Seabridge updates Kerr, Iron Cap inferred resources

Seabridge

 

Seabridge Gold (TSX: SEA; NYSE: SA) has updated the resource estimate for the Kerr and Iron Cap deposits at its 100%-owned KSM gold-copper project in northwestern British Columbia. An extra 5.9 million oz. of gold, 3.3 billion pound of copper, 55.4 million oz. of silver and 51 million lb. of molybdenum were added in the inferred category.

The indicated resources increased by 300,000 oz. of gold, 200 million lb. of copper, 3.5 million silver and 2 million lb. of molybdenum.

The estimate used the same metals prices as the 2022 Mitchell and East Mitchell open pit estimates ($1,820/oz. gold, $4.20/lb. copper, $28/oz. silver and $13.5/lb. molybdenum).

The Kerr and Iron Cap deposits will primarily be underground mines with block caving, although there is a portion of the Kerr deposit that can be mined by open pit methods.

The indicated resource at Kerr is 384.2 million tonnes grading 0.22 g/t gold, 0.41% copper, 1.2 g/t silver and 5 ppm molybdenum. The inferred resource is 2.59 billion tonnes at 0.27 g/t gold, 0.35% copper, 1.7 g/t silver and 21 ppm molybdenum.

The Iron Cap deposit contains 471 million indicated tonnes at 0.38 g/t gold, 0.21% copper, 4.3 g/t silver and 39 ppm molybdenum. The inferred portion is 2.31 billion tonnes at 0.41 g/t gold, 0.27% copper, 2.5 g/t silver and 31 ppm molybdenum.

Seabridge chair and CEO Rudi Fronk said the resource restatements reflect gains from a consistent application of metal price parameters. The company is seeking a joint venture partner for KSM, so it believes it makes sense to normalize the estimates across all deposits.

The company further noted that the increased mineral resources compared to the previous estimate would only be mined after the 33 years of mine life based on the open pit reserves. Any future cash flows resulting from these additional mineral resources is not considered material.

In the Mithell, East Mitchell and Sulphurets deposits, the proven and probable reserves are 2.29 billion tonnes grading 0.64 g/t gold, 0.14% copper, 2.2 g/t silver and 76 ppm molybdenum. The contained metal within the reserves is 47.3 million oz. of gold, 7.32 billion lb. of copper, 160 million oz. of silver and 385 million lb. of molybdenum.

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About Stu Turley 4813 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.