Tudor Gold Corp. [TUD-TSXV, TDRRF-OTC; TUC-FSE] on Thursday January 7 said it expects to soon release an initial resource estimate for the Goldstorm Zone at its Treaty Creek Project in British Columbia’s Golden Triangle region after announcing the latest batch of drill results.
“We are very pleased with the results obtained from our 2020 exploration program and we anticipate the completion of an initial resource estimate over the next few months,” said Ken Konkin, Tudor Gold’s Vice-President, Project Development.
On Tuesday, the company said results from sampling of 9,621.7 metres of HQ and NQ2 core, from 11 diamond drill holes have recently been received from MSA labs.
Highlights include 3.286 g/t gold equivalent over 82.5 metres within 531 metres of 0.999 g/t gold equivalent (hole GS-20-92) and 1.112 g/t gold equivalent over 532.5 metres within 1,033.5 metres of 0.856 g/t gold equivalent (hole GS-20-91) in the 300 Horizon of the Goldstorm Zone.
Tudor Gold shares were largely unchanged on the news, rising 0.4% or $0.01 to $2.49. The shares are currently trading in a 52-week range of $4.51 and 37.5 cents.
The 17,913-hectare Treaty Creek Project borders Seabridge Gold Inc.’s [SEA-TSX; SA-NYSE] KSM property to the southwest and borders Pretium Resources Inc.’s [PVG-TSX] Brucejack property to the southeast. The past-producing Eskay Creek mine lies 12 kilometres to the west.
Tudor Gold holds a 60% stake in the Treaty Creek joint venture and is the project operator. The other partners are American Creek Resources Ltd. [AMK-TSXV] and Teuton Resources Corp. [TUO-TSXV, TUC-FSE], each of which hold a 20% stake in the project. American Creek and Teuton are both fully carried to a production notice. At that point, each of the two is required to contribute their respective 20% share of development costs.
Until that happens, Tudor is required to fund all exploration and development costs. The property is also subject to 3% net smelter return royalties.
Tudor planned to complete sufficient infill drilling on the Goldstorm Zone in 2020 for a maiden resource estimate. However, after doubling the size of program to over 40,000 metres, the company discovered a new gold-silver-copper mineralized system at a large magnetic anomaly called Perfect Storm.
Tudor completed 50 drill holes at the Goldstorm System and three at the Perfect Storm Zone during 2020.