October 2, 2023 Victoria, Canada –– Silver Grail Resources Ltd. (“Silver Grail”) (“SVG”-TSX-V) (“the Company”) announces that it has completed surface exploration on some of its many properties located east of Stewart in the Golden Triangle region of northwestern British Columbia. These include the Clone, Fiji and Konkin Silver properties, all of which have shared ownership with Teuton Resources Corp. The properties were prospected and sampled with emphasis on zones recently exposed by retreating ice.
In addition, Silver Grail and Teuton also staked the 856 hectareKswhan property in July after it came open. It lies between the Clone property and Goliath’s Golddigger property.
This region of the Golden Triangle area has become more prominent in recent years, largely due to the efforts of Dolly Varden Silver Corporation and Goliath Resources Limited. These two companies have drilled over 60,000 metres in 2023 at their Homestake Ridge-Dolly Varden and Golddigger properties, respectively. Recent drill results from Dolly Varden Silver have continued to expand their silver zones. During Silver Grail-Teuton’s property examination of the jointly-owned Fiji property, a string of fresh drill pads was observed on neighbouring Dolly Varden Silver claims extending northwest of their Homestake Main deposit. These drill pads had several rigs on them ostensibly testing the northwestern extension of what is known as the “Kitsault Valley Trend”, a trend which continues from the Dolly Varden and Torbrit Silver mines northwestward into the Homestake Main and beyond into Teuton and Silver Grail’s Fiji property (see map, URL below). Goliath Resources has also been successful in 2023. They recently reported that 42% of the 98 holes drilled so far in 2023 contained visible gold. Goliath is also investigating new mineralized zones which recently emerged from ice cover, two of which are on claims which bound properties owned by Silver Grail and Teuton.
A first batch of assay data from sampling has been received from 2023 prospecting on Silver Grail-Teuton’s Clone property. These include 25 grab samples from an area of the Clone property that has seen only light exploration to date and which is hypothesized as being distal to a porphyry copper zone. Results for copper show a range from 66 to 4,450 ppm with an average of 1,640 ppm (0.16% Cu); for silver, a range from 0.20 to 6.24 ppm with an average of 2.34 ppm, and; for gold, a range from 10 to 1,480 ppb gold with an average of 213 ppb gold. More samples have been sent in for assay.
Silver Grail and Teuton have owned the Clone property jointly since first staking in 1994-5. An optionee of the property eventually earned a 50% interest, leaving Teuton and Silver Grail owning 25% each. The interest earned by the optioneewas later put up for sale in 2019 when the owner changed its business from mineral exploration to biopharma; it was subsequently acquired by Teuton for $200,000. Silver Grailnow will pay Teuton $100,000 (plus interest) to acquire an additional 25% interest, which would leave both companies reverting to their previous joint ownership (50-50).
A claim map (drawn before the Kshwan was acquired) showsproperties held by Teuton and Silver Grail in this area of the Golden Triangle and can be viewed here: http://teuton.com/StewartEastmap .
Dino Cremonese, P. Eng., is the Qualified Person for Teuton Resources; as President and CEO of Teuton, he is not independent of the Company..
“Dino Cremonese, P.Eng.”
Dino Cremonese, P. Eng.,
President and Chief Executive Officer
Silver Grail Resources Ltd
For further information, please visit the Company’s website at www.silvergrail.com or contact:
Corporate Development and Communications
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Cautionary Statements regarding Forward-Looking information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.
All statements relating to future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.