06:27:46 EDT Fri 03 May 2024
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American Creek Resources Ltd
Symbol AMK
Shares Issued 397,390,109
Close 2024-04-08 C$ 0.155
Market Cap C$ 61,595,467
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American Creek JV files Goldstorm MRE NI 43-101 report

2024-04-09 13:01 ET - News Release

Mr. Kelvin Burton reports

AMERICAN CREEK'S JV PARTNER TUDOR ANNOUNCES FILING OF NI 43-101 TECHNICAL REPORT ON THE UPDATED MINERAL RESOURCE ESTIMATE FOR THE GOLDSTORM DEPOSIT AT THE TREATY CREEK PROJECT, BRITISH COLUMBIA

American Creek Resources Ltd.'s joint venture (JV) partner Tudor Gold, project operator, has filed the technical report for the updated mineral resource estimate (MRE) on the Goldstorm deposit at the flagship Treaty Creek project located in the Golden Triangle region of British Columbia. The report is entitled "NI [National Instrument] 43-101 technical report, Treaty Creek project, British Columbia," with an effective date of April 5, 2024, and was prepared for Tudor Gold by Garth Kirkham Geosystems and JDS Energy & Mining Inc. The report is available under the Tudor's profile on SEDAR+ or from the Tudor's website.

Highlights of the 2024 updated mineral resource estimate for the Goldstorm deposit:

  • Increased the indicated mineral resource by 19 per cent in gold equivalent (AuEq) ounces (oz), consisting of a 16-per-cent increase in gold (Au), 14-per-cent increase in silver (Ag) and 32-per-cent increase in copper (Cu).
  • Indicated mineral resource of 27.87 million ounces (Moz) of AuEq within 730.20 million tonnes (Mt) at a grade of 1.19 grams per tonne (g/t) AuEq, composed of:
    • 21.66 Moz of Au at 0.92 g/t, 128.73 Moz of Ag at 5.48 g/t and 2.87 billion pounds (Blb) of Cu at 0.18 per cent.
  • Inferred mineral resource of 6.03 Moz of AuEq within 149.61 Mt at a grade of 1.25 g/t AuEq, composed of:
    • 4.88 Moz of Au at 1.01 g/t, 28.97 Moz of Ag at 6.02 g/t and 503.23 million pounds (Mlb) of Cu at 0.15 per cent.
  • The CS-600 domain, composed of a monzodiorite intrusive stock and associated gold-copper porphyry system, constitutes a large part of the deposit with an indicated mineral resource of 15.65 Moz of AuEq within 400.29 Mt at a grade of 1.22 g/t AuEq, consisting of:
    • 9.99 Moz of Au at 0.78 g/t and 2.73 Blb of Cu at 0.31 per cent;
    • A 58-per-cent increase in the AuEq ounces within the CS-600 domain.
  • The 2023 drilling improved the company's geologic understanding of the mineralization in the northern portion of the deposit. The NS-STK domain was reinterpreted to be a northeast-southwest-trending stockwork and is associated with the 300H domain mineralization. This system has now been separated into its own mineral domain, named 300N.
  • Advanced metallurgical studies, and refined the pit-constrained and underground cut-off grades, increasing the pit constrained cut-off from 0.5 to 0.7 g/t AuEq and the underground cut-off from 0.7 g/t to 0.75 g/t AuEq.
  • Substantially reduced the pit size, which eliminated the necessity to remove the glacier and reduced the strip ratio.
  • The Goldstorm deposit remains open to the south, north, northeast and at depth.

Updated mineral resource estimate for the Goldstorm deposit

The MRE was prepared by Garth Kirkham, PGeo, based on 225 diamond drill holes (175,719 metres) completed between 2007 and 2023. The MRE included 27,394 metres of diamond drill holes that were completed since the 2023 MRE.

The Goldstorm sensitivity tables (see the tables entitled "Indicated mineral resource cut-off sensitivity -- pit constrained," "Indicated mineral resource cut-off sensitivity -- underground," "Inferred mineral resource cut-off sensitivity -- pit constrained" and "Inferred mineral resource cut-off sensitivity -- underground") report the variation of resource grade and tonnage with respect to the change in cut-off grades for the indicated and inferred mineral resources.

The Goldstorm deposit consists of six mineral domains with unique geological characteristics. Five of the domains are gold-dominant, with lesser proportions of silver and copper. Domain CS-600 is dominantly gold and copper rich, with lesser silver. The CS-600 hosts the majority of the copper at the Goldstorm deposit and consists of a well-defined intrusive porphyry system. The table entitled "Mineral resources by domain -- combined pit and underground" summarizes the indicated and inferred mineral resources for each mineral domain.

Qualified persons

The Goldstorm MRE was prepared under the supervision of Mr. Kirkham, PGeo, FGC, of Kirkham Geosystems Ltd., with metallurgical expertise provided by Tad Crowie, PEng, of JDS Energy and Mining, who are independent qualified persons as defined by National Instrument 43-101. Mr. Kirkham and Mr. Crowie have reviewed and approved the technical contents of this news release.

Ken Konkin, PGeo, president and chief executive officer, Tudor Gold, is the qualified person, as defined by National Instrument 43-101, responsible for the project. Mr. Konkin has reviewed, verified and approved the scientific and technical information in this news release.

Treaty Creek joint venture 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 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 British Columbia's prolific Golden Triangle.

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

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