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Seabridge Gold Inc
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Close 2020-05-19 C$ 22.63
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Seabridge Gold to begin drilling at Iskut in summer

2020-05-19 10:17 ET - News Release

Mr. Rudi Fronk reports


Seabridge Gold Inc. has decided to proceed with drilling this summer at its Iskut project in British Columbia's Golden Triangle to test for a gold-copper porphyry similar to those Seabridge discovered at its nearby KSM project. Rigorous procedures for the program have been established to minimize the risks associated with COVID-19. Drilling is expected to begin in June.

Three years of work at Quartz Rise, including two small drill campaigns, have isolated a promising source of the lithocap above the old, high-grade Johnny Mountain mine. Further geophysical and geochemical surveys and detailed mapping have been completed and an initial drill program totalling up to 8,000 metres has been designed to test a large intrusive system that is likely responsible for the Quartz Rise lithocap and elevated gold and copper concentrations within a geological environment astonishingly similar to KSM.

This year's drilling will evaluate about 750 metres of strike and 800 metres of vertical projection on coincident magnetic and IP anomalies that are positioned below and west of the well-developed lithocap. The plan is to drill across the IP anomaly and a distinct magnetic feature which encloses a diatreme encountered in previous drilling. The diatreme contained abundant fragments of vein material indicative of the potassic core to a gold-copper porphyry system. At KSM, testing this pattern of magnetic and resistivity anomalies led directly to the discovery of the Deep Kerr zone (cave-constrained inferred resource of 1.9 billion tonnes at 0.31 grams per tonne (g/t) gold (Au) and 0.41 per cent copper (Cu)).

In 2019, the geophysical footprint of this target was expanded to the south and southwest into an area where glacial erosion exposed the system vertically over at least 800 metres, making the target amenable to drilling from surface. Mapping and sampling of this vertical exposure found extensive gold and copper anomalies within favourable thermally altered wall rock. Several intrusions were identified which have been dated to about 187 million years, the same age as the KSM deposits.

Seabridge chairman and chief executive officer Rudi Fronk commented: "We acquired Iskut because we saw clear evidence of a large porphyry system which looked to be similar in age and geology to our KSM project 30 kilometres to the east. We are now working with the Tahltan Nation, B.C. regulators, our suppliers and consulting with competitors to advance our target this season in a manner that will ensure safe operations during the COVID-19 pandemic."

Previous drilling at the Quartz Rise lithocap focused on testing for high-grade epithermal precious metal occurrences associated with the uppermost portion of a porphyry mineral system. Results determined that the Quartz Rise lithocap had been extensively eroded, exposing the upper part of a porphyry system. A hydrothermal breccia (diatreme) discovered in 2018 was found to contain clasts of porphyry-style vein fragments which confirmed an underlying porphyry source for the lithocap. This source is now the primary target at Iskut.

Exploration activities by Seabridge at the Iskut project are being conducted under the supervision of William E. Threlkeld, registered professional geologist, senior vice-president of the company and a qualified person as defined by National Instrument 43-101. Mr. Threlkeld has reviewed and approved this news release. A continuing and rigorous quality control/quality assurance protocol is employed in all Seabridge exploration campaigns. This protocol includes blank and reference standards. Cross-check analyses are conducted at a second external laboratory on at least 10 per cent of the drill samples.

About Seabridge Gold Inc.

Seabridge holds a 100-per-cent interest in several North American gold projects. The company's principal assets are the KSM and Iskut projects located near Stewart, B.C., Canada, and the Courageous Lake gold project located in Canada's Northwest Territories.

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