Ken Konkin, President & CEO states: "With the sale of Eskay North completed to Skeena, Tudor Gold remains committed to advancing and generating value from its Treaty Creek Project, which hosts the Goldstorm Deposit; one of the largest gold discoveries in the past 30 years. Although the Eskay North Property has an interesting land position adjacent to Skeena's Eskay Mine Project, the Company believes the sale of the property makes strategic sense. Tudor's Board of Directors voted unanimously to complete this deal with Skeena Resources.
"Our Treaty Creek Project possesses the potential for several years of exploration to host another Goldstorm Deposit with numerous recently discovered, significant Au-Cu-Ag targets. Our largest drill target, Perfectstorm lies on-trend and is equidistant from our Goldstorm Deposit and Seabridge Gold's Iron Cap Deposit at a distance of 2.5 kilometers to each deposit. The Perfectstorm system holds a very high priority as a drill target, however, our top priority is to drill off the Goldstorm Deposit with the focus on the CS-600 copper-gold-silver domain, as it remains open in all directions and at depth."
Corporate Update on the Goldstorm Mineral Resource Estimate and Project Development
Tudor Gold continues to move forward on an updated Mineral Resource Estimate (MRE) for its Goldstorm Deposit at Treaty Creek by completing an updated geologic model and advancing the understanding of the mineral distribution at Goldstorm. The Company anticipates that the MRE update will be announced within Q1 2023 and is expected to focus on higher grades to increase the overall quality of gold, silver, and copper resources.
Recent construction of an exploration access road by our heavy equipment operators has connected the property's lower camp to the weather station area located two kilometers downstream from the lower camp. It is expected that this road will be further extended in order to connect to Seabridge's Tailings Access Road. Seabridge Gold has made excellent progress in connecting their tailing site which is located 17 kilometers from Highway 37, including a large bridge that crosses the Bell Irving River, at no cost to Tudor Gold. The construction of this tailings access road is expected to be completed later in 2023. Once the 17-kilometer Seabridge Tailings access road is completed, only a 14-kilometer road will remain to be built, which is completely permitted for construction. Following completion of all road construction it is expected that the Company's Treaty Creek Project will have year-round all-season vehicle access. In addition, it is the Company's understanding that Seabridge also plans to bring in a power line to their tailings site area bringing additional infrastructure much closer to our claim boundary.
Tudor Gold is also pleased to report that the 2-year baseline hydrology and water quality studies are anticipated to be completed by March 2023. This will satisfy a major milestone for future permitting requirements and bring the project one step closer to potential production phase.