Canadian Mining Journal


GOLD-COPPER: Seabridge raises $19.7M for KSM exploration

The KSM camp in the Sulphurets Valley. (Image: Seabridge Gold)

BRITISH COLUMBIA – Toronto-based Seabridge Gold has raised $19.7 million for exploration this year at its KSM gold-copper project 65 km northwest of Stewart.

The company issued a total of 1.15 million flow-through shares (including the over-allotment) at a price of $17.16 each. The price represented a 27.1% premium to the TSX share closing price on April 10, 2018, when the private placement was announced.

Seabridge chairman and CEO Rudi Fronk said, “This year’s exploration program at KSM will follow up on the tremendous success we achieved last year at KSM’s Iron Cap deposit where inferred gold resources increased by 302% to 20 million oz. and inferred copper resources increased by 379% to 8.6 billion lb. As in previous years, we are confident that this year’s program should add sufficient resource ounces of gold to more than offset the share issuances from this financing.”

The KSM project counts reserves and resources in four zones – Mitchell, Iron Cap, Sulphurets, and Kerr. The proven and probable reserves total 2.2 billion tonnes averaging 0.55 g/t gold (containing 38.8 million oz.), 0.21% copper (10.2 billion lb.), 2.6 g/t silver (183 million oz.), and 42.6 ppm molybdenum (207 million lb.).

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