VANCOUVER, B.C., July 26, 2016 (GLOBE NEWSWIRE) -- Teuton Resources Corp. (“Teuton”) (TSX-V:TUO) (Frankfurt:TFE) (OTCBB:TEUTF) is pleased to announce that diamond drilling is set to begin August 5, 2016 on its properties in the Golden Triangle region of northwestern British Columbia. Up to four properties are slated for drilling during the field season.
Teuton currently owns interests in fifteen properties in the area located south of the Brucejack property of Pretium Resources and the KSM property of Seabridge Gold. Seven of these properties are currently under option: Tudor Gold has optioned the High North, Orion, Delta and Fairweather properties; Pretium Resources has optioned the King Tut and Tuck properties, and; Rotation Minerals has optioned the Four J’s property [see Location Map: http://teuton.com/wp-content/uploads/2016/07/Interediatebiggoldmap.pdf.]
All of these properties lie along, or in close proximity to, the “red line” identified by BC government regional geologist Jeff Kyba as being prospective for the discovery of large mineral deposits. The red line marks the contact between Stuhini Triassic rocks and Hazelton Jurassic rocks. Within this area, Teuton’s Big Gold property and Pearson property have been selected for drilling in 2016.
A brief prospecting program on the Big Gold in 2015 discovered a zone of sericite schists containing anomalous to highly anomalous gold and silver values along a hundred metre long interval. Further rock geochemical sampling is required to delimit the zone after which higher grade sections will be drilled.
Teuton’s Pearson property was formerly owned by Bell Copper and, later, Castle Resources. A 100% interest in the property was transferred to Teuton in early 2016.
Castle Resources defined a 2km long, drill target on the Pearson property by modeling of certain geophysical anomalies identified in a 2010 airborne survey. In a Feb. 27, 2013 news release, Castle stated: “This feature trends north-south, exhibits a conductivity greater than 13 mS/m and extends over a strike length exceeding 2 km, dipping approximately 15 degrees to the south. This feature extends to surface at location (NAD 83 UTM Zone 9) 419235 E, 6234560 N, and the majority of the feature begins 200 m below surface, representing a potential near-surface drill target. This conductive feature is located within a magnetic low and bounded to the east by a magnetic high (0.01 nT).”
The anomaly can be seen on the attached map at http://teuton.com/wp-content/uploads/2016/07/pearsonanomalymap.pdf
Although Castle Resources stated their intention to drill the “massive anomaly” later in the year, they never did. Teuton plans to drill the anomaly in 2016 after conducting some routine sampling programs to identify optimal sites for drill pads.
One area close to the anomaly contains sections with abundant green copper stain. Photographs taken by Teuton personnel in 2006 can be seen on the Company website under “Pearson Property”.
Readers are cautioned that the geophysical anomaly has not been verified by Teuton’s Qualified Person, D. Cremonese, P.Eng., as he was not involved in its identification and interpretation. However, Mr. Cremonese has no reason to believe that the work done by Castle Resources and substantiated by their Qualified Person (as announced in its February 2013 release), is unreliable.
Teuton also plans to drill its Konkin Silver and Del Norte properties during the 2016 field season. Both of these properties are located east of Stewart, BC, in the Red Mountain area, currently being explored by IDM Mining. Details on these programs will be announced at a later date.
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. Ten of its properties are currently under option and cash proceeds from these options have exceeded $1 million in the past twelve months, not including the value of shares received from the optioning companies. Shareholders and other interested parties can access information about Teuton at the Company’s website, www.teuton.com.
The Qualified Person for this news release is D. Cremonese, P.Eng., who, as President and CEO, is not independent of the Company.
“Dino Cremonese, P.Eng.”
President, Teuton Resources Corp.
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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.
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TEUTON RESOURCES CORP. 2130 Crescent Road Victoria, BC V8S 2H3 Phone: (778) 430-5680 Website: www.teuton.com