Seabridge Gold Inc. (TSX:SEA)(NYSE Amex:SA) -
New infill drill results from the Courageous Lake project's
multi-million ounce FAT gold deposit are "among the best yet",
Seabridge President Rudi Fronk announced today. "These results
demonstrate the remarkable continuity of mineralization at FAT and
will likely increase both the grade and size of the resource," he
said. "Most important, this third tranche of 2011 drill results
clearly supports our view that we are successfully upgrading
inferred resources to higher categories as required for reporting
reserves in the Preliminary Feasibility Study (PFS) of the FAT
deposit planned for the second quarter of next year."
This year's $16 million program at Courageous Lake, located in
Canada's Northwest Territories, was designed to: (i) upgrade
inferred resources within the current FAT deposit pit plan by
infill drilling; (ii) complete geotechnical drilling required for
pit slope and water management planning in the PFS; (iii) condemn
areas where project facilities will be located; and (iv) look for
new targets along the 53 kilometers of the Matthew's Lake
greenstone belt held by Seabridge.
In August and September, Seabridge reported results from the
first 23 core holes from this summer's program. Including the 13
holes summarized below, results have now been reported for 36
infill core holes totaling 11,680 meters drilled. Assays are
pending for another 12 holes. An updated NI 43-101 compliant
resource estimate is expected late this year incorporating the 2011
infill drill results. "We expect this updated resource estimate to
reflect a significant increase in the measured and indicated
resource and a substantial improvement in the deposit's average
grade which already stands at a robust 2.34 grams of gold per
tonne," Mr. Fronk said.
Assays are also awaited for two promising new exploration
targets drilled for the first time.
Assay results of the third batch of infill holes drilled this
year at Courageous Lake are as follows:
----------------------------------------------------------------------------
Drill Au
Hole Depth From To Ore Length Grade
ID (meters) (meters) (meters) Domain (meters) (g/Tonne)
----------------------------------------------------------------------------
9.0 22.5 3 13.5 1.87
-------------------------------------------------------
31.5 67.8 3 36.3 4.14
-------------------------------------------------------
CL-152 375.0 71.7 76.5 3 4.8 0.78
-------------------------------------------------------
82.6 94.4 3 11.8 0.85
-------------------------------------------------------
106.2 108.0 3 1.8 4.05
-------------------------------------------------------
300.4 309.0 4 8.6 1.52
----------------------------------------------------------------------------
58.1 70.3 5 12.2 5.01
-------------------------------------------------------
255.0 262.7 4 7.7 1.30
-------------------------------------------------------
CL-153 500.0 322.5 334.5 4 12.0 0.85
-------------------------------------------------------
418.5 434.5 3 16.0 1.27
-------------------------------------------------------
468.0 481.3 2 13.3 2.31
-------------------------------------------------------
492.0 495.5 2 3.5 0.97
----------------------------------------------------------------------------
16.2 19.5 3 3.3 2.11
-------------------------------------------------------
39.0 42.7 2 3.7 3.17
-------------------------------------------------------
CL-154 225.0 114.0 120.0 2 6.0 1.03
-------------------------------------------------------
183.0 185.4 1 2.4 2.52
-------------------------------------------------------
193.5 196.2 1 2.7 1.33
----------------------------------------------------------------------------
CL-155 363.0 241.5 259.5 4 18.0 1.52
-------------------------------------------------------
312.0 319.5 4 7.5 4.22
----------------------------------------------------------------------------
CL-156 496.2 76.0 87.0 5 11.0 3.18
-------------------------------------------------------
367.1 376.5 4 9.4 3.03
----------------------------------------------------------------------------
45.0 57.0 4 12.0 1.06
-------------------------------------------------------
CL-157 282.0 135.0 154.5 5 19.5 4.60
-------------------------------------------------------
172.0 202.5 5 30.5 3.11
----------------------------------------------------------------------------
28.2 39.0 8 10.8 8.35
-------------------------------------------------------
CL-158 279.4 102.0 108.0 8 6.0 0.73
-------------------------------------------------------
223.5 225.0 7 1.5 9.12
----------------------------------------------------------------------------
CL-159 100.0 No significant intervals
----------------------------------------------------------------------------
22.5 25.5 5 3.0 2.94
-------------------------------------------------------
CL-160 150.0 31.5 36.0 5 4.5 2.74
-------------------------------------------------------
103.5 111.0 4 7.5 4.37
----------------------------------------------------------------------------
9.0 15.0 3 6.0 0.72
-------------------------------------------------------
CL-161 286.0 50.0 66.0 3 16.0 1.33
-------------------------------------------------------
111.0 113.4 2/3 2.4 3.63
-------------------------------------------------------
120.0 135.0 2 15.0 3.39
----------------------------------------------------------------------------
24.7 36.0 8 11.3 7.34
-------------------------------------------------------
321.0 328.5 14 7.5 4.07
-------------------------------------------------------
427.5 430.5 9 3.0 1.46
-------------------------------------------------------
615.3 624.0 5 8.7 1.97
-------------------------------------------------------
CL-162 786.0 690.5 699.3 4 8.8 3.26
-------------------------------------------------------
725.2 726.8 4 1.6 3.94
-------------------------------------------------------
733.0 736.0 4 3.0 1.23
-------------------------------------------------------
742.5 754.5 4 12.0 1.76
-------------------------------------------------------
763.5 766.5 4 3.0 1.78
-------------------------------------------------------
773.0 776.0 4 3.0 1.98
----------------------------------------------------------------------------
34.5 45.0 5 10.5 2.43
-------------------------------------------------------
61.5 64.5 5 3.0 2.38
-------------------------------------------------------
CL-163 150.0 72.0 75.0 5 3.0 1.44
-------------------------------------------------------
82.5 87.0 5 4.5 2.26
-------------------------------------------------------
124.5 135.0 4/5 10.5 2.63
-------------------------------------------------------
144.0 147.0 4 3.0 2.15
----------------------------------------------------------------------------
37.5 40.5 3 3.0 1.76
-------------------------------------------------------
CL-164 225.0 48.0 57.0 3 9.0 2.45
-------------------------------------------------------
129.0 132.0 3 3.0 5.34
----------------------------------------------------------------------------
Note: All assays have been capped at 10.1 grams of gold per
tonne (g/T). True thicknesses of the above reported drill hole
intercepts are estimated to be approximately 85-90% of the reported
interval.
The FAT deposit is in the Slave Province, an extensive
geological terrain in Canada's Northwest Territories. The deposit's
name is an acronym for its dominant rock type, Felsic Ash Tuff.
This gold occurrence, hosted by Archean greenstone rocks, was
formed in a rhyolite/dacite dome complex that measures about 2km
along strike and about 800m of stratigraphic section in width.
Although tuffaceous rocks are the most common in the deposit there
are also clear intervals of clastic and chemical sedimentary rocks
and a few late intrusions.
Sulfide mineralogy in the FAT deposit is relatively simple and
consists of pyrite, pyrrhotite, arsenopyrite, sphalerite, and
chalcopyrite in decreasing order of abundance. While all of these
minerals can be found in the mineralized zones, only arsenopyrite
has a consistent correlative relationship to gold concentrations.
Extensive metallurgical test work has been performed on Courageous
Lake resulting in an expected gold recovery of approximately 90%
utilizing a flotation circuit followed by pressure oxidation. In
June, 2011 Seabridge announced the results of a Preliminary
Economic Assessment ("PEA") for Courageous Lake demonstrating the
potential for a robust project in the current gold price
environment (see
http://www.seabridgegold.net/CL-PEA_ExecSummary2011.pdf for the PEA
executive summary).
In constructing a geological model for resource estimation,
unique stratigraphic intervals were defined and labeled as domains
1 through 9 and domain 14. Each domain contains specific and unique
tuff and sedimentary units arranged in particular stratigraphic
sequences. The defined geological domains are relics of the
depositional environment in which they were formed. Consequently,
within these domains the style of rock types, hydrothermal
alteration, vein occurrences and sulfide mineralogy are generally
consistent across the length and breadth of each specific domain.
Distribution of gold within a domain and the surrounding rock is
treated differently from other domains in resource modeling.
Although ten separate geological domains have been recognized in
the FAT deposit, domains 3, 4 and 5 contain about 90% of the gold
in the deposit.
Descriptions of the above reported holes are as follows:
CL-152: Located in the south-central part of the deposit and
drilled to the west, this hole was designed to test the upper part
zone 3 and upgrade blocks in zone 4. The geology was typical felsic
ash tuff with quartz micro-veinlets and sericite alteration
associated with mineralization. The gold grades and widths
encountered in zone 3 exceeded model expectations, while zone 4 was
in-line with expectations. This hole should upgrade and add new
resources.
CL-153: Drilled to the east in the south-central deposit area,
this hole was designed to upgrade blocks in zones 5, 4 and 3.
Felsic tuff are the dominate lithology of this hole, varying from
an ash-rich to lapilli-rich textures. Mineralization is closely
associated with sericite alteration and quartz veins, with some
volcanic ejecta partially replaced by sulfide minerals. The first
mineralized interval was not predicted by the model but was
consistent with 2 other drill holes from this year. The intervals
for zones 4 and 3 were weaker than predicted, but will still
upgrade the classification of inferred resource blocks. Intercepts
in zone 2 should add new resources as these were not predicted by
the model, primarily due to lack of data.
CL-154: Collared on the east side of the deposit, this hole was
designed to upgrade blocks in zone 2 and test zone 1. The
lithologies encountered are dominated by felsic tuff with minor
intercalations of clastic sedimentary units. Alteration was less
intense and characterized by sericite and silica. Mineralized
widths were narrower than expected, with grades as expected.
Inferred resources should be upgraded.
CL-155: Oriented to the east and located in the north-central
part of the deposit, this hole was designed to up-grade resources
in zone 4. Felsic tuff with some intercalations of clastic
sedimentary units were encountered, and are typical of this part of
the deposit. The mineralized intervals encountered in zone 4 were
consistent with model predictions, and should up-grade inferred
resources.
CL-156: Located in the south central part of the deposit and
drilled to the east, this hole was designed to test zone 5 at depth
and upgrade inferred resources in zone 4. Lithologies in this hole
are dominated by felsic tuff with varying ejecta content. Silicic
and sericite alteration with quartz veining are indicative of
mineralized intervals. The first mineralized interval in this hole
is interpreted to be zone 5, although not predicted by the model,
it does confirm intersections in two other holes drilled this year.
The second mineralized interval corresponds very well with model
predictions, but at slightly higher grade. Resources should be
upgraded and expanded.
CL-157: Drilled to the west in the central part of FAT this hole
was designed to upgrade resource blocks in zones 4 and 5.
Characteristic felsic lithologies of lithic and crystal tuff typify
this hole. Alteration in the mineralized zones is dominated by
sericite with cryptocrystalline quartz veining. The interval in
zone 4 was slightly narrower and lower grade than predicted but
will still upgrade these blocks. Mineralization in zone 5 was wider
and higher grade than expected, and will improve the quality of the
resources on this section
CL-158: Located on the far west side of the deposit and drilled
to the east this hole was abandoned at 280m because the inclination
had deviated and the hole would not have intercepted its primary
target in zone 4. Zone 8 was tested, as planned, encountering
felsic tuff with carbonate alteration and carbonaceous sedimentary
rocks. The mineralized interval in zone 8 was narrower than
anticipated but at better grade than predicted, and should upgrade
the classification of blocks on this section.
CL-159: Drilled to the east and located in the south-central
part of the deposit, this hole was designed to upgrade blocks in
zone 4. The lithology was comprised of felsic ash tuff, often
welded and foliated. Alteration was not intense and consisted of
carbonate, silica and sericite. The model had predicted poor
continuity and scattered low-grade intervals, it was found that
mineralized continuity exists through this part of the system but
at sub-economic grades.
CL-160: A shallow hole drilled to the east to test the top of
zone 5 and upgrade inferred resources in zone 4 in south central
part of FAT. Lithologies in this hole are comprised of subtle
variations of the characteristic felsic tuff. Sericite and silicic
alteration in varying intensities are the dominate alterations
encountered. Mineralization at the top of zone 5 was more
discontinuous than expected with grades as expected. Zone 4
mineralization was slightly narrower than predicted by the model,
but again grades were as predicted. Resource classification should
be upgraded for zone 4, and new resources added in zone 5.
CL-161: Drilled to the east and located on the east side of the
deposit, this hole was designed to upgrade blocks in zone 2 and
test zone 1. Felsic tuff with an ash or lithic clast component
dominate the lithologies in this hole. Alteration is either
sericite and quartz veining, or chlorite. The mineralized intervals
in zone 3 are consistent in both width and grade with model
predictions. The intercept in zone 2 was in line with the model for
width, but significantly higher grade than expected. Zone 1 did not
return any significant gold intercepts but was anomalous,
indicating the zone is present but not robust on this section.
CL-162: Collared on the west central side of the deposit and
drilled to the east, this hole targeted zones 8, 5 and 4. The
sequence of lithologies encountered is carbonate-altered felsic
tuff followed by sedimentary rocks, passing up-section into the
main felsic tuff package. Carbonate alteration dominates the first
50 to 100 meters of the drill hole and then silicic and sericite
alteration are most prevalent. Mineralization in zone 8 was
slightly narrower than expected but with grades as predicted by the
model. Zone 14 was not predicted by the model, the interval in zone
9 was consistent with model predictions. The intercept in zone 5 is
consistent with the erratic mineralization in this area. Zone 4
mineralization was more discontinuous but with expected grades
based on the model. Inferred resources should be upgraded.
CL-163: Drilled to the east from the south central part of the
deposit, this hole was designed to test gaps in zone 5 and the edge
of zone 4. The dominant lithologies of this hole are bleached
felsic tuff, with ash, crystal or lapilli components. Alteration is
comprised of moderate-to-intense sericite and limited silica.
Mineralization in zone 5 was as expected based on the model, while
zone 4 was better than predicted. This hole should upgrade inferred
blocks and add resources.
CL-164: Oriented to the east and drilled in the south central
part of FAT, this hole was designed to follow up on positive
results from CL-152 in zone 3. The hole pierced felsic tuff with
minor lapilli-size ejecta and contained variable weak to moderate
intensity sericite and silica alteration. Mineralization exceeded
model predictions in zone 3, but were not as robust as the
intercept in CL-152 one section north. This hole will upgrade
classification and add new resources.
Courageous Lake's current NI 43-101 compliant resource estimate
is as follows:
Courageous Lake Gold Resources at 0.83 gram per tonne cutoff
------------------------------------------------------------------------
Measured Indicated
------------------------------------------------------------------------
Tonnes Grade Ounces Tonnes Grade Ounces
(000's) (g/T) (000's) (000's) (g/T) (000's)
------------------------------------------------------------------------
12,584 2.52 1,020 77,582 2.31 5,762
------------------------------------------------------------------------
------------------------------------------------------------------------
Measured plus Indicated Inferred
------------------------------------------------------------------------
Tonnes Grade Ounces Tonnes Grade Ounces
(000's) (g/T) (000's) (000's) (g/T) (000's)
------------------------------------------------------------------------
90,166 2.34 6,782 63,053 2.24 4,541
------------------------------------------------------------------------
National Instrument 43-101 Disclosure
Exploration activities by Seabridge Gold at the Courageous Lake
gold project are being conducted under the supervision of William
E. Threlkeld, Registered Professional Geologist, Senior Vice
President of the Company and a Qualified Person as defined by
National Instrument 43-101. Mr. Threlkeld has reviewed and approved
this news release. A rigorous quality control/quality assurance
protocol is being employed during the 2011 Courageous Lake drill
program including blank and certified reference standards inserted
by the Company at a rate of not less than one of each type in every
30 samples. Repeats and re-splits of the sample rejects are being
analyzed at a rate of not less than one sample in every 25 for each
type. Samples are being assayed at Acme Laboratories, Vancouver,
B.C. using fire assay atomic adsorption methods for gold and total
digestion ICP methods for other elements. Cross-check analyses are
being conducted at a second external laboratory on at least 10% of
the samples.
Seabridge holds a 100% interest in several North American gold
projects. The Company's principal assets are the KSM property
located near Stewart, British Columbia, Canada and the Courageous
Lake gold project located in Canada's Northwest Territories. For a
breakdown of Seabridge's mineral reserves and resources by project
and category please visit the Company's website at
http://www.seabridgegold.net/resources.php.
All reserve and resource estimates reported by the Corporation
were calculated in accordance with the Canadian National Instrument
43-101 and the Canadian Institute of Mining and Metallurgy
Classification system. These standards differ significantly from
the requirements of the U.S. Securities and Exchange Commission.
Mineral resources which are not mineral reserves do not have
demonstrated economic viability.
This document contains "forward-looking information" within the
meaning of Canadian securities legislation and "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995. This information and
these statements, referred to herein as "forward-looking
statements" are made as of the date of this document.
Forward-looking statements concerning the expected completion of a
Preliminary Feasibility Study, the preparation of resource and
reserve estimates, other goals or objectives, or the completion of
work programs, relate to future events or future performance and
reflect current estimates, predictions, expectations or beliefs
regarding future events and include, but are not limited to,
statements with respect to: (i) the amount of mineral reserves and
mineral resources; (ii) the amount of future production over any
period; (iii) cumulative pre-tax net cash flow of the proposed
mining operation; (iv) capital costs; (v) operating costs,
including credits from the sale of other metals; (vi) mining rates;
(vii) mine life; (vii) planned expenditures; and (viii) upgrading
inferred resources. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects", "anticipates", "plans", "projects", "estimates",
"envisages", "assumes", "intends", "strategy", "goals",
"objectives" or variations thereof or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved, or the negative of any of these terms
and similar expressions) are not statements of historical fact and
may be forward-looking statements.
All forward-looking statements are based on Seabridge's or its
independent consultants' current beliefs as well as various
assumptions made by them and information available to them on the
date the statements are made. These assumptions include: (i) the
presence of and continuity of metals at the Project at modeled
grades; (ii) the capacities of various machinery and equipment;
(iii) the availability of personnel, machinery and equipment at
estimated prices; (iv) exchange rates; (v) metals sales prices;
(vi) appropriate discount rates; (vii) tax rates and royalty rates
applicable to the proposed mining operation; (viii) financing
structure and costs; (ix) anticipated mining losses and dilution;
(x) metals recovery rates;(xi) reasonable contingency requirements;
(xii) receipt of regulatory approvals on acceptable terms; and
(xiii) the negotiation of satisfactory terms with impacted First
Nations groups. Although management considers these assumptions to
be reasonable based on information currently available to it, they
may prove to be incorrect. Many forward-looking statements are made
assuming the correctness of other forward-looking statements, such
as statements of cumulative pre-tax net cash flow, which are based
on other forward-looking statements and assumptions. The cost
information is also prepared using earlier values, but the time for
incurring the costs will be in the future and it is assumed costs
will remain stable over the relevant period.
By their very nature, forward-looking statements involve
inherent risks and uncertainties, both general and specific, and
risks exist that estimates, forecasts, projections and other
forward-looking statements will not be achieved or that assumptions
do not reflect future experience. We caution readers not to place
undue reliance on these forward-looking statements as a number of
important factors could cause the actual outcomes to differ
materially from the beliefs, plans, objectives, expectations,
anticipations, estimates, assumptions and intentions expressed in
such forward-looking statements. These risk factors may be
generally stated as the risk that the assumptions and estimates
expressed above do not occur, but specifically include, without
limitation, risks relating to variations in the mineral content
within the material identified as mineral reserves from that
predicted; variations in rates of recovery and extraction;
developments in world metals markets;, risks relating to
fluctuations in the Canadian dollar relative to the US dollar;
increases in the estimated capital and operating costs or
unanticipated costs; difficulties attracting the necessary work
force; increases in financing costs or adverse changes to the terms
of available financing, if any; tax rates or royalties being
greater than assumed; changes in development or mining plans due to
changes in logistical, technical or other factors; changes in
project parameters as plans continue to be refined; risks relating
to receipt of regulatory approvals or settlement of an agreement
with impacted First Nations groups; the effects of competition in
the markets in which Seabridge operates; operational and
infrastructure risks; and the additional risks including those
described in the December 31, 2010 Corporation's Annual Information
Form filed with SEDAR in Canada (available at www.sedar.com) and in
the Corporation's Annual Report Form 40-F filed with the U.S.
Securities and Exchange Commission on EDGAR (available at
www.sec.gov/edgar.shtml). Seabridge cautions that the foregoing
list of factors that may affect future results is not
exhaustive.
When relying on our forward-looking statements to make decisions
with respect to Seabridge, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events. Seabridge does not undertake to update any
forward-looking statement, whether written or oral, that may be
made from time to time by Seabridge or on our behalf, except as
required by law.
ON BEHALF OF THE BOARD
Rudi Fronk, President & C.E.O.
Contacts: Seabridge Gold Inc. Rudi P. Fronk President and C.E.O.
(416) 367-9292 (416) 367-2711
(FAX)info@seabridgegold.netwww.seabridgegold.net
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