Tudor Gold Announces Significant Upgrade to Mineral Resource Estimate for the Goldstorm Porphyry Deposit at the Treaty Creek Project, British Columbia with Increased Gold, Copper and Silver Grades and Doubling of the Total
Tudor Gold Announces Significant Upgrade to
Mineral Resource Estimate for the Goldstorm
Porphyry Deposit at the Treaty Creek Project,
British Columbia with Increased Gold, Copper
and Silver Grades and Doubling of the Total
Contained Copper to 2.1 Billion Pounds in the
Indicated Category
Vancouver, British Columbia--(Newsfile Corp. - March 15, 2023) - Tudor Gold Corp.
(
TSXV: TUD
)
(
FSE: H56
) ("
Tudor Gold
" or the "
Company
") is pleased to announce the results of its updated
Mineral Resource Estimate (MRE) prepared by Garth Kirkham P. Geo., of Kirkham Geosystems Ltd.,
and JDS Energy and Mining Inc. ("JDS") for its flagship Treaty Creek project (the "
Project
") located in
the Golden Triangle Region of British Columbia. Tudor Gold's initial Mineral Resource Estimate for the
Project was included in a technical report entitled "Technical Report and Initial Mineral Resource
Estimate of the Treaty Creek Gold Property, Skeena Mining Division, British Columbia, Canada", dated
April 23, 2021, with an effective date of March 1, 2021. (the "2021 MRE").
Highlights of the Updated Mineral Resource Estimate on the Goldstorm Deposit at the Project
("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.
Commenting on the results, Ken Konkin, President & CEO of Tudor Gold
, "We are very pleased
by the results of our updated MRE for the Goldstorm Deposit, which resulted in an impressive 53
%
increase in the gold equivalent grade and a 20
% increase in total gold equivalent ounces within the
Indicated Mineral Resource category.
The updated MRE utilizes higher cut-off grades (Pit: 0.50 g/t
AuEQ, Underground: 0.70 g/t AuEQ) than the 2021 MRE (Pit: 0.30 g/t AuEQ, Underground: 0.46 g/t
AuEQ). These higher cut-off grades exemplify the robust nature of this deposit, including the mineral
consistency and thickness of the higher-grade gold and copper mineralized domains that were
intercepted during the Company's 2021 and 2022 drill programs.
Even at these higher cut-off grades,
the overall project-wide contained copper in both the Indicated and Inferred Mineral Resource categories
increased to more than double that of the previous MRE, to over 3 billion pounds of copper.
These
accomplishments are a culmination of two additional years of drilling and refining of our geologic
understanding to vector towards higher-grade gold, copper, and silver. These improvements to the
Goldstorm Deposit are expected to provide an excellent foundation as the Company advances the
Treaty Creek Project towards an initial economic assessment. Continued definition and expansion
drilling will continue in 2023 to target higher gold, silver and copper grades throughout the northern
expansion area of the Goldstorm Deposit."
Updated Mineral Resource Estimate for the Goldstorm Deposit
The MRE was prepared by Garth Kirkham, P.Geo, based on 201 diamond drill holes (148,474 meters)
completed between 2007 and 2022. The MRE included 62,916 meters of diamond drill holes that were
completed since the 2021 MRE. A National Instrument 43-101 Technical Report is expected to be
prepared by Garth Kirkham Geosystems and JDS and posted on
www.tudor-gold.com
and under the
Company's profile on
www.SEDAR.com
within 45 days of the date of this news release.
Table 1: Summary of Indicated and Inferred Mineral Resource as of March 15, 2023
1-
6
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)
6
.
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" in Table 4.
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
(koz)
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: Goldstorm Deposit MRE Domains
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4494/158502_tudorimage1.jpg
2023 Exploration Program
In 2023, the Company expects to continue to target the Goldstorm Deposit in particular the limits of the
CS-600 and the DS-5 Domains.
Definition and step-out drilling within the current resource will continue
to target higher gold, silver and copper grades throughout the northern step-out expansion area at
Goldstorm. The overarching goal of future exploration programs is to increase the size of the current
Treaty Creek Property Mineral Resource, continue to make new significant discoveries, and advance the
Goldstorm Deposit and the Project towards an initial economic assessment.
Quality Assurance
The Goldstorm MRE was prepared under the supervision of Garth Kirkham, P.Geo, FGC, of Kirkham
Geosystems Ltd., and JDS who is an Independent Qualified Person, as defined by National Instrument
43-101. Mr. Kirkham has reviewed and approved the technical contents of this news release.
Ken Konkin, P.Geo, President and CEO, Tudor Gold, is the Qualified Person, as defined by National
Instrument 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:
Cautionary Note Regarding Forward-looking Information
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.
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 expectation that the improvements to the Goldstorm Deposit will
provide an excellent foundation as the Company advances the Treaty Creek Project towards an initial
economic assessment, the expectation that the majority of the inferred Mineral Resource could be
upgraded to an Indicated Mineral Resource with continued exploration ,the Company's plan to file a
technical report within 45 days of this news release, the plan for the Company to complete the drilling
of the Goldstorm Zone and define the limits of the 300H, the CS-600 and DS-5 Domains in 2023.
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 improvements to the Goldstorm Deposit will provide an excellent
foundation as the Company advances the Project towards an initial economic assessment, the
majority of the inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with
continued exploration, the Company's will file a technical report within 45 days of this news release,
the Company will complete the drilling of the Goldstorm Zone and will define the limits of the 300H,
the CS-600 and DS-5 on the timeline anticipated by management.
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 Company will not advance the Project towards an initial economic assessment, the majority of the
inferred Mineral Resources cannot be upgraded to an Indicated Mineral Resource with continued
exploration, that the Company's will not file a technical report within 45 days of this news release or at
all, the Company will not complete the drilling of the Goldstorm Deposit and will be unable to define
the limits of the 300H, the CS-600 and DS-5 Zones on the timeline anticipated by management or at
all 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.
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