Seabridge Gold



The KSM Project is one of the largest undeveloped gold projects in the world. Proven and probable reserves total 38.2 million ounces of gold and 9.9 billion pounds of copper (see table). For more information, see this fact sheet.

Current Programs:

The KSM Project has completed a joint harmonized environmental assessment review as outlined by the British Columbia Environmental Assessment Act and the Canadian Environmental Assessment Act. In July, 2014 the project received its Environmental Assessment Certificate from the provincial authorities. Final federal approval was received in December, 2014. Work is progressing quickly on obtaining the specific permits required for construction. Seabridge has obtained a License of Occupation for the Mitchell Treaty Tunnel and permits covering approximately the first two and half years of construction activity. Work is progressing on obtaining the remaining permits required to initiate mining operations.

Exploration continues at KSM. In 2013, Seabridge found a new deposit, the Deep Kerr, which has the highest metal values discovered at KSM to date. An initial resource estimate for Deep Kerr released in early 2014 confirmed an inferred resource of 515 million tonnes grading 0.53% copper and 0.36 g/T gold (6.1 billion pounds of copper and 5.9 million ounces of gold). The deposit is ideally situated for cost-effective underground mining and the size and grade compare favourably with the world's best producing copper/gold mines (see news release). A new exploration program began in June, 2014 designed to expand Deep Kerr and search for additional higher grade deposits. In September, 2014 discovery of another higher grade deposit beneath the Iron Cap deposit was announced (see news release). In total, exploration in 2013 and 2014 added nearly one billion tonnes of better grade resources at KSM.

A new drill program commenced in May, 2015. The main targets were a possible higher grade core zone beneath Mitchell, KSM's largest deposit, and an expansion of the block cave shapes that would be mined from underground at Deep Kerr. Initial drill results appear to have found significant extensions of both the Mitchell and Deep Kerr deposits (see Mitchell news release and Deep Kerr news release). Seabridge has commissioned independent, updated resource estimates for both deposits for completion in Q1, 2016. Key parameters of the 2012 Preliminary Feasibility Study are also being updated for completion in mid-2016.


Courageous Lake

The project's first Preliminary Feasibility Study was released in July 2012 which estimated proven and probable reserves of 6.5 million ounces of gold, an average annual production of 385,000 ounces at a cash operating cost of $780 per ounce and a mine life of 15 years (see news release of July 24, 2012)

Current Program:

The current focus of work at Courageous Lake is to improve its economics by adding higher grade resources and extending mine life. A high-grade gold discovery was made at Walsh Lake in 2012 and subsequent drilling in 2013 increased its size and confirmed its continuity (see news release of May 13, 2013). An initial resource estimate for Walsh Lake was announced in March, 2014 – 4.62 million tonnes of inferred resources grading 3.24 g/T for a total of 482,000 ounces of gold (see news release of March 11, 2014). Metallurgical testing has confirmed excellent recoveries from Walsh Lake material. The 52 km long greenstone belt Seabridge owns has many known gold showings. In 2014, Seabridge used its mapping, sampling and geophysical data as well as historical drill results to refine the search for additional satellite deposits like Walsh Lake. Several promising targets were identified. Seabridge is also proceeding with environmental and engineering programs to advance the project towards permitting and enhance its design.