Does Seabridge Gold's (TSX:SEA)(NYSE Amex:SA) huge KSM gold-copper
project have a large high-grade core similar to other world-class
systems such as Ok Tedi, Bingham Canyon and Grasberg? Seabridge is
setting out this summer to answer this question by drilling 11 deep
holes on four distinct targets totaling about 7,500 meters. A
growing body of evidence now suggests that such a core remains to
be discovered on the KSM claims at a reasonable depth and that it
was the source not only of the Kerr, Sulphurets, Mitchell and Iron
Cap porphyry zones but also the neighboring Snowfields and
Brucejack deposits.
Porphyry cores are formed under higher temperature and pressure
conditions in deeper parts of the system. They typically contain
copper-rich minerals such as bornite or chalcocite and yield copper
and gold grades at multiples of KSM's reserves. World-class
gold-copper porphyry districts usually exhibit links between the
deeper, magmatic source ores upwards through transitional
volcanic-hosted porphyries and skarn zones to replacement deposits
including shallow vein systems. The six deposits in the area of KSM
display this vertically evolutionary relationship. Furthermore, all
four porphyry zones at KSM remain open at depth, with geological
signatures that vector downwards towards higher temperature and
pressure conditions.
Seabridge President and CEO Rudi Fronk said that "after we
discovered the Mitchell Zone in 2006, we focused all our
exploration efforts on defining reserves. At 2.2 billion tonnes of
proven and probable reserves, KSM now represents one of the largest
undeveloped gold-copper projects in the world. Six years of
intensive exploration and data analysis strongly suggest that the
six deposits in the immediate area are distinct yet related
mineralizing events likely generated by a single magmatic source.
The vertically-zoned mineral assemblages were then displaced
laterally by regional thrust faulting. What is most encouraging to
us is that the total displacement along these faults now appears to
have been just a few hundred meters, not kilometers. The core
should therefore be close to the existing KSM deposits at a
reasonable depth. A magnetotelluric ("MT") geophysical survey
conducted last year has identified several distinct resistivity
targets which could represent the core."
Mr. Fronk noted that "our entire organization is optimistic
about the potential success of this program but we are realistic
that it may take several iterations of this program to discover the
prize."
Following is a summary of the four targets that will be tested
during the 2012 program (see KSM 2012 Drilling Plan at
www.seabridgegold.net/KSM2012DrillingPlan.pdf).
Sulphurets Dip Projection
Thermal and chemical vectors interpreted in the Sulphurets
deposit indicate that a hotter area with a favorable
potassium-silicate-mineral-dominant alteration assemblage and a
positive high chalcopyrite-to-pyrite ratio is present in the deeper
portions of the deposit which is open down-dip. A high resistivity
MT anomaly corresponds to the target area which is situated
down-dip of the highest grade intervals in the Sulphurets and Main
Copper deposits although they are separated by the Sulphurets
Thrust Fault (see attached cross section at
www.seabridgegold.net/KSM2012CrossSection.pdf). These observations
suggest that the potential high-temperature, dense and metal-rich
core zone may not have seen significant translation during
thrusting and could be preserved in this location. Three drill
holes totalling a minimum of 2,400 meters have been planned for
this target.
Sulphurets Lateral
Historical targets have been identified 1.2 kilometers southwest
and 0.5 kilometers northeast along the projection of the Sulphurets
deposit. The northeast target (Ice Fields) contains drill holes
with average gold and copper grades, intensive hydrothermal
alteration and a high resistivity MT anomaly. Interpreted geology
in this area shows that the historical drilling was too shallow to
intercept the lateral projection of the Sulphurets deposit;
however, the characteristics of these rocks indicate a hotter part
of the mineral system well above the deposit. The southwest target
(Camp Zone) was tested in 1980 with a few shallow drill holes and
surface geochemistry that show abundant gold concentrations
associated with a low resistivity MT anomaly. Surface cover
obscures this target but the geochemistry is at levels similar to
exposed deposits on the property suggesting a significant system
may be concealed in the Sulphurets valley. Four drill holes
totalling a minimum of 2,000 meters will test these two
targets.
Kerr Dip/Strike Projection
Both the dip and strike projection of the Kerr deposit are open.
On the strike projection, shallow historical drill holes indicate
mineralization may extend 700 meters northeast of the defined
deposit. This target is coincident with an intense low resistivity
MT anomaly that increases in strength at depth. In this setting it
is possible the low resistivity rocks reflect high sulphide/metal
concentrations that could represent the core of the system which
may have produced a gold-copper deposit with asymmetrical form. The
dip projection of the Kerr deposit shows a nearly continuous and
increasing intensity low resistivity zone from the deposit to
depths of at least 2,000 meters down dip. The vertical continuity
of the geophysical response for the Kerr deposit could indicate
that much of the alteration and mineral zonation is intact under
the deposit. Two drill holes totalling a minimum of 1,500 meters
are planned for this target.
Mitchell/Iron Cap Lateral
In 2011, a deep drill hole was completed in Mitchell evaluating
the block cave target area and exploring for a high-grade core
zone. The characteristics of rocks at depth in Mitchell are similar
to shallow exposures indicating that a porphyry core is unlikely
along the plunge projection of the Mitchell deposit. However, the
MT geophysical survey identified several low resistivity target
zones that are located at the margins of Mitchell and Iron Cap.
These blind targets have the electrical properties that suggest
they could be the core zones (or alternatively lateral massive
skarn or replacement deposits) containing high sulphide/metal
concentrations. Observations of the Mitchell deposit now suggest
that higher temperature alteration would be less likely to pick up
the persistent foliation present in the shallow portions of the
deposit, favouring the possible preservation of a core zone
adjacent to the Mitchell deposit. The MT targets for this test are
located in a position consistent with our interpretation of a
feeder zone displacement to the exposed deposits across the
Mitchell Thrust Fault. Two drill holes totalling a minimum of 1,600
meters are planned for this target.
43-101 Disclosure
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. Mr. Threlkeld has reviewed and approved
this news release. An ongoing and rigorous quality control/quality
assurance protocol will be employed during the 2012 program
including blank and reference standards in every batch of assays.
Cross-check analyses will be conducted at a second external
laboratory on 10% of the samples. Samples will be assayed 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
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.
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) any potential for the
increase of mineral reserves and mineral resources, whether in
existing zones or new zones; (iii) the amount of future production;
(iv) further optimization of the PFS including metallurgical
performance; (v) completion of and submission of an Environmental
Impact Statement and permit applications; (vi) potential for
engineering improvements; and (vii) interpretations, analysis,
conclusions or predictions regarding the formation of the deposits
at KSM and their subsequent alteration and displacement, including
the presence and potential grade of a porphyry core. 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", "indicates", "suggests", "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
consultants' current beliefs as well as various assumptions made by
them and information currently available to them. 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) metallurgical performance; (xi) reasonable
contingency requirements; (xii) success in realizing further
optimizations and potential in exploration programs and proposed
operations; (xiii) receipt of regulatory approvals on acceptable
terms, including the necessary right of way for the proposed
tunnels; and (xiv) 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 net present
value and internal rates of return, which are based on most of the
other forward-looking statements and assumptions herein. The cost
information is also prepared using current 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 or mineral
resources 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 described in
Seabridge's Annual Information Form filed with SEDAR in Canada
(available at www.sedar.com) for the year ended December 31, 2011
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.net
www.seabridgegold.net
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