The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
SEA: TSX / SA: NYSE Amex
Chairman and CEO: Rudi Fronk
President and COO: Jay Layman
Senior VP, Exploration: William Threlkeld
In recent years, Seabridge Gold Inc. has successfully targeted higher grade zones beneath KSM's near-surface porphyry deposits, resulting in the discovery of the Deep Kerr and Iron Cap Lower zones, two copper-rich deposits that have added nearly one billion metric tons of better grade material to project resources.
In March, the company announced an inferred resource of 782 million metric tons grading 0.54 percent (9.3 billion pounds) copper and 0.33 grams per metric tons (8.2 million ounces) gold for Deep Kerr.
The 2015 program aimed to expand upon this success by testing for a higher grade core zone beneath the Mitchell deposit, the largest porphyry copper-gold system discovered at KSM. The Mitchell deposit contains 1.4 billion metric tons of proven and probable reserves grading 0.60 grams per metric ton gold and 0.16 percent copper.
M-15-130, the first hole of the program, cut 174 meters of 0.55 grams per metric ton gold and 0.28 percent copper and M-15-131, drilled more than 200 meters to the northeast, cut 167 meters of 0.81 g/t gold and 0.25 percent copper.
Seabridge said the 2015 intercepts at Mitchell indicate the potential to expand the block cave operation planned for the deposit.
These holes, however, did not reach the targeted core zone.
The company said the holes encountered evidence of faulting that needs to be analyzed before targeting the core zone with additional holes.
As a result, Seabridge scaled back its planned 2015 drill program by about C$2.2 million.
The balance of which focused on expanding the block cave shapes associated with the Deep Kerr deposit.
All told, the deposits at KSM contain 2.2 billion metric tons of reserves averaging 0.55 g/t (38.2 million oz.) gold and 0.21 percent (10 billion pounds) copper.
Seabridge did not carry out any exploration at its second core asset, the Courageous Lake gold project in Northwest Territories. At 91 million metric tons averaging 2.2 g/t (6.5 million oz), the reserves at Courageous Lake are second only to KSM for undeveloped Canadian projects. The company is seeking to sell or joint venture KSM and Courageous Lake, as well as vend its other non-core assets in the United States and Canada.
Cash and short-term deposits: C$14.7 million (June 30, 2015)
Working capital: C$17.1 million (June 30, 2015)
Market capitalization: C$412 million (Sept. 16, 2015)
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Tel: (416) 367-9292 Fax: (416) 367-2711
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