|Moly Claims Property|
Teuton, jointly with Silver Grail Resources, owns interests in several molybdenum prospects in the Hastings Arm area, southwest of Stewart, B.C. The principal moly prospects at this time are the Campbell Ridge and Tonga properties (described below).
In recent years the price of molybdenum has risen dramatically from a long term base of $2-4 US per lb, to a range of $15-35 per lb. Exploration for moly in British Columbia has accelerated accordingly, with millions being spent in the past two years to explore and bring such deposits into production.
The Hastings Arm and adjoining Alice Arm areas are known to contain many large molybdenum deposits. The formerly producing B.C. Moly mine at one time supported a thriving community at the town of Kitsault, 30 km to the south of the Tonga property. It operated from 1967-72 producing 9.3 million tons grading 0.112% moly, before low metal prices forced closure. According to the BC Government Minfile, proven and probable reserves at that time were 104 million tonnes grading 0.11% moly. Currently, Tenajon Resources is developing the very large Ajax moly deposit within the same region
Teuton and Silver Grail are currently seeking option partners to fund further work on their Moly claims.
CAMPBELL RIDGE PROPERTY
The property covers a large molybdenum prospect situated close to tide water, southeast of Stewart. Historical records indicate strong molybdenum mineralization occurs within a zone extending at least 2 kilometres, making this a highly attractive exploration target
Location and Property Status
The Campbell Ridge property is located 35 kilometres southeast of Stewart, British Columbia, on the east side of Hastings Arm. Silver Grail Resources Ltd. and Teuton Resources Corp. own the property jointly (50-50).
The property was first staked by Noranda Exploration Company in the late 1970’s. Surface work carried out by Noranda from 1979-1981 identified a large area within which molybdenum mineralization was observed, hosted in a variety of rock types including quartz monzonite intrusions.
A soil geochemical sampling program delineated multiple clusters of anomalous molybdenum values extending over a length of 2 kilometres, and open to extension on both ends. Twenty-five of sixty rock samples taken from within this area returned values assaying greater than 0.1% Mo to a high of 2.4% Mo.
With declining molybdenum prices in the 1980’s, interest in the metal diminished and the property was eventually dropped by Noranda. Assessment reports filed with the government of British Columbia do not record any diamond drilling on the property.
The Tonga property has significant potential for hosting molybdenum as well as silver, gold and zinc mineralization.
Previous soil, silt and talus fine geochem sampling in the center of the property indicated highly anomalous levels in these elements. Drilling in 2006 targeting coincident geochemical and geophysical anomalies intersected low-grade zinc-silver mineralization but did not explain the molybdenum geochemistry. It is now believed that the geochemical anomaly may be transported, suggesting that the source lies south at higher elevations.
Location & Property Status
The Tonga property is located 32 kilometres southeast of Stewart, British Columbia, at the headwaters of the O’Neill River and adjoining the Fiji property to the south. Silver Grail Resources Ltd. and Teuton Resources Corp. own the property jointly (50-50).
A 300 metre long, highly anomalous molybdenum geochemical anomaly was discovered along the banks of Cross Creek in 2004, at the center of the Tonga property. Eleven talus fine samples taken every 30 metres ranged from 111 to 543 ppm moly with an average of 321 ppm. Associated copper, zinc, lead and silver values were also highly anomalous. This work confirmed and extended abundant soil and silt moly geochemical anomalies identified during small programs carried out in 1989 and 1991. Quartz diorite float boulders containing moly rosettes, discovered a few hundred metres north (downstream) in 1982, are likely related to this anomalous zone.
The geochemical signature and the local geological setting indicate that an unmapped “Alice Arm intrusion” may underlie the property. Regionally, these intrusions typically take the form of oval or elongate quartz monzonite to quartz diorite stocks, zoned portions of which host molybdenum mineralization. Marginal quartz veins containing lead, zinc and silver mineralization are also common.
BC Minister of Mines Annual Reports record that an old prospect called Carpenter’s Claims is situated within the Tonga property boundaries. This prospect was reported to contain free gold in quartz veins mineralized with pyrite and chalcopyrite. During the 1980’s several prospecting traverses were undertaken by various parties aimed both at locating this old prospect and the source of numerous highly anomalous silt geochemical silver anomalies recorded during a 1978 regional B.C. Government survey. One of these traverses led to a discovery of a float boulder assaying 92 oz/ton silver and 1.3 oz/ton gold, however neither the exact location of the old prospect nor the source of the silver geochemical anomalies was ever determined.