BRITISH COLUMBIA – Seabridge Gold of Toronto has money in hand for this year’s exploration program at the KSM gold-copper project 65 km northwest of Stewart. Including the overallotment, about 1.6 million flow-through shares were sold at $10.17 each, for gross proceeds of $16.4 million.
The KSM deposits contain proven and probable reserves of 2.16 billion tonnes grading 0.55 g/t Au, 0.21% Cu plus silver and molybdenum. Reserves alone are estimated to contain 38.2 million oz of gold and 9.89 billion lb of copper.
Last year’s drilling at the Deep Kerr and Cap Lower zone was very successful by adding significantly to the inferred resource – 5.4 million oz of gold and 4.2 billion lb of copper in 431 million tonnes grading 0.40 g/t Au and 0.45% Cu. Drilling is now targeting these discoveries with confidence that the resources can be upgraded.
For details of the KSM mineral reserves and mineral resources click here.