Seabridge to Begin Drilling a Cluster of Gold-Copper Porphyry Targets at Iskut
Press Release
Toronto, Ontario–(Newsfile Corp. – June 13, 2022) – Seabridge Gold (TSX: SEA) (NYSE: SA) reports today that core drilling will commence shortly at its 100%-owned Iskut project in British Columbia. Work programs will be drill testing gold-copper targets at Bronson Slope and Quartz Rise, while geophysical surveys are underway to evaluate the North Snip target.
In 2020 and 2021, Seabridge undertook drilling and MT geophysical surveys across a large part of the Iskut property. Regional geophysical surveys of the property show a distinct structural feature that connects Quartz Rise, Bronson Slope and Snip North. All the prospective intrusions fall along this regional trend and each surveyed intrusion on this trend has a coherent resistivity anomaly at depth like those recognized at KSM. In addition, the Bronson Slope target contains a measured and indicated resource of 187Mt of 0.36 g/t Au, 0.12% Cu, and drilling at Quartz Rise has encountered gold-copper grades below a clear lithocap.
Seabridge Chairman and CEO Rudi Fronk commented: “We acquired the large land package at Iskut because of its many characteristics similar to our giant KSM project. Our understanding of Iskut has expanded enormously since last fall when important data and observations coalesced into a more complete picture of mineralization on the property.”
“We have identified a regional trend that seems to be a primary control on the distribution of mineralized intrusive centers and this discovery has created considerable excitement in our team. We have lots of experience with a cluster of gold-copper porphyries in the Golden Triangle of similar age and geology at KSM and we are anxious to bring another such district to light.” Front said.
Drill testing is beginning on the Bronson Slope target where a resource was developed by a previous operator. This quartz-chalcopyrite-magnetite resource was deposited as a skarn on the border of the complex and into the adjacent wall rock. MT geophysical surveys have identified a clearly-defined zone of resistive rocks within the intrusive complex that could be the source of the chalcopyrite-magnetite mineralization. Drilling below the chalcopyrite-magnetite mineralized zones and into the intrusions has been very limited, but the best grades in the resource project towards this MT anomaly (see attached illustration).
Work is ongoing on the Snip North target with geophysical surveying, surface sampling and relogging historical drill holes. Later this summer, drilling will continue at Quartz Rise. The geophysical surveying will cover about 8.8 square kilometers and the drill program is planned for 8,000 meters in six to eight holes at these two targets.
Exploration activities by Seabridge at the Iskut Project are being conducted under the supervision of William E. Threlkeld, Registered Professional Geologist, Senior Vice President of the Company 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 is employed in all Seabridge exploration campaigns. This program includes blank, duplicate and reference standards. Cross-check analyses are conducted at a second external laboratory on at least 10% of the drill samples.
Seabridge holds a 100% interest in several North American gold projects. The Company’s principal assets are the KSM and Iskut Projects located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada’s Northwest Territories. 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.
All reserve and resource estimates reported by the Corporation were estimated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards. The U.S. Securities and Exchange Commission (“SEC”) now recognizes estimates of “measured mineral resources,” “indicated mineral resources” and “inferred mineral resources” and uses new definitions of “proven mineral reserves” and “probable mineral reserves” that are substantially similar to the corresponding CIM Definition Standards. However, the CIM Definition Standards differ from the requirements applicable to US domestic issuers. US investors are cautioned not to assume that any “measured mineral resources,” “indicated mineral resources,” or “inferred mineral resources” that the Issuer reports are or will be economically or legally mineable. Further, “inferred mineral resources” are that part of a mineral resource for which quantity and grade are estimated on the basis of limited geologic evidence and sampling. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
Drilling below the chalcopyrite-magnetite mineralized zones and into the intrusions has been very limited, but the best grades in the resource project towards this MT anomaly.
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4600/127416_c1f91b1e2483fab2_001full.jpg
ON BEHALF OF THE BOARD
“Rudi Fronk”
Chairman & 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: [email protected]
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