Seabridge Initiating $1.35 Million Exploration Program to Define Drill Targets for Snowstorm Gold Project in Northern Nevada
June 12 2018 - 8:00AM
Seabridge Gold Inc (TSX:SEA) (NYSE:SA) announced
today that it expects to define drill targets by year end on its
100%-owned Snowstorm Project in Northern Nevada. The 31 square mile
Snowstorm Project, purchased by Seabridge in June 2017, sits at the
projected intersection of three of Northern Nevada’s most prolific
gold belts: the Carlin Trend, the Getchell Trend and the Northern
Nevada Rift Zone.
Seabridge Senior Vice President Bill Threlkeld
explained: “This is a very targeted program. We know what we are
looking for and we know the tools that are most likely to help us
in our search. Snowstorm is contiguous, and on strike, with large,
successful producing mines including Getchell/Turquoise Ridge, Twin
Creeks and Midas. The environments that host these gold deposits
extend onto our ground but the targets are hidden under Tertiary
volcanic cover. Our task is to ‘see’ through this cover using newly
developed techniques and established tools that have worked for our
neighbors.”
The Snowstorm acquisition included an extensive
package of data generated by previous operators including: more
than 12,000 surface geochemistry samples; nearly 466,000 ground
magnetic survey readings; detailed gravity readings at 4,180 sites
across the property; and 33,245 meters of core drilling as well as
17,385 meters of reverse circulation drilling. “This data is being
re-analyzed and re-interpreted within an up-to-date framework that
accounts for the deposits in Northern Nevada, which has given us a
running start on the project,” said Threlkeld.
Initial work is focusing on possible extensions
of the Getchell Trend in the Osgood Mountains on the western side
of the Snowstorm property. This target area has the aeromagnetic
signature of the buried northeastern extension of the Osgood
Mountain Range. Historical core containing carbonate Paleozoic
stratigraphy, which is host to gold deposits in the Osgood
Mountains, has been reviewed and is now being processed to
characterize the clay component in the rock using short wave
infrared technology. A key indicator of gold in the Getchell
district is a specific alteration clay product associated with
metal-bearing hydrothermal fluids. In conjunction with this work,
additional geochemical samples are being taken from the
stratigraphic section. These resulting data should help to
establish the location and extent of hydrothermal fluids that have
interacted with the favorable carbonate stratigraphy.
A magnetotelluric survey (CSAMT) has been
contracted, commencing in July, also covering the western part of
the property where drill holes have penetrated the carbonate host
stratigraphy. CSAMT has locally been successful at identifying
structures that cross the Paleozoic host stratigraphy below the
volcanic cover. This year’s program will also include carbonate
basin analysis and depositional modeling to provide an
understanding of metal traps and additional gravity surveys to map
the sub-surface geology and high-density alteration
(dolomitization).
Seabridge Chairman and CEO Rudi Fronk said:
“Peak gold is the new reality in the gold business with reserves
now being mined much faster than they are being replaced. Our
industry is hungry for large discoveries and our exploration team’s
success in finding gold resources over the past 15 years has been
second to none. Although it has its challenges, Snowstorm is
uniquely qualified to host a discovery that adds significant value
for our shareholders, which is why we took it on,” said Fronk.
“We are excited by the potential at Snowstorm.
To have this much land in such a prospective location with this
much data is a rare opportunity. Our initial focus on
Getchell-style targets reflects the great value of these deposits
which historically tend to be higher grade. Refining the most
prospective stratigraphy with the best structural information
should generate several drillable targets later this year. Although
we are anxious to begin drilling, this background work needs to be
completed first to give us the best chance of early success,” Fronk
continued.
The Snowstorm property originally purchased by
Seabridge included 700 mining claims and 5,800 acres of fee lands
assembled in a private company over a 15 year period and explored
over a 10 year period. Seabridge has staked an additional 277
claims totaling 5,540 acres that are contiguous to the purchased
claims.
Exploration activities by Seabridge at the
Snowstorm Project are being conducted under the supervision of
William E. Threlkeld, Registered Professional Geologist, Senior
Vice President of the Company and a Qualified Person as defined by
National Instrument 43-101. Mr. Threlkeld has reviewed and approved
this news release.
Seabridge Gold holds a 100% interest in several
North American gold resource projects. The Company’s principal
assets are the KSM and Iskut projects located in British Columbia,
Canada and the Courageous Lake gold project located in Canada’s
Northwest Territories. For a breakdown of Seabridge’s mineral
reserves and resources by project and category please visit the
Company’s website at
http://www.seabridgegold.net/resources.php.
Neither the Toronto Stock Exchange, New
York Stock Exchange, nor their Regulation Services Providers
accepts responsibility for the adequacy or accuracy of this
release.
All reserve and resource estimates
reported by the Corporation were calculated in accordance with the
Canadian National Instrument 43-101 and the Canadian Institute of
Mining and Metallurgy Classification system. These standards differ
significantly from the requirements of the U.S. Securities and
Exchange Commission. Mineral resources which are not mineral
reserves do not have demonstrated economic viability.
This news release includes certain
forward-looking statements or information. All statements other
than statements of historical fact included in this release,
including, without limitation, statements regarding: (i) the
definition of drill targets and timing thereof; (ii) the
characterization of the clay component of the carbonate Paleozoic
stratigraphy helping to establish the location and extent of
hydrothermal fluids that have interacted with the favorable
carbonate stratigraphy; and (iii) the Snowstorm Project being
uniquely qualified to host a discovery that adds significant value
for the Company’s shareholders, are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Company's plans or expectations
include regulatory issues, unexpected geology at the Project,
availability of capital and financing, general economic, market or
business conditions, timeliness of government or regulatory
approvals and other risks detailed herein and from time to time in
the filings made by the Company with securities regulators. The
Company disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new
information, future events or otherwise except as otherwise
required by applicable securities legislation.
ON BEHALF OF THE
BOARD"Rudi Fronk" Chairman & C.E.O.
For further information, please contact:
Rudi P. Fronk, Chairman and C.E.O.Tel: (416)
367-9292 · Fax: (416) 367-2711Email:
info@seabridgegold.net
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