Seabridge Gold Inc. (TSX:SEA)(NYSE Amex:SA) -
Wide intercepts of excellent gold and copper grades highlight
new drill results from the Sulphurets zone at Seabridge Gold's
100%-owned KSM Project in northwestern British Columbia, Canada.
Results from these 12 core holes are expected to increase reserves
and improve project economics.
During the 2011 drill season, 34 holes totaling 11,480 meters
were completed at Sulphurets with the aim of upgrading
approximately 3 million ounces of inferred resources to proven and
probable reserves. In July, Seabridge reported positive results
from the first seven holes. President Rudi Fronk commented that,
"the next 12 holes once again appear to be converting in-pit
material modeled as waste into measured and indicated resources.
The overall effect should be to increase the size of the Sulphurets
deposit while also reducing its strip ratio. Sulphurets grows
larger and more exciting every time we drill it." Assays from
another 15 Sulphurets holes are yet to be released.
The latest Sulphurets drill results are:
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Total Depth From To Thickness Gold Copper
Hole ID (meters) (meters) (meters) (meters) (g/T) (%)
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S-11-41 315.0 22.0 78.4 56.4 0.69 0.08
90.0 240.0 150.0 0.96 0.10
296.0 312.9 16.9 1.54 0.02
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S-11-42 381.0 64.0 246.0 182.0 1.03 0.10
336.4 381.0 44.6 1.29 0.04
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S-11-43 492.0 273.0 416.0 143.0 0.93 0.51
426.0 442.0 16.0 0.54 0.20
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S-11-44 150.0 140.0 150.0 10.0 0.84 0.84
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S-11-45 525.0 297.5 384.0 86.5 0.80 0.47
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S-11-46 356.7 254.0 270.2 16.2 0.59 0.12
318.0 327.6 9.6 0.60 0.36
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S-11-47 462.0 242.0 257.1 15.1 0.78 0.21
283.0 348.0 65.0 0.66 0.31
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S-11-48 339.0 2.5 108.8 105.5 0.24 0.20
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S-11-49 360.0 4.0 156.0 152.0 0.38 0.27
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S-11-50 500.1 277.0 339.6 62.6 0.55 0.08
438.0 498.0 60.0 0.82 0.44
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S-11-51 306.0 39.7 69.0 29.3 0.57 0.17
171.0 276.0 105.0 0.74 0.30
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S-11-52 290.0 6.0 23.6 17.6 0.57 0.09
41.0 56.2 15.2 0.67 0.03
66.2 100.0 33.8 0.69 0.07
238.0 274.6 36.6 1.57 0.04
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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 at http://media3.marketwire.com/docs/sea1020fig1.pdf
for locations):
S-11-41: Collared in the central area of the Sulphurets zone,
drilled at an azimuth of 145 degrees and inclined at -65 degrees to
fill a data gap in projected shallow mineralization. The hole
entered Sulphurets Gold Breccia style mineralization of intensely
silica-and-pyrite-altered rocks with minor disseminated
chalcopyrite down to 115.9 meters, beneath 15.2 meters of
overburden. From there to 130.8 meters,
silica-chlorite-biotite-pyrite-altered sedimentary and volcanic
rocks typical of Raewyn Copper style mineralization were
intersected. Variably silica-chlorite-pyrite-altered rocks with
minor chalcopyrite were intersected to the end of the hole. The
hole indicates a lower volume of low-grade mineralization and
higher volume of well mineralized Raewyn Copper zone than
predicted. It will also re-classify waste blocks to ore blocks in
the current pit model and allow deepening of the southeast side of
the pit to capture additional ore blocks not in the current
model.
S-11-42: 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 shallow mineralization. Typical Raewyn Copper
style mineralization was cut from 64 to 91 meters, however the
interval is thinner than predicted. From 91 meters to the end of
the hole, strongly silica-pyrite-altered rocks transitioning to
silica-chlorite-pyrite-altered volcanic and sedimentary rocks.
Overall, gold grades are higher and copper grades lower than
predicted. This hole will re-classify waste blocks to ore blocks in
the current pit model and allow deepening of the southeast side of
the pit to capture additional ore blocks not in the current
model.
S-11-43: Collared in the central Sulphurets zone, drilled at an
azimuth of 145 degrees and inclined at -72 degrees to fill a data
gap in projected deep mineralization and re-classify inferred
blocks to indicated blocks and unclassified blocks to indicated
blocks. The hole was collared above the Sulphurets Thrust Fault
(STF), which was intersected at 225 meters. At 148.9 meters, below
barren monzonite, chlorite-altered volcanic rocks of the Main
Copper zone are weakly mineralized to the STF. Below the STF, the
Raewyn Copper zone was intersected from 297 to 427.6 meters in
close agreement with the model. Weaker mineralization continues to
a depth of 476 meters. The hole will have the effect of
re-classifying unclassified and inferred blocks to above average
indicated blocks, as well as increasing the grade of current
indicated blocks. Also, these results will likely facilitate
deepening of the north side of the pit to capture additional ore
blocks not in the current model.
S-11-44: Collared in the central Sulphurets zone, drilled at an
azimuth of 145 degrees and inclined at -60 degrees to fill a data
gap in projected shallow mineralization. The hole was collared
approximately 90 meters northeast of S-11-42 and having similar
objectives. Weakly altered, mostly barren volcanic rocks or fine
grained intrusion occur to 113.7 meters. Raewyn Copper zone is
deeper than expected, and was intersected to the end of the hole at
150 meters. The hole was terminated as blocks below this depth are
already within the indicated category. The grade and classification
model will not substantially change on this section.
S-11-45: Collared in the central Sulphurets zone, drilled at an
azimuth of 145 degrees and inclined at -80 degrees to fill a data
gap in projected deep mineralization and re-classify inferred
blocks to indicated blocks and unclassified blocks to indicated
blocks. The hole was collared above the Sulphurets Thrust Fault
(STF), which was intersected at 180 meters. Chlorite-altered
volcanic rocks of the Main Copper zone are weakly mineralized to
the STF. Below the STF, the Raewyn Copper zone was intersected from
292.6 to 415.8 meters in close agreement with the model.
Intermittent weaker mineralization continues to a depth of 504
meters. The hole will have the effect of re-classifying
unclassified and inferred blocks to above average indicated blocks
and will likely facilitate deepening of the north side of the pit
to capture additional ore blocks not in the current model.
S-11-46: Approximately 150 meters northeast of S-11-43with
similar objectives, drilled at an azimuth of 145 degrees and
inclined at -75 degrees. The hole intersected the low grade Main
Copper zone from 200 meters to the STF at 245.5 meters. Low grade
mineralization occurs immediately below the STF to the Raewyn
Copper Zone which occurs from about 350 meters to the end of the
hole. The hole was abandoned due to poor ground conditions.
Unclassified and inferred blocks will be upgraded to indicated
within the current pit limits.
S-11-47: Approximately 100 meters south-southwest of S-11-45
with similar objectives, drilled at an azimuth of 145 degrees and
inclined at -89 degrees. STF intersected from 116.5 to 127.5
meters. From here, mostly barren rocks were encountered until
intersecting the Raewyn Copper zone at 240.5 meters. From 348
meters to the end of the hole, mineralization is weaker than
expected but average grade is still over the resource cut off
grade. Grades within the current pit limit are about as expected
and unclassified and inferred blocks will be converted to indicated
on this section.
S-11-48: Approximately 180 meters east of S-11-46 with similar
objectives, drilled vertically. Intersected low grade Main Copper
zone from 2.5 to 108 meters. Below the STF (230.8 meters), only
weak mineralization was intersected. The projection of the Raewyn
Copper Zone was not reached as it lies well below the current pit.
Unclassified and inferred blocks above the STF will be upgraded to
indicated within the current pit limits.
S-11-49: Approximately 110 meters east of S-11-48 with similar
objectives, drilled vertically. The hole intersected above average
grade Main Copper zone from 4 to 156 meters. Below the STF (230.8
meters), only weak mineralization was intersected. The projection
of the Raewyn Copper Zone was not reached as it lies well below the
current pit. Unclassified blocks above the STF will be upgraded to
indicated within the current pit limits.
S-11-50: Approximately 140 meters south-southwest of S-11-47
with similar objectives, drilled at an azimuth of 145 degrees and
inclined at -70 degrees. The STF was intersected from 157.8 to
161.4 meters. The Main Copper zone above the STF on this section is
weakly mineralized and below resource cutoff grades. Below the STF,
low-grade mineralization above the Raewyn Copper zone starts at 277
meters. The Raewyn zone is thinner and deeper (from 438 to 498
meters) than east of this section and has likely been down thrown
by one of several steep normal faults sub-parallel to the section
orientation. Grades within the current pit limit are about as
expected and unclassified and inferred blocks will be converted to
indicated on this section. The Raewyn zone was intersected below
the current pit limits, but the up-dip projection will likely
facilitate deepening of the southeast wall of the pit through
expansion of the indicated resource.
S-11-51: Approximately 360 meters east of S-11-49 with similar
objectives, drilled at an azimuth of 145 degrees and inclined at
-80 degrees (due to topographic constraints). The hole was collared
below the STF. This drill hole encountered
silica-chlorite-pyrite-altered (hornfelsic) volcanic rocks with
intermittent disseminated chalcopyrite from 6.1 to 103.4 meters.
The Raewyn Copper zone was intersected from 171 to 304.65 meters
with higher grades than predicted in the interval from 171 to 276
meters. Results will convert unclassified blocks to indicated above
the Raewyn zone and increase grade in indicated blocks within the
Raewyn zone.
S-11-52: Approximately 110 meters south-southwest of S-11-41,
with similar objectives, drilled at an azimuth of 145 degrees and
inclined at -57 degrees. Collared below the STF, the hole entered
strongly silica-pyrite altered rocks at 3 meters that continued to
28.6 meters, and again from 45.3 to 56.15 meters. Other rocks are
mainly silica-pyrite-chlorite hornfels fine-grained tuff and
sedimentary rocks. Beneath a fault at 66 meters, higher gold grades
are associated with an increase in crackling and silica-pyrite
alteration. These results will convert inferred blocks to indicated
within the current pit.
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 at
http://www.seabridgegold.net/readmore.php?newsid=322 dated May 2,
2011 for details):
KSM Proven and Probable Reserves
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Zone Average Grades
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Reserve Tonnes Gold Copper Silver Molybdenum
Category (millions) (gpt) (%) (gpt) (ppm)
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Mitchell Proven 617.9 0.64 0.17 3.06 60.2
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Probable 848.6 0.59 0.16 3.02 61.8
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Total 1,466.5 0.61 0.16 3.04 61.2
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Iron Cap Probable 334.1 0.42 0.20 5.46 48.4
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Sulphurets Probable 179.1 0.62 0.26 0.61 59.8
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Kerr Probable 212.7 0.25 0.46 1.28 Nil
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Totals Proven 617.9 0.64 0.17 3.06 60.2
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Probable 1,574.5 0.51 0.22 3.03 50.4
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Total 2,192.4 0.55 0.21 3.04 53.2
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Zone Contained Metal
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Gold Copper Silver Moly
Reserve Tonnes (million (million (million (million
Category (millions) ounces) pounds) ounces) pounds)
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Mitchell Proven 617.9 12.6 2,279 61 82
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Probable 848.6 16.0 3,040 82 116
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Total 1,466.5 28.7 5,320 143 198
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Iron Cap Probable 334.1 4.5 1,490 59 36
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Sulphurets Probable 179.1 3.6 1,021 4 24
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Kerr Probable 212.7 1.7 2,155 9 Nil
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Totals Proven 617.9 12.6 2,279 61 82
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Probable 1,574.5 25.8 7,706 153 175
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Total 2,192.4 38.5 9,985 214 257
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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.
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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