Seabridge Gold



The KSM Project is one of the largest undeveloped gold projects in the world measured by reserves. An updated Preliminary Feasibility Study (PFS) estimates proven and probable reserves total 38.8 million ounces of gold and 10.2 billion pounds of copper (see table). 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. For more information, see this fact sheet.

Current Programs:

Exploration continues to produce major improvements in the economic and environmental parameters of KSM. From 2013 to 2016, Seabridge successfully targeted higher grade zones beneath KSM's near surface porphyry deposits, resulting in the discovery of Deep Kerr (2013) and the Iron Cap Lower Zone (2014). These discoveries led to sizeable resource expansions of higher grade material configured for low cost block cave underground mining. This mining technique substantially reduces the project footprint and waste generation.

Based on these exploration successes, we announced an updated Preliminary Feasibility Study on September 19, 2016 (see news release). This PFS did not include the higher grade Deep Kerr and Iron Cap Lower Zone deposits because their resources are inferred only. These deposits were integrated into a new PEA study of KSM released on October 6, 2016 (see news release). This study confirmed significant further gains for KSM including estimated Base Case Life of Mine Operating Costs (net of Cu and Ag credits) of negative US$179 per ounce of gold produced. Total Cost (including all capital, operating and closure costs and net of credits) was estimated at US$358 per ounce of gold produced. The new design also results in a much smaller footprint; 2.4 billion tonnes (or 81%) less waste rock is generated compared to the 2016 PFS.

Exploration this year is expected to generate further gains. In 2016, the last exploration hole drilled (IC-16-62) made two important discoveries at the Iron Cap deposit: the down plunge extension of Iron Cap’s higher grade core zone where a 556 meter intercept averaged 0.83g/T Au and 0.24 % Cu; and a new distinctly separate mineralized zone near surface which returned a 61 meter interval averaging 1.2 g/T gold and 0.95% copper.

In 2017, we will drill additional holes at Iron Cap designed to (i) fill-in and expand the down dip extension of the core zone found in hole IC-16-62, and (ii) obtain additional pierce points into the exciting new discovery made at the top of IC-16-62 to determine if it could be KSM’s fifth major deposit. We expect to add significant new gold and copper resources at grades above our reserves. KSM is already the world’s largest undeveloped gold deposit measured by reserves but we believe its full potential is still to be determined.



The Iskut Project was obtained with the closing of Seabridge’s acquisition of SnipGold Corp. in June, 2016. The property is located in northwestern British Columbia, about 110 km northwest of Stewart, BC and 30 km by air from Seabridge’s KSM Project. The Iskut property consists of a contiguous block of 100 BC Mineral Claims, 2 Mineral Leases and 13 Crown Grants covering 29,436 hectares (294 km2) situated in the Liard Mining Division.

The property includes the former high grade gold Johnny Mountain Mine and the copper-gold Bronson Slope deposit. Seabridge is reviewing past resource estimates for Iskut to determine what can be reported.

Current Programs:

Seabridge completed its first exploration program at Iskut in 2016. The multi-pronged program achieved its primary objective: identifying a prospective new porphyry copper-gold system with a potentially intact epithermal precious metals zone at its top, for drill testing in 2017.

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. A lithocap is a clay-silica-rich alteration feature which is a product of hydrothermal fluids escaping at the top of a porphyry mineralizing system. Typically, these features act as a cover obscuring structurally-controlled epithermal gold and silver systems that evolve from intrusive-related porphyry systems.

The Quartz Rise target has the right high temperature crystalline clay-silica alteration for a lithocap and a coincident magnetotelluric anomaly with the appropriate signature. Historical data from magnetic surveys support the lithocap hypothesis and iron mineral ratio analysis used successfully in the industry to identify productive lithocaps is also positive. Finally, and perhaps most importantly, the surface of the lithocap contains visible gold. Collectively, these data point to a large and compelling target for the potential discovery of an intermediate-sulfidation epithermal precious metals system overlying porphyry copper-gold mineralization.

Seabridge completed a limited amount of drilling in 2016 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. Drilling confirmed the key structures that control mineralization and the likely elevation where higher grades can be expected.

The old mine is found at the bottom of the slope and the high grade gold mineralization does not continue to depth. The Johnny Mountain mine is on the edge of a larger system and lies near the bottom of the productive gold-bearing zone which was largely eroded away by glaciation. The nearby, higher elevation Quartz Rise resisted glaciation and remains largely intact in part due to its higher silica content. The upper parts of a porphyry system with higher grades of precious minerals may lie intact above the Johnny Mountain mine and under the lithocap on Quartz Rise. This target will be drill tested this summer. (See image below)