Seabridge Gold Inc. [SEA-TSX; SA-NYSE] reports that its drill program at the 100%-owned Snowstorm Project has achieved its key objective: to find a gold-bearing system hosted within similar rocks and structural setting as the Turquoise Ridge mine.
Snowstorm is located northeast of Winnemucca 15 km north of Turquoise Ridge on an extension of the prolific Getchell Trend in northern Nevada. Although the gold grades to date are very low, Seabridge’s exploration team is increasingly confident that these new drill results can be used to vector towards higher grades.
A total of 4,495 metres of exploration drilling have been completed at Snowstorm since the most recent program began in mid-September 2020.
Rudi Fronk, Seabridge Chairman and CEO, noted, “When we acquired Snowstorm, we knew it would require a multi-year exploration program. The first drill program in 2019 met its objective as we were able to confirm the structural setting and rocks similar to those that host the Turquoise Ridge deposit. The aim of the second recently completed program was to find gold and pathfinder elements such as arsenic within the type of structures identified as “old-bearing at Turquoise Ridge. This objective was also accomplished.”
“We are excited to find that a gold-bearing mineral system is preserved at Snowstorm. We are now evaluating how to use these promising results to find possible concentrations of gold similar to other Getchell occurrences,” said Fronk A new drill program is scheduled to begin in July 2021.
Results from the four completed drill holes provided positive outcomes in Seabridge’s search for gold-bearing fluid pathways. At the projected target of the low angle MT anomaly, two of the holes encountered intensely altered intermediate intrusive rocks. These intrusive rocks and wall rocks footwall to the intrusions are sheared and contain abundant silica introduction. Associated with the sheared and altered zones are gold, arsenic and silver concentrations, one to two orders of magnitude above background intensities. Shearing and alteration in these rocks indicates that this target represents a thrust fault within the Paleozoic stratigraphy which provided a pathway for gold-bearing fluids. Some assays are still pending.
In mid-day April 6 trading, shares of Seabridge Gold gained $0.88 to $21.63 on a volume of 42,800 shares traded.