Seabridge Gold Inc. (TSX:SEA)(NYSE Amex:SA) -
Nine exploration holes drilled in 2011 at the Kerr deposit have
returned some of the highest grades encountered to date at
Seabridge Gold's 100%-owned KSM project in northwestern British
Columbia. All nine of the core holes completed at Kerr (totaling
2,630 meters) intersected mineralization which is expected to add
to resources and reserves and improve the project's economics.
Seabridge President and CEO Rudi Fronk commented that "this
drilling has opened up the Kerr deposit down dip with better than
expected grades. The results strongly suggest that we can add
further higher-grade copper mineralization in future programs.
Meanwhile, the holes drilled this year have likely upgraded
inferred and unclassified material within the planned pit and
should therefore contribute to reserve expansion in the new KSM
Preliminary Feasibility Study planned for release in April 2012."
(See attached cross-section).
An updated NI-43-101Mineral Resource Estimate for the entire KSM
project and incorporating the Kerr drill results is scheduled for
completion in the next 30 days.
Results from the nine Kerr holes drilled in the past year's
program are as follows:
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Total Depth From Thickness
Hole ID (meters) (meters) To (meters) (meters) Gold (g/T) Copper (%)
----------------------------------------------------------------------------
K-11-09 150.0 44.0 78.0 34.0 0.21 0.35
----------------------------------------------------------------------------
K-11-10 252.0 101.0 124.1 23.1 0.35 0.53
--------------------------------------------------------
217.9 252.0 34.1 0.18 0.28
----------------------------------------------------------------------------
K-11-11 544.8 155.0 171.0 16.0 0.69 0.40
--------------------------------------------------------
189.2 249.0 59.8 0.56 0.42
--------------------------------------------------------
478.7 486.6 7.9 0.81 1.75
--------------------------------------------------------
501.7 544.8 43.1 0.53 1.36
----------------------------------------------------------------------------
K-11-12 131.0 4.4 62.0 57.6 0.12 0.24
----------------------------------------------------------------------------
K-11-13 249.0 96.0 133.7 37.7 0.20 0.23
--------------------------------------------------------
182.0 234.0 52.0 0.18 0.28
----------------------------------------------------------------------------
K-11-14 249.0 65.0 195.0 130.0 0.21 0.60
Incl. 67.0 111.1 44.1 0.39 1.06
----------------------------------------------------------------------------
K-11-15 257.0 56.2 161.0 104.8 0.44 0.94
Incl. 83.8 118.0 34.3 1.04 1.88
--------------------------------------------------------
181.6 210.0 28.4 0.15 0.31
--------------------------------------------------------
235.0 257.0 22.0 0.29 0.60
----------------------------------------------------------------------------
K-11-16 471.0 196.0 229.1 33.1 0.60 0.81
--------------------------------------------------------
240.8 297.0 56.2 0.29 0.63
--------------------------------------------------------
379.8 411.3 31.5 0.28 0.56
--------------------------------------------------------
417.9 471.0 53.1 0.59 1.05
----------------------------------------------------------------------------
K-11-17 327.0 87.0 131.0 44.0 0.04 0.32
--------------------------------------------------------
249.0 285.6 36.6 0.37 0.37
----------------------------------------------------------------------------
The above reported drill holes were designed to intersect the
true width of the Kerr deposit, except where noted below. Several
holes were drilled at oblique angles to the mineralized zone
because of topographic constraints but results are considered to be
meaningful as the drill holes were designed to pierce inferred
resources and unclassified material contained within the planned
Kerr pit. The reported assays have not been capped.
Descriptions of the above tabulated holes are as follows (see
attached map for locations).
K-11-09: Located at the northwest end of the Kerr zone, drilled
at an azimuth of 090 degrees and inclined at -50 degrees.
Overburden to 5.1 meters, then an intensely bleached, foliated,
quartz-sericite-pyrite altered rock and fault zone to 46 meters.
The fault zone is interpreted to be a sub-horizontal break along
which gravity induced slumping has occurred, placing a thin layer
of unmineralized wall rocks over mineralized rocks. Fine
disseminated chalcopyrite in similarly altered rocks below the
fault to the hole bottom at 150 meters, except for intervals of
late, barren mafic dykes from 117.9 to 127.2 and 146.5 to 146. The
mineralization gradually decreases with depth as the hole
transitions from the core of the Kerr zone to the footwall. This
hole will convert unclassified and inferred material to indicated
resources within the current pit model.
K-11-10: Targeted projected mineralization down-dip on the west
side of the central Kerr zone, drilled at an azimuth of 089 degrees
and inclined at -57.7 degrees. From 5 to 217.9 meters the hole cut
intensely quartz-sericite-pyrite altered igneous rocks with late,
barren mafic dykes from 80.2 to 94.8 meters, 124.1 to 136.7 meters
and 173.4 to 191.2 meters. A projected upper part of the Kerr zone
occurs from about 70 to 135 meters, however in this area it has
been partially displaced by the late barren dykes. The lower or
main Kerr zone runs from 217.9 to the hole bottom at 252 meters,
and is characterized by chlorite alteration and anhydrite veining.
The hole terminated in the zone but at this point is well below the
conceptual pit bottom. This hole will convert unclassified and
inferred material to indicated resources within the current pit
model.
K-11-11: Collared at the southwest side of the Kerr zone,
drilled at an azimuth of 090 degrees and inclined at -65 degrees,
designed to test projected mineralization down dip in both Kerr
zones. As expected for this area of Kerr, fine disseminated and
fracture controlled chalcopyrite is correlative with the intensity
of chloritic and silicic alteration of host andesitic tuff. Results
from this hole will convert above average grade unclassified and
inferred material to indicated resources blocks within the current
pit model. Above the upper Kerr zone, scattered sub-centimeter
scale, gold bearing quartz-carbonate veinlets are common, and
assays up to 12.1g/t Au over 1.5 meters have been obtained.
K-11-12: Located at the northwest end of the Kerr zone
approximately 150 meters north of K-11-09, drilled at an azimuth of
089 degrees and inclined at -50 degrees. Fine grained chalcopyrite
in strongly foliated, quartz-sericite-pyrite altered volcaniclastic
rocks throughout the drill hole.
K-11-13: Targeted projected ore down dip at the west side of the
north-central Kerr zone drilled at an azimuth of 090 degrees and
inclined at -70 degrees. Mineralization correlates with intensity
of veining and chloritic alteration in tuff, however it appears
overprinting quartz-sericite-clay-pyrite alteration may have had a
leaching effect and removed some metal. Results will convert
unclassified and inferred material to indicated resources.
K-11-14: Collared at the west side of the central Kerr zone,
drilled at an azimuth of 142 degrees and inclined at -75 degrees,
to test the down dip projection of mineralization within the
current pit. Due to topographic constraints on drill pad
positioning, an oblique azimuth was necessary to reach the target
area. The location is in high, steep terrain typically under heavy
snow cover, and was not accessible for drilling in previous years.
Disseminated, vein and fracture controlled chalcopyrite abundance
correlates with intensity of chlorite and silicic alteration
accompanied by quartz stockwork veining in volcaniclastic rocks.
The upper and lower Kerr zones almost coalesce in this location.
These results will convert unclassified and inferred material to
above average grade indicated resources within the current pit
model.
K-11-15: Collared from the same location as K-11-14, but drilled
at an azimuth of 142 degrees and inclined at -48 degrees, designed
to cover the same target as K-11-14 on the section 70 meters to the
south using an oblique azimuth due to topographic constraints. The
geology and mineralization are similar to K-11-14. The hole
terminated in strong mineralization below the current pit model.
These results will convert unclassified and inferred material to
above average grade indicated resources within the current pit
model.
K-11-16: Collared approximately 275 meters south of K-11-14 and
120 meters north of K-11-11, tested the same down dip projection of
mineralization within the pit in the south central Kerr zone. The
abundance of disseminated, vein and fracture filling chalcopyrite
correlates with chloritic and silicic alteration and associated
quartz stockwork vein density in foliated volcaniclastic rocks. The
lower Kerr zone has a higher stockwork density typically with
magnetite and/or anhydrite, characteristic of higher grade areas of
the Kerr deposit. The hole terminated in mineralization below the
current pit model. These results will convert unclassified and
inferred material to above average grade indicated resources within
the current pit model.
K-11-17: Collared from the same location as K-11-14, but drilled
at an azimuth of 355 degrees and inclined at -70 degrees, designed
to cover the same target as K-11-14 approximately 100 meters to the
north using an oblique azimuth due to topographic constraints. The
geology and mineralization are similar to K-11-14 but less intense.
The hole was terminated before reaching the lower Kerr zone as it
was well below the pit model. These results will convert
unclassified and inferred material to indicated resources within
the current pit model.
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).
KSM Proven and Probable Reserves
============================================================================
Average Grades
--------------------------------------
Reserve Tonnes Gold Copper Silver Molybdenum
Zone Category (millions) (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
============================================================================
============================================================================
Contained Metal
--------------------------------------
Gold Copper Silver Moly
Reserve Tonnes (million (million (million (million
Zone Category (millions) 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 were 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 was employed during the 2011 program including
blank and reference standards in every batch of assays. Cross-check
analyses were conducted at a second external laboratory on 10% of
the samples. Samples were 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
Kerr 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.net
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