VANCOUVER, British Columbia, Aug. 03, 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 within the next few days on the Treaty Creek Project, a joint venture between Teuton, Tudor Gold and American Creek.
Pursuant to the joint venture agreement announced on May 11, 2016, Teuton holds a 20% interest in the Treaty Creek Project, in addition to a 2% NSR on 49% of certain claims within the property and a 1% NSR on 49% of other claims within the property, without a buyback. Teuton’s 20% interest is fully carried during the exploration period until a production notice is given, meaning that it will not be required to put up any funds during this period.
Tudor Gold has reported that a magneto-telluric (“MT”) geophysical survey managed by Simcoe Geoscience is underway at Treaty Creek. The MT survey has been designed to cover favorable areas identified by previous drilling and geophysical programs. The survey should provide a reliable subsurface resistivity image and has been undertaken due to the successful application of the technology in the area. The first priority is to extend the known results of a previous MT survey collected in 2010 which indicates an anomalous zone on the western edge of the property, close to Seabridge Gold’s KSM property.
Tudor Gold is presently compiling all data associated with the Treaty Creek property, for use in the upcoming drill program. In addition, a sampling program on the Company’s Orion property, under option to Tudor Gold, will begin in the first week of August.
Drill pad construction is presently under way on the Company’s Del Norte property, where drilling is scheduled to begin in a few days. This work will focus on a number of targets, including a section of the LG vein system where the surrounding ice has melted back, exposing new ground for testing. The new LG vein pad is located close to Hole 2005-2 which ran 15.54 metres of 350.68 g/t silver and 6.58 g/t gold, or 11.89 g/t gold equivalent (at current 66.18 gold-silver ratio).
After prospecting results from further sampling and geochemical surveys on the Big Gold and Pearson properties are in hand, drilling will move to these two properties. This is expected to occur within the next few weeks.
D. Cremonese, P.Eng., President of Teuton, commented as follows: “Altogether we have optioned out or joint ventured seven properties lying both to the north and south of Seabridge Gold’s KSM property and Pretium Resources’ Brucejack properties. The moneys received from the option agreements has been substantial, allowing us to explore our properties further to the south (such as the Big Gold), while keeping shareholder dilution to a minimum. The upcoming drill programs financed by our optionees as well as those paid for directly by Teuton, ensure that 2016 will be one of the busiest and most exciting field seasons in years.”
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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Source: Teuton Resources