Trading Symbols: TSX: SEA NYSE: SA
TORONTO, April 9, 2014 /PRNewswire/ - Seabridge Gold reported today that this year's 19,000 meter core drill program at its 100%-owned KSM Project in Northwestern British Columbia, Canada, will focus on expanding last year's Deep Kerr core zone discovery and following up on the strong evidence supporting a potential second core zone discovery at Iron Cap.
The highly successful 2013 program at KSM concentrated on finding an expected higher grade core zone beneath the Kerr deposit. This program resulted in the discovery of Deep Kerr and culminated in an initial inferred resource estimate at Deep Kerr totaling 515 million tonnes grading 0.53% copper and 0.36 g/T gold--the highest combined metal values found to date at KSM (see news release of February 18, 2014). Last year's program also found more evidence of a possible second higher grade core zone beneath the Iron Cap deposit.
The KSM Project is a mining district hosting multiple deposits containing one of the largest undeveloped gold and copper reserves in the world. Its composite intrusive complex hosts four known, large gold-copper porphyry deposits with demonstrated vertical continuity down to near-magmatic bornite-bearing core zones and upward through voluminous mineralized stock works into near surface epithermal vein deposits. This vertical zonation is typical of many of the world's largest mining districts. In 2012, Seabridge concluded that the entire sequence of zones likely existed intact on its claims, leading to a concentrated search for core zones below the known porphyry deposits. Core zones typically represent deposits formed under higher temperature and pressure conditions, resulting in a mineralogical character usually associated with significantly higher metal content.Chairman and CEO Rudi Fronk commented that "our team is very excited about the potential for this year's program. The Deep Kerr core zone discovery in 2013 confirmed our thinking about KSM—that movement along the various faults has not been enough to displace the core zones beyond our reach. Our success at Deep Kerr has also taught us how to look for more of these zones. Our first priority remains Deep Kerr, where we believe there is much more to come. We are confident that we can significantly increase the size of the Deep Kerr resource while also potentially improving its average grade. We also think we can find more core zones and that is our second priority for this year's program." Fronk noted that Iron Cap is especially well located for a second core zone discovery; it is the closest deposit to proposed infrastructure and mine plans already assume that it will be exploited from underground using block cave methods. "We think that, at Iron Cap, we may right now be where we were last year at this time with Deep Kerr. The last holes drilled at Iron Cap in 2013 generated well-mineralized intercepts up to 850 meters long as well as some exceptional grades directly below existing resources including 51 meters containing 1.38 grams of gold per tonne and more than half a percent of copper. We appear to be closing in on a significant discovery that may be more gold rich than Deep Kerr."