BRITISH COLUMBIA – Torontos SEABRIDGE GOLD says there may be as much as 13.1 million oz of gold plus 2.23 billion lb of copper in the Mitchell porphyry at its Kerr-Sulphurets project near Stewart. The latest NI 43-101 report puts inferred resources at 564 million t grading 0.72 g/t Au and 0.18% Cu.
Seabridge president and CEO Rudi Fronk said, It now appears that Seabridge wholly owns two major North American gold deposits, Courageous Lake and Mitchell. This years programs will focus on advancing both by updating the preliminary assessment at Courageous Lake and continuing to drill at Mitchell to expand and upgrade the resource, as well as conducting metallurgical studies to determine expected metal recoveries. We could not be more encouraged by our prospects for value creation in 2007.
The Mitchell deposit is situated at the base of the Mitchell Glacier within an erosional window through the major fault complex that crosses the property. The volcanic rocks exposed in the erosional window are affected by intense phyllic alteration that diminishes to the west. This conspicuous alteration is characterized by abundant sericite, 5-20% pyrite, and quartz stockwork veins that locally exceed 80% of the rock mass. Gold and copper are associated with fine-grained sulphide minerals dominated by chalcopyrite, disseminated in the rock and stockwork veins. Gold and copper grades in the drill results are remarkably consistent down-hole, along- and across-strike, according to Seabridge.
Details of the Kerr-Sulphurets project can be viewed at www.SeabridgeGold.net.