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Seabridge updates Kerr, Iron Cap inferred resources

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Seabridge Gold Announces Updates to Kerr and Iron Cap Inferred Resources

Seabridge Gold Announces Resource Updates

Seabridge Gold, a leading resource exploration and development company, has recently announced updated inferred resources for its Kerr and Iron Cap deposits. The company’s estimate draws on the same metals prices as the 2022 Mitchell and East Mitchell open pit estimates, with gold at $1,820 per ounce, copper at $4.20 per pound, silver at $28 per ounce, and molybdenum at $13.5 per pound.

Underground Mining and Open Pit Methods

The Kerr and Iron Cap deposits are planned to be primarily operated through underground mining with block caving. However, it is noteworthy that a section of the Kerr deposit is amenable to open pit methods.

Resource Estimations

According to the updated estimates, the indicated resource at Kerr is 384.2 million tonnes grading 0.22 g/t gold, 0.41% copper, 1.2 g/t silver, and 5 ppm molybdenum. On the other hand, the inferred resource is estimated at 2.59 billion tonnes at 0.27 g/t gold, 0.35% copper, 1.7 g/t silver, and 21 ppm molybdenum.

As for the Iron Cap deposit, it contains 471 million indicated tonnes at 0.38 g/t gold, 0.21% copper, 4.3 g/t silver, and 39 ppm molybdenum. The inferred portion is estimated to be 2.31 billion tonnes at 0.41 g/t gold, 0.27% copper, 2.5 g/t silver, and 31 ppm molybdenum.

Perspective from Seabridge Chair and CEO

Rudi Fronk, the Chair and CEO of Seabridge Gold, emphasized that the resource restatements reflect gains achieved through a consistent application of metal price parameters. The company, actively seeking a joint venture partner for KSM, believes in the normalization of estimates across all deposits.

Fronk added that the increased mineral resources in comparison to the previous estimate would only be mined after the 33 years of mine life based on the open pit reserves. Any future cash flows resulting from these additional mineral resources are not considered material at this time.

Other Deposits and Reserves

In addition to Kerr and Iron Cap, Seabridge Gold also provided information about its Mitchell, East Mitchell, and Sulphurets deposits. The company reported that the proven and probable reserves at these sites are 2.29 billion tonnes grading 0.64 g/t gold, 0.14% copper, 2.2 g/t silver, and 76 ppm molybdenum. The contained metal within the reserves is 47.3 million ounces of gold, 7.32 billion pounds of copper, 160 million ounces of silver, and 385 million pounds of molybdenum.

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