Sector: Gold & SilverCountry: CanadaWKN: A2AJ7YEquity Ticker Germany: TUC
Main commodity: Gold & SilverEquity Ticker Canada: TUDISIN: CA89901P1071Shares outstanding: 133 Mio.

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MD&A ending 31.03.2019

Consolidated Financial Statements

Consolidated Financial

Statements 31.03.2019

Interview with the geologist Ken Konkin about Tudor Gold

Tudor Gold Corp
Suite 205, 837 West Hastings Street

Vancouver, BC
Canada V6C 3N6

Tel.: +1 (604) – 604 559 8092


Walter Storm

Chief Executive Officer, President, and Director

As the Chief Executive Officer, Mr. Storm is responsible for operations, acquisitions, project development, as well as for financial operations in conjunction with the Chief Financial Officer.

Scott Davies

Chief Financial Officer and Secretary

Mr. Davis is a partner of Cross Davis & Company LLP Chartered Professional Accountants, a firm focused on providing accounting and management services for publicly-listed companies. He has over 20 years of experience in the areas of finance and accounting and has been mainly involved with publicly listed companies on the TSXV.

Ken Konkin

Vice President, Project Development

Mr. Kenneth J. Konkin, P.Geo., graduated from the University of British Columbia with a Bachelor’s of Science degree in geology in 1984. He is a Professional Geologist in  mineral exploration registered with the Association of Professional Engineers and Geoscientists of British Columbia.

Mr. Konkin has over 35 years of geological experience throughout North and South America as well as Russia. Ken Konkin worked for Silver Standard for 19 years and managed advanced exploration programs at Manantial Espejo (Argentina), San Luis and Berenguela (Peru) as well as Snowfields (Canada) in the Golden Triangle, BC. Mr. Konkin was appointed the Project Manager for Pretium Resources after it purchased the Snowfields-Brucejack Project from Silver Standard in 2010. Subsequently, he was instrumental in the discovery of The Valley of Kings deposit at the Brucejack Lake Mine, an 8 million ounce gold deposit currently in production. He spent seven years managing all aspects of the exploration programs at Snowfield-Brucejack. During his tenure with Pretium, the company received the Bill Dennis Award in 2013 for a Canadian discovery (presented by the Prospectors & Developers Association of Canada); Mr. Konkin was also the co-recipient of the prestigious H.H. ‘Spud’ Huestis Award for ‘excellence in prospecting and mineral exploration in B.C. and/or Yukon’ in 2017.

Alexander Burton

Vice President Exploration

Mr. Burton is currently the President of Burton Consulting Inc. and is registered as both, a Professional Engineer and Registered Professional Geologist in British Columbia. He served on the B.C. Yukon Chamber of Mines (a.k.a. Association for Mining Exploration) and has taught their Placer Mining Course in association with the British Columbia Institute of Technology for over 20 years. Mr. Burton is a University of B.C. graduate with a B.A. degree in Geology (class of 1954).

Helmut Finger


As a German businessman with over 40 years of experience in wholesale trading, Mr. Finger has a broad network among European investors with high interests in financing commodity explorations, especially oil, gas, and minerals, at his disposal. Mr. Finger holds a diploma from the University of Mainz in Germany.

Sean Pownall


Mr. Pownall serves as a Director of the Corporation. He has been involved in the mineral exploration industry for nearly 30 years, starting at an early age working with family on mining projects in the Yukon and in British Columbia. Mr. Pownall has worked as a diamond driller on numerous mineral projects in Canada and the United States ranging from grassroots exploration to full production mining. He is currently the owner of More Core Diamond Drilling Ltd., a company based in Stewart, British Columbia. The company was founded in 2006, and provides diamond core drilling and geotechnical drilling services to mineral and liquid natural gas companies throughout Canada and the United States. Mr. Pownall currently also serves as a Director of the Association for Mineral Exploration British Columbia (AME BC).

Catalin Kilofliski

Director Corporate Development and Communications

Mr. Kilofliski brings over two decades of senior leadership and extensive expertise in mining, senior management, corporate development and capital markets within several private or publicly listed junior exploration companies. Mr. Kilofliski’s academic background includes earning a BA degree in Business Administration and Finance from the University of Economics, Bucharest, Romania.

Carsten Ringler

Manager Investor Relations

Carsten Ringler is Managing Director of “Ringler Consulting and Research GmbH” a Consulting and Research boutique founded in 2014, operating on various commodity based information portals.

Prior to this, Mr. Ringler worked in management positions at renowned banks. His trading career began in 1992, when he worked for Deutsche Bank AG as a floor trader for equities and bonds, and later in his career, he was in charge of a proprietary bond trading book.

After that, he worked for a German securities trading bank. In his last position as Managing Director there, he was responsible for the precious metals trading division, compliance and the Advisory of a public fund with a focus on mining stocks.

Company description

About Tudor Gold

Tudor Gold (TSX-V: TUD, Frankfurt: TUC.F) is a very promising exploration company focused on precious and base metal exploration properties in the province of British Columbia, Canada. The company has 4 properties, all located in the famous ‘Golden Triangle‘, an area that hosts multiple past producing mines, two new mines and several large world-class deposits that are approaching potential development. The Company has a 60% interest in the Electrum and Treaty Creek properties, with additional 100% owned projects, or earn-in options, including Crown and Eskay North.

The company’s flagship ‘Treaty Creek’ property is adjacent to world-class projects such as the ’KSM‘ project (49,2 million ounces Gold in the M+I category) of Seabridge Gold and the ’Snowfield‘ project (25,9 million ounces Gold in M+I category) of Pretium Resources.

Investor – Highlights

  • Tudor Gold is an emerging exploration company in the prolific Golden Triangle region of western Canada.
  • Tudor controls 35,518 hectares in 10 properties that are all located near world-class deposits such as ‘Brucejack’ and ‘Snowfield’ (Pretium Resources) and ‘KSM’ (Seabridge Gold).
  • The Company has a highly experienced and successful management team led by the renowned Walter Storm, Co-founder of Canadian miner Osisko Mining. Osisko Mining was acquired by Agnico Eagle and Yamana Gold in 2014 for approximately $ 4.5 billion.
  • The development of the nearby KSM gold / copper mineral deposit (Seabridge) with a planned tunnel route through Treaty Creek is beneficial for Tudor Gold.
  • The various concession areas in Tudor Gold’s project portfolio have tremendous exploration potential. More than 90% of the areas at ‘Treaty Creek’ are still unexplored.
  • Tudor Gold’s large land positions and mineral zones provide an attractive M&A target for mining companies active in the region or conglomerates that want to secure a position in the ‘Golden Triangle’.


  • Treaty Creek
  • Electrum
  • Crown
  • Eskay North

The 17,913 hectare Treaty Creek Project lies within the “Golden Triangle”, one of the most important mineral districts of northwestern British Columbia. The Project borders Seabridge Gold Inc.’s KSM property to the southwest and borders Pretium Resources Inc.’s Brucejack property to the southeast. The past producing Eskay Creek mine lies 12 km to the west.

In June of 2016, TUDOR acquired a 60% interest in the Treaty Creek claims. American Creek Resources Ltd. (TSXV-AMK) and Teuton Resources Corp. (TSXV-TUO) each hold a 20% interest carried through to a production decision. The property is subject to 3% NSR royalties.

Exploration of the Treaty Creek area over the past 30 years by various junior companies has resulted in the discovery of a number of surface mineral showings, some with very high gold and silver values. There have been over 150 diamond drill holes completed on the property from 1987 to date, in eight different mineral zones. It has been only recently, however, that drilling revealed the potential for a large-scale, porphyry-style gold deposit at the Copper Belle and Goldstorm zones, located on-trend, and just 5 kilometers northeast of the KSM deposits. Copper Belle, and the larger Goldstorm, are hosted by the same belt of Jurassic-age volcanic and intrusive rocks that host the KSM mineralization and are also located close to the Sulphurets Thrust Fault, which continues along trend from the KSM property and is believed to be a controlling factor in the formation of the porphyry-style mineral bodies.

There are no known resources or reserves on the Treaty Creek property and the presence of mineral deposits on properties adjacent to or in close proximity to the Treaty Creek property is not necessarily indicative of economic mineralization on the Treaty Creek property.

Advanced Drill Targets – Goldstorm & Copper Belle

Fifty-seven drill holes, totaling about 23,000 metres, had been drilled at Copper Belle as of the end of 2017, within an area measuring roughly 1000 meters in length by 400 meters wide and to depths of about 500 meters. A number of long mineralized intervals were revealed, such as hole CB-17-07, that over 369.0 m averaged 0.686 g/t Au, 2.4 g/t Ag and 0.03% Cu, including 43 m of 1.81 g/t Au. These broad intercepts were the first indication of a deep system at the Goldstorm Zone, which is located immediately to the northeast of Copper Belle. Mineralized areas appear to be elongate and trending north-northeast, with a moderately flat dip to the northwest and having a drilled thickness of over 400 m in places.

In 2018, drilling continued in the Goldstorm Zone with the intent of exploring possible extensions of the mineralized area to the north of, and west of, previous drill holes. Nine holes, totalling 7,238 meters, were drilled in 2018 in this new target area that covers approximately 500 m by 450 m. Extensive intervals of gold mineralization were intersected in a number of the holes, such as hole CB-18-32 that averaged 0.662 g/t Au over 337.8 m, including 121.8 m at a grade of 1.036 g/t Au and hole CB-18-39 that averaged 0.981 g/t Au over 563.8 m and ended in mineralization.

Gold mineralization at Goldstorm and Copper Belle is hosted primarily within andesitic tuffs and volcaniclastic rocks, with only limited sections of intrusive rocks observed. All rocks are altered to varying degrees, with typically abundant chlorite, as well as localized sericite, potassium feldspar and zones of silicification. Pyrite is abundant in the strongly mineralized areas, occurring as disseminations, veins and coarse masses, with local sparse specks of chalcopyrite. Quartz-carbonate veins are common and appear to post-date the pyritic groundmass; some contain fine pyrite and local chalcopyrite, galena and arsenopyrite. Minor visible gold has also been observed in the quartz-carbonate veins.

The summary of results provided in the table below includes the most promising gold intersections reported to date. Several of the holes returned well-mineralized intervals of over 100 meters in length. Each new broad interval of gold mineralization adds considerably to the known size of the Goldstorm and Copper Belle zones and to the potential number of contained ounces of gold. TUDOR GOLD is working toward collecting sufficient data to enable the calculation of an economic resource encompassing the Goldstorm and Copper Belle zones.

Goldstorm & Copper Belle Significant Results From Selected Drill Holes

 Goldstorm Zone

•       Nineteen deep drill holes

•       Holes spaced 100 to 150 m apart

•       Defined area of mineralization approximately 500 m by 450 m.

•       Several broad gold intercepts returned, such as:


0.801 g/t Au over 176.4 m (CB-17-04)

0.672 g/t Au over 410.0 m (CB-17-06)

0.686 g/t Au over 369.0 m (CB-17-07)

1.307 g/t Au over 115.5 m (CB-17-24)

0.762 g/t Au over 337.5 m (CB-17-27)

0.662 g/t Au over 337.8 m (CB-18-32)

0.486 g/t Au over 482.0 m (CB-18-37B)

0.545 g/t Au over 146.5 m and

0.659 g/t Au over 169.5 m (CB-18-38)

0.981 g/t Au over 563.8 m (CB-18-39)

Copper Belle Zone

•       Fifty drill holes

•       Holes mostly <100 m apart

•       Extended mineralized corridor to 650 m x 300 m

•       Numerous gold intercepts of moderate length returned, such as:


0.756 g/t Au over 82.6 m (TC0709)

0.810 g/t Au over 65.0 m (TC0723)

0.911 g/t Au over 93.0 m (CB-09-14)

1.006 g/t Au over 70.1 m (CB-17-18)

1.332 g/t Au over 45.0 m (CB-17-19)

1.784 g/t Au over 149.1 m (CB-17-26)


The GR2 zone is located 1100 m northwest of the Copper Belle zone on an upper mountain slope. Several linear alteration zones, cutting exposures of volcanic and sedimentary rocks, consist primarily of quartz, sericite, and pyrite, with lesser carbonate. Semi-massive to massive pods of galena and sphalerite have been discovered in talus blocks and trenches near the alteration. Silicification with disseminated pyrite appears to be spatially associated with growth faults and may represent a deep epithermal setting, whereas the more massive sulphides may have a volcanogenic massive sulphide (VMS) affinity. Gold grades in trenches typically average in the 1.0 to 5.0 g/t range, with strongly elevated values of Pb, Zn, Ag, Sb and As. These indicator metals are commonly present in both epithermal systems and VMS feeder zone veins. Trench exposed pods of coarse grained stratabound lead and zinc sulphides, accompanied by intensive silicification have returned some high gold and silver values. Drilling in the GR2 zone has been confined to a relatively small area, roughly 220 metres wide by 250 metres long, to depths of 400 metres. From 2007 to 2017, a total of 43 drill holes, comprising 11,315 metres have been drilled in thisarea, with 32 of those holes returning significant values over generally narrow widths. One of the better examples is hole TC07-24, which intersected 6.80 m averaging 1.4 g/t gold, 93.9 g/t silver, 0.27% copper, 4.4% lead and 2.6% zinc within a silicified breccia and stringer zone Mineralization remains open along strike and at depth.


The Eureka zone is located 1500 m east of the Copper Belle zone, near the west edge of an extensive, bright yellow-orange gossan zone covering over one square kilometer of clay, sericite, quartz and pyrite alteration. Alteration overprints several different rock units, including volcanic flows and breccias, plagioclase-porphyry intrusions, and minor sedimentary rocks. Alteration mineralogy suggests a shallow magmatic hydrothermal or epithermal environment of formation, with the potential to host gold-silver bearing veins and pervasive lower grade disseminated gold-silver mineralization.

At the Eureka showing, outcrops are cut by veins infilled with fine to coarse-grained quartz, calcite, and pyrite. Veins have steep dips with variable orientations and form weakly sheeted to stockwork zones. In the Eureka zone and surrounding area about 20 holes have been drilled on various targets. Several long intervals of weakly elevated gold grades were returned, such as 0.46 g/t Au over 169.2 m (DH 97-1) and 0.69 g/t Au, 2.9 g/t Ag over 75.5 m (TC07-02). Additional drilling is required to better define the mineralized areas.


Tudor Gold’s 60% owned 650 hectare Electrum property is located directly between the past producing Silbak Premier mine some 25 Km south and Pretium Resource’s Brucejack deposit (production slated for 2017) some 20 Km to the north. A well-developed 40 km road directly links the property to the bulk tonnage shipping terminals in Stewart. Electrical power lines come within 18 km of the property and can be continued along the existing haul road. The past producing Big Missouri mine is also located 14 down the haul road from the Electrum Property.

Mineralization on the Electrum property is controlled by two major fault lines that locally produces bonanza type gold grades along with broader stockworked zones within a complex geological model. Like the nearby Brucejack deposit, gold and silver mineralization occurs as coarse electrum in several generations of quartz-carbonate veins and vein breccias hosted within a deformed island arc-related sequence. The intermediate to low sulphidation mineralization is present in most of the veins with pyrite, sphalerite, galena and chalcopyrite. Precious metal mineralization is found in surface with lengths near several tens of meters to over a hundred meters, pinching and swelling along strike. Drilling has encountered gold-silver mineralization at depths greater than 200 metres from surface. The Electrum property hosts the historic East Gold mine where intermittent small-scale production between 1939 and 1965, produced 3,816 oz of gold and 2,442 oz of silver from 45 tons of hand selected ore (BC Minsitry of Mines Assessment Report 30206a).

Between 2006 and 2007 a total of 66 diamond drill holes comprising 15,369 meters was completed (American Creek Resources Ltd. Press Release June 6, 2007, December 11, 2007 and March 16, 2008, BC Ministry of Mines Assessment Report 30206a). Multiple targets were tested and values range from no significant values to 29.9 grams gold and 10.2 grams silver per tonne over 2 meters.


Targeting High-Grade Gold

Tudor is currently evaluating the potential for outlining a high-grade zone of mineralization similar to the Premier and Brucejack projects. The Electrum property has potential for high-grade gold-silver mineralization in epithermal breccia-vein systems that consistently follow a 120-130 strike direction.

These types of results have been confirmed in drilling where epithermal breccia veins were intercepted like the drill intercept og 440.78g/t Au over 0.52 meters (EL06-18), or high silver values such as 583 g/t Ag and 2.44 g/t Au over 0.30 meters;(EL07-09); EL07-12 (420g/t Ag and 4.88g/t Au over 0.91 meters); EL07-18 (374g/t Ag and 7.00g/t Au over 0.65 meters) and EL07-09 (384 g/t Ag and 2.49 g/t Au over 0.70 meters).

About the project

Seven existing continguous properties (Mackie East, Mackie West, Doc, Fairweather, High North, Delta and Orion) are summarized under the new name ‚Crown Project‘.

The Crown project covers approximately 15,657 hectares, located directly to the south of the world-class KSM gold-copper deposits and the new Valley of the Kings gold mine. The project area covers the southerly extension of the favourable geology that hosts the deposits to the north. Running southerly, down the middle of the Crown property, is the “Kyba Red-Line”, which is a recognized geologic feature to which many of the major deposits in the region are spatially related. There are a number of known mineral occurrences at the Crown project, some that have had minor production from high grade Au-Ag veins, but to date there has been little modern exploration or drilling done to test the extent of these zones.

Doc Occurrence

On the southwest part of the property several mineralized quartz veins occur in a shear zone that cuts andesitic tuff, siltstone and local intrusive rocks at the Doc showing. The veins contain 5 to 10 percent sulphide minerals with associated precious metals. Sampling in 1985 revealed that 170 metres of the main vein averaged 15.43 g/t gold and 59.6 g/t silver across an average width of 2.3 metres. In 1987, underground development, drilling and trenching was undertaken on seven veins, which led to calculation of a small mineral inventory averaging 9.26 g/t Au and 44.9 g/t Ag. In 1988, additional diamond drilling and underground development established potential for approximately 90,000 tonnes grading 8.8 g/t Au in the two main Doc veins. No further work, other than a prospecting program has been done in the showing area since that time. The Globe showing, about 2 km to the southeast of Doc, contains similar veins ranging from one to 16 meters in width.  In 1889 at Globe, 45 tonnes of vein material were mined from four short adits, but never shipped. Four or 5 other gold-bearing quartz vein showings are known within 2 to 5 km of the Doc veins, however, little work has been done on these veins.

Orion Occurence

In the central part of the Crown claim block, the Orion showing consists of a stockwork zone of quartz-pyrite-arsenopyrite veinlets and sulphide fracture fillings. Veinlets are generally 1 to 10 centimetres wide with coarse pyrite and patchy arsenopyrite. The arsenopyrite typically comprises 2 to 4 %, and locally up to 20 %, of the narrow sulfide stringers. Host rocks are felsic volcanics and carbonaceous sedimentary rocks, underlain by andesitic agglomerate and tuff, with nearby small syenite stocks. The largest, most intensely fractured zone is at least 15 metres wide within the more extensive stockwork area that is exposed over a length of about 40 m. Trenching of the stockwork zone in 1994 returned 2.54 g/t Au, 1.36 % As across 13 m of brecciated rhyolite. The Tribe showing, located 1 km north of Orion, is within a sequence of chert, andesite agglomerate and tuff intruded by small syenite stocks. Areas of strong sericitic alteration contain quartz-carbonate veins and stockworks that locally carry pyrite, pyrrhotite, arsenopyrite, sphalerite, and galena. The best gold assay was from samples of a 13 by 30 metre stockwork zone, reported as 12.5 g/t Au and 3.1 g/t Ag over 0.4 m.

Fairweather Occurrence

The Fairweather Zone, in the southeastern part of the claim block, is underlain by dacitic to andesitic volcanics and fine-grained sedimentary rocks intruded by feldspar porphyry bodies. Trenches have exposed mineralization consisting of quartz-calcite veins with galena, sphalerite, tetrahedrite, chalcopyrite, and pyrite carrying gold and significant amounts of silver. En echelon veins, up to 60 cm wide, occur within northeast-trending shears surrounded by zones of ankerite alteration. A pyritized structure between 5 and 15 metres in width, with a 125 m strike length was sampled, yielding a weighted average of 4.04 g/t Au over a 7.15 m width. A 2.0 m trench channel sample from a tetrahedrite-rich shear returned over 2000 g/t Ag.

Delta Occurrence

In the eastern part of the project area, the Delta occurrence and other nearby showings are hosted by Middle Jurassic siltstone and intermediate volcaniclastics, with nearby small Eocene feldspar porphyry intrusions. Broad zones of strongly gossanous ankerite-sericite alteration contain cm-scale quartz-sulphide veins, up to 10 cm wide and dipping generally to the northwest, that have returned up to 13.7 g/t Au with significant Ag, Cu, Pb, Sb and Zn values. Historic soil sampling has defined an extensive area, about 500 m in diameter, of anomalous Au, As, Pb, Sb and Zn at the Delta Northeast zone. The source of this large anomaly has yet to be defined, but the geological environment is favourable for Eskay Creek-style mineralization, similar to fine-grained stratiform Pb, Zn, Ag-rich mineralization found in siltstone at the 4-J showing, located about 4 km south of the project.


Tudor Gold Corp.’s wholly owned 1,298 hectare Eskay North project lies approximately 2 km north of the Main past producing Eskay Creek mine portal. The Eskay North project lies in the centre of the Iskut- Sulphurets gold camp in the Unuk River valley. The exploration target is known as the contact unit, which is an areally restricted basal member of rhyolite-mudstone breccia (the “transition zone”) that grades into a widespread upper member of carbonaceous mudstone. The entire contact unit ranges from less than 1 to more than 60 metres thick. The upper member is carbonaceous, pyritic and locally tuffaceous, laminated black mudstone. The contact unit can be correlated with the unnamed lower member of the Lower-Middle Jurassic Salmon River Formation (Hazelton Group). It is the host to most of the mineralization in the 21 zone on the Eskay Creek Mine property (21A and 21B deposits) (Exploration in British Columbia 1989). As traced by diamond drilling the entire 21 zone extends 1400 metres along strike, 250 metres downdip and is from 5 to 45 metres thick. It is open to the northeast and downdip. Mineralization in the contact unit is dominantly comprised of sphalerite, tetrahedrite and possibly boulangerite with varying amounts of galena and chalcopyrite. Alteration minerals are again chlorite, muscovite, quartz and calcite. Mineralized textures vary from crudely banded massive sulphides to thick and thin sulphide bands intercalated with mudstone. From start up in 1995 to its closure in March 2008, the Eskay Creek Mine property has produced more than 100 tonnes of gold and 5000 tonnes of silver (>3m ounces of gold grading 48.4g/t Au and >160m ounces of silver grading 2,221g/t Ag – BC Ministry of Mines Minfile 104B008).

There are no known resources or reserves on the Eskay North Project. In addition, the presence of gold deposits on properties adjacent to or in close proximity to the Eskay North property is not necessarily indicative of the gold mineralization on the Eskay North property.