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Del Norte Gold-Silver Property Optioned to Decade Resources In $4 Million Deal
(via TheNewswire) January 7, 2020 - TheNewswire - Vancouver, Canada - Teuton Resou...
About this update from Teuton Resources Corp.
[{"type":"text","content":"Del Norte Gold-Silver Property Optioned to Decade Resources In $4 Million Deal(via TheNewswire)\n\n \nJanuary 7, 2020 - TheNewswire - Vancouver, Canada - Teuton Resources Corp. (\"Teuton\" or \"the Company\") (TSXV:TUO) (OTC:TEUTF) (FSE:TUC) is pleased to announce it has optioned its wholly-owned Del Norte property to Decade Resources. The property (5,800 hectares) is situated within the Golden Triangle of northwestern British Columbia, 34 kilometres east of Stewart. Over $6,000,000 has been spent on the Del Norte since first staking in 1985. It is located along a major structural break between volcanics to the west and sediments to the east, a favourable contact which is the locus of numerous precious metal occurrences.\n\n\n \nDecade has the right to earn up to a 55% interest in the property under the following terms:\n\n\n \n\n\n- Payment of $400,000 over 4 years with an initial payment of $20,000.\n\n\n\n- Issuing 800,000 shares of Decade on signing.\n\n\n\n- Issuing $180,000 of Decade stock over a 4 year period.\n\n\n\n- Expenditures of $4,000,000 over 5 years.\n\n\n\n\n \nDecade 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.\n\n\n \nDino Cremonese, P.Eng., President of Teuton commented as follows: \"Decade Resources is headed by Ed Kruchkowski, one of the Golden Triangle's most well-known geologists. He has been responsible for, or a part of, many discoveries in the local Stewart area including on the Red Cliff, Silver Coin and BA properties not to mention other mineralized occurrences within the Sulphurets area properties now owned by Seabridge Gold and Pretium Resources. We wish Decade luck in advancing the Del Norte property. This option is consistent with the Company's policy of spreading exploration risk through joint venture agreements.\"\n\n\n \nHighlights of the property include:\n\n\n \n\n\n- Mineralization has been discovered over a minimum strike length of at least 4 km on the structural break within the property.\n\n\n\n- Mineralization is hosted in quartz veins and breccias as well as coarse crystalline base metals in shear zones\n\n\n\n- 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. \n\n\n\n- Three holes dr...