDH S21-4: http://teuton.com/XSection-DDH-21-S-4
On Behalf of the Board of Directors of Teuton Resources:
"Dino Cremonese, P.Eng."
Dino Cremonese, P. Eng.,
President and Chief Executive Officer
For further information, please visit the Company's website at www.teuton.com or contact:
Barry Holmes
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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