Vancouver, British Columbia--(Newsfile Corp. - April 26, 2021) - Tudor Gold Corp. (TSXV: TUD) (FSE: TUC) (the "Company" or "Tudor Gold") is pleased to announce the filing of a Technical Report (the "Report"), which includes the Initial Mineral Resource Estimate for the Goldstorm and Copper Belle Zones at the Treaty Creek Project (the "Property"), located within the heart of the Golden Triangle of northwestern British Columbia and on trend from Seabridge's KSM Project located five kilometres southwest. The Report is titled "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 summary results of the Report were previously announced in the Company's news release dated March 9th, 2021 and there are no material differences in the Mineral Resources between the Report and the previous news release.
The Report, prepared for Tudor Gold by P&E Mining Consultants Inc. (P&E), 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 March 2021 Mineral Resource Estimate:
- 19.41 million ounces of Measured and Indicated gold equivalent ounces ("AuEq") at an average grade of 0.74 gpt AuEq is estimated for the Goldstorm-Copper Belle deposits.
- 14.15 million ounces of Measured and Indicated AuEq ounces at an average grade of 0.72 gpt AuEq is within a constraining open-pit shell and 5.26 million Measured and Indicated AuEq ounces at an average grade of 0.80 gpt AuEq is for the out-of-pit Mineral Resources.
- Cut-off grades of 0.30 gpt AuEq were used inside the constraining open-pit shell Mineral Resource Estimate and a higher cut-off grade of 0.46 gpt AuEq was used for the out-of-pit Mineral Resource Estimate which includes underground constrained blocks.
- The Goldstorm Zone remains open to the northeast, to the southeast and down dip at depth to the northwest.
- A total of 218 drill holes, totalling 105,658.8 metres, were reviewed for the Mineral Resource Estimate completed by P&E. Many of these holes are outside the Goldstorm-Copper Belle deposits and were not used in the Mineral Resource Estimate. The Goldstorm-Copper Belle area has 132 holes.
- The classifications of Measured, Indicated and Inferred Mineral Resources for gold, silver, copper and gold-equivalents, and their respective tonnages are listed in Table 1 below. In addition to the 17.33 million ounces of gold in Measured and Indicated Mineral Resources and 7.22 million ounces of gold in Inferred Mineral Resources, there are 93.41 million ounces of silver estimated as Measured and Indicated Mineral Resources, with an additional 40.57 million ounces of silver in Inferred Mineral Resources. The Measured and Indicated Mineral Resources are also estimated to contain 1.096 billion pounds of copper, with an additional 330 million pounds of copper in Inferred Mineral Resources.
- A bulk density of 2.80 t/m3` was based on measurements of samples collected by P&E during their field visits.
- 5m x 5m x 5m three-dimensional block modelling was used for the Mineral Resource Estimate.
- Measured Mineral Resources are defined by four or more drill holes within 100 metres; Indicated Mineral Resources are defined by four or more drill holes within 200 metres.
Treaty Creek Initial Mineral Resource Estimate Summary
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- Mineral Resources 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, socio-political, marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves.
- 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.
- The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
- Metal prices used were US$1,625/oz Au, US$19/oz Ag, US$2.80/lb Cu with process recoveries of 88% Au, 30% Ag and 80% Cu. A C$16.50/tonne process and C$2 G&A cost were used.
- The constraining pit optimization parameters were C$2.50/t mineralized and waste material mining cost and 50-degree pit slopes with a 0.30 gpt AuEq cut-off.
- The out-of-pit parameters were at a C$10/t large scale bulk mining cost. The out-of-pit Mineral Resource grade blocks were quantified above the 0.46 gpt AuEq cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out-of-Pit Mineral Resources exhibit continuity and reasonable potential for extraction by a bulk underground mining method.
QA/QC
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 reference materials 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.
Qualified Person
Eugene Puritch, P.Eng., FEC, CET president of P&E Mining Consultants Inc. is the Qualified Person, as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects, who has reviewed and approved the scientific and technical disclosure in this news release. Mr. Puritch is independent of the Company.
About Tudor Gold
Tudor Gold is a precious and base metals explorer with properties in British Columbia's Golden Triangle, 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 Pretium Resources Inc.'s Brucejack Property to the southeast. The Company also has a 100% interest in the Electrum Project, earn in options and 100% interests in other prospective projects located in the Golden Triangle area.
"Walter Storm"
Walter Storm
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: chris.curran@tudor-gold.com
or
Carsten Ringler
Head of Investor Relations and Communications
Phone: + 49 151 55362000
E-Mail: carsten.ringler@tudor-gold.com
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 completion and anticipated results of planned exploration activities. 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. 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.
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