|By Marketwired .||
|December 11, 2012 08:55 AM EST|
VANCOUVER, BC -- (Marketwire) -- 12/11/12 --
TEUTON RESOURCES CORP.
202-2187 Oak Bay Avenue
Victoria, BC V8R 1G1
Phone: (604) 682-3680 Fax: 682-3992
Toll Free: 1-800-879-2333
Teuton Resources Corp. ("Teuton") ("TUO"-TSX-V) ("TFE"-Frankfurt) ("TEUTF"-OTC BB) has received a progress report from Brigade Resources, a Hunter Dickinson company, detailing results of the 2012 exploration program on the Tennyson property. During the past field season Brigade carried out geological mapping, geochemical sampling, magnetic surveys, IP surveys, petrographic work and re-logging of all historical drill holes. Cost of the program was approximately $1 million.
In the Executive Summary of the progress report, Brigade geologists stated: "The current program has shown that at least two high-temperature porphyry-style hydrothermal centres are exposed at the Tennyson Deposit Area (TDA), namely at the Tennyson North Cu-Au Zone [TNZ] and the Tennyson Southeast Cu-Au Zone (TSEZ). A study of 19 historic drill holes (3,589m) intersecting the TNZ indicates widespread porphyry-style copper-gold mineralization over a 400 x 200 x 175m area. The TSEZ has similar alteration and mineralization characteristics to the TNZ, returned identical copper-gold surface rock chip results, and is essentially untested by drilling. Important indications of high-temperature porphyry-style alteration and mineralization have also been identified during re-logging of drill holes in the Tennyson Southwest Au Zone (TSWZ), as well as in most 1986 holes drilled between the TNZ and TSWZ. Both the TNZ and TSWZ display a clear magnetic signature that is believed to have been brought about by the presence of hydrothermal magnetite within these systems, relative to unmagnetic host rocks. As such, magnetic surveying has been of utility in target identification, and moreover, such targets appear to correlate well with alteration pattern observed at surface, as well as geochemical anomalism. The area in between the TNZ and TSEZ, and including the TSWZ, contains deposit-grade to highly anomalous gold values, and is interpreted as a peripheral gold halo, locally with epithermal gold-silver veins, immediately surrounding the porphyry-style copper-gold hydrothermal centre. The area of mineralization and alteration at the TDA is open at depth, and towards, the north, west and south underneath permanent snow and ice.
Further exploration during the 2012 field program has indicated that pervasive hydrothermal alteration extends into an area of exposed rock west of the TDA. In addition, observations east of the TDA have identified epithermal veins, locally containing gold, and local mineralized zones with a significant polymetallic signature coincident with magnetic and chargeable geophysical anomalies at depth. The results east and west of the TDA are permissive of porphyry-style mineralization extending at depth in both directions.
Reconnaissance mapping and prospecting discovered an important pervasive hydrothermally altered mineral occurrence about 1.3 km north of the TNZ which returned consistently anomalous gold and copper values.
All observations from the 2012 program indicate that the property has significant potential to host a large copper-gold porphyry system."
Dino Cremonese, P.Eng., President of Teuton Resources Corp., commented as follows: "Work by Brigade has confirmed our belief that the Tennyson property may host a large porphyry copper-gold deposit. During the summer program Brigade also discovered at least two more areas with such potential, wholly contained within the property boundaries. The next step is a comprehensive drill program to determine the size of the copper-gold systems."
Brigade Resources has also purchased the adjacent Tide property for $3 million. The Tide property lies between the Tennyson and the end of the Granduc mining road, and would have to be crossed to provide road access to the Tennyson copper-gold zones.
The Qualified Person for the purposes of this news release is D. Cremonese, P.Eng. Mr. Cremonese, P.Eng. has not independently verified the work of the Brigade exploration team.
Brigade Resources is earning a 50% interest in the Tennyson property by completing expenditures of $6 million over three years. Upon Brigade fulfilling its first interest, it may acquire Teuton's remaining 50% interest by issuing such number of shares to Teuton that reflects a 50% project interest based on Brigade's market capitalization and attributable project value.
Illustrations from Brigade's progress report can be found within the company's website. www.teuton.com, under the Tennyson Property heading.
"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 [email protected].
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.
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Teuton Resources Corp. via Thomson Reuters ONE
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