TORONTO,
CANADA--(Marketwire - Nov. 3, 2009) - Seabridge Gold Inc. (TSX:SEA)(NYSE Amex:SA) -
Results from this year's core drill program at KSM's
Kerr zone should successfully upgrade in-pit inferred resources to
measured and indicated and improve the waste to ore ratio by converting
material previously defined as waste to mineral resources.
Seabridge President Rudi Fronk
commented that "this year's drilling on all three zones at KSM
more than achieved our objectives. We are highly confident that we have
upgraded the inferred resources in the proposed pit. We have also
expanded the resource and improved the ore to waste ratio by
discovering new zones and expanding the predicted width of the
mineralization. Our next steps are to complete a new KSM resource
estimate by year end, followed by new mine plans and culminating in a
Preliminary Feasibility Study in March 2010."
The 30 year mine plan in the 2009 Preliminary Assessment captured 1.29
billion tonnes of mineralized material of which 277 million (21%) was
classified as inferred mineral resources. To upgrade these in-pit
inferred resources to the measured and indicated categories, additional
drilling was completed during the 2009 program at the Mitchell, Sulphurets and Kerr zones. Drill results from the
Mitchell and Sulphurets zone were announced
previously, with results exceeding expectations (see news releases
dated October 27, 2009 and October 14, 2009). Conversion of in pit
inferred resources to measured and indicated will enable Seabridge to report them as mine reserves in its
Preliminary Feasibility Study scheduled for completion in March 2010.
At the Kerr zone, the mine plan captured 148 million tonnes in the
indicated category (grading 0.25 grams per tonne gold and 0.47% copper)
plus 18 million tonnes in the inferred category (grading 0.23 gpt gold and 0.43% copper). Four holes totaling approximately 900 meters were drilled this
summer to upgrade the in-pit inferred resources in the Kerr zone. Assay
results of the four infill holes are as follows:
------------------------------------------------------------------------ To Length Gold Copper Drill Hole Depth (meters) From (meters) (meters) (meters) (gpt) (%) ------------------------------------------------------------------------ 72.0 134.0 62.0 0.17 0.18 K-09-01 351.0 ------------- -------- -------- ----- ------ 218.2 351.0 132.8 0.19 0.57 -------------------------- ------------- -------- -------- ----- ------ K-09-02 201.0 85.0 201.0 116.0 0.25 0.39 -------------------------- ------------- -------- -------- ----- ------ 21.3 92.3 71.0 0.30 0.75 K-09-03 175.0 ------------- -------- -------- ----- ------ 92.3 144.4 52.1 0.16 0.24 -------------------------- ------------- -------- -------- ----- ------ K-09-04 150.0 6.8 120.0 113.2 0.19 0.37 -------------------------- ------------- -------- -------- ----- ------
The
above reported drill holes were designed to intersect the true width of
the Kerr zone.
Descriptions of the four infill drill holes follow.
K-09-01: Southern portion of the Kerr zone, section 58500, drilled at
90 degrees azimuth and inclination of minus 53 degrees. This is an
infill hole down-dip of the zone. The upper
mineral intercept was not predicted by the model and should convert
material previously classified as waste to mineral resources. Gold and
copper grades in the lower zone met expectations and the mineralized
width was greater than predicted by the resource model.
K-09-02: North-central part of the Kerr zone, section 59500, drilled at
azimuth 90 degrees and inclination of minus 70 degrees. This is an
infill hole on the down-dip side of the zone. Grade and width of
mineralization are consistent with the resource model.
K-09-03: Northern part of the Kerr zone, section 59750, drilled at an
inclination of minus 55 degrees and azimuth 90 degrees. This is an
infill hole on the up-dip side of the zone. Overall widths of
mineralization are consistent with the resource model. Gold and copper
grades in the upper interval exceed predictions from the resource model
and in the lower interval are in line with expectations.
K-09-04: Northern part of the Kerr zone, section 59850, drilled at
azimuth 90 degrees and inclination of minus 60 degrees. This is an
infill hole on the up-dip side of the zone. The width and grade of
mineralization are as predicted from the resource model.
The 100% owned KSM project, located near Stewart, British Columbia,
Canada, is one of the world's largest undeveloped gold/copper projects.
The following table summarizes NI 43-101 compliant mineral resources
prepared by Resource Modeling Incorporated
for all three zones at the KSM project using a 0.50 gram per tonne gold
equivalent cut-off grade (see news releases dated March 11, 2009 and
March 25, 2009 for details).
KSM Mineral Resources at 0.50 gpt Gold Equivalent Cutoff-Grade --------------------------------------------------------------------- Zone Measured Mineral Resources --------------------------------------------------------------------- Tonnes (000) Au (g/t) Au Ozs (000) Cu (%) Cu Lbs (millions) --------------------------------------------------------------------- Mitchell 579,300 0.66 12,292 0.18 2,298 ---------------------- -------- ------------ ------ ----------------- Sulphurets No measured resources --------------------------------------------------------------------- Kerr No measured resources --------------------------------------------------------------------- Total 579,300 0.66 12,292 0.18 2,298 ---------------------- -------- ------------ ------ ----------------- ---------------------------------------------------------------------- Zone Indicated Mineral Resources ---------------------------------------------------------------------- Tonnes (000) Au (g/t) Au Ozs (000) Cu (%) Cu Lbs (millions) ---------------------------------------------------------------------- Mitchell 930,600 0.62 18,550 0.18 3,692 ---------------------- -------- ------------ ------ ----------------- Sulphurets 87,300 0.72 2,021 0.27 520 ---------------------- -------- ------------ ------ ----------------- Kerr 225,300 0.23 1,666 0.41 2,036 ---------------------- -------- ------------ ------ ----------------- Total 1,243,200 0.56 22,237 0.23 6,248 ---------------------- -------- ------------ ------ ----------------- --------------------------------------------------------------------- Zone Measured plus Indicated Mineral Resources --------------------------------------------------------------------- Tonnes (000) Au (g/t) Au Ozs (000) Cu (%) Cu Lbs (millions) --------------------------------------------------------------------- Mitchell 1,509,900 0.64 30,842 0.18 5,990 ---------------------- -------- ------------ ------ ----------------- Sulphurets 87,300 0.72 2,021 0.27 520 ---------------------- -------- ------------ ------ ----------------- Kerr 225,300 0.23 1,666 0.41 2,036 ---------------------- -------- ------------ ------ ----------------- Total 1,822,500 0.59 34,529 0.21 8,546 ---------------------- -------- ------------ ------ ----------------- ---------------------------------------------------------------------- Zone Inferred Mineral Resources ---------------------------------------------------------------------- Tonnes (000) Au (g/t) Au Ozs (000) Cu (%) Cu Lbs (millions) ---------------------------------------------------------------------- Mitchell 514,900 0.51 8,442 0.14 1,589 ---------------------- -------- ------------ ------ ----------------- Sulphurets 160,900 0.63 3,259 0.17 603 ---------------------- -------- ------------ ------ ----------------- Kerr 69,900 0.18 405 0.39 601 ---------------------- -------- ------------ ------ ----------------- Total 745,700 0.50 12,106 0.17 2,793 ---------------------- -------- ------------ ------ -----------------
Resource
Modeling Incorporated is an independent
consulting firm under the direction of Michael J. Lechner,
Licensed Registered Geologist (Arizona) #37753, P.Geo.
(British Columbia) #155344, AIPG CPG #10690 and a Qualified Person
under NI-43-101.
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. An ongoing and rigorous quality
control/quality assurance protocol is being employed during the 2009
program including blank and reference standards in every batch of
assays. Cross-check analyses are being conducted at a second external
laboratory on 10% of the samples. Samples are being 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 resource 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 resources by project and resource category please visit the
Company's website at http://www.seabridgegold.net/resources.php.
All 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.
Statements relating to the estimated or expected future production and
operating results and costs and financial condition of Seabridge, planned work at the Corporation's
projects and the expected results of such work are forward-looking
statements within the meaning of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
statements that are not historical facts and are generally, but not
always, identified by words such as the following: expects, plans,
anticipates, believes, intends, estimates, projects, assumes, potential
and similar expressions. Forward-looking statements also include
reference to events or conditions that will, would, may, could or
should occur. Information concerning exploration results and mineral
reserve and resource estimates may also be deemed to be forward-looking
statements, as it constitutes a prediction of what might be found to be
present when and if a project is actually developed. These
forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable at the time
they are made, are inherently subject to a variety of risks and
uncertainties which could cause actual events or results to differ materially
from those reflected in the forward-looking statements, including,
without limitation: uncertainties related to raising sufficient
financing to fund the planned work in a timely manner and on acceptable
terms; changes in planned work resulting from logistical, technical or
other factors; the possibility that results of work will not fulfill projections/expectations and realize the
perceived potential of the Corporation's projects; uncertainties
involved in the interpretation of drilling results and other tests and
the estimation of gold reserves and resources; risk of accidents,
equipment breakdowns and labour disputes or other unanticipated
difficulties or interruptions; the possibility of environmental issues
at the Corporation's projects; the possibility of cost overruns or
unanticipated expenses in work programs; the need to obtain permits and
comply with environmental laws and regulations and other government
requirements; fluctuations in the price of gold and other risks and
uncertainties, including those described in the Corporation's Annual
Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2008 and in the Corporation's
Annual Report Form 20-F filed with the U.S. Securities and Exchange
Commission on EDGAR (available at www.sec.gov/edgar.shtml).
Forward-looking statements are based on the beliefs, estimates and
opinions of the Corporation's management or its independent
professional consultants on the date the statements are made.
ON BEHALF OF THE BOARD "Rudi Fronk" President & C.E.O. |