Seabridge Gold (NYSE:SA) Identifies Another Large Target in the Region
Canada’s Seabridge Gold (TSX:SEA) (NYSE:SA), the company behind the huge KSM project in northern British Columbia, considered the world’s largest undeveloped Gold-Copper project by reserves, has just identified a large, untested target at another of its ventures in the region.
Exploration at Seabridge Gold’s 100%-owned Iskut project, which shares geological similarities with KSM, has revealed a large, untested area.
The company said Wednesday that exploration at its 100%-owned Iskut project, which shares geological similarities with KSM, has achieved its primary objective, that being identifying a prospective new porphyry Copper-Gold system.
The untested target, known as Quartz Rise, has all the hallmarks of a porphyry lithocap, a geological feature found at the top of major porphyry systems throughout the world, the company said.
The Toronto-based miner noted it expected to begin drill testing next year, adding that the samples it has already taken in the area contain visible Gold.
Seabridge completed a limited amount of drilling this summer at the old high grade Johnny Mountain Gold mine to test detailed ore control concepts on a known deposit while proceeding with the comprehensive program.
The company began drilling it Iskut in August said that one of the most attractive opportunities at the project is the so-called “Snip-Bronson” trend, which lies within 75 to 100 metres of underground development at the past-producing Snip Gold mine, now owned by fellow Canadian Barrick Gold (TSX, NYSE: ABX), the world’s largest producer of the precious Yellow metal.
Seabridge is worth just shy of $600-M on the New York Stock Exchange, up 35% in value YTD.
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