Seabridge Gold Inc. (TSX:SEA)(NYSE Amex:SA) -
New drilling results have confirmed a significant expansion of
Zone 8 within Courageous Lake's multi-million ounce FAT deposit.
Previous drilling on the relatively high-grade Zone 8 had generated
only a small portion of the FAT deposit's measured and indicated
resource.
"We are excited by the new data from Zone 8 which has proved to
be much more continuous than previously thought. These results
could more than quadruple Zone 8's contribution to measured and
indicated resources and help to increase the deposit's average
grade. It's also important to note that most of this expansion is
within the existing pit design and will therefore convert waste to
resources which may qualify for reserves in the Preliminary
Feasibility Study now in progress. We are also intrigued that this
zone extends beyond the designed pit and therefore represents a
priority exploration target for next year," said Seabridge
President and CEO Rudi Fronk. An updated NI-43-101 compliant
resource estimate is now in progress and should be released within
45 days.
Assay results of the fourth and final batch of infill holes
drilled this year at Courageous Lake are as follows:
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Drill Hole Depth From To Ore Length Au Grade
ID (meters) (meters) (meters) Domain (meters) g/tonne
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CL-165 150.0 102.0 106.6 8 4.6 4.47
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CL-166 174.0 16.5 27.0 14 10.5 0.77
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116.5 125.0 8 8.5 1.69
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136.5 141.0 8 4.5 0.90
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CL-167 174.0 129.0 135.0 8 6.0 2.21
--------------------------------------------------
140.0 144.7 8 4.7 1.36
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CL-168 162.0 109.0 117.0 8 8.0 3.24
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CL-169 210.0 33.9 37.0 14 3.1 3.34
--------------------------------------------------
121.5 129.0 7 7.5 0.86
--------------------------------------------------
157.3 161.2 8 3.9 0.78
--------------------------------------------------
172.5 185.4 8 12.9 2.36
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CL-170 201.0 32.4 35.2 3 2.8 2.91
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135.5 140.0 4 4.5 1.92
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165.5 172.9 4 7.4 3.33
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CL-171 81.0 31.0 46.5 8 15.5 5.86
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CL-172 126.0 77 86 4 9.0 1.36
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CL-173 102.0 54.6 59.6 8 5.0 8.21
--------------------------------------------------
67.5 72.0 8 4.5 1.24
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CL-174 251.0 79.0 85.0 3 6.0 3.12
--------------------------------------------------
113.5 118.0 3 4.5 8.44
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CL-176 126.0 52.3 60.0 4 7.7 0.94
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CL-181 102.0 33.0 36.0 3 3.0 2.51
--------------------------------------------------
93.0 95.5 2 2.5 2.39
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Note: All assays have been capped at 10.1 grams of gold per
tonne (g/T). True thicknesses of the above reported drill hole
intercepts are estimated to be approximately 85-90% of the reported
interval. Intercepts in bold in the table above are from Zone 8.
Hole CL-175 was drilled on a new target and CL-177 to CL-180 were
drilled as condemnation holes.
The drilling component of this year's $16 million program at
Courageous Lake, located in Canada's Northwest Territories, was
designed to: (i) upgrade inferred resources within the current FAT
deposit pit plan by infill drilling; (ii) complete geotechnical
drilling required for pit slope and water management planning in
the PFS; (iii) condemn areas where project facilities will be
located; and (iv) look for new targets along the 53 kilometers of
the Matthew's Lake greenstone belt held by Seabridge.
In August, September and November Seabridge reported results
from the first 36 core holes (totaling 11,680 meters) from this
summer's program. The results reported above represent the final
assays from the 2011 infill drill program. All 48 infill holes
drilled on the FAT deposit in 2011 intersected gold values above
the resource cutoff grade.
Courageous Lake's current NI 43-101 compliant resource estimate
is as follows:
Courageous Lake Gold Resources at 0.83 gram per tonne cutoff
-------------------------------------------------------------
Measured Indicated
-------------------------------------------------------------
Tonnes Grade Ounces Tonnes Grade Ounces
(000's) (g/T) (000's) (000's) (g/T) (000's)
-------------------------------------------------------------
12,584 2.52 1,020 77,582 2.31 5,762
-------------------------------------------------------------
-------------------------------------------------------------
Measured plus Indicated Inferred
-------------------------------------------------------------
Tonnes Grade Ounces Tonnes Grade Ounces
(000's) (g/T) (000's) (000's) (g/T) (000's)
-------------------------------------------------------------
90,166 2.34 6,782 63,053 2.24 4,541
-------------------------------------------------------------
The FAT deposit is in the Slave Province, an extensive
geological terrain in Canada's Northwest Territories. The deposit's
name is an acronym for its dominant rock type, Felsic Ash Tuff.
This gold occurrence, hosted by Archean greenstone rocks, was
formed in a rhyolite/dacite dome complex that measures about 2km
along strike and about 800m of stratigraphic section in width.
Although tuffaceous rocks are the most common in the deposit there
are also clear intervals of clastic and chemical sedimentary rocks
and a few late intrusions.
Sulfide mineralogy in the FAT deposit is relatively simple and
consists of pyrite, pyrrhotite, arsenopyrite, sphalerite, and
chalcopyrite in decreasing order of abundance. While all of these
minerals can be found in the mineralized zones, only arsenopyrite
has a consistent correlative relationship to gold concentrations.
Extensive metallurgical test work has been performed on Courageous
Lake resulting in an expected gold recovery of approximately 90%
utilizing a flotation circuit followed by pressure oxidation. In
June, 2011 Seabridge announced the results of a Preliminary
Economic Assessment ("PEA") for Courageous Lake demonstrating the
potential for a robust project in the current gold price
environment (see
http://www.seabridgegold.net/CL-PEA_ExecSummary2011.pdf for the PEA
executive summary).
In constructing a geological model for resource estimation,
unique stratigraphic intervals were defined and labeled as domains
1 through 9 and domain 14. Each domain contains specific and unique
tuff and sedimentary units arranged in particular stratigraphic
sequences. The defined geological domains are relics of the
depositional environment in which they were formed. Consequently,
within these domains the style of rock types, hydrothermal
alteration, vein occurrences and sulfide mineralogy are generally
consistent across the length and breadth of each specific domain.
Distribution of gold within a domain and the surrounding rock is
treated differently from other domains in resource modeling.
Although 10 separate geological domains have been recognized in the
FAT deposit, domains 3, 4 and 5 currently contain about 90% of the
gold in the deposit.
Descriptions of the above reported holes are as follows:
CL-165: Oriented to the east and drilled on the west side of the
deposit at -55 degrees, this hole was designed to test zone 8.
Lithologies are characteristic of zone 8 with felsic tuffs followed
by volcanic sedimentary units. Silicic and sericite alteration are
present in varying abundance within the felsic units.
Mineralization was intercepted at roughly the correct horizon with
grades in line with expectations. The mineralized width was in line
with expectations and this hole should upgrade inferred
resources.
CL-166: Collared on the west side of FAT and drilled to the west
at an inclination of -55 degrees, this hole was designed to test
zone 8 up dip of previous drill holes. A combination of felsic tuff
and mixed sedimentary units were intercepted. Alteration included
carbonate and sericite, mostly in the felsic units. An unpredicted
intercept in zone 14, up section from zone 8 returned typical grade
for that zone. The intercepts in zone 8 were in the proper
location, and of roughly the predicted widths, but slightly lower
grades than would have been anticipated. Inferred resources will be
upgrade in classification and some new resources added by this
hole.
CL-167: Located on the far western edge of the deposit and
drilled at an inclination of -50 degrees back to the east, this
hole was designed to upgrade inferred resource blocks in zone 8.
The dominant lithologies encountered are felsic ash tuff passing
into volcanic sedimentary units down hole. Alteration types are
carbonate and sericite with mineralization consistent with model
predictions for this section. The results will convert inferred
resources to indicated resources.
CL-168: Drilled from west to east and located on the far western
side of FAT, this hole was drilled at -50 degrees and designed to
test zone 8 on a section where there was no previous drilling. The
lithologies cut in this hole are consistent with the model, felsic
tuff in the upper part, changing over to volcanic sedimentary units
at depth. Alteration types are carbonates, sericite and silicic, in
decreasing abundance. The mineralized interval contained better
grades at comparable widths to those on adjacent sections. Results
from this drill hole have increased the resources on zone 8.
CL-169: Oriented to the west at an inclination of -55 degrees
and located in the western part of the deposit, the hole was
designed to fill a gap and upgrade inferred blocks in zone 8.
Lithologies encountered in this hole are typical tuff and mixed
volcanic sedimentary units. Carbonate is the dominant alteration
type with lesser sericite and silica. The interval intercepted in
zone 14 was not predicted, but is consistent with other intercepts
in the zone. In zone 7 the interval was narrower than expected, but
grades were consistent with the model. The two mineralized
intercepts in zone 8 are consistent with model predictions and
should lead to inferred resources being upgraded.
CL-170: Drilled at the northern end of FAT and oriented to the
west at -51 degrees, this hole was designed to test zone 3 and
upgrade inferred blocks in zone 4. Felsic ash tuff with variable
lapilli-size clast content comprises the bulk of the lithologies
encountered. Abundant carbonate alteration is accompanied by patchy
sericite and silica. Zone 3 continues to show a narrow erratic
nature consistent with the predicted termination of this domain to
the north. The widths of intercepts in zone 4 are as predicted by
the model, but at slightly better grades. Inferred resource blocks
around this hole are expected to be upgraded to the indicated
category.
CL-171: Located on the west side of deposit, with an easterly
orientation and inclination of -45 degrees, the hole was designed
to upgrade inferred blocks near the surface in zone 8. Lithologies
were comprised of felsic tuff and volcanic sedimentary rocks.
Carbonate is the most dominant alteration with lesser sericite and
silica. Mineralization was consistent with model predictions for
both grades and width, and will upgrade inferred resources to
higher categories.
CL-172: Collared in the north central part of the deposit and
drilled at -47 degrees to the west, this hole was designed to
upgrade inferred resources in zone 4. This hole intersected felsic
ash and lithic tuff, with pervasive carbonate alteration. Locally,
vein-controlled sericite and silicic alteration is recognized. The
mineralization cut in zone 4 is consistent with model predictions
and will upgrade the classification of resources.
CL-173: A shallow hole drilled to the east at an inclination of
-45 degrees and located on the west side of FAT, it targeted near
surface inferred blocks in zone 8. The hole passes from felsic
volcanic rocks into alternating volcanic sedimentary and volcanic
rocks with gradational contacts and ends in sedimentary rock units.
Carbonate alteration dominates the upper parts of the hole with
minor sericite, while silicic alteration is most common at depth.
Mineralization was intercepted at the anticipated depth, with the
width of the zone as the model predicted, but grades are below
expectations. Inferred resources around the hole will be upgraded
on this section.
CL-174: Drilled to the west at -55 degrees and located in north
central FAT, this hole was designed to upgrade the classification
of inferred blocks in zones 3 and 4. Lithologies intersected were
predominantly felsic tuff. Carbonate alteration characterizes this
drill hole with less abundant chlorite and patchy sericite
intervals. Mineralization in zone 3 is consistent with model
predictions, and should upgrade those blocks to the indicated
category. A broad section of low-grade was anticipated in zone 4,
but that intercept was narrower and below cut-off grade in this
drill hole.
CL-176: Located at the northern end of the deposit and drilled
to the east at -50 degrees, this hole was designed to upgrade
inferred resources in zone 4. Drilling encountered felsic tuff
dominated by ash-rich sections and minor lapilli fragments. Minor
silicic alteration was present throughout, sericite alteration is
not intense and only locally present. The mineralized interval
contained gold grades as predicted by the model, but the interval
was narrower than predicted.
CL-181: Located on the east side and drilled to the east with a
-45 degrees inclination, this hole targeted near surface inferred
resources in zone 2. Felsic ash tuff is the dominant lithology with
sections of coarse lithic tuff. Alteration is not intense and is
comprised of alternating sericite and carbonate alteration styles
with local intervals of silicic and chlorite alteration. A broad
zone of low-grade mineralization was intercepted at the correct
interval, confirming the geology and inconsistent mineralization in
zone 2.
National Instrument 43-101 Disclosure
Exploration activities by Seabridge Gold at the Courageous Lake
gold 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. A rigorous quality control/quality assurance
protocol is being employed during the 2011 Courageous Lake drill
program including blank and certified reference standards inserted
by the Company at a rate of not less than one of each type in every
30 samples. Repeats and re-splits of the sample rejects are being
analyzed at a rate of not less than one sample in every 25 for each
type. Samples are being 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 are
being 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 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 concerning the expected completion of a
Preliminary Feasibility Study, the preparation of resource and
reserve estimates, other goals or objectives, or the completion of
work programs, 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, 2010 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.
Contacts: Seabridge Gold Inc. Rudi P. Fronk President and C.E.O.
(416) 367-9292 (416) 367-2711
(FAX)info@seabridgegold.netwww.seabridgegold.net
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