|Teuton Resources Corp.: $4 Million Drill Program Begins on Tennyson Property|
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 21, 2013) -
Teuton Resources Corp. ("Teuton") (TSX VENTURE:TUO) (FRANKFURT:TFE) (OTCBB:TEUTF) is pleased to announce the following corporate developments. A major diamond drilling program has begun on its Tennyson property, situated 40km north of Stewart in the Golden Triangle region of northwestern British Columbia. Operator of the program is Brigade Resources, a Hunter Dickinson company, which is in the second year of a four year option to earn a 50% interest in the property by spending $6million and making cash payments totaling $300,000.
Brigade has informed Teuton that its budget for the 2013 season is $4 million. Brigade intends to drill up to fifteen, 500m deep holes to extend and delineate known porphyry copper-gold mineralization on the property. One drill has been mobilized to the property and another is due to arrive shortly. A third drill may be brought in if conditions warrant. Blackhawk Drilling out of Smithers, BC is the drill contractor.
The program will initially concentrate on drill testing two high-temperature porphyry-style hydrothermal centres exposed within the property, 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.
On August 20, 2013, Seabridge Gold announced diamond drilling results from work at its Iron Cap zone, the northernmost of four very large copper-gold deposits discovered on its KSM property. The Iron Cap lies some 800m from the border with Teuton's Treaty Creek property, located 25km north of the Tennyson property. One of the new holes reported by Seabridge Gold ran an impressive 1,023m (3,356 feet) averaging 0.77 g/t gold and 0.24% copper from 9m to 1,032m.
On August 19, 2013 Seabridge Gold contacted Teuton to ask if Seabridge and Teuton could recommence negotiations for Seabridge's proposed tunnel through the Treaty Creek Property.
D. Cremonese, P.Eng., President, commented as follows: "The decision by Brigade Resources to spend $4million at our Tennyson claims in 2013 is a testament both to the property's potential and to the potential of the Golden Triangle region. Although there has been a marked slowdown in exploration activity in 2013 relative to preceding years, very large programs continue at Seabridge's KSM property, Pretium Resources' Brucejack-Snowfield property and Colorado Resources' North-ROK property, all within the Golden Triangle. Teuton has strategic claims adjoining all three of these highly prospective properties. Some of these claims, such as Teuton's High property and Treaty Creek properties, have already demonstrated potential to host deposits similar to those found at the KSM and Brucejack-Snowfield."
The Qualified Person for the purposes of this news release is D. Cremonese, P.Eng. Mr. Cremonese has not independently verified the results of work performed by Brigade Resources on the Tennyson property or Seabridge Gold on its KSM property, as reported herein.
The Treaty Creek property is currently the object of litigation between Teuton and its former optionee, American Creek Resources. American Creek is seeking among other things a declaration from the Court that it has earned a 51% interest in the property; Teuton is seeking a declaration that American Creek has forfeited all right and interest in and to the Treaty Creek property. Should Teuton be successful in its arguments it will have a 100% interest in Treaty Creek; if unsuccessful, a 49% interest.
Dino Cremonese, P.Eng., President
Teuton Resources Corp.