Seabridge Gold’s Iskut Drill Program expands its Bronson deposit and identifies its source

Drilling Finds Large Mineralized Breccia Pipe. It is expected to have a new Porphyry AuCu System as its Source

Hole 5 Returns 174.4m at 0.86 gpt. Au and 0.34%. Cu

Toronto, Canada – (Newsfile Corp. – January 9, 20023) – Seabridge Gold (TSX SEA: NYSE: SA), today reported that core drilling 2022 found a unusually large, well-mineralized and mineralized breccia pipeline beneath the Bronson Slope deposit at the 100%-owned Iskut property in northwestern British Columbia’s Golden Triangle. The large quartz-magnetite tube, which was identified as the source for the Bronson Slope deposits, contains widely disseminated copper and gold mineralization, likely from multiple hydrothermal eruptionive events that originated from a major porphyry source. The 2023 drill program will (1) increase the Bronson’s gold-copper resource and(2) find the intrusive source for the breccia pipes.

Rudi Fronk (CEO of Seabridge) stated: “Our team suggested a porphyry copper source for the historic Bronson slope resource. Our program was created to test this idea. Our concept was confirmed by the pipe’s results. Next, we need to find the pipe’s source. The evidence and historical precedents indicate that the source of the pipe is a gold/copper porphyry intrusive. It’s similar in age to the ones we found at the KSM project. Other similar opportunities have been identified at Iskut in a regional trend which, like our KSM district could host multiple porphyry deposit. Our 2023 plan is to prioritise the search for the source of breccia pipes and spread the knowledge we have across the remainder of our large Iskut estate.

Seabridge conducted 10 drill holes at Iskut this season. This totaled 10,162 metres. Below are the assay results. Drill holes SBS-22-01-04 were collared at the Bronson Slope resource’s margins and drilled in various orientations to assess the dip projection. The interpolated block grade intervals are consistent in these holes with the Bronson Slope existing resource. Hole SBS-22-01, below the resource, also encountered a brief interval of quartz-magnetite brccia pipe.

Drill holes SBS-22-05-06, 08-09, 09 and 10 were drilled to reach the quartz-magnetite pipe below Bronson Slope. The holes found a complexly brecciated, massive quartz-magnetite tube-like body. The feature is approximately 320 meters in diameter and has a mix of different sizes of wall rock, principally porphyritic monozonite and Triassic sandstones within a matrix of quartz/magnetite. The breccia’s clasts are subject to intense textural and hydrothermal destruction. The matrix to the breccia is composed of large amounts of magnetite, quartz and ribbon-banded quartz–magnetite veins. Quartz-magnetite and quartz-sulfide veins can be seen cutting through the matrix and clasts of the breccia. This breccia pipe is representative of large oceanic-arc porphyry minerals systems like Grasberg (Indonesia), Cadia-Ridgeway, Australia, and Ok Tedi (Papua New Guinea).

Drill Hole SBS-22/07 tested a single, intensely magnetic anomaly east from the Bronson resource. The hole was subject to a peripheral, porphyry-style alteration that included a 186-meter-long interval of copper-gold mineralization as well as other narrow grade zones. This target zone appears to be less eroded then Bronson slope and warrants additional drilling testing.

2022 Iskut Project Drilling Results

 

Note: The true width of the intervals is not known and will require additional drilling..

A distinct structural feature has been identified by both regional geophysical surveys as well as continuous surface geology on the property. It connects the targets of Quartz Rise and Bronson Slope. The property has potential gold-copper intrusions. This observation led us to believe that the property may contain a cluster of gold copper deposits similar to KSM.

Bronson Slope’s target has a measured, indicated resource of 187Mt at 0.36 g/t Gold and 0.12% Copper. This mineralization represents the interaction of fluids that created the quartz-magnetite pipe and the overlaid wall rock. Historic drilling at the Snip North target, as well as the Quartz Rise remnant lithocap, has revealed significant gold-copper grades. This will be explored further in 2023.

Seabridge’s exploration activities at the Iskut Project is being carried out under the supervision William E. Threlkeld. He is a Registered Professional Geologist, Senior Vice president of the Company, and a Qualified person as defined in National Instrument 43-101. This news release has been approved by Mr. Threlkeld. Seabridge’s exploration campaigns include a strict quality control/quality assurance process. This program also includes reference and duplicate standards. Cross-check analysis is performed at an external laboratory for at least 10% of drill samples.

Seabridge owns a 100% stake in several North American gold mining projects. The Company’s principal asset is the KSM project and its Iskut projects are located in Northwest British Columbia. Canada’s “Golden Triangle”, Courageous Lake and Snowstorm are both in Canada’s Northwest Territories. 3 Aces, a project in the Yukon Territory, is also in Canada. Visit the Company’s site for a complete breakdown of Seabridge’s minerals reserves and mineral resources, by category. http://www.seabridgegold.com.

This release has not been approved by the New York Stock Exchange, Toronto Stock Exchange, or their Regulation Services Providers..

All resource and reserve estimates reported by the Corporation were made in accordance to the Canadian National Instrument 43-10 and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards. The U.S. Securities and Exchange Commission (“SEC”) now recognises estimates for “measured mineral resources”, “indicated mineral resource” and “inferred mineral resource” and uses new definitions to define “proven minerals reserves” and the “probable mineral reserve” that are substantially comparable to the CIM Definition Standards. The CIM Definition Standards are different from those applicable to domestic issuers in the United States. US investors should not assume that any reported “measured minerals resources”, “indicated minerals resources”, or “inferred resources” by the Issuer are legally or economically mineable. Inferred mineral resources are a part of a mineral resource whose quantity and grade can be estimated based on limited geologic evidence. Mineral resources that do not qualify as mineral reserves are not economically viable.

Forward-Looking Statements

This document contains forward-looking information within the meanings of Canadian securities legislation, and forward-looking statements within the United States Private Securities Litigation Reform Act (1996). These statements and information are referred to as “forward-looking statements” at the date of this document. Forward-looking statements are about future events or performance. They reflect current expectations, predictions, interpretations or beliefs regarding future events.

Forward-looking statements are made based on Seabridge or its consultants’ current beliefs, as well as any assumptions they make and the information currently available. These assumptions are considered reasonable by management based on current information, but they could prove to be wrong.

Forward-looking statements are subject to a variety of risks and uncertainties. These statements are not guaranteed to be accurate. Actual results and future events may differ from what is anticipated. Seabridge may experience unexpected results that differ materially from its plans and expectations. Seabridge does not intend to or have any obligation to revise forward-looking statements, whether they are based on new information, future events, or any other requirement by applicable securities legislation.

These forward-looking statements should not be relied upon as there are many important factors that could affect the actual outcome.

PERSONAL AUTHORITY OF THE BOARD
“Rudi Fronk”
Chairman & C.E.O.

Contact:
Rudi P. Fronk Chairman and C.E.O.
Tel: (416) 367-9292 • Fax: (416) 367-2711
Email: [email protected]

Please visit this link to view the original press release. https://www.newsfilecorp.com/release/150557