Tudor Gold Expands Perfectstorm Drilling as Goldstorm PEA Nears

0:14Welcome back to Mining Stock Daily. Ian Wagner here with a corporate update from our friends at Tudor Gold. Tudor Gold 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 we have covered the Tudor story for some time now, so I would encourage any new listeners to go back and listen to previous episodes. This won't be an intro or any kind of introductory material. Tudor hosts an indicated mineral resource of 24.9 million ounces of gold. an inferred mineral resource of 4. million ounces of gold, a bunch of silver, a bunch of copper.

1:00Joe, welcome back to the podcast. Good to see you. Thank you for joining us. Yeah, good to see you. It's been a while. It has been a little while. So when we spoke in August, obviously you guys are a bunch of things in tandem, right? You guys are in the middle of drill season. You're in the middle of working on a PEA for Gold Storm. You have got some ownership consolidation as well as kind of a land conversation happening with your neighbors. But you guys just yesterday put out some news around your drill campaign. So let's start there. The news that you've been drilling at Perfect Storm this summer.

1:40When we spoke in August, I think you had just announced the discovery of a new copper gold porphyry system as well as some confirmation of some epithermal, an epithermal trend that was building on previous drilling that had been done, I think, before your time. So tell us what you guys, what you put out yesterday, how this advances the story and kind of where it sets the landscape for what you guys are building there at Perfect Storm. Okay. So what we put out yesterday was some drill results on, and we've got more to come. Like We're drilling. We've got three drills turning. We're going to keep going.

2:17Probably have another month of drilling ahead of us. We've got lots of corn labs, so a lot of assays to come. So this is like a batch that's come up. We've got all the assays. Let's get them out. And what they show is that, look, we're into something. Not only do we have this epithermal zone with gold, a nice gold grade in the upper parts of the deposit, but we've got this porphyry system we've gone into, which is different from our existing Goldstorm deposit. This is more of a, as an example, it's a Seabridge-type deposit with gold, copper, silver, molybdenum. And so we're really just showing, look, this thing has legs.

2:59And our plan for the year and what this drilling's about is we went into this program. We want to develop another resource, another deposit on the property. We have our Goldo Storm deposit, fantastic deposit, which we've got a PEA going on right now, which we can talk more about. But we've got this highly prospective ground. We want to show everyone that, look, there's more than just one deposit here. And so we've gone into this, we've, you know, lumped into this porphyry. And what we're trying to do is get enough drilling into it before we get weathered out this fall to come up with a maiden resource for that porphyry.

3:43So that's what we're pushing on right now. And so this is just the first chapter of a number of results that keep coming out, showing that, yeah, we're sitting on something and if all goes well and we can keep drilling as long as we want, we'll come up with a maiden resource for this, uh, for this porphyry. Okay. Yeah. You've been consistent since we started talking that you wanted to get another maiden resource, uh, on the property and you were targeting kind of that 5 million ounce. Now I know it's early, obviously, in where you're drilling at a perfect storm. I'll just read some of the, some of the numbers that you guys put out whole 2630 was 0.85 grams per ton gold, 2.94 grams per ton silver over 96 meters.

4:23um, whole 2631, um, maybe a 0.21 % competent and 116 parts per million molybdenum. Um, just from a geo side or a rock side or an ore side, what are you guys seeing there? I mean, it is, so there's, it is obviously polymetallic right in there. What do you, what do you, what are you chasing here? And kind of, what do you, what, what would the other assays confirm for you or how would anything that comes in maybe change your perspective on what this deposit could be? I don't think when we're in the porphyry, I don't think we're going to see anything that changes what we think it will be or could be.

5:03Uh, it's more just more, what we want is more of the same. We want those nice long inner intersections of a nice consistent grade so we can go in and, and, you know, we've got something to put a model of mine around. So yeah, like, you know, that copper, gold, two great metals that you want to have now, even Molly's making a bit of a run. So look at it and, and, you know, silver, everybody loves silver. So, you know, the more and more we can drill it and just show the continuity of that consistent mineralization and step out, it's got nice grade. Um, you know, I, I, from all the deposits I look at up in there, I think we've got the best grade in the area for a lot of our deposits.

5:48So, yeah, that's what we want to do. Just more of the same. We're not looking to, you know, ring any bells. Just consistency, nice, consistent, long intersects of mineralization. Okay. And so just to round out kind of on the drill campaign, what is left there? You mentioned you want to keep drilling for another month or so as long as the weather cooperates. Um, so does that mean you have, uh, you know, assays in the lab right now, as well as holes and rigs on site, like give us an update on that and then just kind of bookend that maybe with, with, with the CBS. Where's, where's that at? And what are you guys doing there?

6:24Uh, on the assaying, we've got, we've got holes in the lab. Uh, we'll probably have another, you know, batch of holes out, you know, the lab is starting to pick up a little bit because a lot of the drilling is tailing off in the, in the area. And so I'd say two to three weeks, another batch of holes out and that'll be followed. We, I would expect you're going to see assays coming out of, uh, out of our drilling up on this porphyry almost through to Christmas. It's, it's, uh, we've got a lot going on. So the three drills are still turning, all turning now. We expect to keep those drills turning.

7:01Today's the 15th of October. I would expect if we don't get weathered out middle of November, you're still going to see us. That'll be roughly when we should be wrapping up the program, if we can push it that far. And that'll allow us to really, you know, get a bunch more holes in the lab. We're going to be north. I can't give you a number of holes at the end of the day, but we're going to be north of 20 ,000 meters by the time this program's done. Could be close to 25 ,000 meters if the weather doesn't get in the way. So it's going well, and we're going to keep pushing on that. CBS, just, you know, CBS is, oh, sorry.

7:42Well, I just want, so, because I think when we spoke earlier, you guys were planning on, was it 8 ,000 or 10 ,000 meters for the summer? So just a little clarity on that number. Is that going to include next year's drilling or last year's, or did you guys just expand kind of based on what you were seeing? I just am not sure. We went into it with an 8 ,000 to 10 ,000 meter plan, you know, dependent on results. And so we're getting good results. We like what we see. So we're going to keep drilling. Look, if we hadn't been hitting anything we liked, we would have probably, we'd be stopped by now.

8:16And we would have stuck to the 8 ,000 to 10 ,000 meters. But no, look, we're into something and we think it's going to be big. And so we're pushing as hard as we can to get that meters in. So, uh, yeah, 20, 25 ,000 meters is not unreasonable for this season's program. No, that's great. That's great. And so, and I didn't mean to cut you off. Where, where are things at with CBS? Ah, CBS, look it. Uh, we like CBS, but you know, that was still, we were still trying to find where the, you know, where's that core of that mineralization. Cause we get, you know, things, teases that here and there where, yeah, that looks good.

8:52That looks good. but not really into the ore body itself. Well, we're into an ore body up at Perfect Storm, so we're not going to walk away from it. So we may not make it back to CBS this year. It's not going anywhere, but it's a sure thing. We're into something solid here, and if we can put enough meters into it, as I say before the weather pushes us out, we'll be able to come up with a resource on the Perfect Storm, a PSP zone, what we're calling the porphyry up there. the PSP zone and, and, and push that. And, and look, we're still seeing some nice gold epithermal. It's, it's, it's a little tougher to string together than, than, than the porphyry, but we're, we're still focused on that a bit as well.

9:36So like, there's just a lot of mineral up there. And so it's how, how do you best define it and how hard do you hit it? And that's what we're working on now. Um, okay. So we covered the good news now let's switch over to some, maybe some, just, you know, not bad news, but just some questions, right? Some things about some ongoing things. So I actually first, this reminded me of the drilling. I wanted to ask about the ramp permit and the SC1 zone. Where are things with that? Well, we, you know, we've been back and forth with the government on the SC1 zone, on the ramp to get down to the SC1 zone.

10:14I don't know if you're familiar with British Columbia politics, but the government called an election about a month ago. And I think the actual voting's in another 10 days. And so during that period, the various departments sort of stand down doing work because they don't know who's going to be up, elected, and then whose priority. So actually nothing happens. So we are waiting. Now we need to get some data into them. We're working on that. But that delay, that six week delay is is is a bit of a pain for us uh we are still optimistic of getting the permit this year but we may find that it drags into into into next year and so we'll once we have a better feel on timing we'll update the market but that that does impact us this uh slow down yeah yeah i know you want to get it and then and then for the audience clarity that that is up at gold storm and allows you to kind of get down there and drill a little bit more underground um yeah and and and that timing is still within our critical path.

11:18Like it's still within, it works for us. Uh, you know, we can't, we're not, well, we could if we wanted to, but look at, we don't want to fight the weather. So we're not going to go to color the portal for the underground development until the snow is pretty much backed off. We don't want to spend a lot of money shoveling snow that's going to melt three, four weeks later. Yeah. Uh, so, you know, it's probably late May before we're coloring the portal. So if we get the, uh, permit by the, and the Q1 into April, that still gives us time to mobilize crews and get everybody in there. And, you know, I, I, so I'm not worried about the timing as much as we said we would get this done this year and we haven't.

11:59And, um, uh, you know, we like to deliver on what we say we're going to deliver. Yeah, absolutely. All right. Well, let's turn to sort of the next box to check the PEA for Goldstorm, right? And the, the, you know, big numbers on the resource, right? We more than 24 million ounces of gold. High grade, different zones, different metallurgy per zone, but you guys wrapped up your metallurgy in the spring, and we're talking about an underground block cave mining. What is sort of the latest, I guess, on the PEA, just in terms of when, where, what you want that to communicate the most to the market? Well, again, frustration here.

12:42We would have wanted to get that PEA out prior to Beaver Creek in September. We didn't make that. So we're pushing hard. We expect to get it out in the next couple of weeks, next two to three weeks. We should have it announced. And what we're looking at is a long-hole stope, sort of bulk long-hole stope mining underground, say 10 ,000 tons a day, sort of that young Davidson model that you have back in Ontario. you uh so that's what we're using as a model we want to have something that's a two to three hundred thousand ounce gold producer with a 20 plus year mine life just as a start because what we want to do is show people look just because you know because look there are a lot of big deposits with lots of ounces that never become mines because you know for one reason or another they just can't make the economics work we want to show everyone that look gold store our gold storm department is, it is going to be a mine and the way it's going to be a mine is along this path.

13:46Now it's still early days. It'll be, it's our PEA. There will be lots of refinement as we go forward. And once we get underground drilled, the SC1 zone, we expect that to expand significantly. And that will really, you know, it will require us to, not require us to, we will want to change our mine plan to take full advantage of that growth in the SC1 zone. So there'll, you know, we'll probably do another PEA than that, uh, when that's done. But for now we want to get the PEA out to show people, look, there is going to be a mine here. And, uh, you know, there's lots, lots of future ahead for the gold storm deposit.

14:22And that's what this is all about. And is that still going to be that blended, um, NSR that one, one 25, I know you guys modeled a couple of different potential, you know um levels there is that still kind of the thinking yeah look we're we're gonna run it at a cutoff it's gonna be it's gonna be sub 125 i think we're looking at right now okay but it's in that 100 125 buck nsr us dollars um as to outline the mining blocks the shapes that we're mining and from the three zones the upper the central lower zone Yep. All right. Well, we will absolutely look to catch up with you when that PEA comes out, because I know the market is eagerly awaiting on it.

15:09And I guess I'll wrap two questions into one. You know, your guys' equity has come off a lot, as has a lot of people's, right? Do you think that is because of the gold price? Do you think that is in part of sort of the question around either the PEA or, you know, kind of consolidating that last 20 % of ownership or, or the tunnel dispute with Seabridge? What's kind of your read on the situation, and what's your message to investors? Look, I think we need to do something to break out. What we are doing is I feel I look at the gold price, I look at we're trading, I look at peers, and we're trading in line with the gold price.

15:51What we need to do is we need catalysts to break out from that trading pattern. And the three catalysts we are working hard on are getting the PEA out, resolving our issues with Seabridge, and working something out with Tootin Resources where we own 100 % of the Treaty Creek project. And so I'm still cautiously optimistic that we will accomplish all three of those catalysts this quarter, which will really give us that. That's what we need. We need that to step out of this trading range and give us a boost higher. PEA, like I say, the next few weeks, we should have it out and we're pushing hard on that.

16:33I think once we get the PEA out and we can focus and get things resolved with Seabridge, I think, you know, they're like us. They want to move ahead with their project. They realize, look, this is, you know, it doesn't, it isn't good for anyone to keep holding up both companies. Exactly. So let's, let's sit down and get it resolved. So I think that will happen. and you know the PEA is slowing us down dealing with it but you know I think there still will be time for us to get a resolution with Seabridge this quarter if not it'll first quarter of next year but we'll push hard to get it done this year and Tune Resources they're working on you know fixing the company up getting the other assets out of their company so that they're in ability to sit down and negotiate with us on their treaty creek project so potentially we feel all those are on the table for hitting those the catalysts this quarter so we're going to keep working to do that and uh i think we have a pretty good chance on all three great well we will leave it there for today joe and we'll look to catch you catch up with you as you kind of uh as those as those situations um resolve appreciate you coming by and giving everybody an update.

17:53Well, look forward to chatting really soon to talk about the PEA. Let's hope we're talking in just a couple of weeks and filling in on where we're at with the PEA. I look forward to it. That is Joe Osinick, CEO of Tudor Gold. They trade on the TSX Venture under the symbol TUD and on the OTC under the symbol TDRFF. f the information presented should not be considered investment advice mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein please do your own research or speak with a licensed financial representative