NORTHWEST TERRITORIES – Gold resources are up 14% at the Courageous Lake project 240 km northeast of Yellowknife. Using a cutoff of 0.83 g/t Au, sole-owner SEABRIDGE GOLD of Toronto has released the latest resource estimate, which indicates there may be as much as 10M oz of gold in the deposit.
By category the numbers look like this:
measured: 6.2 million t at 2.92 g/t or 591,000 contained oz;
indicated: 53.0 million t at 2.14 g/t or 3.65 million contained oz; and
inferred: 93.7 million t at 1.98 g/t or 5.97 million contained oz.
The new resource model constructed for the Courageous Lake deposit now incorporates data from a total of 488 holes drilled by Seabridge, Noranda and Placer Dome totalling 131,338 m. Approximately two-thirds of the total drilled (86,810 m) was assayed for gold by the three companies. Gold mineralization within the Courageous Lake deposit is hosted in the upper part of an assemblage of Archean-age felsic pyroclastic rocks, just below a transition zone to volcanoclastic and sedimentary rocks.
In April 2006, Seabridge released a preliminary economic assessment that indicated a capital investment of US$630 million would be needed to put an open pit into production at Courageous Lake. The same study put total per-ounce production costs at US$279.46. Details are available at www.SeabridgeGold.net.