Tudor Gold Announces Filing of NI 43-101 Technical Report on the Updated Mineral Resource Estimate for the Goldstorm Deposit at the Treaty Creek Project, British Columbia
Tudor Gold Announces Filing of NI 43-101
Technical Report on the Updated Mineral
Resource Estimate for the Goldstorm Deposit
at the Treaty Creek Project, British Columbia
Vancouver, British Columbia--(Newsfile Corp. - April 28, 2023) - Tudor Gold Corp.
(
TSXV: TUD
) (
FSE:
H56
) ("
Tudor Gold
" or the "
Company
") is pleased to announce the filing of the technical report (the
"
Report
") for the updated Mineral Resource Estimate on the Goldstorm Deposit (the "
MRE
" or "
2023
Treaty Creek MRE
") at its flagship Treaty Creek Project (the "
Project
") located in the Golden Triangle
region of British Columbia.
The Report is entitled "NI-43-101 Technical Report for the Treaty Creek
Project", with an effective date of April 28, 2023 and was prepared for Tudor Gold by Garth Kirkham
Geosystems and JDS Energy & Mining Inc. ("
JDS
"). The Report is available under the Company's
profile on SEDAR at
www.sedar.com
or from the Company's website at
www.tudor-gold.com
.
Highlights of the 2023 Treaty Creek MRE:
Indicated Mineral Resource of
23.37 million ounces (Moz) of gold equivalent (AuEQ)
within
641.93 million tonnes (Mt)
at a
grade of 1.13 g/t AuEQ
; comprised of:
18.75 Moz of gold
(Au)
at 0.91 g/t
,
112.44 Moz of silver
(Ag) at
5.45 g/t
, and
2.18 billion
pounds (Blbs) of copper
(Cu) at
0.15 %
.
Inferred Mineral Resource of
7.35 Moz AuEQ
within
233.90 Mt
at a
grade of 0.98 g/t AuEQ
;
comprised of:
5.54 Moz Au at 0.74 g/t, 45.08 Moz Ag at 5.99 g/t, and 848.00 million pounds (Mlbs) of Cu
at 0.16 %
.
CS-600 Domain is comprised of an intrusive hosted gold-copper porphyry system and hosts an
Indicated Mineral Resource of
9.86 Moz of AuEQ within 278.02 Mt at a grade of 1.10 g/t AuEQ
;
comprised of:
6.22 Moz Au at 0.70 g/t; and 1.98 Blbs of Cu at 0.32 %
.
A
1.0 g/t sensitivity cut-off
for all the Indicated Mineral Resource (open-pit and underground)
measures
15.18 Moz of AuEQ
at a
grade of 1.48 g/t AuEQ
; comprised of:
12.29 Moz of Au at 1.20 g/t, 72.07 Moz of Ag at 7.02 g/t and 1.35 Blbs of Cu at 0.19 %
.
Improved the definition and spatial continuity of the Goldstorm porphyry system which is comprised
of
six separate mineral domains
over an area that measures approximately 2,500 m in length,
1,000 m in width and 1,400 m in depth.
The Goldstorm Deposit remains open to the south, north, northeast and at depth.
Table 1: Summary of Indicated and Inferred Mineral Resource as of March 15, 2023
1-
5
Mine Area
Tonnage
(Mt)
AuEQ (g/t)
Au (g/t)
Cu (%)
Ag (g/t)
AuEQ
(koz)
Au
(koz)
Cu
(Mlb)
Ag
(koz)
Indicated Mineral Resource
Pit
389.11
1.05
0.90
0.08
5.44
13,138
11,320
687
68,168
Underground
252.82
1.26
0.91
0.27
5.44
10,237
7,429
1,493
44,275
Combined
641.93
1.13
0.91
0.15
5.45
23,375
18,750
2,180
112,443
Inferred Mineral Resource
Pit
160.94
0.85
0.71
0.07
6.50
4,404
3,648
248
33,628
Underground
72.96
1.25
0.80
0.37
4.87
2,946
1,888
600
11,452
Combined
233.90
0.98
0.74
0.16
5.99
7,349
5,536
848
45,080
(1)
Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be
materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
(2)
The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be
converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated
Mineral Resource with continued exploration.
(3)
The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on
Mineral Resources and Reserves, Definitions (2014) and Best Practices (2019) prepared by the CIM Standing Committee on Reserve Definitions and
adopted by CIM Council.
(4)
The Mineral Resource Estimate was prepared for a potential open pit scenario using a constrained pit shell (with 50-degree slopes) at a 0.5 g/t
gold equivalent cut-off grade and an underground mining scenario using a 0.7 g/t gold equivalent cut-off grade. Cut-off grades were derived from
US$ 1,800/oz gold, US$ 20/oz silver, US$ 3.50/lb copper, CAD:USD of 0.77, C$ 2.50/tonne open pit and C$7.50 underground mining cost, C$
38.50/tonne milled processing costs, C$ 1.50/tonne G&A cost, and process recoveries of 90 % for gold, 80 % for copper, and 80 % for silver.
(5)
AuEQ g/t = Au g/t + (Ag g/t*0.0098765) + (Cu ppm*0.0001185).
The Goldstorm sensitivity tables (Tables 2 and 3) report the variation of resource grade and tonnage with
respect to the change in cut-off grades for the Indicated and Inferred Mineral Resources.
Table 2: Indicated Mineral Resource Cut-off Sensitivity - Combined Pit and Underground
1
Cut-off
Tonnage
(Mt)
AuEQ (g/t)
Au (g/t)
Cu (%)
Ag (g/t)
AuEQ
(koz)
Au
(koz)
Cu
(Mlb)
Ag
(koz)
0.3
730.20
1.06
0.85
0.14
5.06
24,823
19,907
2,324
118,689
0.4
714.16
1.07
0.86
0.15
5.13
24,640
19,742
2,318
117,896
0.5
682.72
1.10
0.88
0.15
5.28
24,180
19,346
2,291
115,831
0.5 / 0.7
2
641.93
1.13
0.91
0.15
5.45
23,375
18,750
2,180
112,443
0.6
631.15
1.15
0.92
0.16
5.50
23,262
18,588
2,218
111,644
0.7
559.69
1.21
0.97
0.17
5.81
21,762
17,386
2,076
104,501
0.8
479.37
1.29
1.03
0.18
6.18
19,820
15,854
1,878
95,239
0.9
397.39
1.38
1.10
0.19
6.59
17,577
14,114
1,633
84,212
1.0
319.20
1.48
1.20
0.19
7.02
15,186
12,293
1,352
72,067
(1)
Refer to footnotes to the Mineral Resource Estimate in Table 1 of this News Release.
(2)
The MRE utilizes 0.5 g/t AuEQ for the pit-constrained Mineral Resource and 0.7 g/t AuEQ for the underground Mineral Resource.
Table 3: Inferred Mineral Resource Cut-off Sensitivity - Combined Pit and Underground
1
Cut-off
Tonnage
(Mt)
AuEQ (g/t)
Au (g/t)
Cu (%)
Ag (g/t)
AuEQ
(koz)
Au
(koz)
Cu
(Mlb)
Ag
(koz)
0.3
488.34
0.67
0.52
0.10
4.01
10,524
8,170
1,070
62,885
0.4
326.54
0.83
0.63
0.13
5.00
8,729
6,658
961
52,510
0.5
244.18
0.96
0.72
0.17
5.89
7,553
5,652
896
46,261
0.5 / 0.7
2
233.90
0.98
0.74
0.16
5.99
7,349
5,536
848
45,080
0.6
198.02
1.06
0.78
0.19
6.68
6,739
4,952
849
42,527
0.7
163.26
1.15
0.83
0.22
7.34
6,015
4,355
796
38,506
0.8
135.32
1.23
0.88
0.25
7.83
5,341
3,830
732
34,060
0.9
108.48
1.32
0.94
0.27
8.25
4,607
3,285
647
28,786
1.0
84.17
1.43
1.02
0.29
8.56
3,864
2,759
547
23,169
(1)
Refer to footnotes to the Mineral Resource Estimate in Table 1 of this News Release.
(2)
The MRE utilizes 0.5 g/t AuEQ for the pit-constrained Mineral Resource and 0.7 g/t AuEQ for the underground Mineral Resource.
The Goldstorm Deposit consists of six mineral domains with unique geological characteristics. Five of
the domains are gold-dominant with lesser proportions of silver and copper. Domain CS-600 is
dominantly gold and copper rich, with lesser silver. The CS-600 hosts the majority of the copper at the
Goldstorm Deposit and consists of a well-defined intrusive porphyry system. Table 4 summarizes the
Indicated and Inferred Mineral Resources for each mineral domain.
Table 4: Mineral Resource by Domain - Combined Pit and Underground
1
Indicated Mineral Resources
Domain
Tonnage
(Mt)
AuEQ (g/t)
Au (g/t)
Cu (%)
Ag (g/t)
AuEQ
(koz)
Au
(koz)
Cu
(Mlb)
Ag
(Moz)
300H
234.13
1.02
0.95
0.03
3.90
7,700.29
7,173.49
131.05
29.36
CS-600
278.02
1.10
0.70
0.32
5.71
9,860.70
6,217.37
1,983.30
51.06
DS5
114.83
1.32
1.21
0.02
7.89
4,865.34
4,456.37
56.68
29.14
R66
5.02
1.36
1.30
0.04
1.07
219.44
209.10
4.71
0.27
NS STK
6.37
2.28
2.20
0.01
6.16
467.60
451.30
1.57
1.26
Copper Belle
3.57
1.00
0.90
0.03
5.50
114.45
103.58
2.53
0.63
Inferred Mineral Resources
300H
6.41
1.03
0.95
0.03
4.92
213.19
195.00
4.52
1.02
CS-600
96.77
1.19
0.75
0.36
6.01
3,711.82
2,321.60
761.68
18.71
DS5
2.78
1.37
1.22
0.05
8.69
122.28
109.30
2.84
0.78
R66
0.55
2.19
2.07
0.01
9.32
38.90
36.84
0.15
0.17
NS STK
1.30
2.26
2.09
0.01
14.26
94.06
86.95
0.37
0.59
In Pit,
External
2
126.64
0.79
0.69
0.03
5.86
3,206.88
2,821.68
78.73
23.90
(1)
Refer to footnotes to the Mineral Resource Estimate in Table 1 of this News Release.
(2)
A mineral estimate of the material within the defined pit that exists outside of the outlined mineral domains was completed and is included within
the Inferred Mineral Resource, and listed "In Pit, External".
Figure 1: 2023 Treaty Creek MRE Domains
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/4494/164256_2e355016245f985c_002full.jpg
Quality Assurance
The 2023 Treaty Creek MRE was prepared under the supervision of Garth Kirkham, P.Geo, FGC, of
Kirkham Geosystems Ltd., and Dino Pilotto, P.Eng., of JDS who are independent Qualified Persons, for
the purposes of National Instrument 43-101 -
Standards of Disclosure for Mineral Projects
("
NI 43-
101
"). Mr. Kirkham and Mr. Pilotto have reviewed and approved the technical contents of this news
release.
Ken Konkin, P.Geo, President and CEO, Tudor Gold, is the Qualified Person, for the purposes of NI 43-
101, responsible for the Project. Mr. Konkin has reviewed, verified, and approved the scientific and
technical information in this news release.
About Tudor Gold Corp.
Tudor Gold Corp. is a precious and base metals exploration and development company with properties
in British Columbia's Golden Triangle (Canada), an area that hosts producing and past-producing mines
and several large deposits that are approaching potential development. The 17,913 hectare Treaty
Creek project (in which TUDOR GOLD has a 60% interest) borders Seabridge Gold Inc.'s KSM property
to the southwest and borders Newcrest Mining's Brucejack Mine property to the southeast.
ON BEHALF OF THE BOARD OF DIRECTORS OF TUDOR GOLD CORP.
"Ken Konkin"
Ken Konkin
President and Chief Executive Officer
For further information, please visit the Company's website at
www.tudor-gold.com
or contact:
Chris Curran
Head of Corporate Development and Communications
Phone: (604) 559 8092
E-Mail:
or
Carsten Ringler
Head of Investor Relations and Communications
Phone: +49 151 55362000
E-Mail:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Cautionary Note Regarding Forward-looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian
Securities legislation. "Forward-looking information" includes, but is not limited to, statements with
respect to the activities, events or developments that the Company expects or anticipates will or may
occur in the future, including the completion and anticipated results of planned exploration activities
and the interpretation of Inferred Mineral Resource for the Project. Generally, but not always, forward-
looking information and statements can be identified by the use of words such as "plans", "expects",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or
the negative connotation thereof or variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the
negative connotation thereof.
Such forward-looking information and statements are based on numerous assumptions, including
among others, that others, that the Company's planned exploration activities will be completed in a
timely manner, the Company's financial condition and development plans do not change as a result
of unforeseen events, and that future gold prices and the demand and market outlook for gold will
remain stable or improve.
Material assumptions relating to the inferred mineral resource are
contained in the Report.
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: that
the Inferred Mineral Resources cannot be upgraded to an Indicated Mineral Resource with continued
exploration, on the timeline anticipated by management or at all, risks related to 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 regulator.
Although the Company has attempted to identify important factors that could cause actual results to
differ materially from those contained in the forward-looking information or implied by forward-looking
information, there may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking information and statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated, estimated
or intended. Accordingly, readers should not place undue reliance on forward-looking statements or
information.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/164256