Cardston, Alberta--(Newsfile Corp. - May 9, 2023) - American Creek Resources Ltd. (TSXV: AMK) (OTCQB: ACKRF) ("the Corporation" or "American Creek") is pleased to report that project operator and JV partner Tudor Gold has commenced the 2023 exploration program (the "Program") at their flagship property, Treaty Creek, located in the Golden Triangle of Northwest British Columbia.
The fully funded Program consists of a minimum 25,000 metre (m) diamond drilling campaign that has been developed to target the north and northeast mineral extensions of the Goldstorm Deposit where drilling in 2021 and 2022 intercepted the highest grades of gold, copper and silver mineralization at Treaty Creek to date. These results contributed to a significantly upgraded Mineral Resource Estimate recently announced by the Corporation in a news release dated March 15, 2023 (the "March News Release"), which reported an Indicated Mineral Resource of 23.37 million ounces (Moz) of gold equivalent (AuEQ) grading 1.13 g/t AuEQ and an Inferred Mineral Resource of 7.35 Moz of AuEQ grading 0.98 g/t AuEQ.
In addition to the northern step-out drilling at the Goldstorm Deposit, Tudor Gold plans to carry out exploration drilling at the Perfectstorm Zone ("PSZ") to follow up on six drill holes that were drilled in 2020 and 2021 which all intercepted gold and silver mineralization, highlighted by hole PS-21-06 which returned 118 m of 0.66 g/t gold, 3.69 g/t silver including 31.5 m of 0.84 g/t gold, 6.09 g/t silver. PSZ is a gold-dominant mineralized system measuring 1.3 kilometers (km) in strike length and is located approximately 2.5 km southwest of the Goldstorm Deposit and approximately 2.5 km northeast of Seabridge Gold's Iron Cap Deposit near the southwestern boundary of the Treaty Claim block.
Ken Konkin, President and CEO of Tudor Gold, commented "Congratulations to our field crews for yet again another safe and successful start-up utilizing our winter road route. We thank our good neighbours to the south at Brucejack Lake, Newcrest Mining for all their assistance during the process. We plan to pick-up the drilling where we left off at the end of 2022. We will concentrate on pushing out the resource in the areas of highest grades throughout the 300H, CS-600 and DS-5 domains with four drill rigs. Two are currently drilling the northern aspects of these domains with another two rigs expected to arrive on site by mid May. In addition, we plan to attack the Perfectstorm System. Based on favorable drill results from 2020 and 2021 as well as the reconnaissance surface Geochem from 2023, we plan on putting two drill rigs on this target by late June. With four deep-drill rigs at the Goldstorm Deposit we hope to continue to add high-quality gold ounces to our current resource model as well as discover favorable Au-Cu-Ag mineralization at the Perfectstorm system. All core will be transported to our Bitter Creek core shack near Stewart, BC for logging and sampling. This facility enables us to give core tours throughout the entire year including winter months."
Darren Blaney, President and CEO of American Creek, stated, "We are excited about the prospects of this year's program increasing not only the size but also the grade of the Goldstorm deposit. It's already one of the largest gold deposits in the world, is open in all directions, and is getting richer towards the north where this year's program will be focused."
Qualified Person
The Qualified Person for this news release for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") is Tudor Gold's President and CEO, Ken Konkin, P.Geo. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.
About Treaty Creek
The Treaty Creek Project hosts the Goldstorm Deposit, a large gold-copper porphyry system, as well as several other mineralized zones. As disclosed in the March News Release, the Goldstorm Deposit has an Indicated Mineral Resource (as defined in NI 43-101) of 23.37 Moz of AuEQ grading 1.13 g/t AuEQ (18.75 Moz gold grading 0.91 g/t, 2.18 Blbs copper grading 0.15 %, 112.4 Moz silver grading 5.45 g/t) and an Inferred Mineral Resource (as defined in NI 43-101) of 7.35 Moz of AuEQ grading 0.98 g/t AuEQ (5.54 Moz gold grading 0.74 g/t, 0.85 Blb copper grading 0.16 %, 45.08 Moz silver grading 5.99 g/t), with a pit constrained cut-off of 0.5 g/t AuEQ and an underground cut-off of 0.7 g/t AuEQ. The Goldstorm Deposit has been categorized into three dominant mineral domains and several smaller mineral domains. The CS-600 domain largely consists of an intermediate intrusive stock and hosts the majority of the copper mineralization within the Goldstorm Deposit. CS-600 has an Indicated Mineral Resource of 9.86 Moz AuEQ grading 1.10 g/t AuEQ (6.22 Moz gold grading 0.70 g/t, 1.98 Blbs copper grading 0.32 %, 51.1 Moz silver grading 5.71 g/t) and an Inferred Mineral Resource of 3.71 Moz AuEQ grading 1.19 g/t AuEQ (2.32 Moz gold grading 0.75 g/t, 0.76 Blb copper grading 0.36 %, 18.71 Moz silver grading 6.01 g/t). The Goldstorm Deposit remains open in all directions and requires further exploration drilling to determine the size and extent of the deposit.
Treaty Creek JV Partnership
American Creek is a proud partner in the Treaty Creek Project.
The 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 hold fully carried 20% interests, which means no development costs are incurred by these companies until a production notice is issued. This gives shareholders a unique opportunity, to avoid the dilutive effects of exploration while maintaining their full 20% exposure to one of the world's most exciting mega deposits.
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 located in BC's prolific "Golden Triangle".
The Corporation also holds the Austruck-Bonanza gold property located near Kamloops.
For further information please contact Kelvin Burton at:
Phone: 403 752-4040 or Email: info@americancreek.com.
Information relating to the Corporation is available on its website at www.americancreek.com
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 connation 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/165335
