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Seabridge Gold, Inc. (NYSE: SA) is a Canadian company specializing in the exploration and development of gold properties across North America. Headquartered in Toronto, Seabridge Gold primarily focuses on its flagship project, the Kerr Sulphurets Mitchell (KSM) in northwest British Columbia, Canada. This substantial gold-silver-molybdenum-copper mine is a cornerstone of their portfolio.
Seabridge Gold's other principal projects include the Courageous Lake property in the Northwest Territories, the Iskut property in northwestern British Columbia, and the 3 Aces Project in southeast Yukon. These projects underscore Seabridge's commitment to expanding its footprint in North American gold exploration.
Recently, Seabridge Gold announced significant advancements at its 3 Aces project in Yukon. The 2023 drill results have confirmed key parameters controlling gold deposition, providing a clear direction for follow-up evaluations. This year’s comprehensive drilling program, which covered 7,759 meters, has led to an updated 3-dimensional model highlighting continuous mineralization between previously isolated deposits in the Central Core Area (CCA).
Moreover, Seabridge's Courageous Lake project has been redesigned, showing improved economics with an updated Preliminary Feasibility Study and a new Preliminary Economic Assessment. These updates demonstrate a more sustainable and profitable mining operation, reducing initial capital and lowering the strip ratio while maintaining high grades.
The company's ongoing exploration at its Iskut project in British Columbia's Golden Triangle aims to uncover a copper-gold porphyry source. Utilizing advanced drilling techniques and geophysical surveys, Seabridge is determined to expand its Bronson Slope and Snip North discoveries, which show significant promise for future resource delineation.
In terms of financial health, Seabridge Gold posted a net loss of $29.3 million for the year ended December 31, 2023, primarily due to non-cash losses related to the remeasurement of Secured Note liabilities. Despite this, the company remains financially robust with a net working capital of $54.5 million as of the same date. Notably, Seabridge continues to invest heavily in its mineral interests, with $69.7 million invested in 2023 alone.
Seabridge Gold's strategic vision is supported by its strong leadership team and robust exploration model, which consistently delivers high-grade discoveries and expands known mineral zones. This ongoing work positions Seabridge Gold as a key player in the North American gold mining industry, with assets that promise significant shareholder value.
Seabridge Gold faces a second legal challenge against its KSM Project's 'substantially started' determination, filed by SkeenaWild Conservation Trust and Southeast Alaska Indigenous Transboundary Commission. This new petition, similar to the first one filed by Tsetsaut Skii km Lax Ha, challenges the Minister's July 25, 2024 determination as unreasonable. The determination had effectively removed the Project's Environmental Assessment Certificate expiry date of July 29, 2026.
The project received strong support from major Indigenous peoples in the area and local communities. Seabridge's Chairman expressed confidence in defending against both petitions, noting that the determination remains in effect during legal proceedings. A final decision could take a year or more.
Seabridge Gold faces a legal challenge as Tsetsaut Skii km Lax Ha (TSKLH) filed a petition against British Columbia's determination that the KSM Project is 'substantially started'. The challenge questions the consultation process and seeks to overturn the July 25, 2024 determination. Seabridge had completed or initiated 94 of 336 project components, investing $444 million. The project received support from major Indigenous groups and local communities. The petition doesn't affect the current determination, which will remain valid if successfully defended. A final decision could take over a year.
Seabridge Gold (NYSE: SA) reported a Q3 2024 net loss of $27.6 million ($0.31 per share), compared to a $5.3 million loss in the same period last year. The current quarter's loss includes a $42.0 million non-cash loss from secured notes remeasurement. Investment in mineral interests decreased to $28.0 million from $73.7 million year-over-year. Net working capital stood at $36.0 million, down from $54.5 million at end-2023. Notable developments include KSM's License of Occupation renewal for 20 years for Mitchell Treaty Tunnels, promising drill results at Iskut's Snip North target, and exploration activities at 3 Aces.
Seabridge Gold (TSX:SEA) (NYSE:SA) has announced promising results from its exploration drilling at the 100% owned Iskut project in BC's Golden Triangle. The drilling at the Snip North target revealed broad widths of gold and copper mineralization within a large potassic alteration system. Key findings include:
- Hole 17: 303m of 0.75 gpt gold and 0.10% copper
- Hole 18: 478m of 0.49 gpt gold and 0.13% copper
- Hole 20: 532m of 0.48 gpt gold and 0.10% copper
The scale and character of the mineralization suggest a nearby porphyry intrusive source. The company believes this could be a significant discovery in the making, potentially unlocking the porphyry potential of the Iskut project.
Seabridge Gold (TSX: SEA) (NYSE: SA) announced that the B.C. government has renewed the License of Occupation (LoO) for the Mitchell Treaty Tunnels (MTT) at its KSM Project until September 27, 2044. The new 20-year LoO replaces the original 10-year license granted in 2014 and provides clearer priority rights for KSM Mining ULC (KSMCo) to construct and operate the MTT.
Key points:
- The MTT consists of two 23 km long parallel tunnels connecting the east and west sides of the KSM Project Mine Site.
- 12.5 km of the MTT route passes through 11 mineral claims owned by a joint venture of which Tudor Gold Corp. is the operator.
- The new LoO removes language about 'prior rights' of claim holders, clarifying KSMCo's priority for MTT construction and operation.
- KSMCo holds additional permits for MTT-related activities, including portal construction and surface infrastructure development.
- Seabridge has initiated the permit amendment process for approval to construct the full length of the MTT.
Seabridge Gold (NYSE: SA) has filed its Q2 2024 financial report, revealing a net profit of $45.2 million ($0.51 per share), compared to $9.0 million in Q2 2023. The company invested $30.1 million in mineral interests during Q2, down from $66.2 million in the same period last year. Key highlights include:
- KSM project received 'Substantially Started' designation from BC Government
- $12 million, 15,000-meter drill program underway at Iskut
- First mineral resource estimate completed for Bronson gold-copper deposit
- $6 million, 8,000-meter drill program underway at 3 Aces
As of June 30, 2024, Seabridge's net working capital stood at $45.1 million, down from $54.5 million at the end of 2023. The company holds 100% interest in several North American gold projects, including KSM, Iskut, Courageous Lake, Snowstorm, and 3 Aces.
Seabridge Gold (TSX: SEA) (NYSE: SA) reports progress on its 3 Aces project in Yukon Territory. The core drilling program is expanding known mineralized zones in the Central Core Area (CCA) and identifying new targets. A second drill is evaluating historical prospects outside the CCA. The exploration model predicts continuity of mineralization, including high-grade gold, along second-order fold limbs.
Early drilling has encountered favorable arsenopyrite-bearing veins and breccias on projected fold limbs, likely expanding previously recognized gold-bearing zones. Regional mapping is finding evidence of similar structures across the property. Seabridge believes 3 Aces has potential as a district-scale opportunity. The company is also conducting reclamation and environmental monitoring activities.
Seabridge Gold (TSX: SEA) (NYSE: SA) announced that its subsidiary, KSM Mining ULC, has received a 'substantially started' designation from the BC Government for its KSM Project. This designation affirms the validity of the BC Environmental Assessment Certificate (EAC) for the project's lifetime, overriding the original July 29, 2026 expiry date.
The company has invested over $1 billion in the KSM Project since 2001, with more than $800 million spent after receiving the EAC in July 2014. This milestone positions KSM to become a significant economic contributor to northwestern BC and supports the development of critical mineral supply chains for North America's technology, defense, and security needs.
Seabridge Gold's CEO, Rudi Fronk, emphasized the regulatory significance of this decision and its potential to facilitate joint venture discussions for the KSM Project.
Seabridge Gold (NYSE: SA) reported the outcomes of its annual general meeting held on June 27, 2024. A total of 47,422,561 common shares were represented, accounting for 54.10% of the issued and outstanding shares. Key approvals included the election of all management's nominees to the board, the appointment of KPMG LLP as auditor, the approval of the Amended Restricted Share Unit & Deferred Share Unit Plan, and the advisory vote on executive compensation. Specific approvals saw high support, with director votes ranging from 94.5% to 99.1% and other measures receiving over 95% affirmative votes. The company holds significant interests in North American gold projects, notably in British Columbia's Golden Triangle and Northern Nevada's Getchell Gold Belt.
Seabridge Gold reported its first mineral resource estimate (MRE) for the Bronson Slope deposit at its Iskut project in British Columbia's Golden Triangle. The MRE, led by Wood Canada and supported by Moose Mountain Technical Services and Tetra Tech Canada, integrates data from 114 diamond drill holes. The inferred resource includes 517 million tonnes grading 0.33 g/t gold, 0.09% copper, and 2.7 g/t silver, translating to 5.4 million ounces of gold, 1,057 million pounds of copper, and 45 million ounces of silver. The resource estimate uses a cut-off value of $10 NSR per tonne and assumes favorable metal prices and recoveries. Seabridge plans to use this resource as part of its broader strategy to target a Cu-Au porphyry system at Bronson Slope. CEO Rudi Fronk highlighted the potential role of this resource in advancing their exploration goals. The findings have been verified by Henry Kim, P.Geo., of Wood Canada.
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