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August 20, 2013
Seabridge Gold Closes In On Second High-Grade Core Zone Discovery at KSM
Drilling Beneath Iron Cap Deposit Yields 207 Meters Grading 1.22 g per T Gold and 0.45% Copper
Toronto (Canada) - Seabridge Gold today announced that results from the first three holes testing for a high-grade core zone below the Iron Cap deposit on its 100%-owned KSM project have found strong evidence to support the potential for a major discovery. Further drilling on this target is planned for next month. On August 12, 2013, Seabridge announced that it had discovered, and is now intensively drilling, a large core zone below the Kerr deposit, named the Deep Kerr. Drilling at Deep Kerr to date has generated wide intercepts containing approximately twice the per tonne metal value of KSM's proven and probable reserve.
The KSM Project, located in north western British Columbia, Canada, contains one of the largest undeveloped gold and copper reserves in the world. Its composite intrusive complex hosts four large gold-copper porphyry deposits, including Iron Cap and Kerr, with direct genetic links to epithermal vein deposits including those owned by neighboring Pretium Resources. Iron Cap had been explored since 1991 by previous owners, focusing on surface mineralization and shallow drilling. They concluded that Iron Cap was the expression of a small epithermal vein system. Ongoing exploration since 2010 by Seabridge has determined that the epithermal system was superimposed on the upper portion of a much larger gold-copper porphyry deposit which was potentially intact down to its magmatic core. For the past three years, Seabridge has focused its Iron Cap work on the porphyry deposit in order to prove up reserves. This year, the focus is on the potentially much richer magmatic core zone which could lie below.
Seabridge Chairman and CEO Rudi Fronk commented that "we are very encouraged at the prospect of finding another high-grade core zone at KSM, especially one located under Iron Cap. Our KSM mine plan already calls for Iron Cap to be exploited from underground using cost-effective block caving technology. A core zone beneath the known deposit could simply follow this plan but with potentially much higher grades and efficiencies. The 200 plus meter intercept encountered in Hole IC-13-49 sits entirely below Iron Cap's existing reserves and is more than twice Iron Cap�s gold and copper grades. Furthermore, the Iron Cap is located in the same valley as the proposed crusher, tunnel portal and other key infrastructure so there really is no better place for nature to put a core zone, if we can in fact find one there. The balance of this year's program will focus on in-fill drilling at Deep Kerr plus additional drill tests at Iron Cap."
Assay results from this year's initial core drilling at Iron Cap are as follows:
Drill Hole ID |
Total Depth |
From (meters) |
To
(meters) |
Interval
(meters) |
Gold
(g/T) |
Copper
% |
Silver
(g/T) |
IC-13-048 |
1011.3
including |
346.5 |
839.8 |
493.3 |
0.30 |
0.30 |
3.2 |
346.5 |
425.4 |
78.9 |
0.72 |
0.37 |
5.4 |
IC-13-049 |
1035.4
including |
9.0 |
1032.4 |
1023.4 |
0.77 |
0.24 |
5.15 |
485.2 |
692.4 |
207.2 |
1.22 |
0.45 |
4.5 |
IC-13-50 |
431.5 |
286.0 |
321.0 |
35.0 |
1.38 |
0.38 |
9.7 |
The reported assays are from holes designed to optimize penetration of the projection of the target down plunge from the existing porphyry deposit. Additional drilling is required to establish true width. For a drill location map and cross sections, see www.seabridgegold.net/ICmap.pdf.
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