Vancouver, Canada –– TheNewswire – February 16, 2023 - Teuton Resources Corp.  (“Teuton” or “the Company”) (TSXV:TUO) (Frankfurt:TFE) has received a report from its optionee Optimum Ventures Inc. (“Optimum”) outlining results of backpack drilling to 1.0 meter depths on the Company's Harry property located in the Golden Triangle region of northwestern British Columbia. The Harry property lies within a 50km long north-northwesterly trending corridor which hosts several gold occurrences including the producing Valley of the Kings gold mine (Newcrest Mining) and former gold producer, the Premier (Ascot Resources), as well as such high-grade prospects as the Blueberry vein (Scottie Resources) and the Electrum (Goldstorm Resources).

 

A “Shaw” backpack drill capable of providing core to 1m depths was used in the sampling program.  This type of drill is especially useful in glacially polished areas where obtaining a representative sample from conventional surface sampling can prove difficult.  Results from 97 one-meter Shaw drill holes have been received.  The Shaw backpack drilling program was followed up by standard diamond drilling  from which 2,218 meters was obtained before the end of the field season. Assay results for this latter phase are presently awaited and will be released upon receipt.

 

Dino Cremonese, P. Eng, President of Teuton, commented as follows:  “Optimum Ventures is to be commended for using the Shaw backpack drill to test a variety of surface exposures on the Harry property. The results obtained show strong base metal values and, in respect to certain exposures within the Sheeted Vein zone, very encouraging silver values.   The Shaw drill is an excellent tool for determining viable targets for conventional diamond drilling.  I understand that Optimum Ventures drilled substantial meterage during the 2022 season, assay results for which are still to be reported.”

 

Sheeted Vein Zone – Highlights from Shaw Drilling

 

Drill Hole #	From (m)	To (m)	Interval (m)	Cu (%)	Pb (%)	Zn (%)	Au (g/t)	Ag (g/t)
22-SVS-3	0	1.0	1.0	0.23	2.64	8.65	0.099	208
22-SVS-4	0	1.0	1.0	0.37	39.74	22.95	0.477	970
22-SVS-6	0	1.0	1.0	0.37	4.33	4.41	0.092	308
22-SVS-9	0	1.0	1.0	1.70	5.78	2.72	0.401	1,511
22-SVS-10	0	1,0	1.0	0.64	7.29	3.09	0.201	522
22-SVS-11	0	1.0	1.0	0.62	8.34	11.36	0.230	442

 

The above highlights from the Sheeted Vein zone represent 6 out of 15 test holes to 1m depth.  The Sheeted Vein zone consists of northwest-striking parallel quartz-sulfide veins that dip to the east, with widths of at least 7 m.  The veins host semi-massive to massive galena, green sphalerite, and tetrahedrite masses along a quartz stockwork. The zone is exposed over 15 m of strike length and drilling was conducted to test the various parallel veins.

 

Assay values for the entire Sheeted Vein zone range from <0.005 to 0.477 g/t gold, 1.2 to 1511g/t silver, 51 ppm to 1.7 % copper, 122 ppm to 39.74% and 335 ppm to 22.95%zinc.

  

Saw Cut Zone – Highlights from Shaw Drill

 

Drill Hole #	From (m)	To (m)	Interval (m)	Zn (%)	Au (g/t)	Ag (g/t)
22-SCS-31	0	1.0	1.0	1.15	0.242	4.9
22-SCS-34	0	1.0	1.0	5.02	0.696	6.8
22-SCS-35	0	1.0	1.0	1.73	0.161	9.0
22-SCS-40	0	1,0	1.0	1.96	2.117	20
22-SCS-42	0	1.0	1.0	4.49	2.886	132
22-SCS-53	0	1.0	1.0	4.01	1.446	9.5
22-SCS-54	0	1.0	1.0	5.73	1.307	11.6
22-SCS-55	0	1.0	1.0	1.75	0.367	7.8
22-SCS-58	0	1.0	1.0	3.08	0.324	9.1
22-SCS-60	0	1,0	1.0	2.67	1.155	12.8
22-SCS-61	0	1.0	1.0	3.13	0.418	7.2
22-SCS-62	0	1.0	1.0	1.11	0.222	7.3

  

The above highlights from the Saw Cut zone represent 12 out of  82 holes to 1 m depth. The Saw Cut zone has been exposed over a 40 m strike length, with shallow Shaw drill core samples showing sulphide mineralization consisting of pyrrhotite, galena, sphalerite, chalcopyrite, and pyrite in semi-massive to massive veins, stringers, and interstitials within brecciated zones and/or disseminated throughout the core. The zone is hosted in mudstone, dacite tuff, and mudstone-supported dacite lapilli-tuff containing 1 to 30% pyrite, trace to 8% sphalerite, and trace to minor galena. The Saw Cut zone is believed to belong to a gold-silver enriched VMS (volcanogenic massive sulfide) class of mineralization similar in nature to parts of the Eskay Creek deposit.

 

Assay values for the entire Saw Cut zone range from 0.006 to 2.886 g/t gold, <0.05 to 132 g/t silver, 33 ppm to 112 ppm copper, 316 ppm to 0.715% and 44 ppm to 5.02% zinc.

 

Assays have been completed by MSA Labs in Langley BC, an accredited facility.

 

The Harry Property hosts several 500 metre (“m”) wide zones of intense alteration that trend northwest along the claim length with several different mineralization types, as follows:

 

• Quartz and quartz breccias with sphalerite (zinc sulphide), galena (lead sulphide), chalcopyrite (copper-iron sulphide), tetrahedrite (copper-antimony sulphosalts), pyrite (iron sulphide) and occasionally fine visible gold. 

• Gold-silver enriched volcanogenic massive sulphide (VMS) type of mineralization like that of the famous Eskay Creek deposit. 

• Enhanced gold associated with arsenopyrite (iron-arsenic sulphide) in sericite altered rocks. 

 

 Details of Option on Harry Property

 

Option terms allow Optimum to earn up to an 80% interest in the Harry property by carrying out $9 million of work over five years.  Optimum must also pay Teuton $1.5 million in cash and issue 4,000,000 shares to Teuton over the option period. Teuton will retain a 2.0% Net Smelter Royalty and a 20% interest after the option is exercised.     

 

Qualified Persons:    Mr. Edward Kruchkowski, P.Geo., a member of Optimum’s Board of Directors, is a qualified person for the purposes of National Instrument 43-101 and has reviewed and approved the technical information contained herein.  D. Cremonese, P. Eng., is the Qualified Person for Teuton Resources and although he has not reviewed the technical information firsthand, he has no reason to doubt its reliability. As the CEO and President of Teuton, Mr. Cremonese is not independent of the Company.

Quality assurance -- quality control

Optimum Ventures inserted blanks and standards within the sample stream to improve quality control. MSALabs, the accredited laboratory which performed the analyses, also ran internal standards and blanks as a check on their results. Pulps and rejects are retained for future analyses, if needed.

About Teuton

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 both in cash and in shares of the optionee companies, has provided Teuton with substantial income.

Teuton acquired the Harry property many years ago by staking. Interested parties can access information about Teuton at the Company’s website, www.teuton.com.

On Behalf of the Board of Directors of Teuton Resources:

"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

Corporate Development and Communications

Tel. 778-430-5680

Email:  barry@teuton.com

 

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.