(via TheNewswire)
Decade has the right to earn up to a 55% interest in the property under the following terms:
- Payment of
$400,000 over 4 years with an initial payment of$20,000 .- Issuing 800,000 shares of Decade on signing.
- Issuing
$180,000 of Decade stock over a 4 year period.- Expenditures of
$4,000,000 over 5 years.
Decade has the right to earn an additional 20% by placing the property into production. There is an underlying 2% NSR on the property. The agreement is subject to TSX Venture approval.
Highlights of the property include:
- Mineralization has been discovered over a minimum strike length of at least 4 km on the structural break within the property.
- Mineralization is hosted in quartz veins and breccias as well as coarse crystalline base metals in shear zones
- A chip sample across a discovery zone in 2002 returned 6.07 g/t gold and 623.7 g/t silver across a width of 10.0 metres.
- Three holes drilled from a single station located 12 m south of the chip sample intersected true widths of mineralization varying from 8.5 to 10 metres and carrying gold values ranging from 3.53 to 7.56 g/t gold and silver values ranging from 176.95 to 274.24 g/t.
- Several hundred metres north of the above, drilling on the same or sub-parallel structure returned 6.47 g/t gold and 346.02 g/t silver over 15.54 m.
- Other holes in this area intersected 8.6m of 3.02 g/t gold and 270.5 g/t silver over 8.74 m.
- A drill hole several hundred metres south of the initial trench discovery in 2002 intersected 1208 g/t silver and 26.54 g/t gold over 4.05 m on the same or sub-parallel structure.
- Surface grab sampling in a trench for the above-mentioned drill hole assayed up to 3910 g/t silver and 19.5 g/t gold.
- Float rocks in the projected area of the northern extension of the zone (1000 m north of the initial 2002 discovery) returned assays of 186.2 g/t gold and 40.9 g/t gold
In addition to occurrences exposed along the structural break, potential for other forms of mineralization is indicated by the following:
- Porphyry copper-gold mineralization was intersected at depth in Del Norte creek area.
- 2019 drilling by Teuton found structures suggesting nearby VMS-style mineralization.
- Three streams traversing the property have been worked in the 1930's for placer gold.
The Qualified Person for
About Teuton
Teuton owns interests in more than thirty properties in the prolific "Golden Triangle" area of northwestern
Teuton also owns a 20% carried interest in the
Shareholders and other interested parties can access information about Teuton at the Company's website, www.teuton.com.
"
President and Chief Executive Officer
For further information, please visit the Company's website at www.teuton.com or contact:
Tel. 778-430-5680
Email:barry@teuton.com
Neither the
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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Copyright (c) 2020 TheNewswire - All rights reserved., source