Teuton AGM report
I attended the Teuton AGM today at the office in Vancouver.
In attendance were Dino Cremonese Gary Assaly, Robert Smiley and me.
There were 7 shareholders present in person and by proxy, voting over 6 million shares.
Robert Smiley dispensed with the formalities of the meeting quickly with all motions passing. Afterwards there was an informal discussion of the upcoming field season for Teuton.
Dino has been reviewing data on all the properties gathered to date and is excited to get out into the field and start the exploration season. Of interest this season are:
Tennyson property
This property is 100% owned by the Company and is located at the head of Berendon Glacier, approximately 30km north of Stewart, BC. Past exploration has identified epithermal gold and porphyry copper-gold mineralization. A new zone was discovered in 2009 and was tested by two holes. One of these ran 19.8m of 2.0 g/t gold.
Permits are in place and both a helicopter contract and drill contract have been signed. The Company plans to begin work on the Tennyson property in August of 2010.
Fiji
In 2009, Bravo Gold conducted an airborne geophysical survey over its property which identified several new, untested exploration targets. One of these zones straddles the border with Teuton and Silver Grail’s Fiji property and will be examined by Teuton personnel in 2010. Another lies just to the east of the boundary with Teuton in the northwest corner of the Homestake property.
Teuton plans to drill other targets within its Fiji claim in 2010 and has received all government permits to that end.
Clone
The Clone property 2010 budget has not yet been established by Canasia but will be reported when available. Drilling in 2009 of the Clone encountered several excellent gold intersections including one which ran 12.8m of 44.75 g/t gold.
High Property
The High property begins 1.25km south of Silver Standard’s Bridge deposit and continues southward for another 7 km.
Silver Standard has identified several zones including the new Bridge deposit which was successfully drilled in 2009. One of the holes, SU-21, intersected 589m of 0.99 g/t gold. The zones within the Brucejack area appear to be related to the Brucejack fault which travels south into Teuton’s High property
Teuton intends to explore the High property in 2010 by reconnaissance sampling and possibly drilling
Treaty Creek
Drilling in 2009 by American Creek Resources, optionee of the Treaty Creek property, identified two favourable zones in geology broadly similar to that of the KSM property. In the Copper Belle zone, drillhole CB-14 ran 241 metres of 0.80 g/t gold from 114 to 355.7m. In the GR-2 zone, hole GR2-09-07 ran 14.5 metres of 5.44 g/t gold. American Creek has not yet disclosed its plans for Treaty Creek in 2010.
Seabridge’s geologists believe that this new zone (the Iron Cap) has the potential to host 250 to 500 million tonnes of mineralized material at grades similar to the Mitchell zone. Significantly, the Iron Cap lies only 1km southwest of the border between Seabridge Gold’s claims and Teuton’s extensive Treaty Creek property.
My feeling is that this year will be the busiest one yet in this companies 25 year history.
Recommendation
Speculative BUY!
Disclosure
calichebahada.com owners and affiliates own securities in Teuton Resources
