VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/08/13 -- Teuton Resources Corp. ("Teuton") (TSX VENTURE: TUO)(FRANKFURT: TFE)(OTCBB: TEUTF) announces that its optionee, Frontline Gold Corporation, has discovered a gold-bearing zone on the Company's Lord Nelson property, located south of Highway 37 some 20 miles east of Stewart, British Columbia in the Golden Triangle region of northwestern British Columbia.
One of the most promising zones discovered to date on the Lord Nelson property is the LNX, the footwall rocks of which contain rhyolite stratigraphy. Stream sediment, soil and rock samples were taken in 2012 from the vicinity of the LNX zone outlining an auriferous geological environment with a strike length of over 500m and featuring a multi-element signature (Au-Ag-As-Sb +/- Cd, Cu, Pb, Zn). The LNX zone is also associated with an AeroTEM airborne anomaly that has a greater than 2km strike length on the Lord Nelson property and remains untested by diamond drilling.
A 2013 follow-up drill program totaling 1 200m is recommended to test the LNX zone.
The newly discovered area lies to the north and along projected strike of the extensive gold and silver-bearing LG vein system hosted by the Del Norte-Midas property, owned by Teuton, Sabina Silver and Silver Grail Resources.
The 2012 program was carried out by Geofine Exploration Consultants Ltd. and was supervised by David Molloy, P. Geo., who is Frontline's Qualified Person for the purposes of National Instrument 43-101. Dino Cremonese, P.Eng., is Teuton's Qualified Person. He has not independently verified the data provided by Frontline Gold and its QP.
Frontline can earn a 100% interest in the Lord Nelson claims by paying $210,000 to Teuton over the five year term of the option. It must also perform $1,200,000 of exploration work over this period. Teuton retains a net smelter royalty of 2%, half of which can be purchased for $1,000,000. An advance royalty of $50,000 per year, indexed to inflation, is also payable to Teuton beginning in 2016.
"Dino Cremonese, P.Eng"
President, Teuton Resources Corp.
If you would like to be added to Teuton's news distribution list, please send your email address to firstname.lastname@example.org.
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.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
Teuton Resources Corp.
Dino Cremonese, P.Eng
(604) 682-3680 or Toll Free: 1-800-879-2333
(604) 682-3992 (FAX)
Most Popular Stories
- Tablets, Cars Drive AT&T Gains
- Small Businesses Add 3 More Worries to Their List
- 2015 Mazda MX-5 Miata Is Fast and Eager
- DOMA Tech Adding Jobs to Process VA Claims
- Apple Warns of China iCloud Attack
- Tech Firms Flock to LA's 'Silicon Beach'
- Job Hunting Is Hard Work
- Ford, GM Expect to Report Strong Profits
- Stocks Subdued After Gains Earlier in Week
- Consumer Prices Edge Up, Surprising Economists