NORTHWEST TERRITORIES – Measured and indicated resources are up significantly, average grade is improved, and the size of the Courageous Lake gold deposit is increased says 100%-owner Seabridge Gold of Toronto. The project is located 240 km northeast of Yellowknife.
The latest independent 43-101 report put measured and indicated resources at 90.2 million tonnes grading 2.43 g/t Au or nearly 6.8 million oz of gold. The inferred resource is 63.1 million tonnes at 2.24 g/t or more than 4.5 million oz. A cutoff grade of 0.83 g/t Au was used.
Compared to the 2007 resource estimate, measured and indicated resources have grown 60% and grade is up 5%. Similarly, the inferred resource is larger and the grade 13% higher than the 2007report.
A new preliminary economic assessment is due in April 2011, and will reflect the current high price of gold. The PEA done in 2008 used a gold price of US$690.
Details of the Courageous Lake program are included in the corporate presentation at www.SeabridgeGold.net.