Tickers: XTSX:TUO, PINX:TEUTF
Tags: #Mining
January 7, 2020 - TheNewswire - Vancouver, Canada - Teuton Resources Corp. ("Teuton" or "the Company") (TSXV:TUO) (OTC:TEUTF) (FSE:TUC) is pleased to announce it has optioned its wholly-owned Del Norte property to Decade Resources. The property (5,800 hectares) is situated within the Golden Triangle of northwestern British Columbia, 34 kilometres east of Stewart. Over $6,000,000 has been spent on the Del Norte since first staking in 1985. It is located along a major structural break between volcanics to the west and sediments to the east, a favourable contact which is the locus of numerous precious metal occurrences.
Decade has the right to earn up to a 55% interest in the property under the following terms:
- Payment of $400,000 over 4 years with an initial payment of $20,000.
- Issuing 800,000 shares of Decade on signing.
- Issuing $180,000 of Decade stock over a 4 year period.
- Expenditures of $4,000,000 over 5 years.
Decade has the right to earn an additional 20% by placing the property into production. There is an underlying 2% NSR on the property. The agreement is subject to TSX Venture approval.
Dino Cremonese, P.Eng., President of Teuton commented as follows: "Decade Resources is headed by Ed Kruchkowski, one of the Golden Triangle's most well-known geologists. He has been responsible for, or a part of, many discoveries in the local Stewart area including on the Red Cliff, Silver Coin and BA properties not to mention other mineralized occurrences within the Sulphurets area properties now owned by Seabridge Gold and Pretium Resources. We wish Decade luck in advancing the Del Norte property. This option is consistent with the Company's policy of spreading exploration risk through joint venture agreements."
Highlights of the property include:
- Mineralization has been discovered over a minimum strike length of at least 4 km on the structural break within the property.
- Mineralization is hosted in quartz veins and breccias as well as coarse crystalline base metals in shear zones
- A chip sample across a discovery zone in 2002 returned 6.07 g/t gold and 623.7 g/t silver across a width of 10.0 metres.
- Three holes drilled from a single station located 12 m south of the chip sample intersected true widths of mineralization varying from 8.5 to 10 metres and carrying gold values ranging from 3.53 to 7.56 g/t gold and silver values ranging from 176.95 to 274.24 g/t.
- Several hundred metres north of the above, drilling on the same or sub-parallel structure returned 6.47 g/t gold and 346.02 g/t silver over 15.54 m.
- Other holes in this area intersected 8.6m of 3.02 g/t gold and 270.5 g/t silver over 8.74 m.
- A drill hole several hundred metres south of the initial trench discovery in 2002 intersected 1208 g/t silver and 26.54 g/t gold over 4.05 m on the same or sub-parallel structure.
- Surface grab sampling in a trench for the above-mentioned drill hole assayed up to 3910 g/t silver and 19.5 g/t gold.
- Float rocks in the projected area of the northern extension of the zone (1000 m north of the initial 2002 discovery) returned assays of 186.2 g/t gold and 40.9 g/t gold
In addition to occurrences exposed along the structural break, potential for other forms of mineralization is indicated by the following:
- Porphyry copper-gold mineralization was intersected at depth in Del Norte creek area.
- 2019 drilling by Teuton found structures suggesting nearby VMS-style mineralization.
- Three streams traversing the property have been worked in the 1930's for placer gold.
The Qualified Person for Teuton Resources, Dino Cremonese, P. Eng. (who as President is not independent of the Company), is responsible for the contents of this news release.
About Teuton
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. Seven of these properties are currently under option to third parties. Over $2 million in option cash payments has been generated from these optioned properties since 2015, including properties where optionees have already earned their interest (this does not include the value of shares received from the optioning companies).
Teuton also owns a 20% carried interest in the Treaty Creek property of Tudor Gold (carried until such time as a production decision is made) as well as a 0.98% NSR in the claims covering the Goldstorm zone. Teuton was the original staker of the Treaty Creek property assembling the core land position in 1985. Teuton presently holds 2.975 million shares of Tudor Gold, the Operator of the Treaty Creek Project. Canadian mining financier, Eric Sprott, has invested more than $10 million in the Treaty Creek companies to date (Tudor Gold, Teuton, American Creek).
Shareholders and other 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:
Barry Holmes
Director Corporate Development and Communications
Tel. 778-430-5680
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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