Cardston, Alberta--(Newsfile Corp. - April 26, 2021) - American Creek Resources Ltd. (TSXV: AMK) ("the Corporation") is pleased to announce that it's JV partner Tudor Gold Corp. has filed a Technical Report (the "Report") which includes the Initial Mineral Resource Estimate for the Goldstorm and Copper Belle zones at the Treaty Creek project (the "Property"), located within the heart of the Golden Triangle of northwestern British Columbia and on trend from Seabridge's KSM project located five kilometres southwest. The Report is titled "Technical Report and Initial Mineral Resource Estimate of the Treaty Creek Gold Property, Skeena Mining Division, British Columbia, Canada", dated April 23, 2021, with an Effective Date of March 1, 2021. The summary results of the Report were previously announced in the Corporation's news release dated March 9th, 2021 and there are no material differences in the Mineral Resources between the Report and the previous news release.
The Report, prepared for Tudor Gold by P&E Mining Consultants Inc. (P&E), is available under Tudor Gold's profile on SEDAR at www.sedar.com or from Tudor's website at www.tudor-gold.com.
Highlights of the March 2021 Mineral Resource Estimate:
19.41 million ounces of Measured and Indicated gold equivalent ounces ("AuEq") at an average grade of 0.74 gpt AuEq is estimated for the Goldstorm-Copper Belle deposits.
14.15 million ounces of Measured and Indicated gold equivalent ounces ("AuEq") at an average grade of 0.72 gpt AuEq is within a constraining open-pit shell and 5.26 million Measured and Indicated AuEq ounces at an average grade of 0.80 gpt AuEq is for the out-of-pit Mineral Resources.
Cut-off grades of 0.30 gpt AuEq were used inside the constraining open-pit shell Mineral Resource Estimate and a higher cut-off grade of 0.46 gpt AuEq was used for the out-of-pit Mineral Resource Estimate which includes underground constrained blocks.
The Goldstorm Zone remains open to the northeast, to the southeast and down dip at depth to the northwest.
A total of 218 drill holes, totalling 105,658.8 metres, were reviewed for the Mineral Resource Estimate completed by P&E. Many of these holes are outside the Goldstorm-Copper Belle deposits and were not used in the Mineral Resource Estimate. The Goldstorm-Copper Belle area has 132 holes.
The classifications of Measured, Indicated and Inferred Mineral Resources for gold, silver, copper and gold-equivalents, and their respective tonnages are listed in Table 1 below. In addition to the 17.33 million ounces of gold in Measured and Indicated Mineral Resources and 7.22 million ounces of gold in Inferred Mineral Resources, there are 93.41 million ounces of silver estimated as Measured and Indicated Mineral Resources, with an additional 40.57 million ounces of silver in Inferred Mineral Resources. The Measured and Indicated Mineral Resources are also estimated to contain 1.096 billion pounds of copper, with an additional 330 million pounds of copper in Inferred Mineral Resources.
A bulk density of 2.80 t/m3` was based on measurements of samples collected by P&E during their field visits.
5m x 5m x 5m three-dimensional block modelling was used for the Mineral Resource Estimate.
Measured Mineral Resources are defined by four or more drill holes within 100 metres; Indicated Mineral Resources are defined by four or more drill holes within 200 metres.
Treaty Creek Initial Mineral Resource Estimate Summary
To view an enhanced version of this table, please visit:
- Mineral Resources are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves.
- The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
- The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
- Metal prices used were US$1,625/oz Au, US$19/oz Ag, US$2.80/lb Cu with process recoveries of 88% Au, 30% Ag and 80% Cu. A C$16.50/tonne process and C$2 G&A cost were used.
- The constraining pit optimization parameters were C$2.50/t mineralized and waste material mining cost and 50-degree pit slopes with a 0.30 gpt AuEq cut-off.
- The out-of-pit parameters were at a C$10/t large scale bulk mining cost. The out-of-pit Mineral Resource grade blocks were quantified above the 0.46 gpt AuEq cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out-of-Pit Mineral Resources exhibit continuity and reasonable potential for extraction by a bulk underground mining method.
Drill core samples were prepared at MSA Labs' Preparation Laboratory in Terrace, BC and assayed at MSA Labs' Geochemical Laboratory in Langley, BC. Analytical accuracy and precision are monitored by the submission of blanks, certified reference materials and duplicate samples inserted at regular intervals into the sample stream by Tudor Gold personnel. MSA Laboratories quality system complies with the requirements for the International Standards ISO 17025 and ISO 9001. MSA Labs is independent of the Corporation.
Eugene Puritch, P.Eng., FEC, CET president of P&E Mining Consultants Inc. is the Qualified Person, as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects, who has reviewed and approved the scientific and technical disclosure in this news release. Mr. Puritch is independent of the Corporation.
Treaty Creek JV Partnership
The Treaty Creek Project is a Joint Venture with Tudor Gold owning 3/5th and acting as operator. American Creek and Teuton Resources each have a 1/5th interest in the project creating a 3:1 ownership relationship between Tudor Gold and American Creek. American Creek and Teuton are both fully carried until such time as a Production Notice is issued, at which time they are required to contribute their respective 20% share of development costs. Until such time, Tudor is required to fund all exploration and development costs while both American Creek and Teuton have "free rides".
About American Creek
American Creek is a Canadian junior mineral exploration company with gold and silver properties in British Columbia, Canada.
The Corporation has an interest in the Treaty Creek property, a joint venture project with Tudor Gold/Walter Storm located in BC's prolific "Golden Triangle".
The Corporation also holds the Austruck-Bonanza gold property located near Kamloops.
Neither the 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.
Cautionary Statements regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Corporation expects or anticipates will or may occur in the future, including the completion and anticipated results of planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the Corporation's planned exploration activities will be completed in a timely manner. Although the assumptions made by the Corporation in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators.
Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81692