Teuton Resources, which has assembled some 300k acres of claims in British Columbia's famous "Golden Triangle" during their three plus decades of operations (making Teuton the largest landholder in the region), was pleased to report today that they successfully sold off the remainder of their Tennyson property interests to Brigade Holdings Ltd. yesterday, for $500k and another $6.5M in shares and warrants.
Teuton's multiple properties are largely under option to other resource companies, with a 50% interest in a Red Chris mine area property (near Colorado's recent copper-gold discovery) being optioned to Redhill Resources for $4.5M, serving as a perfect example. The company also controls another key site that is along strike with Seabridge Gold's KSM project (one of the biggest undeveloped gold properties on the planet, with 38.2M oz gold and another 9.9B lbs of copper) and Pretium Resources' Brucejack-Snowfield property, known as the High property. Teuton drilled a hole at the High property last year for example that brought in exceptional returns, running 0.88 g/t Au over 728 feet.
Exit today's deal, Brigade owns 100% of the Tennyson property and Teuton holds a 29% interest in Brigade, who has effectively extended their footprint, as they also own the neighboring Tide property. Brigade's Chairman, Bob Dickinson, emphasized overwhelming confidence that this site holds "significant potential to host an important, bulk tonnage-style copper-gold deposit" and further pointed out the broad copper-gold interval intercepts evident from historic drilling efforts on the site. Dickinson asserted that their forthcoming exploration will focus squarely on delineating the full extent and geometry of the mineralization at Tennyson, revealing to savvy investors that Brigade is practically salivating at the potential of this project, which rests in the heart of a highly prospective mineralized belt that also obviously has Seabridge and Pretium raring. Dickinson knows where the metal is and has the reputation to back up his plays, this move should be taken as an indicator of the potential at Tennyson and in the region.
Today's news marks another shrewd deal for Teuton, one which will not only allow the company to retain a substantial interest in the Tennyson property through its share in Brigade, but provides an optimally de-risked alternative to a typical 50/50 JV that might otherwise expose Teuton's shareholders to unnecessary equity dilution in what are effectively uncertain capital markets. The Tennyson property, whose porphyry copper-gold mineralization type is currently being explored by Seabridge and Pretium just 9.3 miles to the north, also has vein-type gold-silver mineralization and is currently the subject of an up to $4M drilling program that has done just under 11.5k feet of drilling so far and is currently on its ninth hole.
President of Teuton Resources, Dino Cremonese, P.Eng., emphasized Brigade being one of the companies of diversified global mining group Hunter Dickinson, Inc., a firm whose global reputation precedes it in the development of porphyry copper-gold deposits all over the planet. Cremonese conveyed the sentiments of the entire company in saying the property has found a good home with Brigade, while Teuton retains a vital interest after having secured a solid deal for their shareholders.
More info on Teuton Resources Corp. is available at Teuton.com
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