VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 11, 2016) – Tudor Gold Corp. (TSX VENTURE:TUD) (FRANKFURT:TUC) (the “Company” or “Tudor Gold”) is pleased to announce that a new zone of gold-bearing mineralization has been discovered on Tudor’s 60% owned Treaty Creek property, situated north of the KSM property of Seabridge Gold and the Brucejack property of Pretium Resources in the Golden Triangle region of northwestern British Columbia. Teuton Resources Corp. and American Creek Resources Ltd. each hold a 20% carried interest in the property (carried until a production decision is made) as well as NSR interests. Tudor Gold is the operator.
The new zone was intersected in the third hole of the 2016 drilling program (drill hole CB-16-03) and is located approximately 870 m northeast of the Copper Belle zone (drilled in 2007 and 2009). Impetus for drilling the hole was a magnetotelluric survey (MT survey) which was run earlier in the 2016 field season. See attached map showing CB-16-03 and the 2009 discovery hole (CB-09-14): http://media3.marketwire.com/docs/1071870.pdf
The first 316 m of CB-16-03 is still in the assay laboratory (results for this interval are expected within the next weeks). Assays from 316 m to the end of the hole at 717.7 m are in hand. From 316 m to 426 m, a 110 m interval averages 0.909 g/t gold. Below 426 m gold values drop off with some higher-grade exceptions, the two most prominent of which are 456 m to 484 m, a 28 m interval running 0.665 g/t gold and from 598 to 610 m, a 12 m interval running 1.258 g/t gold. This hole was drilled at an azimuth of 292° and an inclination of -73°.
Ray Marks, vice-president of Tudor Gold stated, “We are very pleased to see that the information learned from the recent MT survey proved valuable in correctly delineating the drill target that was intercepted by drill hole CB-16-03.”
D. Cremonese, P.Eng., president of Teuton Resources Corp., one of the original owners of the property, commented as follows: “I had a chance to visit the Treaty Creek property in the past week to observe the exploration program being run by operator Tudor Gold. The first thing that struck me was the tremendous ablation (meltback) of snow and ice that has occurred during the past years. It is really remarkable—several side glaciers have disappeared altogether and the level of the main Treaty Glacier is much, much lower than before. This has opened up big tracts of virgin ground for exploration. The collar for Hole CB-16-03 would undoubtedly have been under the ice when I first visited the property in 1983. Notably, the discovery interval, 110 m interval of 0.909 g/to gold in Hole CB-16-03, represents the highest average grade yet achieved at Treaty Creek. It is significant in its own right, but if this interval is extended by the assays yet to come, an important new gold zone would be in the making on the property. I am quite hopeful that ongoing drilling of MT anomalies delineated during the 2016 geophysical survey will continue to find more gold zones.”
Assays have also been received for the first two holes drilled in the 2016 program. The first of these, CB-16-01, was a follow-up of a 2009 drill hole, CB-09-14, which returned 241 meters averaging 0.8 grams gold per ton. Both the 2009 and 2016 holes were drilled in a northwesterly direction from the same site, with CB-09-14 being inclined at -70° and CB-16-01 at -60°.
Hole CB-16-01 returned the following assays to a final depth of 555 meters: from 110 to 330 m, a 210 m interval grading 0.449 g/t gold, including, from 144 to 154 m, a 10 m interval grading 1.857 g/t gold. Below 320 m depth gold values dropped off with some isolated highs as follows: from 442 to 452 m, a 10 m interval averaging 1.478 g/t gold and from 542 to 555 m, a 13 m interval averaging 0.846 g/t gold.
The second hole of 2016, Hole CB-16-02, was drilled 340 meters to the north of CB-16-01 at an azimuth of 046° and an inclination of -72. This hole was drilled to 426 m and encountered two gold-bearing sections: from 202 to 240 m, a 38 m interval averaging 0.516 g/t gold and from 306 to 426 m, a 120 m interval averaging 0.517 g/t gold.
At present there is not enough information to calculate true widths of the mineralization encountered in any of the holes.
Drilling is still continuing on the property and seven holes have been drilled to date.
Quality control procedures in place include the field insertion of blanks, standards and duplicate samples into the sample stream. Analytical work was done by Activation Laboratories Ltd., an accredited laboratory located in Kamloops, B.C. Gold was analyzed by 30 gram fire assay with AA finish. Other elements were analyzed by 38 element ICP-OES following Aqua Regia extraction. Diamond drilling is contracted to More Core Drilling of Stewart, BC.
The main technical data in this news release was reviewed by James Hutter, P.Geo., Tudor Gold’s Qualified Person as defined by National Instrument 43-101, who approved the applicable content of this release.
About the Company
Tudor Gold is focused on being a significant explorer in British Columbia’s Golden Triangle, an area which hosts multiple past-producing mines and several large deposits that are approaching potential development. The Company has a 60% interest in both the Electrum and Treaty Creek properties, and a 100% interest in the Mackie, Eskay North, Orion, Fairweather, Delta and the High North properties, all of which are located in the Golden Triangle area.
Walter Storm, President and Chief Executive Officer
For further information, please visit the company’s website at www.tudor-gold.com.
Cautionary Statements regarding Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.
All statements including, without limitation, statements relating to the potential mineralization and geological merits of the Treaty Creek property and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. 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. 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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Chief Financial Officer and Corporate Secretary