The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Teuton Resources Corp. said it has optioned its King Tut, Tuck and Silver Crown West properties to Pretium Resources Inc. for C$1.8 million in cash payable over four years.
Teuton will retain a 2 percent net smelter return royalty in the properties with no buyback.
The King Tut and Tuck properties adjoin due south of Pretium's Brucejack property, which hosts 15.3 million metric tons of measured and indicated resources averaging 17.6 grams per metric ton (8.7 million ounces) gold in the Valley of the Kings deposit.
A single hole drilled at King Tut in 2012 cut 222 meters averaging 0.88 g/t gold.
On Teuton's Tuck property located south of the King Tut, retreating snow and ice in 2014 exposed a new altered zone of jarosite-stained quartz stockwork carrying anomalous values in gold, silver and arsenic.
The Silver Crown West property, located further south, features a pronounced electromagnetic anomaly which remains to be tested.
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