06:37:39 EDT Thu 02 May 2024
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American Creek Resources Ltd
Symbol AMK
Shares Issued 397,390,109
Close 2024-02-01 C$ 0.12
Market Cap C$ 47,686,813
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American Creek JV identifies Treaty Au breccia system

2024-02-02 10:14 ET - News Release

Mr. Darren Blaney reports

AMERICAN CREEK'S JV PARTNER TUDOR GOLD IDENTIFIES HIGH-GRADE GOLD BRECCIA SYSTEM AT THE GOLDSTORM DEPOSIT, TREATY CREEK, GOLDEN TRIANGLE BRITISH COLUMBIA

American Creek Resources Ltd.'s project operator and joint venture partner, Tudor Gold, has provided an update on the recent identification of a high-grade gold system within the Goldstorm deposit and a brief overview of the successful expansion of the Goldstorm domains from the 2023 drill program at the flagship property, Treaty Creek, located in the heart of the Golden Triangle of northwestern British Columbia.

Ken Konkin, Tudor Gold president and chief executive officer, commented: "We are extremely pleased to announce that we have delineated a high-grade gold system associated with a quartz-dominant veinlet and stringer stockwork system, named Supercell One (SC-1). This represents a significant economic target within the CS-600 domain. Our current mineral resource estimate (MRE) caps gold equivalent (AuEq) grades at eight g/t [grams per tonne] AuEq and therefore does not include these higher grades. Our current concept is that the SC-1 system, like the higher-grade R-66 domain, may represent a late-stage gold-dominant event that, in part, overprints the primary mineralization of the Goldstorm deposit. This is significant, as these smaller, higher-grade systems have the potential to streamline start-up plans, allowing for rapid extraction of gold with the possibility of substantially lower capital expenditures compared to a much larger conceptual bulk-tonnage operation.

"Additionally, our technical team has completed the geologic modelling and domain delineation with the incorporation of the 2023 drilling data. Updated mineral domains show significant expansion of the Goldstorm deposit in several areas. These maps indicate how the drilling conducted in 2023 has the potential to convert several areas of the deposit from inferred mineral resources to indicated mineral resources. Despite the aggressive exploration and expansion of the Goldstorm deposit, it remains open in all directions and at depth. The company is currently in the process of updating the MRE for the Goldstorm deposit and is expected to release the updated MRE within Q1 of 2024."

Supercell One (SC-1) characteristics and intercepts

Minor pyrite and chalcopyrite are observed with fine-grained visible native gold within the newly crowned SC-1 system, which is contained within the CS-600 domain. Three drill holes are interpreted to have intersected this structural corridor that contains significant quartz-sulphide breccia. Two of the three holes were completed late during the 2023 exploration campaign while the discovery hole, GS-22-134 (20.86 g/t AuEq over 4.5 metres within a 25.5 m zone of 9.96 AuEq), was completed during the 2022 drilling campaign. Drill hole GS-23-176-W1 (15.64 g/t AuEq over 15 m) was designed as an offset stepout hole to the impressive gold intercept obtained within GS-22-134. With the third drill hole, GS-23-179 (10.07 g/t AuEq over 12 m), a northeast stepout, Tudor's technical crews were able to validate the SC-1 system, tracing SC-1 up dip from GS-22-134 and GS-23-176-W1. To date, the high-grade gold-bearing, breccia stockwork system measures approximately 400 m down plunge and over 300 m along a northeastern axis. The true width of the mineralized structure is currently unknown.

Drill hole highlights from SC-1 include the following intercepts:

  • GS-22-134: 25.5 m of 9.96 g/t AuEq (9.66 g/t gold, 1.23 g/t silver, 0.24 per cent copper);
  • GS-23-176-W1: 15 m of 15.64 g/t AuEq (14.89 g/t Au, 4.72 g/t Ag, 0.60 per cent Cu);
  • GS-23-179: 12 m of 10.07 g/t AuEQ (9.78 g/t Au, 1.35 g/t Ag, 0.23 per cent Cu).

Darren Blaney, American Creek president and CEO, states: "The newly identified Supercell One zone has the potential to become a significant factor given it has around 10 times the average grade of the Goldstorm. It already stretches over hundreds of metres and we're eager to see how far beyond it extends. Considerable expansion has taken place on the Goldstorm deposit and based on the exceptional drill results from the 2023 program, we're confident that overall grade is improving as well. We're looking forward to the updated mineral resource estimate that Tudor is working toward (Q1 2024) as well as the 2024 drill program."

Qualified person

The qualified person for this news release for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects is Tudor Gold's president and CEO, Mr. Konkin, PGeo. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.

Quality assurance/quality control

Diamond drill core samples were prepared at MSA Labs' preparation laboratory in Terrace, B.C., and assayed at MSA Labs' geochemical laboratory in Langley, B.C. Analytical accuracy and precision are monitored by the submission of blanks, certified standards and duplicate samples inserted at regular intervals into the sample stream by Tudor Gold personnel. MSA Labs' quality system complies with the requirements for the international standards ISO 17025 and ISO 9001. MSA Labs is independent of Tudor Gold.

About Treaty Creek

The Treaty Creek project hosts the Goldstorm deposit, comprising a large gold-copper porphyry system, as well as several other mineralized zones. As disclosed in the "NI-43-101 Technical Report for the Treaty Creek Project," dated April 28, 2023, prepared by Garth Kirkham Geosystems and JDS Energy & Mining Inc., the Goldstorm deposit has an indicated mineral resource of 23.37 million ounces of AuEq grading 1.13 g/t AuEq (18.75 Moz gold grading 0.91 g/t, 2.18 billion pounds copper grading 0.15 per cent, 112.4 Moz silver grading 5.45 g/t) and an inferred mineral resource of 7.35 Moz of AuEq grading 0.98 g/t AuEq (5.54 Moz gold grading 0.74 g/t, 850 million lb copper grading 0.16 per cent, 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 Blb copper grading 0.32 per cent, 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, 760 Mlb copper grading 0.36 per cent, 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 three-fifths and acting as operator. American Creek and Teuton Resources each have a one-fifth interest in the project, creating a 3:1 ownership relationship between Tudor Gold and American Creek.

American Creek and Teuton hold fully carried 20-per-cent 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-per-cent exposure to one of the world's most exciting megadeposits.

About American Creek Resources Ltd.

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 B.C.'s prolific Golden Triangle.

The corporation also holds the Austruck-Bonanza gold property located near Kamloops.

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