Clone Gold Property

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History and Property Status

The property was staked by Teuton-Silver Grail in 1994, as part of a regional effort aimed at exploration of virgin ground exposed by rapidly melting snow and icefields.

After discovery of high-grade gold-bearing shears on the Clone by Teuton-Silver Grail prospectors in 1995, several major mining companies attempted to option the property. Teuton-Silver Grail finally settled on Homestake Mining Canada and Prime Resources, at that time co-owners of the Eskay Creek mine. These two companies collectively agreed to take equity positions in Teuton-Silver Grail, raising $1.3 million for each of the Teuton and Silver Grail treasuries. The private placements were done at a significant premium to market at the time: $2.40 per share for Teuton, and $3.79 per share for Silver Grail.

Approximately $3,000,000 combined was spent on the Clone property by Teuton and Silver Grail between 1995 and 1998. Due to low gold prices, little work was done on the property between 1999 and 2002.

In June of 2003, the Clone property was optioned to Lateegra Resources Inc. Several holes were drilled by Lateegra in 2003, the best of which returned a 27.8 ft. interval grading 2.357 oz/ton gold (Hole CL-03-3). Lateegra did not carry out any work on the property in 2004 and the property was returned to Teuton-Silver Grail in early 2005.

In November, 2005, Canasia Industries Corporation ("CAJ.H") entered into an option to acquire a 50% interest in the Clone property under terms whereby it agreed to make staged cash payments totaling $120,000, issue 200,000 shares, and undertake exploration expenditures of $1,800,000 over the five year term of the option. Option cash and share payments are to be divided equally between Teuton and Silver Grail, joint owners of the Clone. Teuton-Silver Grail will act as operator during the term of the option.


Reference for information:
www.teuton.com/properties/clone_gold.html