TUDOR GOLD Corp. Announces Three New Property Acquisitions in the Golden Triangle Area British Columbia
The Fairweather property
The Corporation has been assigned, subject to Exchange approval, the right to acquire a 100% interest in the property by paying Tudor Holdings Ltd. the sum of $37,662, which represents Tudor Holdings Ltd.‟s costs paid to date in respect of the property. Additional option payments totaling $320,000 over a five year period, and the issuance of up to 700,000 shares in the capital of the Corporation over a five year period, with an initial issuance of 250,000 shares upon the Corporation receiving Exchange approval, are required to be assumed and paid by the Corporation to acquire a 100% interest in the property. The property is subject to a 2% NSR royalty.
The Fairweather property comprises 6 claim blocks located approximately 55km north of Stewart, British Columbia and is considered prospective for transitional epithermal gold-silver mineralization similar to those being developed 10 kilometers to the north at the Brucejack property. The initial target area is a quartz brecciated conglomerate zone discovered in 1987 that returned 4.04 grams gold per tonne over 7 meters in a trench. A subsequent small work program did not extend the mineralization due to deep over-burden. Further trenching and shallow drilling have been recommended but not yet carried out.
The Delta property
The Corporation has been assigned, subject to Exchange approval, the right to acquire a 100% interest in the property by paying Tudor Holdings Ltd. the sum of $105,951, which represents Tudor Holdings Ltd.‟s costs paid to date in respect of the property. Additional option payments totaling $900,000 over a four year period are required to be assumed and paid by the Corporation to acquire a 100% interest in the property. Claims comprising the property are subject to NSR royalties of 2½% to 3%.
The Delta property adjoins the Fairweather property to the north. Since 1985 approximately $1.5 million in exploration has occurred on the Delta property including small drill programs in 2012 and 2013. In the western portion of the property, a 2012 drill hole believed to have intersected the downward projection of the Feld zone returned a 5.8 meter down hole interval grading 3.0 grams gold per tonne from 210.9 to 216.7 meters. Two other holes were drilled at steeper angles failed to hit any significant mineralization
but both holes appear to have been stopped short before encountering the Feld zone.
The central portion of the Delta property hosts an area where gold and silver anomalous heavy metal stream sediment samples ranging from 1,255 to 6,500 parts per billion (“ppb”) gold and from 20.0 to 141 parts per million (“ppm”) silver were collected from five streams in 1986.
The High North property
The Corporation has been assigned, subject to Exchange approval, the right to acquire a 100% interest in the property by paying Tudor Holdings Ltd. the sum of $102,468, which represents Tudor Holdings Ltd.‟s costs paid to date in respect of the property. Additional option payments totaling $900,000 over a four year period are required to be assumed and paid by the Corporation to acquire a 100% interest in the property. The property is subject to a 2½% NSR royalty.
The High North property is located immediately south of Seabridge Gold‟s KSM property and is considered prospective for similar style copper-gold porphyry mineralization. A prominent thrust fault, the Sulphurets Fault, traverses the length of the KSM property and continues southward for another 5 kilometers onto the High North property. This fault is spatially related to all of the copper-gold deposits at KSM. The northern area of the High North property heading onto the KSM property is quite rugged, at high altitude and a large portion is covered by ice.
The foregoing technical disclosure and scientific information, including results of the previous exploration, has been reviewed, compiled and approved by Richard A. Graham, P. Geol., who is a „qualified person‟ for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects.
The Corporation will pay no finders‟ fees in connection with the proposed acquisitions. The shares issued in connection with the Fairweather property will be subject to a statutory hold period of four months and a day from closing. The assignment and assumption agreements entered into by the Corporation and Tudor Holdings Ltd. constitute „related party transactions‟ under MI 61-101. The Corporation is exempt from both the formal valuation and the minority shareholder approval requirements of MI 61-101 in connection with the issue of the consideration for the properties because neither the fair market value of the cash consideration and the shares to be issued for the Fairweather property do not exceed 25% of the Corporation‟s market capitalization as calculated in accordance with MI 61-101.
About TUDOR GOLD
TUDOR GOLD is a precious and base metals explorer with properties in British Columbia’s Golden Triangle, an area that hosts producing and past-producing mines and several large deposits that are approaching potential development. The 17,913 hectare Treaty Creek project (in which TUDOR GOLD has a 60% interest) borders Seabridge Gold Inc.’s KSM property to the southwest and borders Pretium Resources Inc.’s Brucejack property to the southeast. The Company also has a 100% interest in the Electrum Project, earn in options and 100% interests in other prospective projects located in the Golden Triangle area.
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 other than statements of historical fact included in this release, including, without limitation, statements regarding analysis and re-interpretation of data, and potential mineralization and geological merits of the Treaty Creek Project 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. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company’s expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.