Seabridge Gold Inc. (the "Company") (TSX:SEA)(NYSE Amex:SA)
Results from the final 14 exploration holes drilled this year at
the Sulphurets deposit, part of Seabridge Gold's 100% owned KSM
Project, support an expansion of reserves and improved overall
project economics. Every one of the 34 core holes completed at
Sulphurets this year (totaling 11,480 meters) intersected
mineralization above the existing reserve's cut-off grade.
Seabridge President and CEO Rudi Fronk commented that "we are
confident that this year's program has successfully achieved all of
our objectives. First, we believe we have converted significant
amounts of in-pit waste to measured and indicated resources.
Second, we have discovered new mineralization beneath the previous
pit limit which will allow us to deepen the proposed pit and define
new resources and reserves. Third, we expect that the overall strip
ratio at Sulphurets will decline and economics will improve."
An updated NI-43-101Mineral Resource Estimate incorporating
these drill results is scheduled for completion in January 2012.
This estimate will be included in a new Preliminary Feasibility
Study ("PFS") planned for April 2012 which will include a
restatement of reserves at Sulpurets and the rest of the KSM
project.
The remaining Sulphurets drill results from this year's reserve
definition program are as follows:
----------------------------------------------------------------------------
Total
Hole Depth From To Thickness Gold Copper
ID (meters) (meters) (meters) (meters) (g/T) (%)
----------------------------------------------------------------------------
S-11-53 263.8 237.0 252.3 15.3 0.55 0.26
----------------------------------------------------------------------------
S-11-54 375.0 132.0 171.0 39.0 0.82 0.04
-----------------------------------------------
185.0 227.0 42.0 0.70 0.12
-----------------------------------------------
241.0 340.0 99.0 0.89 0.16
----------------------------------------------------------------------------
S-11-55 300.0 41.0 62.0 21.0 2.49 0.21
-----------------------------------------------
279.0 300.0 21.0 0.59 0.47
----------------------------------------------------------------------------
S-11-56 150.0 2.7 25.0 22.3 0.71 0.32
-----------------------------------------------
58.0 98.0 40.0 0.68 0.32
-----------------------------------------------
112.0 135.0 23.0 0.51 0.22
----------------------------------------------------------------------------
S-11-57 402.0 50.0 70.4 20.4 1.21 0.02
-----------------------------------------------
274.0 294.0 20.0 0.59 0.44
-----------------------------------------------
371.0 390.0 19.0 0.65 0.03
----------------------------------------------------------------------------
S-11-58 210.0 4.6 43.0 38.4 0.45 0.26
----------------------------------------------------------------------------
S-11-59 351.0 238.0 253.0 15.0 0.76 0.03
-----------------------------------------------
281.0 297.0 16.0 0.84 0.08
----------------------------------------------------------------------------
S-11-60 441.0 142.0 160.0 18.0 0.95 0.04
-----------------------------------------------
169.5 275.0 105.5 0.87 0.09
-----------------------------------------------
288.4 306.5 18.1 0.88 0.23
-----------------------------------------------
332.3 361.6 29.3 0.62 0.09
----------------------------------------------------------------------------
S-11-61 375.0 194.0 210.0 16.0 0.90 0.02
-----------------------------------------------
225.0 260.0 35.0 1.02 0.12
-----------------------------------------------
289.0 343.3 54.3 0.81 0.11
----------------------------------------------------------------------------
S-11-62 222.0 52.0 68.0 16.0 1.33 0.02
-----------------------------------------------
90.0 132.0 42.0 1.03 0.10
-----------------------------------------------
144.0 166.0 22.0 1.03 0.05
----------------------------------------------------------------------------
S-11-63 360.0 226.0 243.0 17.0 0.70 0.16
-----------------------------------------------
250.0 276.0 26.0 0.79 0.10
----------------------------------------------------------------------------
S-11-64 270.0 127.0 145.0 18.0 0.65 0.08
-----------------------------------------------
167.0 185.4 18.4 0.57 0.09
-----------------------------------------------
201.0 257.0 56.0 0.69 0.15
----------------------------------------------------------------------------
S-11-65 270.0 25.0 47.0 22.0 1.16 0.06
-----------------------------------------------
69.0 85.0 16.0 0.58 0.12
-----------------------------------------------
131.0 163.0 32.0 0.97 0.10
-----------------------------------------------
194.0 210.0 16.0 0.63 0.15
-----------------------------------------------
220.0 246.0 26.0 0.51 0.12
----------------------------------------------------------------------------
Drill hole abandoned at 90.0 meters and re-
S-11-66 90.0 drilled as S-11-67
----------------------------------------------------------------------------
S-11-67 362.0 111.0 130.2 19.2 0.71 0.09
-----------------------------------------------
147.9 168.0 20.1 0.64 0.42
-----------------------------------------------
187.0 211.0 24.0 0.86 0.08
-----------------------------------------------
218.0 239.2 21.2 0.50 0.18
-----------------------------------------------
287.0 329.0 42.0 0.76 0.33
-----------------------------------------------
341.0 357.3 16.3 0.80 0.32
----------------------------------------------------------------------------
The above reported drill holes were designed to intersect the
true width of the Sulphurets deposit.
Descriptions of the above tabulated holes are as follows (see
attached map for locations):
S-11-53: Collared in the east area of the Sulphurets zone,
drilled at an azimuth of 145 degrees and inclined at -60 degrees to
fill a data gap within the current pit model and projected
mineralization beneath the pit. The hole passed through the
Sulphurets Thrust Fault ("STF") at 48.8 meters. Between 133.8 and
252.3 meters it intersected the Raewyn Copper zone, and as expected
alteration is mostly silicic and argillic, reflecting cooler or
distal conditions and weaker mineralization (patchy disseminated
chalcopyrite). The reported interval is within a wider lower grade
interval from 138 to 252.3 meters that averages 0.39 g/t Au and
0.15% Cu, above the resource model cut off. The mineralized zone is
thicker but lower grade than the current model predicted.
S-11-54: Collared in the west Sulphurets zone, drilled at an
azimuth of 145 degrees and inclined at -65 degrees to test
projected mineralization beneath the current pit model. The
mineralized interval is in chlorite-quartz-pyrite altered andesite
tuff and flows. Generally, fine disseminated chalcopyrite is
related to the alteration and fracture density. This hole will
allow deepening of the southeast side of the pit to capture
additional mineralization not in the current model.
S-11-55: Collared in the central Sulphurets zone, drilled at an
azimuth of 325 degrees and inclined at -83 degrees (due to
topographic constraints) to fill a data gap in shallow
mineralization and test projected Raewyn Copper zone mineralization
at the bottom limits of the current pit model. Collared just below
the STF, the interval from 41 to 62 meters is a zone of increased
silica-pyrite alteration with chalcopyrite and higher gold grades
than expected. This zone is enveloped by lower grade mineralization
with above the resource cutoff grade. The Raewyn Copper zone was
intersected from 279 to 300 meters and the hole terminated within
the zone. The zone was deeper than predicted.
S-11-56: Collared in the east area of Sulphurets, drilled at an
azimuth of 145 degrees and inclined at -60 degrees to fill a data
gap in projected shallow mineralization. It entered the Raewyn
Copper zone below 2.7 meters of overburden, to a depth of 135
meters. As expected, alteration is mostly silicic and argillic,
reflecting cooler or distal conditions and weaker mineralization
(patchy disseminated chalcopyrite). The mineralized zone is
slightly thicker with grades similar to what the current model
predicted.
S-11-57: Collared in the central Sulphurets zone, drilled at an
azimuth of 145 degrees and inclined at -65 degrees to fill a data
gap in projected mineralization up-dip of hole S-08-07. Collared
above the STF that fault zone was intersected at 41.1 meters.
Several intervals of structurally controlled Sulphurets Gold zone
style mineralization (silica-pyrite alteration with minor
chalcopyrite) within a broad interval of quartz-sericite-pyrite
altered volcanic rock was encountered down hole to a fault at 157.4
meters. Mineralized zones beneath that fault are associated with
chloritic alteration and are thinner than expected. This hole will
convert some unclassified blocks to indicated resources and
facilitate deepening of the pit in this area.
S-11-58: Collared in the east area of Sulphurets, drilled at an
azimuth of 145 degrees and inclined at -71 degrees to fill a data
gap in projected shallow mineralization. It entered the Raewyn
Copper zone below 4.4 meters of overburden, to a depth of 43
meters. Alteration is similar to the zone down dip in hole S-11-56,
which is located approximately 100 meters north. The mineralized
zone was thinner than expected, but mineralized intervals below the
Raewyn zone, including 143 to 165.7 meters that averages 0.58 g/t
Au and 0.11 % Cu, will add indicated resources below the current
model and facilitate a deeper pit.
S-11-59: Collared at the west end of the Sulphurets zone,
drilled at an azimuth of 145 degrees and inclined at -65 degrees to
test the down-dip projection beneath the current pit model. The
hole intersected andesite tuff and flows with alteration
transitioning from silica dominant to propylitic at depth. The
first mineralized interval is centered on a narrow
siliceous-pyritic hydrothermal breccia with a wide silicic and
pyrite halo. The second interval is intense magnetite and pyrite
hornfels. Surrounding rocks are propylitically altered with epidote
and carbonate. This assemblage is indicative of less intense
mineralizing conditions and confirms the Sulphurets zone is
thinning along strike to the southwest of this section.
S-11-60: Collared at the west end of the Sulphurets zone,
drilled at an azimuth of 144 degrees and inclined at -70 degrees to
test the down-dip projection beneath the current pit model. Rocks
are typical andesite flows and tuff with variable silica-pyrite
alteration overprinting earlier chloritic alteration. The
mineralized intervals have increased alteration intensities
associated with more intense fracturing generally surrounding
hydrothermal breccias and veins with abundant silica, pyrite, minor
disseminated chalcopyrite and traces of galena and sphalerite. The
high gold to copper ratio is typical for the west end of the
Sulphurets zone. This hole will facilitate a deeper pit to capture
new indicated resources.
S-11-61: Collared at the west end of the Sulphurets zone,
drilled at an azimuth of 143 degrees and inclined at -65 degrees to
test the down-dip projection beneath the current pit model. Geology
is similar to hole S-11-60 where mineralized intervals are
generally associated with an increase in alteration intensity and
fracturing. This hole will facilitate a deeper pit to capture new
indicated resources.
S-11-62: Collared at the west end of the Sulphurets zone,
drilled at an azimuth of 155 degrees and inclined at -70 degrees to
test a data gap within the current pit model. The geology is
similar to hole S-11-60 which is approximately 100 meters down dip
on the same section. Elevated gold is associated with
quartz-sericite-pyrite alteration, traces of galena, sphalerite and
quartz-sulfide veins that are superimposed on earlier chloritic
alteration. Several sub-millimeter grains of native gold in a
quartz vein from 125.56 to 126.06 meters were encountered and
returned an assay of 92.1 g/T Au but the interval is capped at 5
g/t Au in the reported composite. This hole will convert inferred
resources and unclassified material in the area to indicated
resources with higher grades than predicted.
S-11-63: Collared at the west end of the Sulphurets zone,
drilled at an azimuth of 145 degrees and inclined at -65 degrees to
test the down-dip projection within and beneath the current pit
model. The geology is similar to adjacent holes S-11-59 and
S-11-61.The mineralized intervals are associated with an increase
in alteration intensity and veining accompanied by minor
disseminated chalcopyrite. These intervals are within a broader
continuous zone of weaker mineralization from 145.5 to 342 meters
that averages 0.44 g/t Au and 0.11 % Cu. This hole will convert
inferred resources and unclassified material in the area to
indicated resources at predicted grades.
S-11-64: Collared at the west end of the Sulphurets zone,
drilled at an azimuth of 145 degrees and inclined at -70 degrees to
test the down-dip projection within and beneath the current pit
model. The geology in this hole is similar to nearby holes S-11-54
and S-11-62. The mineralized intervals are associated with an
increase in alteration intensity and veining accompanied by minor
disseminated chalcopyrite. A broader interval of continuous though
weaker mineralization from 105 to 268.5 meters that averages 0.53
g/t Au and 0.09 % Cu, surround these better mineralized
intersections. This hole will convert inferred resources and
unclassified material in the area to indicated resources with
average to below average grades.
S-11-65: Collared at the west end of the Sulphurets zone,
drilled at an azimuth of 145 degrees and inclined at -65 degrees to
test the shallow projection within and beneath the current pit
model. Geology is similar to holes S-11-62 and S-11-63, which are
nearby. The mineralized intervals are associated with an increase
in alteration intensity and veining accompanied by minor
disseminated chalcopyrite. The three lower intervals are within a
wider interval of continuous though weaker mineralization from 107
to 246 meters that averages 0.57 g/t Au and 0.10 % Cu. This hole
will convert inferred resources and unclassified material in the
area to indicated resources with grades as predicted.
S-11-66: Collared at the west end of the Sulphurets zone,
drilled at an azimuth of 145 degrees and inclined at -65 degrees to
test down-dip projected mineralization beneath the current pit
model. Nearby holes S-11-62 and S-11-63 show similar geology. The
hole was abandoned at 98 meters in a fault zone oblique to the core
axis before reaching any mineralization. The inclination was
steepened to -70 degrees and a new hole was collared and drilled as
S-11-67.
S-11-67: Collared from the same location as S-11-66, drilled at
an azimuth of 145 degrees and inclined at -70 degrees. The fault
that terminated hole S-11-66 was cut from 126.6 to 128.5. This is
interpreted to be one of the several north trending, steeply west
dipping normal faults that cut the Sulphurets zone however
displacement was found to be only be a few meters. Similarly
altered and mineralized andesite is found on both sides of the
fault. Other similar fault zones were encountered at 157.65 and
208.9 meters. The two lower intervals are within a wider interval
of continuous though weaker mineralization from 275 to 362 meters
that averages 0.53 g/t Au and 0.25 % Cu, well above the resource
cut off grade. This hole will convert inferred resources and
unclassified material beneath the current pit model to indicated
resources with average to below average grades.
The 100% owned KSM is one of the world's largest undeveloped
gold/copper projects. Proven and probable reserves for the KSM
project are as follows (see news release dated May 2, 2011 for
details
(http://www.seabridgegold.net/readmore.php?newsid=322)):
KSM Proven and Probable Reserves
----------------------------------------------------------------------------
Reserve Tonnes
Zone Category (millions) Average Grades
----------------------------------------
Gold Copper Silver Molybdenum
(gpt) (%) (gpt) (ppm)
----------------------------------------------------------------------------
Mitchell Proven 617.9 0.64 0.17 3.06 60.2
----------------------------------------------------------------
Probable 848.6 0.59 0.16 3.02 61.8
----------------------------------------------------------------
Total 1,466.5 0.61 0.16 3.04 61.2
----------------------------------------------------------------------------
Iron Cap Probable 334.1 0.42 0.20 5.46 48.4
----------------------------------------------------------------------------
Sulphurets Probable 179.1 0.62 0.26 0.61 59.8
----------------------------------------------------------------------------
Kerr Probable 212.7 0.25 0.46 1.28 Nil
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Totals Proven 617.9 0.64 0.17 3.06 60.2
----------------------------------------------------------------
Probable 1,574.5 0.51 0.22 3.03 50.4
----------------------------------------------------------------
Total 2,192.4 0.55 0.21 3.04 53.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Reserve Tonnes
Zone Category (millions) Contained Metal
-----------------------------------------
Gold Copper Silver Moly
(million (million (million (million
ounces) pounds) ounces) pounds)
----------------------------------------------------------------------------
Mitchell Proven 617.9 12.6 2,279 61 82
----------------------------------------------------------------
Probable 848.6 16.0 3,040 82 116
----------------------------------------------------------------
Total 1,466.5 28.7 5,320 143 198
----------------------------------------------------------------------------
Iron Cap Probable 334.1 4.5 1,490 59 36
----------------------------------------------------------------------------
Sulphurets Probable 179.1 3.6 1,021 4 24
----------------------------------------------------------------------------
Kerr Probable 212.7 1.7 2,155 9 Nil
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Totals Proven 617.9 12.6 2,279 61 82
----------------------------------------------------------------
Probable 1,574.5 25.8 7,706 153 175
----------------------------------------------------------------
Total 2,192.4 38.5 9,985 214 257
----------------------------------------------------------------------------
National Instrument 43-101 Disclosure
Exploration activities at KSM are being conducted by Seabridge
personnel under the supervision of William E. Threlkeld, Senior
Vice President of Seabridge and a Qualified Person as defined by
National Instrument 43-101. Mr. Threlkeld has reviewed and approved
this news release. An ongoing and rigorous quality control/quality
assurance protocol is being employed during the 2011 program
including blank and reference standards in every batch of assays.
Cross-check analyses are being conducted at a second external
laboratory on 10% of the samples. Samples are being assayed at Eco
Tech Laboratory Ltd., Kamloops, B.C., using fire assay atomic
adsorption methods for gold and total digestion ICP methods for
other elements.
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 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) any potential for the
increase of mineral reserves and mineral resources, whether in the
Sulphurets zone or other zones; (iii) the amount of future
production; (iv) further optimization of the Preliminary
Feasibility Study including capacity expansion; (v) completion of,
and submission of, the Environmental Assessment Application; and
(vi) potential for engineering improvements. 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
consultants' current beliefs as well as various assumptions made by
them and information currently available to them. 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) metallurgical performance; (xi) reasonable
contingency requirements; (xii) success in realizing further
optimizations and potential in exploration programs and proposed
operations; (xiii) receipt of regulatory approvals on acceptable
terms, including the necessary right of way for the proposed
tunnels; and (xiv) 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 net present
value and internal rates of return, which are based on most of the
other forward-looking statements and assumptions herein. The cost
information is also prepared using current 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 or mineral
resources 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 described in
Seabridge's Annual Information Form filed with SEDAR in Canada
(available at www.sedar.com) for the year ended December 31, 2010
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.
To view the figure accompanying this press release, please visit
the following link:
http://media3.marketwire.com/docs/sbgmap1122.pdf
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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