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 CORP. is a precious and base metals exploration and development company with claims in British Columbia’s Golden Triangle (Canada), 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 Newmont Corporation’s Brucejack property to the southeast.
Contact Information
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Cautionary Statements regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the completion and anticipated results of planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the Company’s planned exploration activities will be completed in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
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.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
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.