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Teuton Resources Corp.: Geophysical Anomaly Identified at Treaty Creek Property
|By Marketwired .
|May 27, 2014 08:31 AM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/27/14 -- Teuton Resources Corp. ("Teuton") (TSX VENTURE: TUO)(FRANKFURT: TFE)(OTCBB: TEUTF) has commissioned a geophysical report on the magnetotelluric survey transect completed by Quantec Geoscience in 2012 on behalf of Seabridge Gold over the proposed twin tunnels route on the Treaty Creek property. Mr. Killin, P. Geo., a geophysicist and past VP of Interpretation at Quantec Geoscience, analysed the Quantec data and provided his interpretation. The Treaty Creek property is located 80 miles north of Stewart, British Columbia at the north end of the Sulphurets mineralized system which hosts the many mineral deposits of Pretium Resources and Seabridge Gold.
Mr. Killin, P.Geo., concluded as follows (see figure, attached): "There are two significant geophysical anomalies identified along the transect. Zone A is a near surface conductive anomaly that is present on at least 3 stations at varying depths. Zone A is near the end of the transect, but has been confirmed as a real geophysical anomaly by investigation of raw data and all steps leading to the inversion section delivered by Quantec. The zone has the potential to be a very large body based on the information provided, should it extend to the southwest toward the Seabridge KSM property. It is a thick conductive zone that may be connected at depth to another large conductive body, Zone B.
"Geochemical analysis of the transect and also extensions on both ends might give further information on the possible sources below the transect. Further surface prospecting is also recommended. The area between 215 through station 218 may give some idea of the character of Zone B. Zone A is a very interesting target zone and warrants work. Further geophysics would give a much better picture of this zone. It would be advisable to have the data from this transect project included into any future inversions or projects. Drill targeting is also an option to be considered to explain the anomalous conductivity near the southwestern end of the profile, Zone A."
Dino Cremonese, P.Eng., President of the Company, provided the following comment: "The Zone A anomaly lies only a few hundred meters west of the end of Hole CB09-14 which ran 241m of 0.8 g/t gold and may be related to that mineralization. That hole ended in mineralization and was proceeding in the direction of the anomaly when it was terminated. Also, in 1986, Teuton personnel discovered gold and copper-bearing float about 500m south of the anomaly in an area that was outside the boundaries of the Quantec transect. The source of this float could not be determined at the time due to extensive snow and ice cover, much of which has melted back in the ensuing years. This float and the adjacent Zone A anomaly suggest potential for the location of a porphyry gold-copper body in the near vicinity."
The Company has made a settlement offer to American Creek Resources ("AMK") which would end the litigation with respect to Treaty Creek and instead, focus all energy onto exploration of this very promising property. Teuton has proposed that it will unilaterally fund a large exploration program to be conducted in 2014, operated by itself, after which time further work would proceed as a joint venture with ownership 51% AMK and 49% TUO. The area around Zone A would be the prime target of such work.
Ownership of the Treaty Creek property was recently apportioned at 51% AMK, 49% TUO by the Supreme Court of British Columbia. This decision has been appealed by the Company.
The Qualified Person for the purposes of this news release is D. Cremonese, P.Eng., who, as President and CEO, is not independent of the Company. Mr. Cremonese has not independently verified all of the geophysical information in Mr. Killin's report, but believes it to be accurate and in conformance with industry standards.
Shareholders and other parties interested in following Teuton are encouraged to visit the Company's website at www.teuton.com, recently updated.
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.
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