Vancouver, Canada - TheNewswire - September 4, 2020 - Teuton Resources Corp. ("Teuton" or "the Company") (TSXV:TUO) (Frankfurt:TFE) (OTC:TEUTF) is pleased to announce it has optioned its wholly-owned Harry property to Jayden Resources. The property is situated within the Golden Triangle of northwestern British Columbia, 30 kilometres north of Stewart.
The Harry property also includes the old Outland Silver Bar property which was explored by fifteen adits looking for extensions of high-grade silver veins. The property lies in a prospective corridor running north-northwest from the Premier, Silver Coin, Big Missouri and Dilworth gold deposits presently being developed by Ascot Resources. Lying to the west and north of the Harry property are the extensive holdings of Scottie Resources which include the formerly producing Scottie Gold mine. Pretium Resources Bluffy zone is situated about 2km northeast of the Harry property.
Jayden has the right to earn up to a 55% interest in the Harry property under the following terms:
- Payment of $180,000 over 4 years with an initial payment of $25,000.
- Expenditures of $2,000,000 over 5 years.
Jayden has the right to earn an additional 20% by placing the property into production. Teuton retains a 2% Net Smelter Royalty. The agreement is subject to TSX Venture approval.
Highlights of the property include:
- A cherty, siliceous altered andesite, associated with many of the gold deposits on the adjoining property of Ascot Resources property, extends north-northwest into the Harry property.
- A talus fine sampling program conducted along the eastern edge of the Salmon Glacier located numerous gold anomalous samples on the Harry property below the old Granduc mining road.
- A brief drilling program carried out by Teuton intersected 0.72 g/t gold over 9.15 metres in a hole which was stopped after hitting old underground workings.
- VMS-style mineralization has been noted both on the eastern side of the Salmon Glacier as well as the western side (Outland Silver Bar).
The Qualified Person for Teuton Resources, Dino Cremonese, P. Eng. (who as President is not independent of the Company), is responsible for the contents of this news release.
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 these properties are currently under option to third parties. Over $4 million in option cash and share payments has been generated from these properties since 2015, including properties where optionees have already earned their interest.
One of Teuton's properties, the Treaty Creek, is presently the subject of a multi-million dollar exploration program testing the Goldstorm zone with six diamond drills. Teuton was the original staker of this 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 eight other royalties in the Sulphurets Hydrothermal System with interests ranging up to 2.5%, none of which are subject to a buyback. Interested parties can access information about Teuton at the Company's website.
"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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