Seabridge Gold Inc. (TSX:SEA) (NYSE:SA) announced today that this summer’s program at its 100%-owned KSM Project in north western British Columbia, Canada is meeting its objectives after early delays due to adverse weather and the impact of BC fire season on equipment and labour availability.
The 2018 program includes confirmation work to ensure that the project is ready for final feasibility when a partner is secured and exploration drilling to further define the higher grade core of the Iron Cap deposit down-plunge from the existing inferred resource. The confirmation work has consisted of drilling to substantiate our reserve model (completed), waste characterization drilling and geotechnical drilling (nearly completed). Six diamond drill rigs have been employed to ensure that objectives are met.
Seabridge Chairman and CEO Rudi Fronk commented: “Weather conditions were far different this year than what we have experienced at KSM over the past decade, forcing us to make program adjustments on the fly. Also, the unprecedented fire activity throughout the province and in our area limited our access to some services. We are now on top of these issues and we expect to complete our planned program by extending our field season by several weeks. Results thus far indicate that all of our confirmation work is consistent with our development model and the inferred resource at Iron Cap will grow substantially.”
Reserve Confirmation Drilling
Five holes totaling 1,746 meters were sited to confirm the mineral reserves in those areas where production would likely begin. Drill holes in the Mitchell, Sulphurets and Kerr deposits confirmed block grades comparable to model predictions. Results include:
2018 Mineral Reserve Confirmation Drill Results
|Hole ID||Hole Length (meters)||From (meters)||To (meters)||Thickness (meters)||Gold Grade (g/T)||Copper Grade (%)||Silver Grade (g/T)|
The drill holes reported above were designed to test specific zones within KSM’s mineral reserves and were not designed to test true thicknesses of the deposits. Each of the reported holes ended in mineralization.
Waste Characterization Drilling
A total of eight drill holes orientated into the margins of the Mitchell and Sulphurets deposits have been completed and an additional four holes are planned for a total of 4,919 meters. These holes were designed to test an updated block model of waste types on the margins of the deposits. Additional analytical work is continuing on these drill holes, however initial inspection indicates the block model is performing well. The updated block model did not capture several narrow un-mineralized intrusions encountered in this drilling. These occurrences will be included when the model is modified and are expected to reduce the volume of potentially acid-generating waste rock.
Nine geotechnical drill holes have been completed during the current season, totaling 3,609 meters of drilling. The work focused on evaluating the material properties of fractures and faults on the planned pit high-walls. Results will be used to plan additional work for the Mitchell and Sulphurets deposits. Planned hydrogeological pump tests were abandoned for this season, in part due to the exceptionally dry weather.
Eight exploration drill holes at Iron Cap have been completed and the final five are in progress, totaling about 16,700 meters of drilling. The exploration drill program was designed to continue testing the core zone of the Iron Cap deposit down plunge to the west. Initial indications are that the deposit approaches near vertical continuity to depth of at least 1,800 meters. Assay results are expected shortly. (For details on the existing mineral resources at Iron Cap please see our news release from February 13, 2018.)
Exploration activities by Seabridge at the KSM Project are being 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. Mr. Threlkeld has reviewed and approved this news release. An ongoing and rigorous quality control/quality assurance protocol is employed in all Seabridge drilling campaigns. The sampling program includes blank, duplicates and reference standards, with all copper assays that exceed 0.25% Cu re-analyzed using ore grade analytical techniques. Cross-check analyses are conducted at a second external laboratory on at least 10% of the drill samples. Samples are assayed at ALS Chemex Laboratory, Vancouver, B.C., using fire assay atomic adsorption methods for gold and ICP methods for other elements.
Seabridge holds a 100% interest in several North American gold projects. The Company’s principal assets are the KSM Project and Iskut Project located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada’s Northwest Territories. For a full breakdown of Seabridge’s mineral reserves and mineral resources by category please visit the Company’s website at http://www.seabridgegold.net/resources.php.
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