Tudor Gold hits new gold-silver-copper system
Tudor Gold Corp. [TUD-TSXV; TDRRF-OTC; TUC-FSE] has discovered a significant new gold-silver-copper mineralized system within a large magnetic anomaly called Perfectstorm (PSZ) at its Treaty Creek Project in northwest British Columbia’s Golden Triangle region.
The company made the announcement after completing a third set of diamond drill holes at the property that intersected the newly discovered PSZ system approximately 2 km southwest of the project’s Goldstorm Zone.
Highlights include drill hole GS-20-73 which cut 776.5 metres (29.0-804.5 metres) averaging 0.932 g/t gold equivalent. This section contained an enriched portion averaging 1.506 g/t gold AuEq over 229.5 metres (519.5-749 metres).
Tudor Gold holds a 60% stake in the Treaty Creek joint venture and is 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 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 exploration and development. The property is also subject to a 3% NSR.
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, NYSE] Brucejack property to the southeast. The past-producing Eskay Creek mine lies 12 km west.
There have been over 150 diamond drill holes completed on the property since 1987, in eight different mineral zones. However, only recently has drilling revealed potential for a large-scale porphyry-style gold deposit at the Copper Belle and Goldstorm zones located on trend and just 5 km northeast of the KSM deposits.
Tudor Gold said the new porphyry-style gold-copper-silver-bearing system is located on trend and approximately 4 km northeast from Seabridge’s Iron Cap deposit at the southwest boundary of the Tudor claim block.
“We are excited to see the results confirming that large mineralized polymetallic systems occur at a predictable frequency along the Sulphurets-Treaty thrust fault belt,” said Ken Konkin, Tudor Gold’s vice-president of project development.
Diamond drilling is progressing with six rigs working at the Goldstorm Zone.
On Wednesday, Tudor Gold shares eased up 0.57% or $0.02 to $3.55 in light trading. The shares are currently trading in a 52-week range of $4.51 and 38 cents.