• Initial mineral resource estimate indicates Treaty Creek may among world‘s largest gold discoveries found in the last 30 years!
  19.4 million ounces of 0.74 g/t AuEq (Measured plus Indicated) and 
  7.9 million ounces of  0.79 g/t AuEq    (Inferred)

• The Goldstorm Zone remains open in all directions and depth; plans for 2021 include continued drilling to define the limits of the 300, CS-600 and DS mineralized bodies.

• Excellent Exploration Potential for discovery of other Mineralized Systems similar to Goldstorm. Several high potential drill targets exist, some of which have returned significant gold values from limited drilling. Deposits of this type are known to occur in clusters.

• Preliminary metallurgical test work shows excellent gold recoveries to a gravity + flotation concentrate. Four  composite tests returned  gold recoveries averaging  96.2% in pyrite concentrates.

• Our geological team is currently planning exploration drilling for 2021 with the goal of adding to the current Au-Ag-Cu Mineral Resource at Treaty Creek. This will include drilling of some of the prime targets, such as the newly discocvered Pefect Storm Zone, as well as the Eureka Zone.

1. Mineral Resources are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Re-sources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves.
2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Min-eral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the In-ferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
3. The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Met-allurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
4. Metal prices used were US$1,625/oz Au, US$19/oz Ag, US$2.80/lb Cu with process recoveries of 88% Au, 30% Ag and 80% Cu. A C$16.50/tonne process and C$2 G&A cost were used.
5. The constraining pit optimization parameters were C$2.50/t mineralized and waste material mining cost and 50-degree pit slopes with a 0.30 gpt AuEq cut-off.
6. The out-of-pit parameters were at a C$10/t large scale bulk mining cost. The out-of-pit Mineral Resource grade blocks were quantified above the 0.46 gpt AuEq cut-off, below the constraining pit shell and within the constraining mineral-ized wireframes. Out–of-Pit Mineral Resources exhibit continuity and reasonable potential for extraction by a bulk un-derground mining method.

• April 2020: Initiation of metallurgical studies at Treaty Creek. Test results will be used in initial economic assessment for the project.
• Preliminary baseline studies, focusing on surface water quality, hydrology, atmospherics, wildlife and archaeology to be undertaken by RTEC (partnership of ERM Consultants Canada Ltd. and the Tahltan Nation Development Corporation).
• May 2020: Diamond drilling commences with two drill rigs at Treaty Creek for a planned 20,000-meter exploration program on the Goldstorm Zone to expand the mineralized system to the southeast and the northeast. Goal of completing sufficient infill drilling to enable a resource estimate.
• July 2020: Diamond drilling program doubles, increasing to six drill rigs for at least 40,000 meters of drilling in 2020. Aggressive step-out holes further extend the Goldstorm system by an additional 150m to the northeast.
• September 2020: Significant new gold-silver-copper mineralized system discovered at Pefect Storm (PSZ) 2 km southwest of the Goldstorm Zone.
• In 2020, Completed 50 holes (43,972 m) at Goldstorm and 3 holes (1,636 m) at the Perfect Storm. Ninety-six percent of holes intersected mineralized targets with several record-setting longest mineralized intervals measuring greater than 1000 m.
  

Some Highlights in 2020: 

• GS-20-57 returned a near surface intercept of 1.400 g/t Au Eq over 217.5 m within 973 m of 0.845 g/t Au Eq.
• GS-20-65 returned a near surface intercept of 2.120 g/t Au Eq over 348 m within 930 m of 1.161 g/t Au Eq.
• GS-20-75 returned a near surface intercept of 1.561 g/t Au Eq over 121.5 m within 1152.0 m of 0.741 g/t Au Eq.
• GS-20-73 returned a near surface intercept of 1.506 g/t Au Eq over 229.5 m within 775.5 m of 0.932 g/t Au Eq.
• GS-20-94 returned a near surface intercept of 1.215 g/t Au Eq over 354 m within 1225.5 m of 0.702 Au Eq.
• GS-20-92 returned a near surface intercept of 3.286 g/t Au Eq over 82.5 m within 531.0 m of 0.999 Au Eq.

In June of 2016, TUDOR acquired a 60% interest in the Treaty Creek claims. American Creek Resources Ltd. (TSXV-AMK) and Teuton Resources Corp. (TSXV-TUO) each hold a 20% interest carried through to a production decision. The drill areas of the property are subject to a total of 2% NSR to different royalty holders.

Exploration of the Treaty Creek area over the past 37 years by various junior companies has resulted in the discovery of a number of surface mineral showings, some with very high gold and silver values. There have been over 190 diamond drill holes completed on the property from 1987 to date, in eight different mineral zones. It has been only recently, however, that drilling revealed the potential for a large-scale, porphyry-style gold deposit at the Copper Belle and Goldstorm zones, located on-trend, and just 5 kilometers northeast of the KSM deposits. Copper Belle, and the larger Goldstorm, are hosted by the same belt of Jurassic-age volcanic and intrusive rocks that host the KSM mineralization and are also located close to the Sulphurets Thrust Fault, which continues along trend from the KSM property and is believed to be a controlling factor in the formation of the porphyry-style mineral bodies.

There are no known resources or reserves on the Treaty Creek property and the presence of mineral deposits on properties adjacent to or in close proximity to the Treaty Creek property is not necessarily indicative of economic mineralization on the Treaty Creek property.

Fifty-seven drill holes, totaling about 23,000 metres, had been drilled at Copper Belle (46 holes) and Goldstorm (11 holes) as of the end of 2017, within an area measuring roughly 1000 meters in length by 400 meters wide and to depths of about 500 meters. A number of long mineralized intervals were revealed, such as hole CB-17-07, that over 369.0 m averaged 0.686 g/t Au, 2.4 g/t Ag and 0.03% Cu, including 43 m of 1.81 g/t Au. These broad intercepts were the first indication of a deep system at the Goldstorm Zone, which is located immediately to the northeast of Copper Belle. Mineralized areas appeared to be elongate and trending north-northeast, with a moderately flat dip to the northwest and having a drilled thickness of over 400 m in places.

In 2018, drilling continued in the Goldstorm Zone with the intent of exploring possible extensions of the mineralized area to the north of, and west of, previous drill holes. Twelve holes, totalling 7,238 meters, were drilled in 2018 in this new target area. The exploration program in 2019, comprimising 9,781 meters, continued the exploration of the Goldstorm Zone. In 2020 Tudor has initiated an aggressive drill program of up to 40,000 meters at Treaty Creek.

To date, succesful step-out drill holes (GS-20-64 and GS-20-66) have expanded the defined area of Goldstorm mineralization to approximately 1,100 meters long by up to 600 meters wide.

Extensive intervals of gold mineralization were intersected in a number of the holes, such as hole GS-20-65 that averaged 1.161 g/t Au Eq over 930 m, including 348 m at a grade of 2.120 g/t Au Eq, and hole GS-20-73 that averaged 0.932 g/t Au Eq over 775.5 m including 229.5 m at 1.506 g/t Au Eq.

Gold mineralization at Goldstorm and Copper Belle is hosted primarily within andesitic tuffs and volcaniclastic rocks, with only limited sections of intrusive rocks observed. All rocks are altered to varying degrees, with typically abundant chlorite, as well as localized sericite, potassium feldspar and zones of silicification. Pyrite is abundant in the strongly mineralized areas, occurring as disseminations, veins and coarse masses, with local sparse specks of chalcopyrite. Quartz-carbonate veins are common and appear to post-date the pyritic groundmass; some contain fine pyrite and local chalcopyrite, galena and arsenopyrite. Minor visible gold has also been observed in the quartz-carbonate veins.

The summary of results provided in the table above includes the most promising gold intersections reported to date. Several of the holes returned well-mineralized intervals of over 900 meters in length. Each new broad interval of gold mineralization adds considerably to the known size of the Goldstorm and Copper Belle zones and to the potential number of contained ounces of gold. TUDOR GOLD is working toward collecting sufficient data to enable the calculation of an economic resource encompassing the Goldstorm and Copper Belle zones.

• 33 deep drill holes (2017-2019)
• 39 deep drill holes (over 43,972 meters drilled in 2020)
• Holes spaced 100 to 150 m apart
• The current known length of the northeast axis of the Goldstorm Systemis over 1,100 meters long and the southeast axis is at least 600m across, and it remains open in all directions and to depth.
• Several broad gold intercepts returned.

• 72 drill holes
• Holes mostly <100 m apart
• Numerous gold intercepts of moderate length returned

Tudor Gold announced in their news release on September 9, 2020 the Discovery of a new gold system. The drill target is a large magnetic anomaly called Perfectstorm (PSZ) that is located along the same fault structure (Sulphurets Thrust Fault) as the Goldstorm Zone, which is approximately 2 km to the northeast.

In 2020, Tudor Gold drilled three holes compromising 1,636 meters at the Perfect storm Target.

All three holes have intersected the newly discovered gold-dominant PSZ System. These diamond drill holes targeted parts of a 1.5 kilometer-wide geophysical porphyry-style gold-copper-silver bearing system on trend, and approximately 4 km northeast from Seabridge’s Iron Cap Deposit, which is located at the southwestern boundary of the Tudor Claim block.

Drill hole PS-20-01 averaged 0.594 g/t Au Eq over 133.5 m;

Drill hole PS-20-02 averaged 0.621 g/t Au Eq over 151.0 m;

Drill hole PS-20-03 averaged 0.402 g/t Au Eq over 220.5m.

The GR2 zone is located 1100 m northwest of the Copper Belle zone on an upper mountain slope. Several linear alteration zones, cutting exposures of volcanic and sedimentary rocks, consist primarily of quartz, sericite, and pyrite, with lesser carbonate. Semi-massive to massive pods of galena and sphalerite have been discovered in talus blocks and trenches near the alteration. Silicification with disseminated pyrite appears to be spatially associated with growth faults and may represent a deep epithermal setting, whereas the more massive sulphides may have a volcanogenic massive sulphide (VMS) affinity. Gold grades in trenches typically average in the 1.0 to 5.0 g/t range, with strongly elevated values of Pb, Zn, Ag, Sb and As. These indicator metals are commonly present in both epithermal systems and VMS feeder zone veins. Trench exposed pods of coarse grained stratabound lead and zinc sulphides, accompanied by intensive silicification have returned some high gold and silver values. Drilling in the GR2 zone has been confined to a relatively small area, roughly 220 metres wide by 250 metres long, to depths of 400 metres. From 2007 to 2017, a total of 43 drill holes, comprising 11,315 metres have been drilled in thisarea, with 32 of those holes returning significant values over generally narrow widths. One of the better examples is hole TC07-24, which intersected 6.80 m averaging 1.4 g/t gold, 93.9 g/t silver, 0.27% copper, 4.4% lead and 2.6% zinc within a silicified breccia and stringer zone Mineralization remains open along strike and at depth.

The Eureka zone is located 1500 m east of the Copper Belle zone, near the west edge of an extensive, bright yellow-orange gossan zone covering over one square kilometer of clay, sericite, quartz and pyrite alteration. Alteration overprints several different rock units, including volcanic flows and breccias, plagioclase-porphyry intrusions, and minor sedimentary rocks. Alteration mineralogy suggests a shallow magmatic hydrothermal or epithermal environment of formation, with the potential to host gold-silver bearing veins and pervasive lower grade disseminated gold-silver mineralization.

At the Eureka showing, outcrops are cut by veins infilled with fine to coarse-grained quartz, calcite, and pyrite. Veins have steep dips with variable orientations and form weakly sheeted to stockwork zones. In the Eureka zone and surrounding area about 20 holes have been drilled on various targets. Several long intervals of weakly elevated gold grades were returned, such as 0.46 g/t Au over 169.2 m (DH 97-1) and 0.69 g/t Au, 2.9 g/t Ag over 75.5 m (TC07-02). Additional drilling is required to better define the mineralized areas.

This page contains forward-looking statements. Please read the Legal Notice for further information.

Mr. Ken Konkin, P.Geo, Company’s  Exploration Manager is the Qualified Person for the purposes of National Instrument 43-101. He has read and approved the scientific and technical information that forms the basis for the disclosure contained on Company’s website.