Seabridge Improves Size, Grade and Quality of Courageous Lake Gold Resource
25 Janvier 2011 - 1:01PM
Marketwired Canada
An updated, independent mineral resource model for Seabridge Gold's
(TSX:SEA)(NYSE Amex:SA) 100% owned Courageous Lake project in Canada's Northwest
Territories has (i) significantly increased the measured and indicated gold
resources (ii) improved the average grade of the resource and (iii) increased
the size of the deposit. The next step is to incorporate the updated resource
model, prepared by Resource Modeling Inc. ("RMI") of Stites, Idaho, into a new
Preliminary Assessment ("PA") scheduled for completion in April 2011.
The new NI 43-101 compliant resource estimate prepared by RMI is as follows:
Courageous Lake Gold Resources at 0.83 gram per tonne cutoff
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Measured Indicated
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Tonnes Grade Ounces Tonnes Grade Ounces
(000's) (g/T) (000's) (000's) (g/T) (000's)
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12,584 2.52 1,020 77,582 2.31 5,762
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Measured plus Indicated Inferred
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Tonnes Grade Ounces Tonnes Grade Ounces
(000's) (g/T) (000's) (000's) (g/T) (000's)
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90,166 2.34 6,782 63,053 2.24 4,541
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Seabridge Gold President and CEO Rudi Fronk said the new model "incorporates
data from 49 diamond core holes drilled in 2010 totaling about 22,000 meters.
The focus of the 2010 drilling program was to upgrade inferred resources to
higher categories. Using the same cut-off grade as the 2007 resource model,
measured and indicated gold resources have increased by 60% while the average
grade of these categories improved by 5%. Nearly all of that gain came from
upgrading previously defined inferred resources to measured or indicated
categories. In addition, the 2010 drilling found new inferred resources and
increased the average grade of the inferred by 13% from the 2007 estimate. The
new resource model and a substantially higher gold price should significantly
enhance project economics in the April 2011 PA. The 2008 PA was based on $690
gold. In the current environment, we believe that Courageous Lake could be a
highly robust gold project."
For a detailed summary of the 2007 resource model see
http://www.seabridgegold.net/NFeb28-07.pdf and for the 2008 PA see
http://www.seabridgegold.net/NMar10-08.pdf.
The new resource model constructed for the Courageous Lake deposit now
incorporates data from a total of 560 holes drilled by Seabridge, Noranda and
Placer Dome totaling 150,584 meters. Gold mineralization within the Courageous
Lake deposit is hosted in the upper part of an assemblage of Archean age felsic
pyroclastic rocks, just below a transition zone to volcanoclastic and
sedimentary rocks.
Similar to the 2007 estimate (also completed by RMI), block model gold grades
for this latest Courageous Lake model were estimated using a multiple pass
inverse distance weighting interpolation procedure. The 2010 drilling program
was highly successful with the new drill hole assay data showing that (i) the
2007 model was a reasonable predictor of "ore and waste" and that (ii) a back
analysis of comparing the 2010 drill hole intersections against the 2007 block
model demonstrates a net gain of contained gold. In addition to using mineral
zone wireframes to constrain the estimate of block grades, a dynamic anisotropic
search strategy was used to select eligible composites. The search ellipse was
allowed to dynamically conform to the hanging and footwall contacts of the key
mineral zones, providing for a more geologically consistent and realistic
distribution of in situ block gold grades. Individual assay grades were capped
for each zone prior to compositing the assay data and interpolating block
grades. The estimated block grades were classified into Measured, Indicated, and
Inferred Mineral Resource categories using distance to drilling data and the
number of drill holes used to estimate the block grades. For the principal
mineral zones (3-5) Measured Resources were defined for blocks estimated by one
or more drill holes within 7.5 meters of the block. For those same principal
mineral zones, Indicated Resources were defined by blocks estimated by two or
more drill holes with at least one sample within 30 meters of the block.
Inferred Mineral Resources were defined by blocks estimated by at least one
drill hole with a maximum allowable assay projection distance of 65 meters. It
is RMI's opinion that the new resource model is globally unbiased and locally
reflects the grade of nearby drill hole composites.
The following table provides global resource estimates from the new model at
various gold cutoff grades:
Comparison of Courageous Lake Resources at Various Cutoff Grades
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Measured Indicated Inferred
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Cutoff
Grade Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
(g/T) (000) (g/T) (000) (000) (g/T) (000) (000) (g/t) (000)
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0.40 16,448 2.07 1,095 103,358 1.89 6,281 92,242 1.72 5,101
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0.50 15,354 2.19 1.081 96,554 1.99 6,178 83,771 1.85 4,983
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0.60 14,416 2.29 1,061 90,403 2.09 6,075 76,276 1.98 4,856
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0.70 13,605 2.39 1,045 84,547 2.19 5,953 70,214 2.09 4,718
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0.80 12,825 2.49 1,027 79,182 2.28 5,804 64,822 2.20 4,585
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0.83 12,584 2.52 1,020 77,582 2.31 5,762 63,053 2.24 4,541
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0.90 12,017 2.60 1,005 73,996 2.38 5,662 59,521 2.32 4,440
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1.00 11,308 2.71 985 69,156 2.48 5,514 54,525 2.45 4,295
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The cutoff grade for resource tabulation was set at 0.83 grams per tonne,
consistent with cut-off grade used for previous Courageous Lake resource
estimates. In all likelihood, the cut-off grade that will be employed in the
2011 PA will be lower than 0.83 grams per tonne due to higher gold prices.
Gold resource estimates included herein were prepared by Resource Modeling Inc.
under the direction of Michael Lechner, who is independent of Seabridge and a
Qualified Person as defined by National Instrument 43-101. Mr. Lechner is a
highly regarded expert in his field and frequently undertakes independent
resource estimates for major mining companies. Mr. Lechner has reviewed and
approved this news release. The independent technical report detailing the new
Courageous Lake resource model will be filed on SEDAR at www.sedar.com.
Exploration activities by Seabridge Gold at the Courageous Lake gold project
have been 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. A rigorous quality
control/quality assurance protocol was employed during the 2010 Courageous Lake
drill program including blank and certified reference standards inserted by the
Company in every batch of assays. Repeats and re-splits of the sample rejects
were analyzed at a rate of not less than one sample in every 25 for each type.
Samples were 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 were 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
mineral resources by 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 but many of them relate to
estimates and projections prepared in 2007 and 2008. 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) 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, 2009
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.
Palamina (TSXV:PA)
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