Teuton Resources Corporation

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Several silver bearing structures have been discovered within an exhalative horizon on the Konkin Silver property. Structural and mineralogical similarities exist with occurrences mined in the Kitsault River area to the south, and the local setting has some affinities with the precious metal rich, VMS deposits at Eskay Creek.

An airborne survey flown in October of 2005 has identified a large, unexplained EM anomaly in sediments, east of the volcanic-hosted silver-bearing structures.

A 2006 drill program was curtailed due to freezing conditions. Current plans are to resume drilling in the fall of 2007.

Location & Property Status

The Konkin Silver property is located 29 kilometres east of Stewart, British Columbia, about 5 km south of the Del Norte-Midas property. Silver Grail Resources Ltd. and Teuton Resources Corp. own the property jointly (50-50).

Mineralization

Prospecting in 1994-95 led to the discovery of several structures with promising silver grades as follows:

TRENCH RESULTS
Structure	Trench/Chipline	Width (feet)	Silver (oz/ton)
Konkin	341-349	29.5	34.94
Konkin	403-407	16.4	36.27
Konkin	408-412	15.1	6.18
Konkin	417-424	26.2	14.84
Konkin	426-429	14.8	2.53
Konkin	430-432	11.2	27.11
Niknok	158-166	29.5	19.00
Niknok	167-168	6.6	17.16
Onkkin	94-95	6.6	10.02
King Konk	#1	5.7	27.00
King Konk	#2	7.1	23.63
King Konk	#3	13.1	4.21
King Konk	#4	13.1	15.03

The main Konkin occurrence consists of carbonate, quartz, barite, galena, sphalerite and rare ruby silver and native silver in a bow-shaped structure spanning 114 feet. High silver values are most closely associated with galena which occurs as fine coatings on fractures, as coarse crystalline blebs and as disseminated grains. Maximum thickness of the feature appears to be in excess of 33 feet. In 1995, the Konkin showing was tested by a series of very shallow holes from a single set-up. One of these intersected 10 feet grading 5.02 oz/ton silver.

At the formerly producing Torbrit silver mine to the south in the Kitsault River valley, similar silver mineralization also occurs in a bow-shaped structure, which, most notably, becomes wider and longer (along strike) with increasing depth. The Torbrit was Canada’s 3rd largest silver mine during the 1950’s.

The Niknok and Onkkin showings were discovered in poorly exposed outcrop on the opposite valley slope from the Konkin Silver showing. The Niknok mineralization consists of coarse crystalline galena with lesser sphalerite within quartz-carbonate/minor barite stockworks. The zone is present in an area of abundant intrusive dykes and appears to have a relatively gentle dip into the hillside. At the mostly overburden-covered Onkkin showing, the surrounding soil has a distinctive dark brown-black colour suggesting the presence of manganese.

Two other silver-bearing zones were also discovered by prospecting, situated south of the Konkin Silver showing. These are the King Konk and Yoggi showings which have had only very minor work to date.

In 1994, east of the silver-bearing structures, a promising quartz breccia zone mineralized with tetrahedrite was discovered situated along a contact between volcanic and sedimentary rocks. A chip sample from this zone returned 0.202 oz/ton gold and 16.4 oz/ton silver over a 13.1 foot width. Due to the steepness of the location no further work was done. However, after the 2002-3 success of exploration programs on the K and LG vein structures located to the north on Teuton’s Del Norte property, similarities both in mineralogy and setting between the K-LG and the Leszek occurrences prompted a re-examination of the latter showing. A prospecting team was sent in to map and extensively sample the Leszek in 2004, but was unable to find the zone due to precipitous terrain. It is also possible the location of the zone was incorrectly mapped by the original sampler.

Locations of all of the silver bearing occurrences are shown on the EM anomaly map in the next section.

Airborne EM Anomaly

An AerotemII, helicopter-borne, EM-MAG survey was flown in September and October of 2005 by Aeroquest Surveys over both the Konkin Silver and northerly adjoining Del Norte properties.

This survey outlined an intense EM anomaly lying near and along the contact of Hazelton Group volcanics and Salmon River sediments, east of the Konkin, Niknok and Onkkin silver-bearing structures.

A similarly intense, but less extensive anomaly was also detected on Teuton’s Del Norte property. This latter anomaly is unusual in that it lies just east of, and has an identical strike orientation to the 1+ mile long LG-K vein structures (from 2002-2006 the subject of a $2.5 million drill program). A small EM anomaly also lies just east of a gold-bearing zone on the Midas property, situated between the Konkin Silver and the Del Norte claims.

The source of the Del Norte geophysical anomaly is unknown at present, but because of its proximity and identical orientation appears to be related to the mineralizing event which formed the LG-K vein system. One theory is that the anomaly, situated as it is in mudstones in the wall of the vein system, may be indicating exhalative Eskay Creek-style mineralization.

Much less is known of the local situation around the similar, but larger EM anomaly on the Konkin Silver property, but the same theoretical considerations apply.

2005 Airborne Geophysical Anomalies

Konkin Silver Property

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