Teuton Resources Corp.: Geophysical Anomaly Identified at Treaty Creek Property
May 27 2014 - 8:30AM
Marketwired Canada
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."
Litigation
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.
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 gary.teuton@shawlink.ca.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Teuton Resources Corp.
Dino Cremonese, P.Eng.
President
(604) 682-3680 or Toll Free: 1-800-879-2333
(604) 682-3992 (FAX)
www.teuton.com
Teuton Resources (TSXV:TUO)
Historical Stock Chart
From Oct 2024 to Nov 2024
Teuton Resources (TSXV:TUO)
Historical Stock Chart
From Nov 2023 to Nov 2024