Seabridge Gold Inc. (TSX: SEA | NYSE: SA) has updated its mineral resource estimates for the Iron Cap and Kerr deposits at its 100%-owned KSM Project in British Columbia, Canada.
The inferred mineral resources have increased by 5.9Moz of gold, 3.3Blbs of copper, 55.4Moz of silver, and 51Mlbs of molybdenum. The indicated mineral resources have increased by 300Koz of Gold, 200Mlbs of copper, 3.5Moz of silver, and 2Mlbs of molybdenum.
The underground block cave constraining shapes for Kerr and Iron Cap have been updated using the same metal prices used in the 2022 Mitchell and East Mitchell open pit constraining shapes, which were US$1,820/oz Au, US$4.20/lb Cu, US$28/oz Ag, and US$ 13.5/lb Mo at a currency exchange rate of US$0.83 per C$1.00.
The updated mineral resource estimates within the underground block cave constraining shapes for Kerr and Iron Cap have a mining grade shut-off applied which is appropriate for the assumed block cave mining method. This is consistent with the unselective block cave mining method used in the 2022 PEA and is different from previous mineral resource statements at Kerr and Iron Cap which applied a grade cut-off.
Resource models supporting the updated mineral resource estimates have not changed and they are the same models used in the previous resource statement as reported in the KSM preliminary feasibility study and preliminary economic assessment, NI 43-101 Technical Report, with an effective date of 08 August 2022.
Seabridge Chairman and CEO Rudi Fronk said the resource restatements reflect gains from a consistent application of metal price parameters. He commented, “As we move towards a joint venture on KSM, it makes sense to normalize our resource estimates across all of KSM’s deposits.”
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