Drilling Has Begun on the Treaty Creek Property, Northwestern BC (Golden Triangle)
Vancouver, May 26, 2021 - Teuton Resources Corp. ("Teuton" or "the Company") (TSXV:TUO) (Frankfurt:TFE) has received a report from its joint venture partner Tudor Gold announcing the commencement of the 2021 exploration program at the Goldstorm Deposit, Treaty Creek property, which is on-trend from Seabridge Gold's KSM Project located five kilometers to the southwest. The first two drills have arrived and have begun drilling the 30,000 meter, fully funded, Phase l exploration program. Six drills will be used for this deposit delineation and property exploration program. Tudor Gold's Vice President of Exploration and Project Development, Ken Konkin, P.Geo., states: "Crews have been on site for several weeks preparing our drill camp and our lower exploration camp to receive our first two drill teams. This season had a remarkably deep snowpack compared to that of previous years. Our crews took advantage of the high snow level and excellent weather conditions during April and May to transport heavy equipment and drilling supplies to our site utilizing the South Treaty Glacier route. Avalanche technicians safely guided the convoy of equipment over the pass that connects to the Pretium Resources' Knipple Glacier ice road.
The priority of our exploration program this year is to define the limits of the Goldstorm Deposit, as it currently remains open to expansion in all directions and at depth. Furthermore, we will attempt to convert as much of the 7.9 million ounces of gold equivalent (AuEq) Inferred Resources to the Measured and Indicated Resource categories that currently total 19.41 million ounces of AuEq. In addition to drilling at Goldstorm (GS), we will also continue our drilling at Perfect Storm (PSZ) and other targets, including the Eureka Zone (EZ). Approximately 90% of the planned drilling will be undertaken at Goldstorm while two 300-meter southwestern step-out holes are initially planned for Perfect Storm, and one hole at Eureka. We expect to add two more drills in the following week".
Walter Storm, President and CEO of Tudor Gold, stated: "We are all very pleased to see the safe start-up of the 2021 exploration program thanks to the hard work and dedication of our crews. I would also like to thank our good neighbours along our southern boundary; we very much appreciate the management and staff at Pretium Resources for their assistance and permission to transport vital heavy equipment and drill supplies to our site from their Brucejack Mine access road. Last year we completed our most successful exploration season at Treaty Creek, which provided the results for our Initial Mineral Resource Estimate. Our goal this year is to complete the drilling of the Goldstorm Deposit to hopefully expand and finalize the Mineral Resource Estimate. With this, we can then proceed with a Preliminary Economic Assessment (PEA) for 2022. We also have several high-level targets to explore at Treaty Creek, with the goal of identifying the nature and grade of gold distribution within the Perfect Storm and Eureka targets."
Teuton recently invested $9.6 million into Tudor Gold by way of a private placement; these funds will mostly be used for drilling at the Goldstorm and other related zones at Treaty Creek.
Qualified Person
The Qualified Person for this news release for the purposes of National Instrument 43-101 is Tudor Gold's Vice President Project Development, Ken Konkin, P.Geo. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release. Mr. Konkin is also a director of Teuton.
About Teuton
Teuton owns interests in more than thirty properties in the prolific "Golden Triangle" area of northwest British Columbia and was one of the first companies to adopt what has since become known as the "prospect generator" model. Ten of these properties are currently under option to third parties. Over $3.5 million in option cash payments (not including appreciable payments made in shares) has been generated from these properties since 2015, including properties where optionees have already earned their interest.
Teuton was the original staker of the Treaty Creek property assembling the core land position in 1985. It presently holds a 20% carried interest in Treaty Creek (carried until such time as a production decision is made), as well as a 0.98% NSR in the central portion of the property including the Goldstorm deposit. Interested parties can access information about Teuton at the Company's website, www.teuton.com.
Respectfully submitted,
"Dino Cremonese, P.Eng."
Dino Cremonese, P. Eng.,
President and Chief Executive Officer
For further information, please visit the Company's website at www.teuton.com or contact:
Barry Holmes
Director Corporate Development and Communications
Tel. 778-430-5680
Email: barry@teuton.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements regarding Forward-Looking information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.
All statements relating to future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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