Tudor Gold (TSXV:TUD) - Developer Eyes 300K Oz/Year Production

Key Concepts

• Treaty Creek: A large gold deposit in the Golden Triangle of British Columbia, Canada, owned by Tutor Gold Corp.
• High-Grade Mineralization: Focus on identifying and defining areas with significantly higher gold concentrations (e.g., 8-10 g/t) within the deposit.
• SC1 Zone: A newly identified high-grade zone within the Treaty Creek property, exhibiting promising mineralization.
• Resource Estimate: An assessment of the quantity and quality of mineral resources, crucial for project valuation and planning. Target: >5 million ounces at >2 g/t gold.
• Preliminary Economic Assessment (PEA): A study evaluating the economic viability of a mining project.
• Golden Triangle: A mineral-rich region in British Columbia known for its challenging terrain and high exploration costs.
• Sulitz Fault: A geological structure associated with gold deposits in the region, running through both Tutor Gold’s and Seabridge’s properties.
• Underground Exploration: Utilizing underground access (decline) for more targeted and cost-effective drilling.
• Flow-Through Financing: A financing method offering tax benefits to investors, commonly used for exploration projects.

Treaty Creek Project Update & Development Strategy – Tutor Gold Corp.

I. Project Overview & Strategic Shift

Tutor Gold Corp. is focused on rapidly advancing its Treaty Creek gold deposit from discovery to production. A key strategic shift involves prioritizing the identification and delineation of high-grade mineralization within the deposit. The company aims to release an updated resource estimate, targeting over 5 million ounces of gold at a grade exceeding 2 grams of gold per tonne (g/t). Successful achievement of this target will pave the way for a Preliminary Economic Assessment (PEA) to evaluate the project’s economic potential. Joe Olsson, President and CEO, emphasizes that the potential for high-grade mineralization was always present, but the current focus is on efficient execution to unlock its value.

II. Geological Understanding & Exploration Methodology

The project benefits from a growing understanding of the structural controls governing the high-grade mineralization. Visible structures are identified through drilling, but a crucial next step is underground exploration. A permit application for an underground decline (access tunnel) was filed in August, with the government requesting additional data. The goal is to obtain the permit this year to facilitate tighter drilling and direct observation of the mineralization in situ.

The SC1 zone, identified in 2024, is a newer area of high-grade mineralization located off the main ore body, but the controlling structures extend into the main ore body. Increasing drill density is a primary focus, as it improves understanding of the mineralization controls. The company plans to transition from expensive surface drilling (approximately $500/meter) to underground drilling, estimated at $200-$225/meter, using shorter drill holes (100-200 meters). This approach offers cost savings, improved drill control, and the ability to drill year-round, overcoming seasonal limitations of surface drilling.

III. Resource Confidence & Technical Assumptions

Currently, approximately 80% of the 21.66 million ounces of gold at Treaty Creek is classified in the “indicated” resource category, providing a strong level of confidence in the existing resource base. The focus now is refining the model to better define the higher-grade structures.

The company is considering a 10,000 ton per day underground mining concept. This scale is deemed necessary to offset the high costs associated with mining in the Golden Triangle and to achieve the potential for Treaty Creek to become a 250,000-300,000 ounce per year gold producer – a “tier one asset” according to Olsson.

IV. Permitting & External Factors

Permitting remains a critical path item. The Treaty Creek project overlaps with Seabridge’s permitting area, leading to ongoing dialogue and, currently, legal proceedings. Tutor Gold aims to negotiate a mutually beneficial solution with Seabridge, but is also pursuing its rights through the courts.

Early-stage agreements with First Nations groups are in place, mirroring the stage of development at the Brucejack mine. The company intends to maximize the use of First Nations contractors as the project progresses, and will move towards Impact Benefit Agreements as development advances.

V. Financial Position & Future Exploration

Tutor Gold has secured approximately $16 million in flow-through financing and $10 million in non-flow-through financing. These funds will be allocated to:

• Resource Estimate: Completion of the updated resource estimate by the end of the month (target).
• PEA: Development of a PEA for the Gold Storm deposit, targeted for Q3.
• Exploration Expansion: Aggressive exploration of other prospective zones on the property, including the Perfect Storm, CP, and CBS zones, with a goal of defining a starter resource of 5 million ounces of gold.
• Infrastructure Development: Investigating road access to reduce reliance on expensive helicopter support (which can account for up to a third of the budget).

VI. Lessons Learned & Capital Discipline

Olsson acknowledges the importance of learning from past experiences, particularly from the Brucejack project. While helicopter support can facilitate rapid exploration, the company aims to minimize its reliance on it to improve cost efficiency. The company emphasizes the need for accretive drilling – adding gold ounces at a cost of $2-$5 per ounce, especially in the current gold price environment (currently around $2,300/oz).

VII. Geological Analogies & Future Potential

The geological setting at Treaty Creek shares similarities with the Brucejack mine, particularly the presence of high-grade mineralization within quartz stockwork zones. However, Treaty Creek exhibits more consistent grade along the structures, unlike the “blowout” grades sometimes encountered at Brucejack. The project is situated along the Sulitz Fault, a structure known to host gold deposits, and Tutor Gold believes it occupies a favorable position on the fault.

Conclusion

Tutor Gold Corp. is strategically focused on unlocking the value of its Treaty Creek gold deposit by prioritizing high-grade mineralization, advancing permitting, and implementing cost-effective exploration strategies. The company’s financial position supports an ambitious exploration program aimed at expanding the resource base and demonstrating the project’s economic viability. Key milestones for 2026 include the release of an updated resource estimate, completion of a PEA, and continued exploration of prospective zones on the property. The success of these endeavors will be critical in establishing Treaty Creek as a significant, tier-one gold asset.