Update on the Goldstorm Mineral Resource Estimate and Project Development -- Treaty Creek Property, Golden Triangle, British Columbia
January 25 - Victoria, Canada -- Teuton Resources Corp. ("Teuton" or "the Company") (TSXV:TUO) (OTC:TEUTF) (Frankfurt:TFE) announces that it has received a corporate update made by its Joint Venture Partner Tudor Gold Corp. ("Tudor Gold") with respect to the Treaty Creek Property, northwestern BC. Teuton was the original staker of the Treaty Creek property, host to the large Goldstorm deposit, assembling the core land position in 1985. It presently holds a 20% carried interest in Treaty Creek (Tudor Gold is responsible for paying all exploration costs up until such time as a production decision is made and owns a 60% interest; American Creek Resources owns the remaining 20% interest, also carried). Additionally, Teuton owns a 0.98% Net Smelter Royalty in the Goldstorm deposit area. It also owns numerous additional royalty interests within the Sulphurests Hydrothermal system on properties such as the King Tut, Tuck, High North, Orion, Delta and Fairweather properties.
Ken Konkin, CEO of Tudor Gold, stated: "Our Treaty Creek Project possesses the potential for several years of exploration to host another Goldstorm Deposit with numerous recently discovered, significant Au-Cu-Ag targets. Our largest drill target, Perfectstorm lies on-trend and is equidistant from our Goldstorm Deposit and Seabridge Gold's Iron Cap Deposit at a distance of 2.5 kilometers to each deposit. The Perfectstorm system holds a very high priority as a drill target, however, our top priority is to drill off the Goldstorm Deposit with the focus on the CS-600 copper-gold-silver domain, as it remains open in all directions and at depth."
Corporate Update on the Goldstorm Mineral Resource Estimate and Project Development as Provided by Tudor Gold
Tudor Gold continues to move forward on an updated Mineral Resource Estimate (MRE) for its Goldstorm Deposit at Treaty Creek by completing an updated geologic model and advancing the understanding of the mineral distribution at Goldstorm. The Company anticipates that the MRE update will be announced within Q1 2023 and is expected to focus on higher grades to increase the overall quality of gold, silver, and copper resources.
Recent construction of an exploration access road by our heavy equipment operators has connected the property's lower camp to the weather station area located two kilometers downstream from the lower camp. It is expected that this road will be further extended in order to connect to Seabridge's Tailings Access Road. Seabridge Gold has made excellent progress in connecting their tailing site which is located 17 kilometers from Highway 37, including a large bridge that crosses the Bell Irving River, at no cost to Tudor Gold. The construction of this tailings access road is expected to be completed later in 2023. Once the 17-kilometer Seabridge Tailings access road is completed, only a 14-kilometer road will remain to be built, which is completely permitted for construction. Following completion of all road construction it is expected that Tudor Gold's Treaty Creek Project will have year-round all-season vehicle access. In addition, it is the Company's understanding that Seabridge also plans to bring in a power line to their tailings site area bringing additional infrastructure much closer to our claim boundary.
Tudor Gold is also pleased to report that the 2-year baseline hydrology and water quality studies are anticipated to be completed by March 2023. This will satisfy a major milestone for future permitting requirements and bring the project one step closer to potential production phase.
Dino Cremonese, P. Eng., CEO and President of Teuton, commented as follows: "Progress continues at Treaty Creek against a backdrop of rising gold prices, a fine start to 2023."
The Qualified Person for the Treaty Creek technical information in this news release is Tudor Gold's President and CEO, Ken Konkin, P.Geo. Mr. Dino Cremonese, P. Eng., CEO and President of Teuton, is the Qualified Person for Teuton Resources. Although he has not independently verified the technical data presented in this news release he has no reason to believe it is inaccurate. Mr. Cremonese, as a director and CEO of Teuton, is not independent of the Company.
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. This model minimizes share equity dilution while at the same time maximizing opportunity. Earnings provided from option payments (received in cash and often also in shares of the optionee companies), has provided Teuton with substantial income over the years.
Interested parties can access information about Teuton at the Company's website, www.teuton.com.
"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:
Corporate Development and Communications
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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