Seabridge Gold releases first Snip North resource estimate

Seabridge Gold (TSX: SEA; NYSE: SA) has released an initial mineral resource estimate for the Snip North deposit at its Iskut project in British Columbia’s Golden Triangle.

In a press release Wednesday, Seabridge said its team has defined an inferred mineral resource containing 9.2 million oz. of gold, 28.3 million oz. of silver and 923 million lb. of copper across 605.7 million tonnes grading 0.47 g/t gold, 0.07% copper and 1.5 g/t silver.

The company added that it continues to identify mineralization extending the resource in multiple directions, indicating significant expansion potential for the Golden Triangle deposit.

“This resource estimate reminds us of our first estimate at KSM nearly 20 years ago,” Seabridge chair and CEO Rudi Fronk said. “Although it is not yet a material part of our total resource holdings, there remains considerable upside for expansion and discovery of the intrusive.

“Our team will soon be back on the ground to refine and improve our understanding of this mineral resource and use that understanding to continue exploring the project.”

The resource, according to Seabridge, demonstrates the significant expansion of the high-grade gold deposit at Iskut.

The discovery at Snip North strengthens the company’s position in the Golden Triangle region and provides additional exploration upside as it continues developing a portfolio of projects across North America, the company said.

Shares of Seabridge Gold fell by nearly 1% by midday Wednesday after an earlier surge. The company has a market capitalization of C$4.5 billion ($3.2 billion).