Tickers: XTSX:TUO, PINX:TEUTF
Vancouver, Canada - TheNewswire - April 24, 2020 - Teuton Resources Corp. ("Teuton" or "the Company") (TSXV:TUO) ("TUC"-Frankfurt) has received a report from its joint venture partner Tudor Gold concerning initiation of metallurgical studies for the Treaty Creek Project, located in the Golden Triangle of north-west British Columbia. This study will focus on the mineral characteristics and the prospects of developing Treaty Creek as a bulk tonnage mining target using conventional processing techniques. The test work will be conducted on material selected from the extensive continuously mineralized drill core intervals encountered in the 2019 exploration program. The metallurgical test results will be used as part of the initial economic assessment for the project.
The metallurgical study will be managed under the direction of Frank Wright, P.Eng., of F. Wright Consulting Inc. of Delta BC. The related laboratory test program will be conducted at Bureau Veritas Minerals - Metallurgical Division of Richmond, BC (BV). BV is a globally recognized and certified testing facility with customers ranging from small independent operators to large multi-national mining firms and consultants. Mr. Wright has over 30 years of experience consisting of both operations and consulting in the fields of mineral processing and hydrometallurgy. His career has included the last 20 years as a qualified independent professional engineer managing process advancement for projects worldwide, although primarily focused in BC. His work includes oversight of test programs leading to the selected process flowsheet and design criteria, related technical reporting, supervision of detailed engineering, and assisting in project commissioning.
Tudor Gold also reports an agreement with RTEC (a joint venture partnership between ERM Consultants Canada Ltd. (ERM) and the Tahltan Nation Development Corporation (TNDC), to begin preliminary baseline studies that will be required for provincial permitting of the Treaty Creek project. These baseline studies will focus on surface water quality, hydrology, atmospherics, wildlife and archaeology.
Tudor Gold's Vice President of Project Development, Ken Konkin, P.Geo., states: "The metallurgical test work and baseline studies will provide crucial data to further our project development plans. These studies will serve as templates for on-going studies aimed to carry the project forward to more advanced stages. Both studies will begin in conjunction with the 2020 diamond drill hole exploration program that is planned to start this spring. In addition, our geologists will select representative composite samples from last year's drill holes as the basis for our preliminary metallurgical studies."
Walter Storm, President and CEO of Tudor Gold stated: "2020 is poised to be a transformative year for our company. The agreement with RTEC to begin preliminary baseline studies, necessary for potential future mine permitting, together with the initiation of the metallurgical studies, demonstrates our commitment to further advance the Treaty Creek project. These studies as well as the upcoming drill program are fully funded. We are particularly pleased that we were able to further strengthen our partnership with the Tahltan First Nations through the RTEC agreement."
About the RTEC Joint-Venture partnership:
RTEC is a joint venture partnership between ERM Consultants Canada Ltd. (ERM) and the Tahltan Nation Development Corporation (TNDC). With more than 5,500 people, ERM is a leading global provider of environmental, health, safety, risk, social consulting services and sustainability related services. The Tahltan Nation Development Corporation (TNDC) is the business arm of the Tahltan Nation. TNDC pursues sustainable and responsible business and economic development opportunities in the region that lead to employment, training and business opportunities for Tahltan members.
The Qualified Person for the technical information in this release is Ken Konkin, P. Geo., Tudor Gold's Vice President of Project Development. Dino Cremonese, P. Eng., is the Qualfied Person for Teuton Resources and as President is not independent of the Company. He has not independently verified the technical information but has no reason to believe it is unreliable.
2020 Stock Option Plan
Teuton has adopted a new stock option plan, called the 2020 stock option plan, to replace its old stock option plan. The new plan is a fixed less than or equal to 10-per-cent plan, in accordance with TSX Venture Exchange policy. It is identical to the old plan except that the total number of shares which may be issued according to the plan has increased due to the increase in the company's shares outstanding.
The number of shares which can be reserved for issuance under the plan is 4,341,688, which is 10 per cent of the 43,416,881 shares currently outstanding; there are currently 3,380,000 unexercised options which were previously granted. The new plan is subject to acceptance by the TSX-V.
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 $4 million in option cash payments and shares in optionee companies has been generated from these properties since 2015, including properties where optionees have already earned their interest.
Teuton was the original staker of the Treaty Creek property assembling the core land position in 1985. It presently holds a 20% carried interest in Treaty Creek (carried until such time as a production decision is made) as well as a 0.98% NSR in the claims covering the Goldstorm zone. A 0.49% NSR is owned in the peripheral claims. None of the NSRs are subject to a buy-back.
Teuton also owns many royalties in the Sulphurets Hydrothermal System with interests ranging up to 2.5%. None of these royalties are subject to a buyback. 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:
Director Corporate Development and Communications
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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