The indicated resource count at Tudor Gold‘s (TSXV: TUD) flagship Treaty Creek project in British Columbia has grown by 19% in terms of gold-equivalent ounces following last year’s drill program targeting the northern portion of the Goldstorm deposit.
An updated resource estimate published Tuesday showed 27.9 million gold-equivalent oz. within 730.2 million tonnes grading 1.19 grams gold equivalent per tonne (or 0.92 gram gold, 0.18% copper and 5.48 grams silver per tonne). The contained metal breaks down into 21.7 million oz. of gold, 128.7 million oz. of silver and 2.9 billion lb. of copper. The new resource increases gold by 16%, silver by 14% and copper by 32% from the previous estimate almost a year ago.
Located in the Golden Triangle region of B.C., the 179-sq.-km Treaty Creek property is said to host one of the largest gold discoveries in decades in Goldstorm. The deposit consists of six mineral domains with unique geological characteristics, five of which are gold dominant with lesser proportions of silver and copper.
The CS-600 domain, which forms a large part of the deposit and consists of a well-defined intrusive porphyry system, has an indicated resource of 15.7 million oz. of gold equivalent within 400.3 million tonnes averaging 1.22 grams gold per tonne. Included within the domain is a gold resource of nearly 10 million oz. at 0.78 gram gold and copper of 2.7 billion lb. at 0.31%. The CS-600 resource has grown by 58% since last year’s update.
There is also an inferred resource of 6 million oz. gold equivalent within 149.6 million tonnes at 1.25 grams gold equivalent, comprising 4.9 million oz. of gold at 1.01 grams gold, 29 million oz. of silver at 6.02 grams per tonne and 503.2 million lb. of copper at 0.15%.
Commenting on the 2023 drilling to expand the Goldstorm deposit, Tudor’s CEO Ken Konkin said: “We not only pushed out the edges of the deposit, but we also successfully increased the grade of the inferred mineral resource.”
The 2023 inferred mineral resource was initially at 7.4 million oz. of gold equivalent grading 0.98 gram gold-equivalent per tonne, but the Tudor team was able to convert some of those ounces to the indicated category and increase the grade of the current inferred mineral resource.
“The higher gold-equivalent grades in the inferred category strongly suggests that we have not yet passed through the strongest portion of the Goldstorm mineralized system,” Konkin added. “We hope that the 2024 drill program can give us clear information about the configuration and boundaries of the deposit, as it remains open in all directions and at depth.”
The company will continue its work to expand the gold-silver-copper porphyry mineralizing system at Goldstorm with the view of outlining its economic viability. Tudor currently owns 60% of the project, with American Creek Resources (TSXV: AMK) and Teuton Resources (TSXV: TUO) each holding 20%.
Shares of Tudor Gold rose by 6.2% to 85¢ by mid-day in Toronto, giving the Canadian junior explorer a market capitalization of $194.7 million.
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