The first hole had a 302m mineralised interval averaging 0.471g/gold and the second had visible gold and two mineralised zones, including 121.8m at 1.036g/t gold and 106g/t silver.

Tudor Gold (TSXV: TUD) is the project operator (60%) and both American Creek and Teuton Resources (TSXV: TUO) hold 20%, fully carried until a production decision.

Tudor raised C$1 million (US$0.77 million) in a private placement at 35c per unit last month primarily to fund exploration at Treaty Creek, which has been described as adjacent to and on trend with Seabridge Gold's KSM project and Pretium Resources' Brucejack mine.

The companies said the results expanded the known area of the Copper Belle zone and provided positive results that would be used in future resource calculations.

"In addition, there is a 3km interval between Tudor Gold's Copper Belle discovery and Seabridge Gold's Iron Cap deposit, in which our magnetotelluric geophysical survey has identified strongly anomalous targets that have yet to be drill tested," Tudor president and CEO Walter Storm said.

Tudor, previously known as Kaizen Capital, struck a deal in 2016 to acquire the majority stake in Treaty Creek in conjunction with the other two companies settling a long-running legal dispute.

American Creek and Teuton shares closed unchanged yesterday at C4c and 20c respectively.

Tudor had risen 2c on Friday when it released the results but lost 2.5c yesterday to close at 27.5c, capitalising it at $25.4 million.