TSX: SEA NYSE: SA
May 13, 2013
New Walsh Lake Drilling Improving Seabridge Gold's Courageous Lake Project
First 10 holes return significant grade including 25.6 meters of 4.86 g/T of gold
Seabridge Gold today announced results from the first 10 holes of the 2013 winter drilling program on its 100%-owned Courageous Lake Project, Northwest Territories. The winter drilling program, now completed, consisted of 29 diamond drill holes totalling 8,278 meters. The goal of the program was to infill and confirm the Walsh Lake geological model and results to date suggest that this goal will likely be achieved; all 10 holes returned intercepts with good gold grades.
The Walsh Lake discovery, announced on September 10, 2012, was part of a drilling campaign to follow up on gold zones recognized by previous operators along the Mathews Lake Greenstone Belt (MLGB). The MLGB is host to Seabridge's FAT deposit containing a 6.5 million ounce proven and probable gold reserve (91.1 million tonnes at a diluted grade of 2.2 g/T gold) (see table below). The MLGB has seen high-grade gold production from two historical mines and has gold occurrences throughout its 53 kilometer length. Until recently, Seabridge has concentrated on expanding the resources and defining reserves at the FAT deposit. Walsh Lake was targeted to further expand the size of the MLGB gold resource.
Walsh Lake is about 10 km south of the FAT deposit and is connected to that deposit by a local road network. The target seems to be, in part, the southern extension of the historical Tundra Mine, a high grade producer that was abandoned in 1999 as the gold price fell to a 25 year low. Well developed and laterally continuous structural zones stratigraphically above and below the extension of the Tundra Mine zone make up the multiple gold-bearing zones defined at Walsh Lake.
Seabridge Chairman and CEO Rudi Fronk said: "Our objective at Walsh Lake is to define a new resource which improves the Courageous Lake project's capital efficiency, in effect offsetting the higher capital costs of this remote location with a longer project life. Results thus far give us encouragement that Walsh Lake can meet this objective and also increase grade during the critical early years of the project."
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