Kinross Commences 8,000m Drilling Program on BTU's Dixie Halo Property Adjacent To Kinross' Great Bear Project
VANCOUVER, BC / ACCESS Newswire / May 20, 2025 / BTU METALS CORP. ('BTU' or the 'Company') (TSXV:BTU)(OTCQB:BTUMF) is pleased to announce that Kinross, pursuant to the option agreement between the parties, has just commenced a significant core drilling program on the Company's Dixie Halo property adjacent to Kinross's world class Great Bear gold deposit southeast of Red Lake, Ontario.
The Company is also commencing work on its Hubcap property adjacent to the south boundary of the Red Pine Exploration Ltd. (Red Pine) Wawa Gold Project.
Dixie Halo Project - Kinross Option
The Company completed several drill campaigns on the Dixie Halo project over the time period Great Bear Resources Ltd. was successfully outlining extensive gold mineralization on its Dixie Project before Kinross acquired Great Bear Resources Ltd. for approximately C$1.8 billion (February 2022). Subsequently, the Company entered into an option agreement with Kinross in a transaction that closed in Q2 of 2023. Since then, Kinross has been evaluating all of the available data on the Company's Dixie Halo option property in preparation for follow-up drill testing target areas that may host gold mineralization. Part of that evaluation work involved re-logging of the drill core from the Company's drill programs on the Dixie Halo property in addition to a full re-interpretation of all available data.
With all the pre-drill stage technical evaluation work now complete, Kinross has secured the required permits and has budgeted for an extensive drilling campaign on the Dixie Halo Option properties. The drill program just commenced and is planned to include approximately 8,000 metres on various target areas identified as priority locations for potential gold mineralization.
Paul Wood, CEO, commented: 'We're excited that Kinross has completed their full evaluation of the historic work on the Dixie Halo project and are now embarking on their initial drilling of the resultant target areas. We hope they are successful in finding new areas of alteration and gold mineralization that will add to the already significant milestones they are achieving on the Great Bear project.' Mr. Wood went on to add: 'Additionally, based on the success of our recent work at Wawa the team is keen to reunite for a site visit next week to plan and commence follow up work.'
In its Management Discussion and Analysis for the period ending March 31, 2025 Kinross disclosed the following regarding the Great Bear project updates and developments; 'Given Kinross has already drilled out a significant inventory in the Preliminary Economic Assessment providing an initial 12-year mine life, demonstrated continuation of mineralization beyond that, and the high cost of drilling at depth from surface, Kinross has shifted its focus from drilling the LP zone to regional exploration work. Kinross commenced regional exploration drilling in the first quarter of 2025 targeting both near-surface and underground targets delineated by lithostratigraphic models and geophysical surveys. The program is ongoing with more than 50,000 metres anticipated to be drilled by year-end.'
Wawa Area Properties Update
Figure 1: BTU Wawa Area Property Portfolio outlining Hubcap, Centennial, and Echum Projects
Wawa Area Hubcap Project
The Company is preparing to follow-up on areas of strong shearing, sulphide mineralization and quartz veining identified in the work programs completed late in 2024 on the northern part of the Hubcap project located immediately south of the Red Pine Wawa Project (Figure 1).
Encouraging results and information from prospecting, geological mapping and a compilation of historic results has allowed the Company to plan and now prepare to execute additional work programs that will include geological mapping, prospecting, and geophysical surveying during the 2025 field season.
The results released by neighboring Red Pine Exploration Inc. (a few hundred metres from the common boundary with Red Pine will be a priority area for initial prospecting in the early part of the program. On November 27, Red Pine released the results of 18 grab samples from the War Eagle area approximately 3km south-southeast of its 2024 Mineral Resource Estimate area that was released in a press release September 30, 2024. Results of the assays from the 18 samples ranged from 0.72 g/t gold to 17.10 g/t with the overall trend of the shears and mineralization indicated to be south-southwest toward the common boundary with the Company approximately 750 metres farther southwest.
Late in the field season last year, prospecting samples were collected near the common boundary on the Company's side of the boundary from scattered surface exposures of sheared, quartz veined, and carbonate altered outcrop that included disseminated pyrite. Assay values received ranged from trace to 6.13 g/t gold** from mineralized quartz veining and sheared wall rock as shown on Figure 2. A map with an overview of all Fall 2024 surface sampling results above 0.5 g/t Au is available in Figure 3.
Figure 2: Strongly altered, sheared, and mineralized volcanics with quartz veining in area of recent surface sampling results.
Figure 3: Hubcap Fall 2024 Surface Sampling Results Above 0.5 g/t Au.
Wawa Area Echum Project
The Company completed an initial six drill hole program on the 100% owned 14,262-hectare Echum Project in Wawa, Ontario. The project is an extensive gold-silver-critical minerals prospect located adjacent to Alamos Gold Inc. ('Alamos') (AGI-TSX) property that hosts the Island gold mine and the Magino gold mine.
Interpretation of the available geology and geophysical data indicate the overall stratigraphic sequence on the Alamos ground extends southerly to southeasterly onto the Company's Echum property. Historic work on the Echum property has indicated the presence of both gold and base metal occurrences at several locations and much of the property is overburden covered or has been rather inaccessible due to a lack of road access.
Initial drilling focused on testing anomalies and targets identified in data collected in the 2021 Versatile Time Domain Electromagnetic (VTEM) and 2023-2024 Induced Polarization (IP) surveys. These anomalies have had scarce, if any historic drill testing.
The Company wishes to thank the Government of Ontario and the Ontario Junior Exploration Program (OJEP) for funding in support of advancing the Echum Project. Drill holes were designed to test a number of separate anomalous chargeability features in areas where little geological information existed. Drill core logging revealed some low copper and zinc values as well as the occurrence of significant mineralized quartz veining (with sulphides such as pyrite, chalcopyrite, sphalerite) generally associated with moderate to strong shearing, which may indicate the presence of regional scale deformation zones. No significant gold values were found in the core samples analyzed.
Drilling to date at the Echum Project intersected anomalous near-surface copper and zinc mineralization and confirmed strong correlation with VTEM and IP anomalies. Notably, some features of the wide mineralized zone appear visually similar to gold systems elsewhere in the Wawa gold district, such as Alamos' Island Gold Mine, suggesting potential for the discovery of gold mineralization on the property in new locations as well as in the area known as the Ballard Lake gold occurrences, an area explored historically. The Company has yet to compile and carry out work in this area. The six holes drilled in late 2024 and early 2025 tested only to a maximum depth of 200m, and totaled only 807 metres. Ongoing interpretation of the complex structures intersected will enhance the understanding of the Echum Project, where multiple additional targets remain to be tested.
Sample Preparation & Analysis
All drill holes were logged, sampled, photographed, and cut at a secure logging facility in Shining Tree, Ontario. All samples were cut using a Vancon core saw, and the top half was collected and placed in sample bags secured with zip ties with unique sample IDs. The samples were delivered to AGAT Laboratories facility in Sudbury, Ontario, and were prepared and analyzed in Thunder Bay, Ontario and Calgary, Alberta.
A description of the sample preparation and analysis methods are listed below:
The following QAQC procedures were used:
The Company also announces it has set 4,300,000 options to directors, officers and consultants at $0.05 for a period of two years in accordance with the Company's stock option plan.
Qualified Person
Bruce Durham, P. Geo., VP Exploration of the Company is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information in this press release.
About BTU
BTU Metals Corp. is a junior mining exploration company looking to acquire high quality exploration projects to add to its portfolio for the benefit of its stakeholders. The Company's main assets are the Dixie Halo Project located in Red Lake, Ontario (optioned to Kinross) immediately adjacent to the Kinross Great Bear Project and its gold and critical minerals properties in the active Wawa gold district. The Company has no debt and minimal property obligations.
ON BEHALF OF THE BOARD
'Paul Wood'
Paul Wood, CEO, Director
[email protected]
BTU Metals Corp.
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain 'forward-looking information' within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company is forward-looking information. Other forward-looking information includes but is not limited to information concerning: the intentions, plans and future actions of the Company.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: risks relating to the global economic climate; dilution; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. The Company has also assumed that no significant events occur outside of the normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
SOURCE: BTU Metals Corp.
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Aftermath Silver Continues to Intersect High Grade Silver, Copper and Manganese at Berenguela, Peru
Vancouver, British Columbia--(Newsfile Corp. - June 9, 2025) - Aftermath Silver Ltd. (TSXV: AAG) (OTCQX: AAGFF) (the "Company" or "Aftermath Silver") is pleased to provide the final assay results from its Phase 2 diamond drill program at the Berenguela silver-copper-manganese deposit located in the Department of Puno in southern Peru. Results are included for 12 holes from the initially planned 60-hole (4,600m) program of diamond core drilling which the company increased to 82 holes (5,329m of core) due to positive geological results. Hole AFD139, on the most easterly section of drilling, returned a significant copper intercept indicating that the mineralisation remains open to the east. Highlights of the current drilling include: AFD144 intersected 13.8m @ 558g/t Ag + 3.16% Cu + 15.06% Mn from 23.2m down hole, including 5.6m @1053g/t Ag + 2.85% Cu + 15.80% Mn from 31.4m down hole; AFD139 cut 68.9m @ 78g/t Ag + 1.19% Cu + 6.03% Mn from 6.4m down hole; Ralph Rushton, President and CEO, commented "These results conclude our reporting of our Phase 2 diamond drill program and a revised mineral resource estimate including both Phase 1 and Phase 2 drilling is now underway. We are very pleased to report that one of our most easterly holes, AFD139, cut strong mineralisation and the resource appears to remain open to the east. This is an area we will tackle in the future as access needs prepared due to steep topography. Our technical team also clarified the geology of some faulted areas by targeted drilling." Full results for 12 holes are in the table below and a table of collar coordinates and hole azimuths is appended at the end of this release. Drill collar plans and cross sections are available at this link: Table 1. Assay results, holes AFD104, AFD120-AFD121, and AFD137 - AFD145 Hole From To Width1 (m) Ag g/t Cu % Mn % Zn % Recovery (%) Voids* Far Eastern Ridge AFD120 0.00 32.50 31.10 143 0.71 7.00 0.79 95 1.4 and 86.60 101.05 14.45 71 0.22 1.40 0.22 93 - AFD121 0.00 38.50 36.90 110 0.38 2.44 0.32 90 1.6 Hole From To Width1 (m) Ag g/t Cu % Mn % Zn % Recovery (%) Voids* AFD139 6.40 75.30 68.90 78 1.19 6.03 0.55 100 - AFD140 46.50 49.30 2.80 42 0.62 2.56 0.14 100 - Syncline - flank of Southeastern Antiform AFD104 0.00 1.90 1.90 33 1.34 16.25 0.78 100 - AFD137 0.00 10.10 10.10 79 1.14 8.46 0.60 79 - AFD138 0.00 15.30 15.30 115 0.95 7.73 0.47 100 - AFD141 0.90 13.40 11.00 178 0.87 12.17 0.51 100 1.5 AFD142 4.00 21.40 16.40 60 0.90 13.33 0.79 92 1.0 Central Fault Zone AFD143 3.65 8.10 4.45 50 0.65 2.78 0.17 100 - and 20.50 52.50 30.60 129 1.48 15.64 0.50 100 1.4 inc. 45.70 50.29 4.50 340 4.00 11.36 0.30 100 - AFD144 23.20 37.00 13.80 558 3.16 15.06 0.20 100 - inc. 31.40 37.00 5.60 1053 2.85 15.80 0.21 100 - AFD145 0.00 36.45 29.05 233 1.59 16.06 0.29 100 7.4 inc. 13.75 23.40 9.65 276 3.58 21.14 0.27 100 - *Reported intersection widths are shorter than total widths drilled where voids due to historic underground mining activity were encountered during drilling. Voids were measured and discounted from the intersection width with no dilution of the reported grades. In AFD121 a void of 1.4m was encountered in an area of near-surface working resulting in an intersection width of 31.10m. In AFD121 a void of 1.6m was encountered in an area of near-surface workings resulting in an intersection width of 36.90m. In AFD141 a void of 1.5m was encountered in an area of near-surface workings resulting in an intersection width of 11.0m. In AFD142 a void of 1.0m encountered in an area of sub-surface workings resulting in an intersection width of 16.40m. In AFD143 a void of 1.4m was encountered in an area of sub-surface workings resulting in an intersection width of 30.60m. In AFD145 voids totalling 7.4m were encountered in areas of near- and sub-surface workings resulting in an intersection width of 29.05m. Berenguela mining: from 1913 until 1965 approximately 500,000 tons was mined from 17,700m of underground workings and open pit operations which equates to roughly 1.2% of the 2023 M&I resource inventory. Aftermath obtained complete plans of underground workings which were incorporated into resource modelling where practical and appropriate and underground mining depletion subtracted from the mineral resource. All open pits have been surveyed in detail as part of the general site layout that defines topography and surface mining depletion.1 The drilling was carried out at a high angle to the stratigraphically controlled mineralization and intersections can be assumed to equate approximately to true thickness. Drilling was carried out at a high angle to mineralization controls and intersections are assumed to equate to true thickness. Drill sections are available on Aftermath's website ( or by clicking here. The weighted average core recovery in the mineralized intersections was 97%. Some lower recoveries were returned close to surface (0 to 5m) in initial drilling runs, and around some underground workings. The geology of each hole is summarised at the end of this release. Objectives of Drilling Holes AFD120, AFD121 and AFD139 and AFD140, targeted the far eastern ridge area of the existing mineral resource. These were sited to extend and define the margin of mineralization whilst converting inferred resources to indicated and/or measured categories where appropriate. Holes AFD139 and AFD140 are the furthest east drilled by Aftermath and essentially the last holes drilled eastwards on the Berenguela drill grid. As noted above, significant mineralisation was encountered which remains open eastwards. Steep topography prevented further drilling without access preparation which is planned in due course. AFD104, AFD137, AFD138, AFD141 and AFD142 targeted a syncline that forms the southern flank of the southeastern antiform. Shallow, thin mineralisation was expected. The holes were designed to extend and define the margin of mineralization whilst converting inferred resources to indicated and/or measured categories where appropriate. Holes AFD143 to AFD145 targeted the core mineralisation of the central area close to old open pits: a structurally complex zone with faulting parallel to section separating Domain 1 to the west and Domain 2 to the east. The results of this and previous drilling confirmed that the mineralisation traversed the faulting, hence the faulting must be an older event than the intense MnO alteration and associated silver-copper mineralisation. Drilling was designed to convert inferred resources to indicated and/or measured categories where appropriate. Geology The host stratigraphy at Berenguela comprises folded thickly bedded, light grey limestones and dolomitized limestones. Several large bodies of black massive, patchy, and fracture-controlled manganese oxide replacement mineralization with associated silver, copper, and zinc enrichment, occur in the folded limestones. Mineralization largely follows stratigraphy and is typically conserved as eroded synform or antiform remnants, usually exposed at surface and with fold axes trending 105-120 degrees. Generally, the limestone is underlain by a transitional arenite unit overlying evaporites in footwall formations. In the area covered by this release, the eastern margin of mineralization, the arenites and evaporites were not generally encountered suggesting the limestone sequence is thickening eastward and downfaulted in blocks. Historical mapping and resource modelling shows mineralization to extend for roughly 1,300m along strike. The recent drilling has extended the strike length to at least 1550m with a maximum width of 400m in the central part, 250m in the western part, and 50m in the faulted section between the western and central parts. This includes a previous 100m gap or discontinuity now closed by drilling. The drilling was carried out at a high angle to the stratigraphically controlled mineralization and intersections are approximately true thickness. The geology of each hole is summarized at the end of this release. QA/QC Sample preparation and assaying was carried out in Peru by ALS Peru S.A ("ALS"). ALS preparation facilities in Arequipa and assaying facilities in Lima both carry ISO/IEC 17205 accreditation. Logging and sampling were carried out by Aftermath geological staff at the Limon Verde camp in Santa Lucia. Samples were transported to Arequipa and delivered to ALS for preparation and subsequent assaying of pulps in Lima. During the preparation stage, quartz-washing was performed after each sample to prevent carry-over contamination. Initial assaying was done using a four-acid digestion and ICP-AES multielement analysis for 31 elements. Over limit samples (Ag > 100 g/t, Mn>8,000 ppm, Cu/Zn >10,000ppm) were reanalysed using 4 acid-digestion and ore-grade ICP-AES analysis. Any Ag samples reporting >1,500 g/t Ag are further analysed using fire assay with gravimetric finish. Any Ag samples reporting >10,000 g/t are further analysed using concentrate assay methods. A selection of pulps will be submitted to an umpire laboratory to perform check analyses and verify QA/QC implemented in the project. Every batch of 20 samples submitted for assay contained 1 certified reference material (CRM), 1 coarse blank, 1 pulp blank and 1 duplicate core sample, OR 2 CRMs, 1 coarse blank, 1 duplicate core sample. Aftermath commissioned OREAS to prepare 3 different CRMs made from samples of Berenguela mineralization, so they are compositionally matched to the mineralized core. In the assays performed for this news release, 65 CRMs and 33 coarse blanks were inserted and 4 elements checked (Ag/Cu/Mn/Zn) - a total of 392 checks in total. The CRMs generally performed well, and 2 CRM fails were observed in total. Two fails were reported for low range Mn. No fails were reported for Ag or Cu. Mid-range Cu, Mn and Ag CRMs reported to specification limits. High grade Cu, Mn, and Ag CRMs reported to specification limits. All pulp blanks and coarse blanks reported to specification limits. 32 duplicate samples were submitted and >80% reported repeat assays with a difference <25% to original assay. Qualified person Michael Parker, a fellow of the AusIMM and a non-independent director of Aftermath, is a non-independent qualified person, as defined by National Instrument 43-101. Mr. Parker has reviewed the technical content of this news release and consents to the information provided in the form and context in which it appears. Berenguela Project: Background The Company has an option to acquire a 100% interest in Berenguela through a binding agreement with SSR Mining. Berenguela hosts a potentially open-pittable silver-copper-manganese resource close to Santa Lucia in Puno province, southern Peru. Silver, copper and manganese have crucial industrial applications in the clean energy and battery spaces. Copper and manganese have been designated critical metals by the US government and the European Union. The project is less than 6km from road, rail and power lines and 4 hours from Arequipa by sealed road. Aftermath published a resource estimate in March 2023 based on over 300 core and RC holes. Metallurgical test work is underway adding to historic work, with the goal of producing silver and copper metal and a commercial battery-grade or fertilizer-grade manganese product. About Aftermath Silver Ltd. Aftermath Silver is a leading Canadian junior exploration company focused on the development of critical metals projects. Aftermath is a preeminent silver development company with significant leverage to copper and high purity battery grade manganese. The Company's flagship asset is the Berenguela silver, copper and manganese deposit located in Southern Peru. ON BEHALF OF THE BOARD OF DIRECTORS "Ralph Rushton" Ralph RushtonCEO and Director604-484-7855 The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward-Looking Information Certain of the statements and information in this news release constitute "forward-looking information" within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to interpretation of exploration programs and drill results, predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking statements. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward‐looking statements. Factors that could cause actual results to differ materially from those in forward‐looking statements include, but are not limited to, changes in commodities prices; changes in expected mineral production performance; unexpected increases in capital costs; exploitation and exploration results; continued availability of capital and financing; differing results and recommendations in the Feasibility Study; and general economic, market or business conditions. In addition, forward‐looking statements are subject to various risks, including but not limited to operational risk; political risk; currency risk; capital cost inflation risk; that data is incomplete or inaccurate. The reader is referred to the Company's filings with the Canadian securities regulators for disclosure regarding these and other risk factors, accessible through Aftermath Silver's profile at There is no certainty that any forward‐looking statement will come to pass, and investors should not place undue reliance upon forward‐looking statements. The Company does not undertake to provide updates to any of the forward‐looking statements in this release, except as required by law. Cautionary Note to US Investors - Mineral Resources This News Release has been prepared in accordance with the requirements of Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (''NI 43-101'') and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. securities laws. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"), and information concerning mineralization, deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. Table 2. Collar locations, depths, azimuth and dips. Section 1300E Hole WGS84 X WGS84 Y WGS Z DEPTH (m) AZ DIP AFD145 331669.047 8268301.77 4211.331 45.8 7 -45 Section 1350E Hole WGS84 X WGS84 Y WGS Z DEPTH (m) AZ DIP AFD144 331734.894 8268316.99 4215.64 50.4 187 -45 Section 1400E Hole WGS84 X WGS84 Y WGS Z DEPTH (m) AZ DIP AFD143 331770.859 8268236.12 4229.363 67.2 7 -45 Section 2050E Hole WGS84 X WGS84 Y WGS Z DEPTH (m) AZ DIP AFD137 332416.073 8268145.539 4201.996 21.5 7 -45 AFD138 332415.916 8268144.007 4201.96 19.2 0 -90 AFD141 332405.574 8268111.786 4204.672 23.1 7 -45 AFD142 332405.237 8268110.411 4205.375 34.4 0 -90 Section 2150E Hole WGS84 X WGS84 Y WGS Z DEPTH (m) AZ DIP AFD104 332524.019 8268088.55 4149.3546 25 0 -90 AFD120 332530.824 8268224.121 4199.051 115.3 7 -70 AFD121 332530.65 8268223.143 4199.049 50.4 187 -65 Section 2350E Hole WGS84 X WGS84 Y WGS Z DEPTH (m) AZ DIP AFD139 332740.436 8268316.427 4127.386 92.1 7 -45 AFD140 332740.504 8268314.971 4126.037 89.2 187 -55 Summary Geology AFD104 was drilled in a valley in the core of a syncline forming the southern flank of the southeastern antiform. Mineralisation was only preserved to a depth of 1.90m, followed by highly weathered beige dolomite to 14.5m where a sharp contact to intercalated footwall arenites and evaporites occurs. These units persist to 25.00m EOH. AFD120 intersected two zones of mineralisation. The upper zone of mineralisation was intersected form surface to 32.50m, intersecting limestone from surface with moderate to massive MnO replacement of altered limestone and some vein hosted and disseminated MnO. The lower zone of mineralisation was intersected from 86.60m to 101.05m characterised by disseminated MnO and weak to moderate MnO replacement of limestone. AFD121 intersects mineralisation from surface to 38.50m, massive MnO replacement of limestone from surface and disseminated or fracture hosted MnO dominating downhole. End of hole (EoH) occurs in weakly altered limestone at 50.40m. AFD137 intersects mineralisation from surface to 10.10m characterised by vein hosted MnO and disseminate MnO in altered limestone. Limestone grades into arenites and transitional arenites below mineralised intersection with historic workings occuring at the contact. EoH in transitional arenites at 21.50m. AFD138 intersects mineralisation from surface to 15.30m, with vein hosted MnO, massive MnO replacement, and disseminated MnO, with visible Cu (malachite) in limestone. Limestone grades into transitional arenites below mineralised intersection until EoH at 19.20m. AFD139 intersects mineralisation from 6.40m to 75.30m. Intercalating altered and unaltered limestone hosts vein hosted and moderate replacement of limestone by MnO, mostly within altered limestone beds. In unaltered limestone, MnO primarily occurs as fracture hosted. Some visible CuO occurs downhole of intersection. AFD140 cut mineralisation from 46.50m to 49.30m, characterised by weak MnO replacement of altered limestone and minor CuO. AFD141 cut mineralisation from 0.90m to 13.40m characterised by massive MnO replacement of limestone with some ferruginous alteration, and intervals of low replacement but increased vein hosted MnO and disseminated MnO with visible CuO in altered limestone. Below intersection MnO content decreases downhole into weakly altered limestones grading into transitional arenites until EoH at 23.10m. AFD142 cut mineralisation from 4.00m to 21.40m characterised by moderate to massive replacement of altered limestone with some disseminated visible CuO. AFD143 cut two zones of mineralisation. The upper mineralisation occurs from 3.65 to 8.10m, characterised by vein hosted MnO and patchy replacement in weakly altered limestone. The lower zone of mineralisation occurs from 20.50m to 52.50m, include a higher zone of mineralisation from 31.40m to 37.40m. The intersect is characterised by zones of moderate to massive MnO replacement of limestone with ferruginous alteration intercalated with zones of altered limestone and arenites with vein hosted and disseminated MnO, and visible CuO. The higher intercept occurs within one of these altered limestone and arenite zones, with vein hosted and patchy MnO and pyrite. AFD144 cut mineralisation from 23.20m to 37.00m including a zone of higher mineralisation from 31.40m to 37.00m, characterised by limestone intercalated with minor arenites and siltstones, moderately to intensely altered with vein hosted MnO, disseminated MnO, patchy MnO replacement and dm scale intervals of moderate to massive MnO replacement of host limestone. Some visible CuO occurs throughout. The zone of higher mineralisation occurs within limestone hosting moderate to patchy MnO replacement. AFD145 cut mineralisation from surface to 36.50m including a zone of higher mineralisation from 13.75m to 23.40m, characterised by patchy and massive MnO replacement of altered limestone with replacement decreasing strength downhole, dominated instead by disseminated MnO and minor vein hosted MnO from 24.50m. The intersect of higher mineralisation occurs within the stronger patchy and massive MnO replacement, with visible disseminated and vein hosted CuO. Alteration and MnO content continue to decrease downhole and transitions sharply to tectonic breccias of the footwall at 38.40m until EOH at 45.80m. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Tudor Gold Announces Binding Letter of Intent to Acquire American Creek
Tudor expects to increase interest in the Treaty Creek Project to 80% Vancouver, British Columbia--(Newsfile Corp. - June 9, 2025) - Tudor Gold Corp. (TSXV: TUD) (FSE: H56) ("Tudor") and American Creek Resources Ltd. (TSXV: AMK) (OTCQB: ACKRF) ("American Creek") are pleased to announce that they have entered into a binding letter of intent (the "LOI") on June 6, 2025 pursuant to which Tudor will acquire all of the issued and outstanding shares (the "American Creek Shares") of American Creek by way of a plan of arrangement (the "Transaction"). Currently, American Creek holds a 20% carried interest, and Tudor a 60% interest, in the Treaty Creek Project located in northwest British Columbia. On completion of the Transaction, Tudor will hold an 80% interest in the Treaty Creek Project. The Treaty Creek Project hosts the Goldstorm Deposit, comprising a large gold-copper porphyry system, as well as several other mineralized zones. Under the terms of the Transaction, American Creek shareholders will receive 0.238 shares ("Tudor Shares") in the capital of Tudor for each American Creek Share (the "Exchange Ratio"). This implies premiums of 40% and 37% offered to American Creek shareholders based on the spot and 5-day VWAP of both companies as of market close on June 6, 2025. Following completion of the transaction, existing American Creek shareholders will own approximately 30% of the combined company resulting from the Transaction. The LOI provides for the parties to enter into a definitive arrangement agreement (the "Arrangement Agreement") setting out the final terms and conditions of the Transaction. Upon execution of the Arrangement Agreement, Tudor and American Creek will issue a subsequent news release containing the details of the Arrangement Agreement and any additional terms of the Transaction. Joe Ovsenek, President and CEO of Tudor Gold, commented: "Our acquisition of American Creek cements our interest in the Treaty Creek Project, which hosts one of the largest gold discoveries in Canada with excellent potential for expansion and additional gold-copper discoveries, at a reasonable per ounce of gold equivalent cost. With an increased ownership of the Treaty Creek Project, Tudor is better positioned to attract a wider range of potential investors to the developing story of this high-quality gold-copper asset. We welcome the American Creek shareholders to Tudor as we continue to strengthen the company to build on our exploration success and advance Treaty Creek on the path toward production." Darren Blaney, President and CEO of American Creek, commented: "We are very pleased to enter into this Letter of Intent with Tudor. We believe that this amalgamation transaction unlocks significant advantages for our shareholders that have been part of the Treaty Creek project for many years. The most notable advantage for American Creek shareholders is that they will receive a 40% premium to the present market price of their shares and still retain the full future upside potential as the Treaty Creek project advances. We also believe that through the consolidation of our two companies that operating costs will be more efficient and Tudor will be better positioned to secure future exploration and development capital. The consolidated 80% ownership also makes it much more likely that Tudor is able to attract a potential strategic partner to assist in accelerating project development towards production, while at the same time increasing Tudor's attractiveness with respect to becoming a potential takeover target by a larger developer. This is the most logical next step in ensuring that the Treaty Creek project moves forward, and provides additional value to our loyal shareholders. The Treaty Creek project is a world class gold-copper project and we very much look forward to joining with and supporting Tudor in their focused drive to take this project to the next level." Summary of the Transaction The Transaction is expected to be completed by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia). Under the terms of the LOI, Tudor will acquire all of the issued and outstanding American Creek Shares in exchange for Tudor Shares on the basis of the Exchange Ratio. Outstanding options and warrants to purchase American Creek Shares will become exercisable to acquire Tudor Shares on the same terms and conditions, on the basis of the Exchange Ratio. Immediately prior to the closing of the Transaction, Tudor and American Creek are expected to have 261,853,823 shares and 475,018,299 shares, respectively, issued and outstanding. On completion of the Transaction, the combined company is expected to have 374,908,178 shares issued and outstanding. No finder's fees are payable by either party. Tudor has agreed with certain insiders of American Creek to settle up to $1,220,773 in severance payments in Tudor Shares at a per share price of $0.537, the 5-day VWAP as of market close on June 6, 2025. The settlement remains subject to approval of the TSX Venture Exchange ("Exchange"). The Transaction will require the approval of: (a) two-thirds of the votes cast by shareholders of American Creek, and, if required, (b) a simple majority of the votes cast by minority American Creek shareholders in accordance with Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), at a special meeting of American Creek shareholders expected to take place in the third quarter of 2025 (the "American Creek Meeting"). MI 61-101 provides that, in certain circumstances, where a "related party" (as defined in MI 61-101) of an issuer is entitled to receive a "collateral benefit" (as defined in MI 61-101) in connection with an arrangement transaction such as the Transaction, such transaction may be considered a "business combination" for the purposes of MI 61-101 and subject to minority shareholder approval requirements. However, there are certain exceptions to these requirements. An independent committee of American Creek's board of directors will conduct a "collateral benefit" assessment and applicable disclosure and any vote exclusions will be disclosed in the information circular for the American Creek Meeting. Completion of the Transaction will be subject to customary closing conditions and receipt of necessary court and regulatory approvals, including Exchange approval. Subject to receipt of all necessary approvals, the Transaction is expected to close by no later than 5:00 p.m. on September 30, 2025 (the "Effective Time"). A copy of the LOI will be filed on Tudor's and American Creek's SEDAR+ profiles at Prior to entering into the Arrangement Agreement, all directors and officers of American Creek will enter into customary support and voting agreements. The LOI provides for the parties to enter into the Arrangement Agreement setting out the final terms and conditions of the Transaction on or before July 14, 2025. The Arrangement Agreement will include provisions such as conditions to closing the Transaction, and representations and warranties and covenants customary for arrangement agreements. Further details with respect to the Transaction will be included in the Arrangement Agreement and in an information circular to be mailed to American Creek shareholders in connection with the American Creek Meeting. Once available, a copy of the Arrangement Agreement will be filed on each of Tudor's and American Creek's SEDAR+ profiles at and a copy of the information circular will be filed on American Creek's SEDAR+ profile at Fairness Opinion and Advisor Prior to entering into the Arrangement Agreement, the disinterested members of the board of directors of American Creek will engage a financial advisor to provide American Creek with an opinion stating that the consideration offered pursuant to the LOI and Arrangement Agreement is fair, from a financial point of view to the holders of American Creek Shares. INFOR Financial Inc. is acting as financial advisor to American Creek. About Tudor Gold Tudor Gold Corp. is a precious and base metals exploration and development company with claims in British Columbia's Golden Triangle (Canada), an area that hosts producing and past-producing mines and several large deposits that are approaching potential development. The 17,913 hectare Treaty Creek project (in which Tudor has a 60% interest) borders Seabridge Gold Inc.'s KSM property to the southwest and borders Newmont Corporation's Brucejack property to the southeast. For further information on Tudor, please visit Tudor's website at or contact: Joseph Ovsenek President & CEO(778) 731-1055 Chris CurranVice President of Investor Relations and Corporate Development(604) 559 8092 Tudor Gold 789, 999 West Hastings StreetVancouver, BCV6C 2W2info@ filings:Tudor Gold Corp.) About American Creek and the Treaty Creek Project American Creek is a proud partner in the Treaty Creek Project, a joint venture with Tudor Gold Corp. located in BC's prolific "Golden Triangle". American Creek holds a fully carried 20% interest in the Treaty Creek Project until a production notice is given, meaning that no exploration or development costs are incurred by American Creek until such time as a production notice has been issued. American Creek shareholders have 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. The Company also holds the Austruck-Bonanza gold property located near Kamloops, BC. ON BEHALF OF AMERICAN CREEK RESOURCES LTD. "Darren Blaney" Darren Blaney, President & CEO For further information on American Creek please contact: Kelvin Burton at: Phone: (403)752-4040 or Email: info@ Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the 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. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, statements regarding: the Transaction; the Arrangement Agreement; the receipt of necessary shareholder, court and regulatory approvals for the Transaction; the anticipated timeline for completing the Transaction; the terms and conditions pursuant to which the Transaction will be completed, if at all; the anticipated benefits of the Transaction including, but not limited to Tudor having an 80% interest in the Treaty Creek Project; the combined company; the future financial and operational performance of the combined company; the combined company's exploration and development programs; and potential future revenue and cost synergies resulting from the Transaction. These forward-looking statements are not guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from the potential results discussed in the forward-looking statements. In respect of the forward-looking statements concerning the Transaction, including the entering into of the Arrangement Agreement, and the anticipated timing for completion of the Transaction including, but not limited to the expectation of Tudor having an 80% interest in the Treaty Creek Project, Tudor and American Creek have relied on certain assumptions that they believe are reasonable at this time, including assumptions as to the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory, court, shareholder, stock exchange and other third party approvals and the ability of the parties to satisfy, in a timely manner, the other conditions to the completion of the Transaction. This timeline may change for a number of reasons, including unforeseen delays in preparing meeting materials; inability to secure necessary regulatory, court, shareholder, stock exchange or other third-party approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Transaction. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Risks and uncertainties that may cause such differences include but are not limited to: the risk that the Transaction may not be completed on a timely basis, if at all; the conditions to the consummation of the Transaction may not be satisfied; the risk that the Transaction may involve unexpected costs, liabilities or delays; the possibility that legal proceedings may be instituted against the Tudor, American Creek and/or others relating to the Transaction and the outcome of such proceedings; the possible occurrence of an event, change or other circumstance that could result in termination of the Transaction; risks relating to the failure to obtain necessary shareholder and court approval; other risks inherent in the plant-based food industry. Failure to obtain the requisite approvals, or the failure of the parties to otherwise satisfy the conditions to or complete the Transaction, may result in the Transaction not being completed on the proposed terms, or at all. In addition, if the Transaction is not completed, the announcement of the Transaction and the dedication of substantial resources of Tudor and American Creek to the completion of the Transaction could have a material adverse impact on each of Tudor's and American Creek's share price, its current business relationships and on the current and future operations, financial condition, and prospects of each Tudor and American Creek. Tudor and American Creek expressly disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. To view the source version of this press release, please visit Sign in to access your portfolio
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