VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 6, 2016) – Teuton Resources Corp. (“Teuton”) (TSX VENTURE:TUO)(FRANKFURT:TFE)(OTCBB:TEUTF) is pleased to announce that it has optioned its Orion property to Tudor Gold Corp.
The down payment consists of 250,000 common shares of Tudor Gold and $50,000 (the shares are subject to a four month statutory hold period). A further 450,000 common shares of Tudor Gold and $650,000 is to be paid over the five year option period. Tudor Gold will earn a 100% interest in the property subject to a 2.5% Net Smelter Royalty in favour of Teuton without any provisions for a buyback. The transaction is subject to TSXV approval.
The Orion lies south of the KSM property of Seabridge Gold and Brucejack property of Pretium Resources. Jeff Kyba, regional geologist for northwestern British Columbia, has stated that proximity to a favourable contact between Triassic and Jurassic age rocks (the “redline” on the accompanying map: http://teuton.com/wp-content/uploads/2016/06/redline-orion-map.pdf) as well as prominent thrust faults such as the Sulphurets fault, are favourable indications in the hunt for a large deposit. Both these conditions apply to the Orion property.
Small-scale prospecting programs tested portions of the property intermittently from 1995 to 2007. Trenching of one showing in 1994 returned a weighted average of 0.074 opt gold and 1.36% arsenic over 13m. A small drill program carried out on this prospect in 2007 disclosed narrower widths of gold mineralization than observed on surface.
The sericite schist unit on the property, which contains anomalous gold in places, is becoming increasingly exposed with the meltback of ice. In one location, native sulfur was discovered suggesting an acid sulfate environment akin to that identified to the north in the Treaty property central gossan area.
Dino Cremonese, President and CEO of Teuton, states: “The Orion is Teuton’s sixth property to be farmed out in this geologically prospective area. We believe that all of these properties, two of them optioned to Pretium Resources and four to Walter Storm’s Tudor Gold, are now in strong hands. As for our eight properties adjoining further to the south, we plan to work them ourselves this year with special attention to the Big Gold property.”
Silver Crown 6 Property
The Silver Crown 6 claim is jointly owned with Silver Grail and is presently under option to Decade Resources. It adjoins north of Decade’s Red Cliff property.
Recent heavy sediment stream sampling carried out by Decade personnel investigated the area draining the postulated northern extension of gold structures on the Red Cliff into the Silver Crown 6 property. Five sample sites gave results ranging between 44.71 and 263.82 g/t gold. The high value can be considered extremely anomalous (see accompanying map for location: http://teuton.com/wp-content/uploads/2016/06/silvercrownanomalymap.pdf).
D. Cremonese, P.Eng., President and CEO of Teuton said: “These are very encouraging results which strongly suggest that a gold source lies west uphill from the streams on the Silver Crown 6 claim. This source is either an extension of the Montrose zone (located on the Red Cliff) or it could be a new, independent zone. In any event, we are quite hopeful that follow-up work will identify the area from which the gold is coming.”
About Teuton
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. 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.
Respectfully:
Dino Cremonese, P.Eng., President, Teuton Resources Corp.
If you would like to be added to Teuton’s news distribution list, please send your email address to dino@teuton.com.
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.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
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www.teuton.com