Chairman and CEO:
President: Jay Layman
Senior Vice President,
Exploration: William Threlkeld
Seabridge Gold Inc. is focused on further advancing its KSM (Kerr-Sulphurets-Mitchell) Project near Stewart, B.C., and its Courageous Lake Project in the Slave Province of Northwest Territories, two of its eight advanced-stage gold projects in North America. At KSM, Seabridge launched its 2013 drilling program in late May, following-up on the high-grade copper-gold zone discovered in 2012 below the Kerr deposit, and drilling other targets established last year. KSM reports one of the world’s largest reserves of gold (38.2 million ounces) and copper (10 billion pounds). The Deep Kerr discovery has the best metal values found to date at KSM, and is favorably located for cost-effective exploitation. This new deposit could significantly improve KSM’s projected economics. Results from the first three holes testing for a high-grade core zone below the Iron Cap deposit at KSM found strong evidence to support the potential for a major discovery. A 200-plus-meter intercept encountered in hole IC-13-49 sits entirely below Iron Cap’s existing reserves and, at 1.22 grams per metric ton gold, 0.45 percent copper, and 4.5 g/t silver, is more than twice Iron Cap’s gold and copper grades. Further drilling on the target was planned for September. Drilling at Deep Kerr to date has generated wide copper-gold intercepts such as 228 meters averaging 0.72 percent copper and 0.96 g/t gold. An extensive exploration program at KSM is expected to run until the beginning of the fourth quarter of 2013, and included a drilling program through September. Seabridge is pursuing approval of its Environmental Assessment Application filed in the first quarter of 2013 and anticipates approval of the application by regulators is in mid-2014. The junior spent C$6.3 million on the KSM project in the second quarter.
At Courageous Lake, Seabridge completed a winter exploration program in the second quarter of 2013, spending C$1.9 million. The program was designed to follow-up on the a discovery made at Walsh Lake in 2012, where a promising high-grade gold occurrence was located some 10 kilometers (six miles) south of the FAT deposit. The Walsh Lake deposit appears to be the southern extension of the historical Tundra Gold Mine, a high-grade gold mine abandoned in 1999. The exploration target stretches 1.5 kilometers (one mile) south from the former mine. The 2012 drill program confirmed a strike length of 850 meters and remains open to the north, up dip and at depth. Seabridge is currently working on reporting on an initial resource estimate for this deposit due to be completed in 2013. Though no exploration occurred at Courageous Lake this summer, the junior incurred costs preparing and finalizing an initial resource estimate in the third quarter.
Seabridge is seeking opportunities to either sell or joint venture one or both of its principal projects. Management has said that a joint venture arrangement with a major mining partner would enable the company to move the projects closer to production.
Cash and short-term deposits: C$29.2 million (June 30, 2013)
Working capital: C$27.6 million (June 30, 2013)
Market capitalization: C$495.2 million (Sept. 30, 2013)
106 Front Street East, Suite 400
Toronto, Ontario M5A 1E1
Tel: (416) 367-9292
Fax: (416) 367-2711