Seabridge Gold (SA) on Monday revealed improved results from an updated independent mineral resource estimate for the Deep Kerr deposit at its KSM Project in northwestern British Columbia.
The results show an inferred resource of 782 million tonnes grading 0.54% copper and 0.33 g/T gold (8.2 million ounces of gold and 9.3 billion pounds of copper).
Seabridge chairman and CEO Rudi Fronk noted that “the size of Deep Kerr is growing rapidly while maintaining its grade. Furthermore, the shape of the deposit is expected to support the most cost-effective underground mining methodologies and this resource estimate has been carefully limited by this consideration. We therefore have every confidence that Deep Kerr represents an outstanding opportunity for a large, high margin operation attractive to major base metal miners and gold producers.”
The gold mining company plans to continue exploration at KSM this year using the proceeds of a $14.2 million bought deal flow-through equity financing announced earlier this month. SA shares gained 3% to $6.50 in early trading, in a 52-week range of $5.87 to $11.64.