Drilling at Seabridge Gold's Kerr Deposit Yields Significant Metal
Grades
Hole K-11-15 Intersects 34.3 Meters Grading 1.04 Grams Per
Tonne Gold and 1.88% Copper
Seabridge Gold Inc. (TSX:SEA)(NYSE Amex:SA) -
Nine exploration holes drilled in 2011 at the Kerr
deposit have returned some of the highest grades encountered to date at Seabridge Gold's 100%-owned KSM project in northwestern
British Columbia. All nine of the core holes completed at Kerr (totaling 2,630
meters) intersected mineralization which is expected to add to resources and
reserves and improve the project's economics.
Seabridge President and CEO Rudi Fronk
commented that "this drilling has opened up the Kerr deposit down dip with
better than expected grades. The results strongly suggest that we can add
further higher-grade copper mineralization in future programs. Meanwhile, the
holes drilled this year have likely upgraded inferred and unclassified material
within the planned pit and should therefore contribute to reserve expansion in
the new KSM Preliminary Feasibility Study planned for release in April
2012." (See attached
cross-section).
An updated NI-43-101Mineral Resource Estimate for the
entire KSM project and incorporating the Kerr drill results is scheduled for
completion in the next 30 days.
Results from the nine Kerr holes drilled in the past
year's program are as follows:
Hole
ID
|
Total
Depth
(meters)
|
From
(meters)
|
To
(meters)
|
Thickness
(meters)
|
Gold
(g/T)
|
Copper
(%)
|
K-11-09
|
150.0
|
44.0
|
78.0
|
34.0
|
0.21
|
0.35
|
K-11-10
|
252.0
|
101.0
|
124.1
|
23.1
|
0.35
|
0.53
|
217.9
|
252.0
|
34.1
|
0.18
|
0.28
|
K-11-11
|
544.8
|
155.0
|
171.0
|
16.0
|
0.69
|
0.40
|
189.2
|
249.0
|
59.8
|
0.56
|
0.42
|
478.7
|
486.6
|
7.9
|
0.81
|
1.75
|
501.7
|
544.8
|
43.1
|
0.53
|
1.36
|
K-11-12
|
131.0
|
4.4
|
62.0
|
57.6
|
0.12
|
0.24
|
K-11-13
|
249.0
|
96.0
|
133.7
|
37.7
|
0.20
|
0.23
|
182.0
|
234.0
|
52.0
|
0.18
|
0.28
|
K-11-14
|
249.0
|
65.0
Incl. 67.0
|
195.0
111.1
|
130.0
44.1
|
0.21
0.39
|
0.60
1.06
|
K-11-15
|
257.0
|
56.2
Incl. 83.8
|
161.0
118.0
|
104.8
34.3
|
0.44
1.04
|
0.94
1.88
|
181.6
|
210.0
|
28.4
|
0.15
|
0.31
|
235.0
|
257.0
|
22.0
|
0.29
|
0.60
|
K-11-16
|
471.0
|
196.0
|
229.1
|
33.1
|
0.60
|
0.81
|
240.8
|
297.0
|
56.2
|
0.29
|
0.63
|
379.8
|
411.3
|
31.5
|
0.28
|
0.56
|
417.9
|
471.0
|
53.1
|
0.59
|
1.05
|
K-11-17
|
327.0
|
87.0
|
131.0
|
44.0
|
0.04
|
0.32
|
249.0
|
285.6
|
36.6
|
0.37
|
0.37
|
The above reported drill holes were designed to
intersect the true width of the Kerr deposit, except where noted below. Several
holes were drilled at oblique angles to the mineralized zone because of
topographic constraints but results are considered to be meaningful as the
drill holes were designed to pierce inferred resources and unclassified
material contained within the planned Kerr pit. The reported assays have not
been capped.
Descriptions of the above tabulated holes are as
follows (see attached
map for
locations).
K-11-09: Located at the northwest end of the Kerr zone,
drilled at an azimuth of 090° and inclined at -50°. Overburden to 5.1
meters, then an intensely bleached, foliated, quartz-sericite-pyrite altered rock and fault zone to 46 meters.
The fault zone is interpreted to be a sub-horizontal break along which gravity
induced slumping has occurred, placing a thin layer of unmineralized
wall rocks over mineralized rocks. Fine disseminated chalcopyrite in similarly
altered rocks below the fault to the hole bottom at
150 meters, except for intervals of late, barren mafic dykes from 117.9 to
127.2 and 146.5 to 146. The mineralization gradually decreases with depth as
the hole transitions from the core of the Kerr zone to
the footwall. This hole will convert unclassified and inferred material to
indicated resources within the current pit model.
K-11-10: Targeted
projected mineralization down-dip on the west side of the central Kerr zone,
drilled at an azimuth of 089° and inclined at -57.7°. From 5 to 217.9
meters the hole cut intensely quartz-sericite-pyrite
altered igneous rocks with late, barren mafic dykes from 80.2 to 94.8 meters,
124.1 to 136.7 meters and 173.4 to 191.2 meters. A projected upper part of the
Kerr zone occurs from about 70 to 135 meters, however in this area it has been
partially displaced by the late barren dykes. The lower or main Kerr zone runs
from 217.9 to the hole bottom at 252 meters, and is
characterized by chlorite alteration and anhydrite veining. The hole terminated
in the zone but at this point is well below the conceptual pit bottom. This
hole will convert unclassified and inferred material to indicated resources
within the current pit model.
K-11-11: Collared at the southwest side of the Kerr zone,
drilled at an azimuth of 090° and inclined at -65°, designed to test
projected mineralization down dip in both Kerr zones. As expected for this area
of Kerr, fine disseminated and fracture controlled chalcopyrite is correlative
with the intensity of chloritic and silicic
alteration of host andesitic tuff. Results from this hole will convert above
average grade unclassified and inferred material to indicated resources blocks
within the current pit model. Above the upper Kerr zone, scattered
sub-centimeter scale, gold bearing quartz-carbonate veinlets
are common, and assays up to 12.1g/t Au over 1.5 meters have been obtained.
K-11-12: Located at the northwest end of the Kerr zone
approximately 150 meters north of K-11-09, drilled at an azimuth of 089°
and inclined at -50°. Fine grained chalcopyrite in strongly foliated,
quartz-sericite-pyrite altered volcaniclastic
rocks throughout the drill hole.
K-11-13: Targeted projected ore down dip at the west side
of the north-central Kerr zone drilled at an azimuth of 090° and inclined
at -70°. Mineralization correlates with intensity of veining and chloritic alteration in tuff, however it appears
overprinting quartz-sericite-clay-pyrite alteration
may have had a leaching effect and removed some metal. Results will convert
unclassified and inferred material to indicated resources.
K-11-14: Collared at the west side of the central Kerr
zone, drilled at an azimuth of 142° and inclined at -75°, to test the
down dip projection of mineralization within the current pit. Due to
topographic constraints on drill pad positioning, an oblique azimuth was
necessary to reach the target area. The location is in high, steep terrain
typically under heavy snow cover, and was not accessible for drilling in
previous years. Disseminated, vein and fracture controlled chalcopyrite
abundance correlates with intensity of chlorite and silicic alteration
accompanied by quartz stockwork veining in volcaniclastic rocks. The upper and lower Kerr zones almost
coalesce in this location. These results will convert unclassified and inferred
material to above average grade indicated resources within the current pit
model.
K-11-15: Collared from the same location as K-11-14, but
drilled at an azimuth of 142° and inclined at -48°, designed to cover
the same target as K-11-14 on the section 70 meters to the south using an
oblique azimuth due to topographic constraints. The geology and mineralization
are similar to K-11-14. The hole terminated in strong mineralization below the
current pit model. These results will convert unclassified and inferred
material to above average grade indicated resources within the current pit
model.
K-11-16: Collared approximately 275 meters south of
K-11-14 and 120 meters north of K-11-11, tested the same down dip projection of
mineralization within the pit in the south central Kerr zone. The abundance of
disseminated, vein and fracture filling chalcopyrite correlates with chloritic and silicic alteration and associated quartz stockwork vein density in foliated volcaniclastic
rocks. The lower Kerr zone has a higher stockwork
density typically with magnetite and/or anhydrite, characteristic of higher
grade areas of the Kerr deposit. The hole terminated in mineralization below
the current pit model. These results will convert unclassified and inferred
material to above average grade indicated resources within the current pit
model.
K-11-17: Collared
from the same location as K-11-14, but drilled at an azimuth of 355° and
inclined at -70°, designed to cover the same target as K-11-14
approximately 100 meters to the north using an oblique azimuth due to
topographic constraints. The geology and mineralization are similar to K-11-14
but less intense. The hole was terminated before reaching the lower Kerr zone
as it was well below the pit model. These results will convert unclassified and
inferred material to indicated resources within the current pit model.
KSM is one of the world's largest undeveloped
gold-copper projects. Proven and probable reserves for the KSM project are as
follows (seenews release
dated
May 2, 2011 for details).
KSM Proven
and Probable Reserves
|
|
|
Average Grades
|
Contained Metal
|
Zone
|
Reserve
Category
|
Tonnes
(millions)
|
Gold (gpt)
|
Copper
(%)
|
Silver
(gpt)
|
Molybdenum
(ppm)
|
Gold
(million
ounces)
|
Copper
(million
pounds)
|
Silver
(million
ounces)
|
Moly
(million
pounds)
|
Mitchell
|
Proven
|
617.9
|
0.64
|
0.17
|
3.06
|
60.2
|
12.6
|
2,279
|
61
|
82
|
Probable
|
848.6
|
0.59
|
0.16
|
3.02
|
61.8
|
16.0
|
3,040
|
82
|
116
|
Total
|
1,466.5
|
0.61
|
0.16
|
3.04
|
61.2
|
28.7
|
5,320
|
143
|
198
|
Iron Cap
|
Probable
|
334.1
|
0.42
|
0.20
|
5.46
|
48.4
|
4.5
|
1,490
|
59
|
36
|
Sulphurets
|
Probable
|
179.1
|
0.62
|
0.26
|
0.61
|
59.8
|
3.6
|
1,021
|
4
|
24
|
Kerr
|
Probable
|
212.7
|
0.25
|
0.46
|
1.28
|
Nil
|
1.7
|
2,155
|
9
|
Nil
|
Totals
|
Proven
|
617.9
|
0.64
|
0.17
|
3.06
|
60.2
|
12.6
|
2,279
|
61
|
82
|
Probable
|
1,574.5
|
0.51
|
0.22
|
3.03
|
50.4
|
25.8
|
7,706
|
153
|
175
|
Total
|
2,192.4
|
0.55
|
0.21
|
3.04
|
53.2
|
38.5
|
9,985
|
214
|
257
|
National Instrument 43-101 Disclosure
Exploration
activities at KSM were 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 was employed during the 2011 program
including blank and reference standards in every batch of assays. Cross-check
analyses were conducted at a second external laboratory on 10% of the samples.
Samples were 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 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 athttp://www.seabridgegold.net/resources.php.