Seabridge Gold's KSM Project Continues to Expand
2008年10月23日 - 9:30PM
Marketwired Canada
Seabridge Gold Inc. (TSX:SEA)(AMEX:SA)
Results from another nine holes drilled this summer at the
Kerr-Sulphurets-Mitchell ("KSM") project continue to confirm the geological
model and extend the resource area to the north and at depth. Five of these were
successful infill drill holes which are expected to upgrade a significant
portion of the project's inferred resources to the indicated category. Hole
M-08-73, a deep drill test following the northwest plunge of the Mitchell zone,
confirms the continuity of this zone beyond the current model. Three
geotechnical holes drilled to test the proposed north and south pit walls
identified several zones of mineralization within the conceptual pit which had
been classified in the geological model as waste. To view the drill plan map,
please visit the following link: http://media3.marketwire.com/docs/seamap123.pdf
To date, Seabridge has reported on 19 holes drilled this summer at KSM of which
five are exploratory, 11 are infill and three are geotechnical (intended to
evaluate slope stability for mining operations). Results from another 11 holes
are awaited. A total of 17,000 meters were drilled in the now completed program.
Seabridge Gold President and CEO Rudi Fronk said the new results have "exceeded
our expectations. We will now need to expand our geological model to incorporate
extensions of the high grade plunge of the Mitchell zone and to redefine
material in the pit slopes that is currently classified as waste. In addition,
the success of our infill program should mean a significant conversion of
inferred resources into the measured and indicated category."
Results from the most recent exploration and infill drill holes are
tabulated below:
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Drill Target Depth From To Length Gold Copper
Hole (m) (m) (m) (m) (gpt) (%)
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M-08-70 Infill 381.0 8.70 204.0 195.3 0.65 0.22
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M-08-71 Infill 333.0 13.2 154.0 140.8 0.67 0.15
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M-08-72 Infill 327.0 11.2 139.0 127.8 0.61 0.10
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M-08-73 Deep North 617.8 33.0 617.8 584.8 0.62 0.17
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Incl. 93.0 469.0 376.8 0.72 0.19
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M-08-76 Infill 470.0 9.6 470.0 460.4 0.74 0.20
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Incl. 9.6 349.0 339.4 0.85 0.22
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M-08-77 Infill 390.0 26.8 267.0 240.2 0.79 0.22
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Results from the geotechnical drill holes are as follows:
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Drill Target Depth From To Length Gold Copper
Hole (m) (m) (m) (m) (gpt) (%)
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M-08-74 Drill hole abandoned, re-drilled as M-08-75
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M-08-75 North Pit Geotech 813.00 130.0 228.0 98.0 0.05 0.18
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250.6 291.0 40.4 0.08 0.19
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635.0 748.0 113.0 0.07 0.18
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774.0 804.0 30.0 0.74 0.01
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M-08-78 Drill hole abandoned, re-drilled as M-08-80
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M-08-79 North Pit Geotech 399.00 187.0 243.0 56.0 0.07 0.11
-------------------------------------------------------------------------
256.0 399.0 143.0 0.16 0.36
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M-08-80 South Pit Geotech 487.70 111.0 173.0 62.0 0.26 0.20
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The relationship of these new drill holes to the existing 3D model is available
as a link on the Seabridge Gold website (www.seabridgegold.net).
The Mitchell zone is now defined vertically as a continuously mineralized body
between 300 and 800 meters thick. The minimum dimensions of the Mitchell zone
have been established to be 1000 meters in a northeast-southwest direction and
1600 meters in a northwest-southeast direction. Mitchell remains open to the
northwest along the recently confirmed plunge of the higher grade core zone. All
exploration and infill holes were drilled to intersect the Mitchell zone
perpendicular to strike and are therefore believed to be true widths. True
widths for the intersections reported in the geotechnical holes are not known at
this time.
Descriptions of the nine new holes are as follows:
M-08-70: Infill drill hole in the central part of Mitchell at azimuth 190
degrees and inclination of -75 degrees. The hole intersected typical Mitchell
grades as predicted, but over a wider interval than expected. Molybdenite
abundance increases downhole,
M-08-71: Infill drill hole collared at 190 degrees with an inclination of -55
degrees. This hole is on the eastern margin of the Mitchell zone and contains
Mitchell-style alteration and grades in the upper part of the drill hole. Below
150 meters the drill hole passes into marginal alteration styles and intensity
marking the eastern margin of the Mitchell zone.
M-08-72: Infill hole on the eastern margin of the deposit drilled at azimuth 190
degrees and inclination of -55 degrees. The drill hole encountered the predicted
grade and alteration style from the geological model in the upper 140 meters.
The lower half of the drill hole encountered less intense Mitchell-style
alteration, further establishing the eastern limit of the zone.
M-08-73: Deep north test in the western part of the zone, drilled at azimuth 010
degrees and inclination of -85 degrees. Copper grades and alteration are similar
to those predicted in the geological model up plunge from the pierce point of
this hole. Slightly higher gold than expected is observed in the middle of the
intersection from about 100 to 450 meters. The drill hole confirms the
continuity at depth beyond the existing model and verifies the northwest plunge
on the Mitchell zone.
M-08-75: Geotechnical drill hole on the north wall of the conceptual pit design,
drilled at azimuth 180 degrees and inclination -55 degrees. The objective of
this drill hole was to provide a vertical profile along the north pit wall above
the main Mitchell zone. Slope stability measurements were collected from the
drill hole as well as geochemical samples for previously unrecognized mineral
zones in the stripping profile of the conceptual pit wall and above the upper
limit of the Mitchell zone. Multiple intervals of copper dominated mineral zones
were encountered. These zones are associated with the margins of intrusions and
hosted in sedimentary rocks or intrusive rocks. Styles of alteration and
mineralization are characteristic of occurrences above the Mitchell Thrust Fault
and can be best described as deep porphyry-style or skarn-style targets. While
these types of targets will likely not change the exploration and development
plans for the Mitchell zone, they may convert waste material to ore in the north
pit wall, potentially lowering strip ratios and improving project economics.
M-08-76: Infill drill hole near the center of the Mitchell zone, collared at
azimuth 190 degrees inclination of -60 degrees. The drill hole encountered the
geology and alteration predicted by the geological model but grades were
slightly higher than the statistical model predicted. Results from this hole are
expected to upgrade inferred resources.
M-08-77: Infill drill hole at azimuth 190 degrees and -65 degrees inclination in
the south-central part of the Mitchell zone. A short interval was drilled above
the Mitchell Thrust Fault in moderately mineralized rock. Well-veined and
altered Mitchell zone rocks were intersected immediately below the fault to the
end of the hole, with vein density and mineralization gradually diminishing with
depth. Results were similar to the model with slightly higher copper grades.
M-08-79: A north wall geotechnical hole drilled vertically in the upper part of
the conceptual north pit wall. The drill hole encountered thermally
metamorphosed andesite and intrusive rock. Mineral zones in this part of the
system are copper dominated skarn-style occurrences associated with abundant
magnetite. The drill hole was extended well beyond its intended target to follow
the magnetite skarn occurrence and was terminated in the mineral zone.
M-08-80: Geotechnical drill test on the south conceptual pit wall collared at
010 degrees azimuth and inclination of -67 degrees. The objective of this drill
hole was to provide a vertical profile along the south pit wall above the main
Mitchell zone. Slope stability measurements were collected from the drill hole
as well as geochemical samples for previously unrecognized mineral zones in the
stripping profile of the conceptual pit wall and above the upper limit of the
Mitchell zone. Several narrow (less than 6 meters) gold-rich intervals were
encountered in the drill hole. The upper part of the hole contains a continuous
intersection of copper dominated mineralization that corresponds with and
overlaps a contact zone between intrusive and volcanic rocks.
The 100% owned KSM project, located near Stewart, British Columbia, Canada, is
one of the world's largest undeveloped gold/copper projects. The following table
summarizes NI 43-101 compliant mineral resources for all three zones at the KSM
project using a 0.50 gram per tonne (g/t) gold equivalent cut-off grade (see
news releases dated January 10, 2008 and February 20, 2008 for details).
KSM Mineral Resource Estimates at 0.50 g/t Equivalent Gold Cut-off Grade
--------------------------------------------------------------
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Indicated Mineral Resources
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Gold Copper
Zone Tonnes Gold Copper Ounces Pounds
(000) (g/t) (%) (000) (millions)
--------------------------------------------------------------
--------------------------------------------------------------
Mitchell 734,163 0.69 0.18 16,287 2,913
--------------------------------------------------------------
Kerr 206,272 0.25 0.45 1,651 2,037
--------------------------------------------------------------
Sulphurets 74,655 0.75 0.24 1,798 388
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Total 1,015,090 0.61 0.24 19,736 5,338
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Inferred Mineral Resources
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Gold Copper
Zone Tonnes Gold Copper Ounces Pounds
(000) (g/t) (%) (000) (millions)
--------------------------------------------------------------
--------------------------------------------------------------
Mitchell 667,421 0.62 0.15 13,304 2,206
--------------------------------------------------------------
Kerr 51,387 0.21 0.45 352 506
--------------------------------------------------------------
Sulphurets 33,636 0.62 0.20 675 147
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Total 752,444 0.59 0.18 14,331 2,859
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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. An ongoing and
rigorous quality control/quality assurance protocol is being employed during the
2008 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 resource
projects. The Corporation's principal assets are the KSM property in British
Columbia, one of the world's largest undeveloped gold/copper projects, and the
Courageous Lake gold project located in Canada's Northwest Territories. For a
breakdown of the Corporation's mineral resources by project and resource
category please visit the Corporation's website at
http://www.seabridgegold.net/Resource.php.
All 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.
Statements relating to the estimated or expected future production and operating
results and costs and financial condition of Seabridge, planned work at the
Corporation'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 Corporation'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 Corporation'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
Corporation's Annual Information Form filed with SEDAR in Canada (available at
www.sedar.com) for the year ended December 31, 2007 and in the Corporation's
Annual Report Form 20-F filed with the U.S. Securities and Exchange Commission
on EDGAR (available at www.sec.gov/edgar.shtml).
Forward-looking statements are based on the beliefs, estimates and opinions of
the Corporation'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.
For Seabridge Gold investor relations needs, investors can visit the Seabridge
Gold IR Hub at http://www.agoracom.com/ir/seabridge where they can post
questions and receive answers within the same day, or simply review questions
and answers posted by other investors. Alternatively, investors are able to
e-mail all questions and correspondence to sea@agoracom.com where they can also
request addition to the investor e-mail list to receive all future press
releases and updates in real time.
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