Tudor Gold Announces Sale of the Eskay North Property to Skeena Resources and Provides Corporate Update on Its Treaty Creek Project, Located in the Golden Triangle of British Columbia
Tudor Gold Announces Sale of the Eskay
North Property to Skeena Resources and
Provides Corporate Update on Its Treaty Creek
Project, Located in the Golden Triangle of
British Columbia
Vancouver, British Columbia--(Newsfile Corp. - January 25, 2023) - Tudor Gold Corp. (
TSXV: TUD
)
(
FSE: H56
) (the "
Company
" or "
Tudor Gold
") is pleased to announce that the Company has
completed the sale of the Eskay North Property to Skeena Resources Limited (
Skeena
) for total
consideration of $2,800,000 consisting of 231,404 common shares of Skeena at a price of C$6.05 per
share (valued at $1,400,000) and $1,400,000 in cash as per the purchase and sales agreement made
on October 28, 2022.
Ken Konkin, President & CEO states
: "With the sale of Eskay North completed to Skeena, Tudor
Gold remains committed to advancing and generating value from its Treaty Creek Project, which hosts
the Goldstorm Deposit; one of the largest gold discoveries in the past 30 years.
Although the Eskay
North Property has an interesting land position adjacent to Skeena's Eskay Mine Project, the Company
believes the sale of the property makes strategic sense. Tudor's Board of Directors voted unanimously
to complete this deal with Skeena Resources.
"Our Treaty Creek Project possesses the potential for several years of exploration to host another
Goldstorm Deposit with numerous recently discovered, significant Au-Cu-Ag targets. Our largest drill
target, Perfectstorm lies on-trend and is equidistant from our Goldstorm Deposit and Seabridge Gold's
Iron Cap Deposit at a distance of 2.5 kilometers to each deposit. The Perfectstorm system holds a very
high priority as a drill target, however, our top priority is to drill off the Goldstorm Deposit with the focus
on the CS-600 copper-gold-silver domain, as it remains open in all directions and at depth."
Corporate Update on the Goldstorm Mineral Resource Estimate and Project Development
Tudor Gold continues to move forward on an updated Mineral Resource Estimate (MRE) for its
Goldstorm Deposit at Treaty Creek by completing an updated geologic model and advancing the
understanding of the mineral distribution at Goldstorm.
The Company anticipates that the MRE update
will be announced within Q1 2023 and is expected to focus on higher grades to increase the overall
quality of gold, silver, and copper resources.
Recent construction of an exploration access road by our heavy equipment operators has connected the
property's lower camp to the weather station area located two kilometers downstream from the lower
camp. It is expected that this road will be further extended in order to connect to Seabridge's Tailings
Access Road.
Seabridge Gold has made excellent progress in connecting their tailing site which is
located 17 kilometers from Highway 37, including a large bridge that crosses the Bell Irving River, at no
cost to Tudor Gold. The construction of this tailings access road is expected to be completed later in
2023. Once the 17-kilometer Seabridge Tailings access road is completed, only a 14-kilometer road will
remain to be built, which is completely permitted for construction. Following completion of all road
construction it is expected that the Company's Treaty Creek Project will have year-round all-season
vehicle access. In addition, it is the Company's understanding that Seabridge also plans to bring in a
power line to their tailings site area bringing additional infrastructure much closer to our claim boundary.
Tudor Gold is also pleased to report that the 2-year baseline hydrology and water quality studies are
anticipated to be completed by March 2023. This will satisfy a major milestone for future permitting
requirements and bring the project one step closer to potential production phase.
Qualified Person
The Qualified Person for this news release for the purposes of National Instrument 43-101 is the
Company's President and CEO, Ken Konkin, P.Geo. He has read and approved the scientific and
technical information that forms the basis for the disclosure contained in this news release.
About Tudor Gold
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 Limited's Brucejack property to the
southeast. In April 2021 Tudor published their 43-101 technical report, "Technical Report and Initial
Mineral Resource Estimate of the Treaty Creek Gold Property, Skeena Mining Division, British
Columbia Canada" dated March 1, 2021, on the Company's Sedar profile.
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 Statements 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 exploration potential of the Treaty Creek Project, the anticipated
mutual benefits to be derived from the transaction between Tudor Gold and Skeena, the anticipated
timeline for completion and the focus of the updated MRE for the Goldstorm Deposit, the anticipated
infrastructure development by Tudor Gold and surrounding project operators
and the associated
benefits and the anticipated timeline for completion of the Company's hydrology
and water quality
studies. 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 connation thereof.
Such forward-looking information and statements are based on numerous assumptions, including
among others, that the Company's planned exploration activities will be completed in a timely manner
a
nd that they may yield positive results, that Tudor Gold and Skeena derive the benefits anticipated
from
the transaction, that the updated MRE for the Goldstorm Deposit can be completed in a timely
manner, that the Company and surrounding project operators are able to complete the planned
infrastructure projects on the timelines curre tly contemplated and that the hydrology and water
quality
studies can be completed in a timely manner. Although the assumptions made by the Company in
providing forward-looking information or making forward-looking statements are considered
reasonable by management at the time, there can be no assurance that such assumptions will prove
to be accurate.
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.
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/152412