Tudor Gold's Treaty Creek: Drilling into High-Grade Gold's Next Frontier

The Golden Triangle of British Columbia, a region already host to some of the world's most ambitious mining projects—Seabridge Gold's KSM deposit and Newmont's Brucejack mine—is now the epicenter of a new gold rush. At the heart of this activity sits Tudor Gold Corp. (TUD.G), which has launched its 2025 drill program at the Treaty Creek Project. The focus? Expanding the high-grade gold Supercell-One (SC-1) system, a geological marvel that could redefine the project's value.

The SC-1 System: A High-Grade Engine of Value

The SC-1 system, a gold-dominant, quartz-sulphide breccia-hosted structure, is the crown jewel of Tudor's exploration. Already mapped over an 800 m by 400 m area, it remains open in three directions (northwest, north, and east), with historical intercepts showcasing extraordinary grades. For example:
- GS-23-176-W1: 15.00 meters grading 15.64 g/t AuEQ (including 14.89 g/t gold).
- GS-22-134: 25.50 meters averaging 9.96 g/t AuEQ, with a standout 4.50-meter interval at 20.86 g/t AuEQ.

These intercepts are not just impressive—they're economically transformative. High-grade gold deposits like SC-1 typically have lower strip ratios and higher margins, making them ideal for development. The current 2025 drill program aims to expand the SC-1 footprint by an additional 600 m by 400 m, targeting the 300H and 300N domains, where similar structures could exist.

Phased Drilling: A Methodical Approach to Upside

Tudor's 2025 program is structured in three phases, each designed to minimize risk while maximizing exploration upside:

1. Phase 1 (Active): 7 diamond drill holes (6,000 meters) at the Goldstorm Deposit to test SC-1 extensions. Early results could validate the system's scale.
2. Phase 2 (Contingent): An additional 1,600 meters if Phase 1 hits high-grade targets, allowing for rapid follow-up.
3. Phase 3 (End of Program): 500 meters of geotechnical drilling to assess underground development potential.

The phased strategy is a hallmark of disciplined exploration. By focusing first on SC-1's known potential and then moving to deeper targets, Tudor can allocate capital efficiently while maintaining investor confidence.

Strategic Location & Metallurgical Clout

Treaty Creek's location in the Golden Triangle isn't just a geographical perk—it's a strategic advantage. The project sits adjacent to Seabridge's KSM (one of the world's largest gold-copper deposits) and within 30 kilometers of Newmont's high-grade Brucejack mine. This proximity could mean shared infrastructure costs, logistics synergies, or even future partnerships.

Meanwhile, Tudor's recent metallurgical test results—over 80% gold recovery and production of a high-grade copper-gold-silver concentrate—reduce technical execution risks. A deposit that's both high-grade and metallurgically robust is a rarity, and investors should take note.

Stock Option Grants: A Vote of Confidence

On June 19, Tudor granted 6.75 million stock options to insiders at $0.60 per share, expiring in 2030. This brings total outstanding options to 25.92 million, representing ~98.9% of the company's outstanding shares. While the sheer number of options may concern some investors, the timing and exercise price are telling:
- Timing: Issued just as the 2025 drill program begins, aligning management's interests with exploration success.
- Exercise Price: $0.60 is below Tudor's recent trading range (~$0.65–$0.75), creating an immediate incentive for insiders to deliver results.

This move underscores management's belief in the project's potential—a critical signal for shareholders.

Valuation and Investment Thesis

Treaty Creek's current resource estimates include an Indicated Resource of 27.87 million ounces AuEQ at 1.19 g/t and an Inferred Resource of 6.03 million ounces AuEQ at 1.25 g/t. However, these numbers could grow significantly if the SC-1 system expands as expected.

The Golden Triangle premium is real: nearby mines like KSM and Brucejack trade at multi-billion-dollar valuations. Even a fraction of that could catapult Tudor's shares. For example, if the SC-1 system adds 5 million ounces at similar grades, the project's value could jump by hundreds of millions.

Risks and the Case for Action

Risks remain, including drilling misses, permitting delays, and gold price volatility. However, Tudor's proximity to infrastructure, metallurgical progress, and insider incentives mitigate these concerns.

Investors should act now. With Phase 1 results expected by late 2025 and a major exploration catalyst on the horizon, Tudor's stock is poised for a rerating. At current levels, the shares offer asymmetric upside—a small move in drilling success could lead to a large valuation jump.

Recommendation: Buy Tudor Gold ahead of drill results, targeting a 52-week high of $1.00. Monitor for catalysts like initial SC-1 intercepts and permitting updates.

Treaty Creek isn't just another drill program—it's a high-stakes play on unlocking one of North America's most promising gold systems. For investors willing to bet on the Golden Triangle's next big discovery, Tudor Gold is a name to watch.