VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 2, 2016) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
Tudor Gold Corp. (“Tudor Gold” or the “Company”) (TSX VENTURE:TUD) is pleased to announce it has entered into an option agreement for the right to acquire a 100% interest in a property located in the Golden Triangle area, in the Skeena Mining Division. The property is commonly known as the Orion property. The Optionor is arm’s length to the Company. The proposed option agreement is subject to TSX Venture Exchange (the “Exchange”) approval.
The 3,154.5 hectare Orion property is located west of Tudor Gold Corp’s recently acquired Delta/Fairweather properties and immediately south of Tudor Gold Corp’s High North property in the Skeena Mining division approximately 50 km north-northwest of Stewart, British Columbia.
The Orion property has been subjected to intermittent prospecting programs from 1995 to 2007 and a small diamond drill program in 2007. A float sample collected in 2006 on the Orion property returned 6.02 grams gold per tonne gold and 20.3 grams silver per tonne but its source could not be determined. The eastern portion of the Orion property hosts the Cat-in-the-Hat showing where a 1994 trench returned 2.2 gram gold per tonne and 1.36% arsenic over 13 meters and grab samples returned from 10 parts per billion (“ppb”) gold to 47.5 grams gold per tonne (BC Assessment Report 23885). A five hole diamond drill program targeting the Cat-in-the-Hat showing was completed in 2007. Holes OR2007-1 and 2 were drilled from the same site and returned significant mineralization (see table below), while three holes drilled approximately 100 meters to the east from the same drill pad failed to encounter any significant mineralization.
2007 – Orion Diamond Drill Results
|Drill Hole||From (m)||To (m)||Interval* (m)||Arsenic (ppm)||Gold (g/t)|
Teuton Resources Corp. Press Release dated February 28, 2008. All intervals are downhole intervals as true widths have not been determined.
The Company has been granted an option, subject to Exchange approval, to acquire a 100% interest in the property by making option payments totaling $700,000 over a five year period, and the issuance of up to 700,000 shares in the capital of the Company over a five year period, with an initial issuance of 250,000 shares upon the Company receiving Exchange approval. The property is subject to a 2 1/2% NSR royalty.
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 Company will pay no finder’s fee in connection with the proposed acquisition. The shares issued in connection with the Orion property will be subject to a statutory hold period of four months and a day from the date of issue.
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. High-grade past-producing gold-silver mines include the Premier, Eskay Creek and Snip operations, while development stage projects include Seabridge Gold Inc.’s KSM Project and Pretium Resources Inc.’s Valley of the Kings deposit. There are no known resources or reserves on any of Tudor Gold’s mineral properties and the presence of mineral deposits on properties adjacent to or in close proximity to the Company’s mineral properties is not necessarily indicative of mineralization on the Company’s properties.
Walter Storm, CEO and President of Tudor Gold says:
“With the acquisition of the Orion property, we will have acquired the right to earn a 100% interest in a block of 7 properties that are ideally situated to the south of the well known Seabridge Gold Inc. and Pretium Resources Inc. properties.”
Tudor Gold is now looking forward to exploring and advancing its existing properties during the 2016 field season.
Walter Storm, President and Chief Executive Officer
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. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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.
The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.