BRITISH COLUMBIA – Seabridge Gold has closed a $16.8 million bought deal financing with which to advance work at its KSM copper-gold project 65 km northwest of Stewart. The offering consists of 1.5 million flow-through shares at a price of $11.17 per share.
The company has had great success this year defining the newly discovered Deep Kerr zone. A total of 23,802 metres were drilled at the Deep Kerr target between June and October this year. Twenty-three of the holes encountered significant mineralization and had a weighted average of 0.46 g/t Au and 0.71% Cu over a width of 220 metres. A 43-101-compliant resource estimate is expected early next year.
Seabridge chairman and CEO Rudi Fronk noted that the company's management team believes the Deep Kerr core zone has the potential to fundamentally transform Seabridge.
"This is a rare opportunity to define what we think could be one of the world's most productive new mining districts. The final holes drilled this year confirm that the Deep Kerr zone widens substantially to the north while both copper and gold grades also improve significantly from an already high level. In our view, the best is yet to come and this funding ensures that we are able to proceed aggressively," he said.
Details of Seabridge's success at KSM are available at SeabridgeGold.net.