May 8, 2023 – TheNewswire - Victoria, Canada –– Teuton Resources Corp. (“Teuton” or “the Company”) (TSXV:TUO) (Frankfurt:TFE) announces that it has received a report from its Joint Venture Partner Tudor Gold Corp. (“Tudor Gold”) stating that drilling has commenced at the Treaty Creek Project, located in the Golden Triangle of Northwest British Columbia.
The fully funded program consists of a minimum 25,000 metre (m) diamond drilling campaign that has been developed to target the north and northeast mineral extensions of the Goldstorm Deposit where drilling in 2021 and 2022 intercepted the highest grades of gold, copper and silver mineralization at Treaty Creek to date. These results contributed to a significantly upgraded Mineral Resource Estimate recently announced by Teuton in a news release dated March 15, 2023 which reported an Indicated Mineral Resource of 23.37 million ounces (Moz) of gold equivalent (AuEQ) grading 1.13 g/t AuEQ and an Inferred Mineral Resource of 7.35 Moz of AuEQ grading 0.98 g/t AuEQ.
In addition to the northern step-out drilling at the Goldstorm Deposit, Tudor Gold plans to carry out exploration drilling at the Perfectstorm Zone (“PSZ”) to follow up on six drill holes that were drilled in 2020 and 2021 which all intercepted gold and silver mineralization, highlighted by hole PS-21-06 which returned 118 m of 0.66 g/t gold, 3.69 g/t silver including 31.5 m of 0.84 g/t gold, 6.09 g/t silver. PSZ is a gold-dominant mineralized system measuring 1.3 kilometers (km) in strike length and is located approximately 2.5 km southwest of the Goldstorm Deposit and approximately 2.5 km northeast of Seabridge Gold’s Iron Cap Deposit near the southwestern boundary of the Treaty Claim block.
Ken Konkin, President and CEO of Tudor Gold, commented: “Congratulations to our field crews for yet again another safe and successful start-up utilizing our winter road route. We thank our good neighbours to the south at Brucejack Lake, Newcrest Mining, for all their assistance during the process. We plan to pick-up the drilling where we left off at the end of 2022. We will concentrate on pushing out the resource in the areas of highest grades throughout the 300H, CS-600 and DS-5 domains with four drill rigs. Two are currently drilling the northern aspects of these domains with another two rigs expected to arrive on site by mid May. In addition, we plan to attack the Perfectstorm System. Based on favorable drill results from 2020 and 2021 as well as the reconnaissance surface Geochem from 2023, we plan on putting two drill rigs on this target by late June. With four deep-drill rigs at the Goldstorm Deposit we hope to continue to add high-quality gold ounces to our current resource model as well as discover favorable Au-Cu-Ag mineralization at the Perfectstorm system. All core will be transported to our Bitter Creek core shack near Stewart, BC for logging and sampling. This facility enables us to give core tours throughout the entire year including winter months.”
The Qualified Person for this news release for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) is Tudor Gold’s President and CEO, Ken Konkin, P.Geo. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release. Dino Cremonese, P. Eng., is the Qualified Person for Teuton Resources; although he has not independently verified the technical information contained in this news release, he has no reason to believe it is not reliable; as President and CEO of Teuton, he is not independent of the Company.
About Treaty Creek
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 the Treaty Creek Project (Tudor Gold is responsible for paying all exploration costs up until such time as a production decision is made and owns a 60% interest; American Creek Resources owns the remaining 20% interest, also carried). Additionally, Teuton owns a 0.98% Net Smelter Royalty in the Goldstorm deposit area. It also owns numerous additional royalty interests within the Sulphurets Hydrothermal system on properties such as the King Tut, Tuck, High North, Orion, Delta and Fairweather properties.
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. This model minimizes share equity dilution while at the same time maximizing opportunity. Earnings provided from option payments (received in cash and often also in shares of the optionee companies), have provided substantial income to Teuton.
Interested parties can access information about Teuton at the Company’s website, www.teuton.com.
"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:
Corporate Development and Communications
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.
Copyright (c) 2023 TheNewswire - All rights reserved.