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| October 16, 2014 --- Vol. 08, No. 42 | October 2014
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British Columbia
COPPER/GOLD/SILVER – Seabridge Gold Oct. 16 said results from drilling at the Iron Cap Lower Zone continue to outline a major new gold-copper discovery beneath Iron Cap, one of KSM's four large porphyry deposits. Highlights from eight new holes include: 592.7 meters grading 1.14 grams per metric ton gold, 0.37 percent copper and 3.7 g/t gold in hole IC-15-059; 366.8 meters grading 0.59 g/t gold, 0.17 percent copper and 2.5 g/t silver in IC-15-055; 796.5 meters grading 0.39 g/t gold, 0.22 percent copper and 4.8 g/t silver in IC-14-057; and 362.5 meters grading 0.38 g/t gold, 0.28 percent copper and 6.8 g/t silver in hole IC-14-061. Data from eight new holes and seven previously reported holes are expected to support an initial resource estimate for the Iron Cap Lower Zone scheduled for completion in the first quarter of 2015. Seabridge Chairman and CEO Rudi Fronk said, “We are just beginning to define the size and shape of the Lower Zone at Iron Cap. Thus far, we have traced the deposit along a strike length of about 750 meters but the limits have not been found to the north and at depth. Drill grades are running higher than the average reserve grade for the Iron Cap zone found above. The highest grade areas are in the north, where IC-14-059 intersected a spectacular 592.7 meters averaging 1.14 grams per metric ton gold and 0.37 percent copper.” Since 2012, Seabridge’s exploration focus at KSM has been to look for higher grade core zones beneath the project’s large porphyry deposits. Core zones are typically formed under higher temperature and pressure conditions, resulting in a mineralogical character typically associated with significantly higher metal content. The first core zone discovery was made last year beneath the Kerr porphyry, where drilling defined a large copper-rich deposit called Deep Kerr. A second core zone was discovered this summer below the Iron Cap porphyry. Both Deep Kerr and the Iron Cap Lower Zone have the characteristics typical of core zones, with higher grades than the porphyry deposits above them. Drilling this summer has focused on both of these discoveries with the aim of increasing the existing resource estimate at Deep Kerr and generating an initial resource estimate below Iron Cap. Several other core zone targets are also being drilled. The Iron Cap Lower Zone is a series of related, intermediate-composition intrusions, each with a unique alteration mineral assemblage including potassic, phyllic, and silicic alteration, all of which contain copper, gold and silver. Drill holes that targeted the southwestern and southeastern strike projections of the target zone penetrated numerous intrusive events where variable grade is enhanced in the contact zones between these intrusions. The holes drilled along the northern strike projection encountered more consistent intrusive rock with much less grade variability. Hydrothermal alteration in these holes to the north exhibit vertical continuity over the 1,000 meters tested so far, indicating significant potential at depth, particularly down an apparent north-northwest plunge. Future work at Iron Cap will focus on this orientation to look for more of the higher grade material found in IC-14-059. Drill hole IC-14-61 approaches to within 1,000 meters of the proposed Mitchell-Treaty Twin Tunnel alignment, potentially making the Iron Cap Lower Zone an attractive early development option with lower capital and operating costs than other deposits at KSM which are further from key infrastructure.
COPPER/GOLD – Carmax Mining Corp. Oct. 14 announced assay results for the first two drill holes from the2014 diamond drilling program on its Eaglehead copper-gold-molybdenum-silver project located in northwest British Columbia. Hole DDH0121 intersected 0.23 percent copper, 0.013 percent molybdenum, 0.06 grams per metric ton gold and 0.91g/t silver (0.37 percent copper-equivalent) over a core interval of 521.2 meters that included: 0.21 percent copper, 0.003 percent molybdenum, 0.02 g/t gold and 0.51 g/t silver over a core interval of 278.1 meters from a depth of 29.87 meters; and 0.27 percent copper, 0.025 percent molybdenum, 0.09 g/t gold and 1.36 g/t silver over a core interval of 243.1 meters that extends from a depth of 308 meters to the end of the hole at 551.1 meters. DDH122 cut 116 meters grading 0.28 percent copper, 0.016 percent molybdenum, 0.14 g/t gold and 1.52 g/t silver (0.43 percent copper-equivalent) from a depth of 141 meters. Carmax said DDH121 and DDH 122 exhibit two distinct styles of mineralization being; copper-silver+/-gold-molybdenum in the upper portions of the holes and copper-molybdenum-gold-silver in the lower portions of the holes suggesting that several phases of mineralization may be present at Eaglehead. Carmax President Jevin Werbes said, “The results for these holes are a significant development in understanding the potential and size of the Eaglehead property. The thickness and styles of mineralization in these holes support the porphyry model and demonstrate that the mineralization is open at depth. Most importantly is the significant molybdenum and gold content in both drill holes at depth. The results of the 2014 drilling has extended the zones of mineralization and has returned higher average grades than those currently reported for the Eaglehead property.” Assay results for the last two diamond drill holes from the 2014 drilling program are expected to be received before the end of October.
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