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.
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.
President and Chief Executive Officer
For further information, please visit the Company's website at www.tudor-gold.com or contact:
Head of Corporate Development and Communications
Phone: (604) 559 8092
Head of Investor Relations and Communications
Phone: +49 151 55362000
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 and 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.
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