Teuton Resources (TUO-V) Aug 19,'14. 2014 prospecting has led to the discovery of an extensive zone of alteration and mineralization located four kilometres south of Pretium Resource's Brucejack property and on strike with the Valley of the Kings and Bridge gold deposits, the former now the largest undeveloped high-grade gold deposit in the world. This new gold-bearing area, called the Tuck zone, has just been recently exposed by ablation of an icefield that had previously obscured the mineralization. The zone is now exposed over a minimum 200-metre width and for 300 metres along strike before disappearing under snow and ice. Gold and anomalous arsenic values are associated with intensely sericite-altered volcanic rock. The altered rocks are jarosite stained with a strong quartz stockwork that locally forms up to 50 per cent of the rock. Pyrite as coarse grains and as fine-grained veinlets up to one centimetre wide form up to 10 per cent of the zone overall. A fine black unidentified sulphide occurs in some of the rocks sampled.
Ed Kruchkowski, PGeo, director of Teuton and long-time Stewart-area geologist (who staked the original area of Pretium's Valley of the King showings and discovered several of the numerous gold zones on that property) said: "The Tuck zone bears a striking resemblance to the gold-bearing zones at Brucejack Lake, namely strong sericite alteration, strong quartz stockwork, strong jarosite staining, anomalous arsenic with gold values and abundant pyrite associated with the gold values, all located within close proximity to the Brucejack fault."
Further sampling is continuing, and drilling is anticipated this season after definition of targets.
Dino Cremonese, PEng, president of Teuton, commented: "In the 30 years that Teuton has been exploring the Golden Triangle, melt back of icefields has been a very important source of new discoveries. Every so many years we discover a new occurrence, but this one could be the best yet. Because the new Tuck zone is located at much lower altitude than the King Tut showing and in much less rugged terrain, work should be able to progress further into the field season. Dimensions of the zone are impressive, as well as the degree of alteration. We very much look forward to putting a drill on the property."
The qualified person for the purposes of this news release is Dino Cremonese, PEng, who, as president, is not independent of the company.
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Aug 5, '14 - NR
Teuton Resources Corp., after consultations with its shareholders, will be cancelling the private placement announced on July 29, 2014. The combined flow-through and non-flow-through share offering was considered too complex. A new private placement will be entered into comprising an offering of nine million units at a price of five cents per unit for gross proceeds of up to $450,000. Each unit will consist of one common share of Teuton and one common share purchase warrant; each warrant will entitle the holder to purchase one additional common share of Teuton at a price of seven cents for a period of 12 months after the closing of the offering and thereafter at a price of 10 cents until 24 months after the closing of the offering.
A finder's fee, up to the maximum allowable under TSX Venture policy, may be payable in regard to the offering. Insiders of the company may be taking part in the offering. All securities issued by the offering will be subject to a hold period of four months plus one day. The offering is subject to regulatory approval.
Net proceeds from the offering will be used principally to finance exploration of the company's mineral properties in the Stewart area of northwestern British Columbia. In addition, net proceeds from the offering may be used for general corporate purposes, including an interim payment on account of costs to the plaintiff in regard to the recent litigation on the Treaty Creek property. The main costs hearing for that litigation is scheduled for Nov. 3, 2014, wherein the plaintiff will be seeking a substantially higher award of costs and which the company will be opposing.
The qualified person for the purposes of this news release is Dino Cremonese, PEng. Dino Cremonese, PEng, is the president of Teuton Resources and is not independent of the company. |
