Seabridge Gold tables updated resource estimates for B.C. project
Seabridge Gold Inc. [SEA-TSX, SA-NYSE] has announced an updated mineral resource estimates for its KSM project in northwestern British Columbia. Seabridge Chair and CEO Rudi Frank said the resource restatements reflect the gains from the application of updated metal price parameters and operating costs. “As we move forward towards a joint venture on KSM, our resource estimates’ price assumptions are now consistent with most Tier 1 mining company disclosure,’’ he said in a press release.
The mineral resource model has not changed, only the assumed metal prices and costs used to constrain the mineral resources and to calculate the cut-off grade.
The company said measured and indicated mineral resources have increased by 6.8 million ounces of gold, 1.5 billion pounds of copper, 42.7 million ounces of silver and 93 million pounds of molybdenum compared to the last resource estimate update in January 2024.
Measured and indicated resources now stand at 95.5 million ounces of gold, 21.1 billion pounds of copper, 459.9 million ounces of silver and 837 million pounds of molybdenum.
The company also said inferred resources have increased by 12.9 million ounces of gold, 4.2 billion pounds of copper, 108.8 million ounces of silver and 140 million pounds of molybdenum compared to the previous 2024 update.
Total inferred resources now stand at 84.4 million ounces of gold, 42.7 billion pounds of copper, 570 million ounces of silver and 606 million pounds of molybdenum.
Seabridge shares advanced on the news, rising 5.7% or $2.05 to $37.84. The shares currently trade in a 52-week range of $54.29 and $13.44.
Seabridge Gold holds a 100% interest in several North American gold resource projects. The company’s principal assets are the KSM and Iskut properties near Stewart, B.C., and the Courageous Lake gold project in the Northwest Territories. KSM is one of the world’s largest undeveloped gold projects as measured by reserves. It is estimated to contain 47.3 million ounces of gold and 7.3 billion pounds of coper in proven and probable reserves.
The company is also working to explore the 3 Aces gold project in Canadian Yukon, an asset it acquired two years ago from Golden Predator Mining Corp., Golden Predator continues to hold a royalty stake in the project.
Seabridge has said it believes that the 3 Aces target is consistent with some of the biggest and richest gold deposits in the world, including the California mother lode belt, Juneau gold best and Muruntau in Uzbekistan and Obuasi in Ghana.
The latest estimates for KSM are based on US$2,000 an ounce gold, US4.00 a pound for copper, US$25 an ounce for silver and US$22 a pound for molybdenum.
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