|By Marketwired .||
|July 24, 2014 08:30 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/24/14 -- Teuton Resources Corp. ("Teuton") (TSX VENTURE: TUO)(FRANKFURT: TFE)(OTCBB: TEUTF) has commissioned a geophysical report on an airborne survey completed in 2005 by Aeroquest over the Del Norte property. Mr. Killin, P. Geo., a geophysicist and past VP of Interpretation at Quantec Geoscience, analysed the Aeroquest data and provided his interpretation. The Del Norte property is located 20 miles east of the town of Stewart in northwestern British Columbia within the Golden Triangle (see Fig. 1).
The Del Norte property is one of Teuton's original claim holdings dating back to 1983. It was staked to cover three gold-bearing streams (Nelson, Del Norte and Willoughby Creeks) which flow west-east from the Cambria Icefield into the White River. A definitive source for the placer gold in these streams has not yet been determined. Placer streams are relatively rare in the Stewart region but those that exist are often associated with major mineral deposits. As an example, Sulphurets Creek is a known gold placer stream and drains the area hosting the major KSM, Snowfield and Brucejack gold deposits of Seabridge Gold and Pretium Resources. Bitter Creek, another placer stream, drains the Red Mountain gold deposit of IDM Mining, recently purchased from Seabridge Gold. Nelson Creek, the most northerly placer stream on the Del Norte property, was reportedly worked for its gold content by Cominco during the 1930's.
Over the past thirty years over $4.5 million has been spent at Del Norte, mostly by three companies who previously held the property under option. During that time 92 holes were drilled, testing many different mineralized zones. Most of these zones lie along a north-south trending contact between sediments on the east and volcanics on the west.
In 2002 the K zone was discovered. Three holes drilled into this zone yielded intersections averaging 29.1 metres (95.6 ft.) grading 0.145 oz/ton gold and 6.13 oz/ton silver, or 0.243 oz/ton gold equivalent (at the current 62.5:1 gold-silver ratio). No follow-up drilling has taken place because the zone was on the edge of an icefield. Northwesterly, and at lower elevations, more than fifty holes were drilled into the LG vein system lying directly along the volcanic-sediment contact. Intersections in the LG vein system ranged from nil to 15.5m (51.0 ft.) grading 0.192 oz/ton gold and 10.23 oz/ton silver, or 0.356 oz/ton gold equivalent.
Mr. Killin, P.Geo., has identified 6 different target areas for follow-up work in 2014 (see Fig. 2). All of these are to be examined during this summer's work program. Of particular interest are the K-1 and K-2 targets, which may represent extensions of the K zone mineralization. It is likely that the icefield surrounding the K zone will have melted back considerably over the last 12 years. The current plan is to drill test the most viable zones discovered during the field examinations, contingent upon obtaining the necessary financing.
Dino Cremonese, P.Eng., President of the Company, provided the following comment: "The Del Norte is one of Teuton's premier gold-silver properties. Since Sabina Gold & Silver earned its 50% interest in the claims in 2007, the property has lain fallow. Our recent purchase of Sabina's 50% interest means that we have regained 100% control of this promising property. We look forward to getting on the claims as soon as possible to resume exploration."
The Qualified Person for the purposes of this news release is D. Cremonese, P.Eng., who, as President and CEO, is not independent of the Company. Mr. Cremonese has not independently verified all of the geophysical information in Mr. Killin's report, but believes it to be accurate and in conformance with industry standards. All drill intersections cited in this news release are also believed to be accurate and in conformance with industry standards, however true widths of mineralization are not known.
Shareholders and other parties interested in following Teuton are encouraged to visit the Company's website at www.teuton.com, recently updated.
Dino Cremonese, P.Eng., President,
Teuton Resources Corp.
If you would like to be added to Teuton's news distribution list, please send your email address to [email protected].
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.
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Teuton Resources Corp.
202-2187 Oak Bay Avenue
Victoria, BC V8R 1G1
(604) 682-3680 or Toll Free: 1-800-879-2333
(604) 682-3992 (FAX)
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