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Seabridge Gold Reports Bronson Slope Resource Estimate at its Iskut Project in BC

Press Release

Toronto, Ontario–(Newsfile Corp. – June 27, 2024) – Seabridge Gold Inc. (TSX: SEA) (NYSE: SA) (“Seabridge”) today reports its first mineral resource estimate (MRE) for the Bronson Slope deposit at its 100% owned Iskut project in the Golden Triangle Area of northwestern British Columbia.  These results are an intentional by-product of our Porphyry Cu-Au exploration on the Bronson target, where drilling is focused on discovering the source of the gold and copper concentrations previously captured in a historical resource.  The MRE incorporates drilling by previous operators and drilling by Seabridge since it purchased the project in 2016.

Leading the estimation and technical analysis was Wood Canada Limited (“Wood”), supported by Moose Mountain Technical Services (“MMTS”) and Tetra Tech Canada Inc. (“Tetra Tech”).  All of these companies are independent of Seabridge.

The resource estimation integrates 114 diamond drill holes, of which 25 were completed by Seabridge and the balance by previous operators.  Assays from the drilling were subject to probability analysis and outliers were cut by lithological units and composited to 10x10x10 meter blocks.  Based on an analysis of variography the block grades were estimated by multi-pass ordinary kriging.  The kriged block model was constrained within a conceptual open pit and classified by distance to drill hole data.

Bronson Slope Mineral Resource Estimate

Classification NSR Cut-Off ($) Tonne
(000)		 Au (g/t) Cu (%) Ag (g/t) Au oz (million) Cu lbs (million) Ag oz (million)
Inferred 10 517,300 0.33 0.09 2.7 5.4 1,057 45

Notes:

  1. The Qualified Person for the estimate is Mr. Henry Kim, P.Geo. Principal Resource Geologist, Wood Canada Limited. The estimate is reported using the 2014 CIM Definition Standards. The effective date of the Mineral Resource estimate is June 25, 2024.
  2. Mineral Resources stated are contained within a conceptual pit shell developed using metal prices of US$4.00/lb Cu, US$1600/oz Au, US$20/oz Ag, and exchange rate of 0.79 US$ per 1.00 Cdn$, and variable metallurgical recoveries of Cu (35 to 96%), Au (20 to 88%), and Ag (15 to 72%) based on their grades and operating costs of $2.50/t mining and $10/t process and G&A. The assumed average pit slope angle is 45°.
  3. NSR ($/t) = (Cu grade/100) * 2204.62 * Cu recovery * $4.43/lb) + (Au grade * Au recovery * $61.40/g) + (Ag grade * Ag recovery * $0.69/g).
  4. Offsite costs are included in the NSR determination: 96.5% payable Cu, 97.75% payable Au, 90% payable Ag, 1% unit deduction for Cu, total offsite costs (smelting, refining, transport, insurance) of $213/t of concentrate.
  5. A marginal cut-off of NSR $10/t was used for the Mineral Resource. Drill spacing of 175m was used to classify Inferred Mineral Resource category.
  6. Unless noted otherwise, dollars reported herein are Canadian dollars.

Seabridge Chairman and CEO Rudi Fronk commented: “We are pleased to confirm and expand the Bronson Slope resource.  Although it is not a material part of our total resources holdings and is not our primary objective, the Bronson Slope resource could play a valuable role in finding and developing the source porphyry Cu-Au system which we are targeting.  Our team is back on the ground pursuing the understanding provided from building this mineral resource”.

The mineralization in the Bronson Slope resource sits in and around a multiphase quartz-magnetite breccia pipe.  Within the breccia pipe, directly over and on the margins, medium to fine grained pyrite and chalcopyrite are found in veins and fractures with quartz and magnetite.  Further outboard and in the hanging wall sedimentary rocks to the breccia pipe, are intensely altered to quartz-sericite with abundant pyrite and subordinate chalcopyrite and localized sphalerite-galena concentrations.  This pattern of alteration and sulfide mineralization is related to processes generated by an intrusion, and we believe an intrusion in this environment will be a copper and gold-bearing porphyry system.

The contents of this release have been reviewed and accepted by Henry Kim, P.Geo., Principal Resource Geologist, Wood Canada Limited. Data verification by Henry Kim included comparison of the data to the original source documents, review of the QAQC program, and site visit during September 11-15, 2023, that involved inspection and re-logging of existing drill cores which concluded that the data are suitable to support Inferred mineral resource estimates.

Seabridge holds a 100% interest in several North American gold projects. Seabridge’s principal assets, the KSM project, and its Iskut project are located in British Columbia, Canada’s “Golden Triangle”, the Courageous Lake project is in Canada’s Northwest Territories, the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the 3 Aces project set in the Yukon Territory. For a full breakdown of Seabridge’s mineral reserves and mineral resources by category please visit the Company’s website at http://www.seabridgegold.com.

Neither the Toronto Stock Exchange, New York Stock Exchange, nor their Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release.

ON BEHALF OF THE BOARD
“Rudi Fronk”
Chairman and C.E.O.

For further information please contact:
Rudi P. Fronk, Chairman and C.E.O.
Tel: (416) 367-9292   •  Fax: (416) 367-2711
Email:  info@seabridgegold.com

IBF4

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