Tudor Gold Provides Review of Its 2023 Treaty Creek Drill Program and Establishes "At-The- Market" Equity Program
Tudor Gold Provides Review of Its 2023 Treaty
Creek Drill Program and Establishes "At-The-
Market" Equity Program
Vancouver, British Columbia--(Newsfile Corp. - February 14, 2024) - Tudor Gold Corp.
(TSXV: TUD)
(FSE: H56)
(the "
Company
" or "
Tudor
") is pleased to present the following review of its 2023 drill
program (the "
Program
") completed at its Treaty Creek gold-copper project located in the Golden
Triangle Mining Region of Northwestern British Columbia (the "
Property
").
The Program consisted of a total of 31,904 meters (m) drilled over 25 holes within the Goldstorm
Deposit (the "
Goldstorm Deposit
") and 8 holes at the Perfectstorm Zone ("
PSZ
").
The primary focus of
drilling within the Goldstorm area was twofold: to upgrade as much of the Inferred Mineral Resources to
the Indicated Mineral Resource category and to extend the boundaries of the deposit towards the north
and northeast.
Drilling at PSZ concentrated on expanding on the known mineralized zone by targeting
both the southwestern and northeastern regions, which are approximately 1500 m apart.
Highlights of the Program include:
Step-out and infill drilling continued to consistently intersect strong gold, copper and silver
mineralization outside the previously defined resource area of the Goldstorm Deposit to depth and
along the northeastern axis by 250 m to 350 m to the north and northeast;
Drilled a number of new high-grade intercepts within and outside the boundaries of the Goldstorm
Deposit. Notably, hole GS-23-179, a 200 m step-out to the northeast of the CS-600 Domain. This
hole returned an intercept of
525.0 m of 1.01 g/t AuEQ
(0.85 g/t Au, 1.94 g/t Ag, 0.13 % Cu) which
included a higher-grade interval of
223.5 m of 1.42 g/t AuEQ
(1.16 g/t Au, 2.25 g/t Ag, 0.19 % Cu)
that included
43.5 m of 3.73 g/t AuEQ
(3.52 g/t Au, 2.18 g/t Ag, 0.16 % Cu) and
12.0 m of 10.07
g/t AuEQ
(9.78 g/t Au, 1.35 g/t Ag, 0.23 % Cu);
1
Encountered stronger than expected copper grades within the CS-600 Domain of the Goldstorm
Deposit, notably hole GS-23-168-W1, which targeted the deep, northwest portion of the CS-600
Domain. The hole intersected an area classified as an Inferred Mineral Resource in the previous
Mineral Resource Estimate. Prior to entering the CS-600, a mineralized section of
75.0 m of 1.34
g/t AuEQ
(1.27 g/t Au, 5.89 g/t Ag, 0.01 % Cu) was cut, and this is interpreted to be the 300H
Domain, or related mineral system. A long intercept of CS-600 included
296.0 m of 1.11 g/t
AuEQ
(0.65 g/t Au, 5.03 g/t Ag, 0.35 % Cu) with an enriched intercept of
102.0 m grading 1.30
g/t AuEQ
(0.64 g/t Au, 7.39 g/t Ag, 0.50 % Cu);
2
Identified a new mineralized area named SC-1 situated in the northern sector of the Goldstorm
Deposit, within the CS-600. This recently identified zone boasts higher-grade gold concentrations
and comprises three drill holes, with two completed towards the end of the 2023 exploration
campaign. The initial drill hole, GS-22-134, yielded promising results in 2022, returned
20.86 g/t
AuEQ over 4.5 m within a 25.5 m section of 9.96 AuEQ
(9.66 g/t Au, 1.23 g/t Ag, 0.24 % Cu).
Drill-hole GS-23-176-W1, completed in 2023 and specifically designed as an offset step-out hole
returned
15.64 g/t AuEQ over 15.0 m
(14.89 g/t Au, 4.72 g/t Ag, 0.60 % Cu). Additionally, GS-23-
179, a northeast step-out hole also completed in 2023 to trace SC-1 up-dip from GS-22-134 and
GS-23-176-W1, returned
10.07 g/t AuEQ over 12.0 m
(9.78 g/t Au, 1.35 g/t Ag, 0.23 % Cu).
Presently, the high-grade gold-bearing breccia stockwork system extends approximately 400 m
down plunge and over 300 m along a northeastern axis. The exact width of the mineralized
structure remains undetermined at this stage;
3
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 2,400 m in length,
1,300 m in width and 1,500 m in depth. The Goldstorm Deposit remains open to the south, north,
northeast and at depth;
Confirmed the existence of PSZ with holes spaced over a distance of 1,500 meters.
PS-23-10, the
most notable drill hole from this program intersected
102.15 m of 1.28 g/t AuEQ
(1.23 g/t Au, 3.43
g/t Ag, 0.01 % Cu) including two enriched zones comprising
42.5 m of 1.87 g/t AuEQ
(1.80 g/t Au,
5.76 g/t Ag, 0.02 % Cu), and
25.5 m of 1.60 g/t AuEQ
(1.58 g/t Au, 1.81 g/t Ag, 0.01 % Cu).
Further downhole a high-grade vein zone was intersected and returned
1.5 m of 24.70 g/t gold
.
These results are the highest gold grades seen at PSZ to date and they are located between the
Goldstorm Deposit, 3 km to the northeast, and Seabridge Gold's Iron-Cap Deposit, 2.5 km to the
southwest.
4
Results from the Program are expected to be included in the next updated Mineral Resource Estimate
on the Goldstorm Deposit, which is anticipated to be released in the first quarter of 2024.
Tudor Gold's objective is to optimize the current Mineral Resource by concentrating on higher grades to
increase the overall quality of gold, silver, and copper resources. As a result, the Company is focused on
delivering an enhanced Mineral Resource Estimate on the Goldstorm Deposit which will improve the
overall prospects of the Treaty Creek Project as it advances towards a Preliminary Economic
Assessment (PEA).
At-The-Market Equity Program
The Company also announces that it has established an "at-the-market" equity distribution program (the
"
ATM Program
"). The ATM Program allows Tudor to issue and sell, at its discretion, common shares in
the capital of Tudor ("
Common Shares
") that would have the aggregate sales amount of up to
$20,000,000, to the public from time to time through Research Capital Corporation (the "
Agent
"), acting
as the agent. All Common Shares sold under the ATM Program will be sold at the prevailing market
price at the time of the sale, directly through the TSX Venture Exchange or any other recognized
marketplace upon which the Common Shares are listed, quoted or otherwise traded in Canada. Tudor
currently intends to use the net proceeds from the ATM Program to the extent raised, principally to
advance the exploration and economic assessment of the Treaty Creek Project and for general working
capital purposes but may also use net proceeds to fund all or a portion of the price of an acquisition.
Distribution of Common Shares under the ATM Program will be made pursuant to the terms of an equity
distribution agreement (the "
Equity
Distribution Agreement
") dated February 13, 2024 entered into
between Tudor and the Agent.
The ATM Program will be effective until the earlier of: (i) the issuance and sale of all of the Common
Shares issuable pursuant to the ATM Program; and (ii) September 8, 2025, unless terminated prior to
such date by Tudor or the Agent. As Common Shares sold in the ATM Program will be issued and sold
at the prevailing market price at the time of the sale, prices may vary among purchasers during the
period of distribution.
The offering under the ATM Program is qualified by a prospectus supplement dated February 13, 2024
(the "
Prospectus Supplement
") to Tudor's final short form base shelf prospectus filed in all of the
provinces and territories of Canada, dated August 2, 2023 (the "
Base Shelf Prospectus
"). Copies of
the Equity Distribution Agreement, the Prospectus Supplement and the Base Shelf Prospectus may be
obtained on request, without charge, from the Corporate Secretary of Tudor Gold Corp. at 789-999 West
Hastings Street, Vancouver, British Columbia, Canada V6C 2W2 (Telephone (604)-559-8092) and are
available on the Company's profile on SEDAR+ at www.sedarplus.ca.
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor
shall there be any sale of securities in the United States, or in any other jurisdiction in which such offer,
solicitation or sale would be unlawful.
The securities described in this news release have not been and
will not be registered under the United States Securities Act of 1933, as amended (the "
U.S. Securities
Act
"), or under any U.S. state securities laws, and may not be offered, sold, directly or indirectly, or
delivered within the "United States" or to, or for the account or benefit of, persons in the "United States"
or "U.S. persons" (as such terms are defined in Regulation S under the U.S. Securities Act) except in
certain transactions exempt from the registration requirements of the U.S. Securities Act and all
applicable U.S. state securities laws.
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 and has verified the data that forms the basis for the disclosure contained in this
news release.
QA/QC
Diamond drill core samples were prepared at MSA Labs' Preparation Laboratory in Terrace, BC and
assayed at MSA Labs' Geochemical Laboratory in Langley, BC. Analytical accuracy and precision are
monitored by the submission of blanks, certified standards and duplicate samples inserted at regular
intervals into the sample stream by Tudor Gold personnel. MSA Laboratories quality system complies
with the requirements for the International Standards ISO 17025 and ISO 9001. MSA Labs is
independent of the Company.
About Treaty Creek
The Treaty Creek Project hosts the Goldstorm Deposit, comprising a large gold-copper porphyry
system, as well as several other mineralized zones. As disclosed in the
"NI-43-101 Technical Report for
the Treaty Creek Project", dated April 28, 2023 prepared by Garth Kirkham Geosystems and JDS
Energy & Mining Inc., the Goldstorm Deposit has an
Indicated Mineral Resource
of
23.37 Moz of
AuEQ grading 1.13 g/t AuEQ (18.75 Moz gold grading 0.91 g/t, 2.18 Blbs copper grading 0.15 %,
112.4 Moz silver grading 5.45 g/t)
and an
Inferred Mineral Resource
of
7.35 Moz of AuEQ grading
0.98 g/t AuEQ (5.54 Moz gold grading 0.74 g/t, 0.85 Blb copper grading 0.16 %, 45.08 Moz silver
grading 5.99 g/t)
, with a pit constrained cut-off of 0.5 g/t AuEQ and an underground cut-off of 0.7 g/t
AuEQ. The Goldstorm Deposit has been categorized into three dominant mineral domains and several
smaller mineral domains. The CS-600 Domain largely consists of an intermediate intrusive stock and
hosts the majority of the copper mineralization within the Goldstorm Deposit. CS-600 has an Indicated
Mineral Resource of 9.86 Moz AuEQ grading 1.10 g/t AuEQ (6.22 Moz gold grading 0.70 g/t, 1.98 Blbs
copper grading 0.32 %, 51.1 Moz silver grading 5.71 g/t) and an Inferred Mineral Resource of 3.71 Moz
AuEQ grading 1.19 g/t AuEQ (2.32 Moz gold grading 0.75 g/t, 0.76 Blb copper grading 0.36 %, 18.71
Moz silver grading 6.01 g/t). The Goldstorm Deposit remains open in all directions and requires further
exploration drilling to determine the size and extent of the deposit.
1
AuEQ = Au g/t + (Ag g/t*0.0098765) + (Cu ppm*0.0001185)
About Tudor Gold
TUDOR GOLD CORP. is a precious and base metals exploration and development company with
claims 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 Newmont Corporation's Brucejack 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:
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 expectations regarding the sale of Common Shares under the ATM
Program, the proceeds from the ATM Program, the Company's use of the proceeds from the ATM
Program, that results from the Program are expected to be included in the next updated Mineral
Resource Estimate on the Goldstorm Deposit, and that the updated Mineral Resource Estimate on
the Goldstorm Deposit is anticipated to be released in the first quarter of 2024.
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 will receive the necessary regulatory approvals for the ATM
Program, that the Company will be able to use the proceeds from the ATM Program as anticipated,
that results from the Program will be included in the next updated Mineral Resource Estimate on the
Goldstorm Deposit, and that the updated Mineral Resource Estimate on the Goldstorm Deposit will be
released in the first quarter of 2024.
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 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, without limitation, the
risk that the Company is not able to use the proceeds from the ATM Program as anticipated by
management, the risk that the Company does not receive the requisite regulatory approvals for the
ATM Program, that the Company will be able to use the proceeds from the ATM Program as
anticipated, that results from the Program will not be included in the next updated Mineral Resource
Estimate on the Goldstorm Deposit and that the updated Mineral Resource Estimate on the
Goldstorm Deposit will not be released in the first quarter of 2024 or at all.
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.
1
Refer to the Company's
news release issued on November 21, 2023
.
2
Refer to the Company's
news release issued on July 10, 2023
.
3
Refer to the Company's
news release issued on February 1, 2024
.
4
Refer to the Company's
news release issued on October 31, 2023
.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/197877