Glacial Meltback Exposes Large Alteration Zone on Teuton's Big Gold Property, Southwest of Pretium's Brucejack Property
Marketwired
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 23, 2015) - Teuton Resources Corp. ("Teuton") (TSX VENTURE:TUO)(FRANKFURT:TFE)(TEUTF) announces that 2015 prospecting has led to the discovery of an extensive zone of alteration located on Teuton's Big Gold property, situated 12km southwest of Pretium Resource's Brucejack property (see map, as referenced by URL noted at the end of the release), in the Golden Triangle region of northwestern British Columbia. The Big Gold property lies 6km to the southwest of Teuton's King Tut and Tuck properties, recently optioned to Pretium Resources (see news release dated Aug. 10, 2015).
The new alteration zone was discovered during a routine follow-up of anomalous samples taken during a regional reconnaissance conducted in 2006. In the last nine years the area has opened up completely, and is now free from snow and ice for a distance of at least one km north-south, and up to 800m east-west. The area is marked by prolific sericite alteration and exhibits strong shearing. Numerous quartz sericite schist sub-zones have been discovered of which two have been tested to date by limited sampling. Assays for other sub-zones are awaited.
One of the sub-zones, traced for at least 150m and with an indeterminate length, is up to 10 to 15m wide and features quartz-pyrite mineralization. In some areas, pyrite forms up to 30% of the rock and some samples from the zone have shown arsenopyrite and jarosite alteration. The sub-zone is bracketed by outcrops of limestone and also a volcanic rock carrying abundant mariposite. The quartz sericite schist shows a vertical foliation and forms a series of hummocks where the silicification has been more intense and the rock less resistant to erosion.
Eight grab samples taken along a 150m traverse of the sub-zone averaged 0.81g/t gold equiv. (0.66 g/t gold and 10.7 g/t silver at a 70:1 ratio; gold ranged from 0.04 to 1.82 g/t and silver from 4.0 to 23.5 g/t).
Elevation is at 1380m and the topography of most of the alteration zone is quite easily traversable. Access at present is by helicopter, but in the future the property could be accessed by the already existing road ending on Teuton's Four J's property, from there directly west up the Frank Mackie Glacier to the property a distance of some 7km.
D. Cremonese, P.Eng., president of Teuton, commented: "This is yet another example of a prospective area being discovered through ablation (meltback) of snow and icefields. At the time of the first visit in 2006, exposure was quite limited--now the entire side of the mountain has opened up for prospecting. It is also pleasing to see that one of the first sub-zones investigated is gold-bearing. Regionally, quartz sericite schists have proven to be an important host rock for gold deposits. The next stage of work is an extensive rock geochem survey to define zones of interest followed by diamond drilling of select targets."
The Company also reports that representatives from two mining companies have been to visit and sample the Big Gold property.
Regional setting of the Big Gold property
Jeff Kyba, British Columbia regional geologist, has identified a corridor lying 2km on either side of a "redline" as being highly prospective for the discovery of new deposits. This favourable area, the "redline" on the attached map, is centered on the contact between Stuhini and Hazelton rocks. All of the many deposits currently being explored in the region by Seabridge Gold and Pretium Resources, lie within 2km of this contact. The Big Gold lies within this corridor.
Pretium Resources recently received federal approval for construction of a mine at its Brucejack property and on Sept. 15, 2015, announced financing of US$540 million for start of construction. The Brucejack mine is expected to open in 2017. Seabridge received federal approval late in 2014 and is presently looking at financing options for its multi-billion dollar KSM gold-copper project, adjoining immediately west of Pretium's Brucejack property.
The Town of Stewart, situated 41km south of the Big Gold, very recently announced opening of World Sea Port, capable of handling large tonnage transport of ore, coal and industrial materials. The owner expects that mines currently in production and those under development will supply much of the freight for the port.
The Qualified Person for the purposes of this news release is D. Cremonese, P.Eng., who, as president, is not independent of the Company. Loring Laboratories of Calgary, an accredited facility, performed the sample assays.
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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.
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