Tudor Gold (TSXV: TUD) is looking to consolidate their ownership of the Treaty Creek project, announcing this morning that they have entered into a binding letter of intent to acquire American Creek Resources (TSXV: AMK).
The transaction will see Tudor acquire American Creek in an all stock transaction. Shareholders of American Creek are set to receive 0.238 shares of Tudor Gold for each share of American Creek currently held, which represents a premium of 40% versus Friday’s closing price of the equity.
The LOI has been entered in advance of a definitive agreement, which will establish the final terms of the transaction.
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Upon completion of the merger, Tudor Gold will acquire an additional 20% carried interest in the Treaty Creek project, bringing their ownership stake to 80%. The project, which borders Seabridge Gold’s KSM project to the southwest and the Brucejack Mine to the south, currently hosts the Goldstorm deposit.
Goldstorm is a major deposit, with current indicated resources of 21.66 million ounces of gold at 0.92 g/t, 128.73 million ounces of silver at 5.48 g/t and 2.87 billion pounds of copper at 0.18%. Inferred resources meanwhile consist of 4.88 million ounces of gold at 1.01 g/t, 28.97 million ounces of silver at 6.02 g/t, and 503.23 pounds of copper at 0.15%, all of which is contained within open pit and underground models.
“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,” commented Joe Ovsenek, CEO of Tudor Gold.
The transaction, which remains subject to a definitive agreement and shareholder approval, is expected to close by September 30, 2025.
Tudor Gold last traded at $0.58 on the TSX Venture.
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