NI 43-101 Resource Estimates for Seabridge's Kerr and Sulphurets Gold/Copper Zones
2008年1月10日 - 9:02PM
Marketwired Canada
Seabridge Gold (TSX VENTURE:SEA)(AMEX:SA) announced today that Resource Modeling
Inc. ("RMI") has completed independent National Instrument 43-101 resource
estimates for the Kerr and Sulphurets zones at its 100% owned
Kerr-Sulphurets-Mitchell ("KSM") project, which is located near Stewart, British
Columbia, Canada. The project is well located close to the operating Eskay Creek
mine and its all-weather road to Stewart. Highway #37 also offers excellent
access to several possible sites suitable for processing facilities, for which
Seabridge has acquired mineral tenures.
As background, Seabridge acquired a 100% interest in KSM from Placer Dome in
June 2000 when the prices of gold and copper were significantly lower than
today. At the time of acquisition, Placer Dome had prepared resource estimates
for the Kerr and Sulphurets zones which pre-dated National Instrument 43-101,
and as such, were reported by Seabridge as "historic estimates". The Placer
Sulphurets model used a gold only cutoff grade and their Kerr model used a
copper only cutoff grade. RMI remodeled these deposits using a gold equivalent
cutoff grade (which converts copper values to gold values at set prices) and
incorporating holes drilled by Seabridge at Sulphurets in 2006.
The following table summarizes RMI's estimate of gold and copper resources for
the Kerr and Sulphurets zones as of January 9, 2008 using a 0.50 gram per tonne
(g/t) gold equivalent cutoff grade:
Mineral Resource Estimates at 0.50 g/t Equivalent Gold Cutoff Grade
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Indicated Mineral Resources
--------------------------------------------------------------------
Zone Tonnes Gold Copper Gold Copper
(000) (g/t) (%) Ounces Pounds
(000) (millions)
--------------------------------------------------------------------
Kerr 206,272 0.25 0.45 1,651 2,037
--------------------------------------------------------------------
Sulphurets 74,655 0.75 0.24 1,798 388
--------------------------------------------------------------------
--------------------------------------------------------------------
Total 280,927 0.38 0.39 3,449 2,425
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--------------------------------------------------------------------
Inferred Mineral Resources
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Zone Tonnes Gold Copper Gold Copper
(000) (g/t) (%) Ounces Pounds
(000) (millions)
--------------------------------------------------------------------
Kerr 51,387 0.21 0.45 352 506
--------------------------------------------------------------------
Sulphurets 33,636 0.62 0.20 675 147
--------------------------------------------------------------------
--------------------------------------------------------------------
Total 85,023 0.37 0.35 1,027 653
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These estimates for contained gold and copper are higher than the historic
estimates previously reported for these zones.
Seabridge Gold President and CEO Rudi Fronk noted that "the Kerr and Sulphurets
zones are located in close proximity to the Mitchell zone and the three would
likely comprise a single operation of considerable scale. In fact, the
Sulphurets and Mitchell deposits are mineralogically similar and appear to be
part of the same mineralized system. All three zones have been incorporated into
the Preliminary Assessment now in progress and scheduled for completion at the
end of 2008." A new NI 43-101 resource estimate for the Mitchell zone is
expected in February 2008.
RMI estimated gold and copper grades using inverse distance weighting methods
within grade envelopes that were constructed for each zone. The estimated block
grades were classified into Indicated and Inferred Mineral Resource categories
based on mineralized continuity that was determined both visually and by
variography together with proximity to drill hole data. The stated resources are
contained within conceptual pit shell envelopes developed for each deposit using
the Lerchs-Grossmann algorithm and operating input parameters that were deemed
to be appropriate for these deposits. These pit shell envelopes suggest a
waste-to-ore strip ratio for the two zones of less than two to one. The gold
equivalent grade was calculated using gold and copper prices of US$650/ounce and
US$2.00/pound, respectively. Gold and copper metal recoveries of 70% and 85%,
respectively, were also used to calculate gold equivalent grades.
The database for the Kerr zone incorporates 144 core drill holes totaling 26,409
meters. The database for the Sulphurets zone incorporates 60 core drill holes
totaling 13,033 meters. The majority of the drilling data for the Kerr deposit
were collected by Placer Dome during the early 1990s. Placer implemented quality
assurance-quality control (QA-QC) protocols that included the submission of
standard reference materials, blanks, and duplicates, which were assayed at
their research facility in Vancouver, BC. A significant number of pulps were
re-assayed by an independent lab, which corroborated the Placer data. Based on
these results, the assay data for the Kerr deposit are reliable for estimating
resources. RMI notes that there is some uncertainty in local gold and copper
grades along the margins of the deposit in rubble zones due to poor core
recovery. Like the Kerr deposit, the majority of the Sulphurets assay data were
collected by Placer Dome and Esso Minerals Ltd. RMI has been able to review the
Placer Dome QA/QC data for the Sulphurets deposit and found the data to be
reliable. No Esso QA/QC data were available for review. Seabridge drilled five
core holes into the Sulphurets deposit in 2006 (about 12% of the total drilled
meterage at Sulphurets) and implemented a QA/QC program consisting of the
submission of standards, blanks, and duplicates. The results from Seabridge's
Sulphurets QA/QC program show the assay data to be reliable for estimating
resources.
Mineral Resources for the Kerr and Sulphurets zones are summarized in the tables
below at a variety of gold equivalent cutoff grades.
Kerr Zone Resource Estimates at Different Gold Equivalent Cutoffs
------------------------------------------------------------------------
Indicated Mineral Resources
AuEqv ----------------------------------------------------------------
Cutoff Tonnes Au Cu Au Ozs Cu Lbs
(g/t) (000) (g/t) (%) (000) (millions)
------------------------------------------------------------------------
0.30 257,346 0.23 0.38 1,903 2,155
------------------------------------------------------------------------
0.40 228,922 0.24 0.42 1,766 2,119
------------------------------------------------------------------------
0.50 206,272 0.25 0.45 1,651 2,037
------------------------------------------------------------------------
0.60 185,914 0.26 0.48 1,536 1,971
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0.70 164,724 0.27 0.52 1,409 1,888
------------------------------------------------------------------------
0.80 145,128 0.28 0.56 1,292 1,794
------------------------------------------------------------------------
0.90 126,360 0.29 0.61 1,170 1,688
------------------------------------------------------------------------
1.00 111,752 0.30 0.65 1,067 1,596
------------------------------------------------------------------------
------------------------------------------------------------------------
Inferred Mineral Resources
AuEqv ----------------------------------------------------------------
Cutoff Tonnes Au Cu Au Ozs Cu Lbs
(g/t) (000) (g/t) (%) (000) (millions)
------------------------------------------------------------------------
0.30 62,033 0.20 0.39 399 533
------------------------------------------------------------------------
0.40 55,848 0.21 0.42 377 517
------------------------------------------------------------------------
0.50 51,387 0.21 0.45 352 506
------------------------------------------------------------------------
0.60 47,492 0.22 0.47 333 493
------------------------------------------------------------------------
0.70 42,749 0.22 0.50 308 473
------------------------------------------------------------------------
0.80 38,273 0.23 0.54 281 451
------------------------------------------------------------------------
0.90 33,845 0.23 0.57 249 427
------------------------------------------------------------------------
1.00 30,140 0.23 0.61 226 403
------------------------------------------------------------------------
Sulphurets Zone Resource Estimates at Different Gold Equivalent Cutoffs
------------------------------------------------------------------------
Indicated Mineral Resources
AuEqv ----------------------------------------------------------------
Cutoff Tonnes Au Cu Au Ozs Cu Lbs
(g/t) (000) (g/t) (%) (000) (millions)
------------------------------------------------------------------------
0.30 90,994 0.65 0.21 1,902 421
------------------------------------------------------------------------
0.40 82,484 0.70 0.22 1,856 400
------------------------------------------------------------------------
0.50 74,655 0.75 0.24 1,798 388
------------------------------------------------------------------------
0.60 69,621 0.78 0.25 1,750 277
------------------------------------------------------------------------
0.70 64,412 0.82 0.26 1,692 363
------------------------------------------------------------------------
0.80 59,476 0.85 0.27 1,620 351
------------------------------------------------------------------------
0.90 53,893 0.88 0.28 1,518 337
------------------------------------------------------------------------
1.00 49,427 0.90 0.30 1,429 325
------------------------------------------------------------------------
------------------------------------------------------------------------
Inferred Mineral Resources
AuEqv ----------------------------------------------------------------
Cutoff Tonnes Au Cu Au Ozs Cu Lbs
(g/t) (000) (g/t) (%) (000) (millions)
------------------------------------------------------------------------
0.30 44,881 0.51 0.17 736 168
------------------------------------------------------------------------
0.40 38,897 0.56 0.18 700 154
------------------------------------------------------------------------
0.50 33,636 0.62 0.20 675 147
------------------------------------------------------------------------
0.60 30,701 0.66 0.21 647 140
------------------------------------------------------------------------
0.70 27,806 0.68 0.22 611 134
------------------------------------------------------------------------
0.80 23,897 0.70 0.24 539 127
------------------------------------------------------------------------
0.90 19,640 0.73 0.27 460 118
------------------------------------------------------------------------
1.00 16,477 0.76 0.30 400 108
------------------------------------------------------------------------
Seabridge has acquired a 100% interest in several North American gold resource
projects. For a breakdown of the Company's mineral resources by project and
resource category please visit the Company's website at
http://www.seabridgegold.net/Resource.htm.
All resource estimates reported by the Company 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.
Statements relating to the estimated or expected future production and operating
results and costs and financial condition of Seabridge, planned work at the
Company's projects and the expected results of such work are forward-looking
statements within the meaning of the United States Private Securities Litigation
Reform Act of 1995. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by words such as
the following: expects, plans, anticipates, believes, intends, estimates,
projects, assumes, potential and similar expressions. Forward-looking statements
also include reference to events or conditions that will, would, may, could or
should occur. Information concerning exploration results and mineral reserve and
resource estimates may also be deemed to be forward-looking statements, as it
constitutes a prediction of what might be found to be present when and if a
project is actually developed. These forward-looking statements are necessarily
based upon a number of estimates and assumptions that, while considered
reasonable at the time they are made, are inherently subject to a variety of
risks and uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements, including,
without limitation: uncertainties related to raising sufficient financing to
fund the planned work in a timely manner and on acceptable terms; changes in
planned work resulting from logistical, technical or other factors; the
possibility that results of work will not fulfill projections/expectations and
realize the perceived potential of the Company's projects; uncertainties
involved in the interpretation of drilling results and other tests and the
estimation of gold reserves and resources; risk of accidents, equipment
breakdowns and labour disputes or other unanticipated difficulties or
interruptions; the possibility of environmental issues at the Company's
projects; the possibility of cost overruns or unanticipated expenses in work
programs; the need to obtain permits and comply with environmental laws and
regulations and other government requirements; fluctuations in the price of gold
and other risks and uncertainties, including those described in the Company's
Annual Information Form filed with SEDAR in Canada (available at www.sedar.com)
for the year ended December 31, 2006 and in the Company's Form 20-F filed with
the U.S. Securities and Exchange Commission (available at
www.sec.gov/edgar.shtml).
Forward-looking statements are based on the beliefs, estimates and opinions of
the Company's management or its independent professional consultants on the date
the statements are made.
ON BEHALF OF THE BOARD
Rudi Fronk, President & C.E.O.
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