Tudor Gold Confirms New Porphyry System at Perfectstorm

0:15Welcome back to Mining Stock Daily. Ian Wagner here with a corporate update from our friends at Tudor Gold. Tudor is a gold developer in BC's Golden Triangle. They trade on the TSX Venture under the symbol TUD and on the OTC under the symbol TDRFF. And today we are joined by President and CEO Joe Ovcinek. Joe, good to see you again. Welcome back to the podcast. Great to see you, Ian. I've been looking forward to it. Thank you. Yeah, absolutely. Me too. And I would note for listeners, we've covered the Tudor story for quite some time now. So anybody new to Tudor, I would encourage you to go back and listen to previous episodes to learn more about Gold Storm and the rest of Tree Creek.

1:00But today, drill results came out this morning from your perfect storm zone, part of your Tree Creek project. Four holes, a new porphyry system discovered as well as some epithermal system. I'll let you kind of fill in the context here. Talk about what you guys drill. This is their first time drilling here, I think, in a couple of years, right? There was previous drillings in, I think, 23 and 21. But this is the first time you've drilled it, I think, since you've joined the company. So talk about what you were hoping to find and what you found. Well, you know, stepping back, looking big picture here, we have a Gold Storm deposit, which is a couple kilometers away.

1:42You know, big, world-class gold, copper, some silver deposit. it. Um, and so we're advancing that we have a PEA underway on that. And I'm sure we'll talk about that at some point, but, uh, we also have this, this highly prospective ground where we have the self-rets fault running through our property full length of it. And, and there's just so much potential on our ground for another big deposit, whether it's one, maybe two, there's potentially more. There is a lot of potential for more elephant-sized gold copper deposits. So what we did this year is instead of continuing to expand on Goldstorm, which is already big, great, great, everything else, we're focusing on engineering at Goldstorm.

2:31And while that engineering is ongoing, we're taking a hard look at the rest of the ground. What we'd like to do is to find another major deposit, at least come up with an initial resource. Our target for a maiden resource is a few million to five, say, 5 million ounces, but potential to grow bigger. And that's what we're doing. So at Perfect Storm, we'd had some gold discoveries there in the past, and we've come back in. We're drilling, say, give or take 10 ,000 meters is the plan right now at Perfect Storm. and we had a nice hit there in 23, another one in 21. So we're following up on those. That's sort of an epithermal gold system, but it's a big system.

3:14It's a big area. So what we've done is we're drilling in other spots. And I think the highlight of our news releases, we're hitting into a porphyry system, another porphyry system. So this is completely, it's, you know, the closest points between where we are right now and our gold server deposits about a kilometer away, completely different system. And again, we're into porphyry. Now, it's early days on that. So, you know, the results, we don't have these long intercepts because we're just, you know, drilling around the, trying to hone in on where the real meat of the porphyry is. But we've proved out that there is a porphyry there.

3:54We always suspected it. But now we've got proof. We've got the porphyry mineralization. We've got gold, copper, we've got molybdenum. So, you know, if you're trying to look for, you know, what's a relevant comparison, well, you look at what's sitting down, you know, southwest of us at Seabridge Gold with their deposits. They're sitting on the same sort of mineralization, gold, copper, some silver, molybdenum. And so we're into one of these porphyries. And I think that's the real excitement here. lots of room to make this grow and become into a real another elephant of a deposit. Yeah. And just kind of looking over your land package there, sort of CBS is off to that northeast of Gold Storm.

4:37Perfect Storm sits southwest. And yeah, to your point, you go further, what, about four kilometers southwest, you get into that Seabridge, KSM. So certainly a a strong looking trend there. And you mentioned molybdenum. So I think that's important. And looking at this, it looks like you've got two zones sort of within that perfect storm zone, the PSP, which is the porphyry and the PSE, which is your E for epithermal, right? Perfect storm epithermal. So, you know, some of the numbers you released, I'll just kind of highlight a couple of them, right? Whole 15 of your porphyry, 4.59 grams per ton gold, 0.67 grams per ton silver over 10 and a half meters starting 105 meters down hole, um, hole 16, 1.23 grams per ton, uh, gold over six meters.

5:29And then that 0.2 % eight copper 42 parts per million molybdenum. So good, good numbers. Um, how are you thinking about, I guess just the follow-up, right? What do you do there? You mentioned that 10 ,000 meters. It's early August. Do you still have, I think, the press release states, but do you still have those two drills on site there at Perfect Storm? And are you focusing on the porphyry or the epithermal? And kind of how do you drill out before that drill season closes, I guess, in about six weeks? It's a good point. And it's a tough one because, you know, you have to get a lot done in not a lot of time.

6:07So right now we have one drill on each, each zone where we're looking to push and, and really, um, get a strong understanding of them. The porphyry zone, uh, where, you know, the PSP zone, where we're pushing on, uh, trying to find more of the, the heart of the porphyry. So we've got those drills going, that drill turning now. And, and, you know, all goes well. I expect we'll be able to drill up where we are. You know, it all goes well up to mid-September before we have to pull back because, you know, you keep drilling longer, but it just gets prohibitively more expensive, right? You know, you're fighting the weather and, you know, water freezing up and everything else.

6:49So, so mid-September there and then the other holes on the PSC zone, the epi-cerval zone. And like we want to come up with a resource, as I mentioned, so we're trying to get enough drilling in to get that continuity between drill holes that we can show between the geology and the drill results that we can put a nice continuous, you know, lens together that we can put model around it and come up with a resource. So would you drill a few, you know, wider space holes or, and then essentially come up with a new model for drilling out then in the spring, summer of next year and then try to put the resource out?

7:25Or how do you kind of think about, you know, what is the cadence of the activity needed for you to kind of get where you want to get with these? Well, the way I like to do it is, well, for me, but we've got a team here. And so we end up, you know, hashing it out between ourselves. That's you and Ken, right? Well, there's a few. There's a few, obviously, not just you and Ken. There's a few cooks in the kitchen here. So, look, I like the idea of the wide spray drilling, coming up with an inferred resource, just to give an idea, okay, where are the bounds of this? Let's, you know, do some big step outs, try to put our hands around, okay, what's the shape?

8:03Then come back later on and infill more and really, you know, fill it out. So, but, you know, my view, if we can get enough drilling in, it's, you know, as I say, it's weather dependent and, you know, how well the drilling goes, I would put out an inferred resource based on this drilling, assuming we can get sufficient drilling to do it this year. Okay, so we could look to see that here even later, later calendar 2026. But potentially, yeah. If we can get the drilling in that we want to accomplish, You know, again, you know, we're at the whims of nature. And so, you know, winter comes early. It's it just makes it tough.

8:43But so far, so good. How's that? That is that is so that is so far so good. OK, well, let's move on to some of your other stuff. I know, you know, you mentioned the engineering's happening at at Gold Storm. And we spoke in late May, I think, about metallurgy. you have targeted a PEA there for, you know, end of summer, this, this summer, is that still on track? And, you know, one thing in specific, I know, you know, you've been consistent about having that capex come in at what we'd call a manageable number in the one to one and a half billion range. Are you still kind of confident in that or what, what are you seeing?

9:26Well, it's Still a little early on that. We've had some slippage on the timeline. It's, you know, the engineering firms are all busy and it's, you know, getting, be able to get the crews working on your project. But we're still pushing hard to have it out this summer. And when I say summer, I'm taking as much of September in the summer as we can do it. Right up to the... If the temperatures are 50 Fahrenheit and above, we're calling that summer. Yeah. So we'll take it into September summer. but we're still pushing to get it then. And so a little early days, but as I say, I'd like to try to keep it in, you know, to build a mine for, you know, around a billion, billion and a half.

10:11That would be ideal. We'll see whether we can hold to that, you know, with the inflation that's gone on out in the world. But as I say, so far so good and we'll keep pushing hard and hopefully we're talking mid to late September again, and we're talking results from PEA. I would love nothing more than to see you at Beaver Creek and be able to talk about, you know, perfect storm porphyry over a beer, PEA over a beer. That sounds great to me. Yeah, no, we're on the same page. There we go. All right. Listen, I'll ask you about a couple other just outstanding items that are just kind of on the tutor to-do list.

10:50So one of them being just ongoing conversations with Seabridge about their tunnels and the, I guess, permit system or just the negotiations there. Any color you can add there? Those conversations started. What's happening there? Well, you know, I can't really talk much about it because, you know, but all I can say is, you know, Tudor believes that, you know, the best resolution is to sit down, work out something that allows us to build our mine, allows Seabridge to build their mine. We're, you know, big fans of them being successful. I hope they're fans of us being successful. And so, you know, I think that, you know, you put that together.

11:32I do think we'll get a resolution to this. I can't say when, but we're quite, I always say cautiously optimistic that we get something resolved and not too far in the future. How's that? Okay. And then same question kind of on the ownership, you know, kind of moving, consolidating ownership at Treaty Creek from that 80 % up to a full 100%. How are those conversations progressing? Uh, they're progressing. I wouldn't say we're setting any records on speed here, but look at where we're talking. I think we can all see the benefits of, you know, putting 80 and 20 together. It's going to be a, a better situation than just keeping them, you know, disparate parts.

12:21So, uh, I hate to say a timeline on it, but I am cautiously optimistic there as well on, on unitizing the ownership of the joint venture. Uh, which again, I think that will give a big boost to, uh, tutor stock. And, uh, you know, if we're giving stock off to tutor resources or shareholders, well then to the benefit to them as well. So I think it's truly a situation where two plus two is worth more than four. Okay. Talking about valuation, you guys have kind of seniors fallen off a little bit as well as the broader gold price. Now gold's certainly up today and yesterday, but also over the last six weeks, copper has been up significantly.

13:09Significantly, I think we hit all-time high yesterday. You know, have you been surprised at maybe the valuation or maybe a different question would just be kind of what's your message to investors who, you know, want to know if this has torque to the gold price, the copper price, things like that? Oh, look, the copper is great for the mining industry as a whole. We have, as you know, we have a number of billions of pounds of copper at our Goldstorm deposit, which will be included in our, you know, our PEA. So, look at, I think it all adds, it just makes a great environment for mining. So, we're very positive on that.

13:54But, yeah. Look, our, you know, when I look to shareholders, I think, you know, this is a big year for us. We're, you know, we're pushing hard on a PEA. We're, as I say, cautiously optimistic on resolving issues with Seabridge and allowing us both to proceed without all the negative noise in the background, as well as coming up with 100 % unitizing the joint venture interest for Treaty Creek in Tudor Gold. And I tell you, those three are big milestones for us. And I think once we get through them, it's going to be a world of different position to where we are right now. yeah absolutely i would just note that yeah you guys do have copper concentrate gold concentrate silver concentrate as all as part of your plan your mine plan up there for uh for gold storm yeah and you know and once we get our you know hit our milestones that we want to hit people will be able to start focusing on the fundamentals of the project which is it's going to be a significant gold copper producer in a great jurisdiction.

15:03Joe, I wonder, I mean, I know this is a little early, so I mean, I'm not asking you to make any forward-looking statements, but in terms of financing that CapEx, with all of the attention around critical metals, critical minerals, is there any thought to or seeking kind of a government support or export-import bank loans, really kind of debt fueling some of that capex? Or is that something that's reserved more for rare earths or something else? For people who hear the terms but don't necessarily know how they apply to gold and silver and copper, maybe you can add some color there. Look, copper and silver are both big critical minerals.

15:47And despite, you know, the rare earths have their uses in that. But copper is used like almost everywhere. It is, uh, uh, incredible metal. Uh, and it's, uh, how, how many places you find it turning up, you find copper turning up. So it is a great, and, uh, we will definitely be, as we move into more into that high, you know, area where we're looking to finance construction, it's a ways away. But as we move into that area, we will look at, you know, where are the best sources of financing? And you can bet if the government's willing to hand some money out to advance the project, we're happy to take their money.

16:29I do think, I hope they, well, sometimes they expect that money back. Well, it's fine. We don't mind paying it back. You know, often it's the case where you just need that first bit of financing. I think in this market, I don't personally have any doubts about being able to raise the money to build a mine. at, at, at, at Treaty Creek. But, you know, it's just nice to have that nice lead order. And if it's the government, people look and say, wow, that's solid. Right. Yeah. Even though the government's finances, you know, may not be the best, but nobody looks at that. No, no, but they, but they know, okay, at least that's, they've done due diligence.

17:08They're good for it. Exactly. Um, okay. Well, listen, Joe, this has been great. This is a good catch up. I think we will look to catch up as more drill results come back from Perfect Storm and as you're going to move through some of these catalysts. So, yeah, just say thank you and appreciate you coming by today. Yeah, no, thanks. Like, again, I always enjoy it, and I look forward to chatting with you about that PEA. Yes, absolutely. Me too. That is Joe Ovesnik, CEO of Tudor Gold. They trade on the TSX Venture under the symbol TUD and on the OTC under the symbol TDRFF.

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