Seabridge Gold Reports Final Results from Highly Significant Deep Kerr Discovery
23 OF 25 COMPLETED DRILL HOLES ENCOUNTER SUBSTANTIAL WIDTHS GRADING AT LEAST 0.5% COPPER
Tuesday, 12th November 2013
Toronto, Canada… Seabridge Gold today announced the final results from an extraordinary exploration drilling season on the recently-discovered Deep Kerr core zone at its 100%-owned KSM Project in north western British Columbia, Canada. A core zone discovery at Deep Kerr was the primary objective of this year’s exploration program and results far exceeded expectations. A total of 23,802 meters were drilled on the Deep Kerr target between June and October of this year. Results are being integrated into a Deep Kerr geological model for a resource estimation expected in January 2014.
During the 2013 program, 29 diamond drill holes were attempted, 25 holes were completed through the Deep Kerr target, two were lost due to significant hole deviation (K-13-27 and K-13-33) and two were terminated due to weather and are available for re-entry in the future ( K-13-25D and K-13-28C). Of the 25 holes completed, 23 encountered significant gold and copper grades over extensive widths. The weighted average of the drill intercepts from the Deep Kerr zone yields a grade of 0.46 g/T gold and 0.71% copper over a width of 220 meters. These results represent a substantial increase in copper grades over previous drilling at KSM and are expected to generate a resource which significantly exceeds the average grade at KSM. However, until the estimation work is completed by an independent Qualified Person, there can be no assurance that Deep Kerr’s drill results will support a planned NI 43-101-compliant resource estimate or what the grade of such a resource is likely to be.
Significance of Deep Kerr
Seabridge believes that the Deep Kerr discovery dramatically changes the economic profile of KSM. A year ago, KSM was an attractive large-scale gold project with a robust copper credit. With the addition of Deep Kerr, we believe KSM is now equally a top-tier copper project with grades that potentially invite comparison with the world’s largest and most profitable operating copper-gold mines such as Grasberg (Freeport McMoran), Batu Hijau (Newmont) and Bingham Canyon (Rio Tinto). In its “Porphyry Copper Deposits of the World: Database and Grade and Tonnage Models, 2008″, the U.S. Geological Survey records the resource grades of these world-class projects as follows:
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