Gold/Copper Grades Push Higher in Seabridge’s Iron Cap Drilling Western Trend Returning Long Runs of Best-Yet Metal Values at KSM Project Hole 72 returns 858 meters of 0.86 g/T gold and 0.51% copper Including 113 meters of 2.98 g/T gold and 1.56% copper
Gold/Copper Grades Push Higher in Seabridge’s Iron Cap Drilling
Western Trend Returning Long Runs of Best-Yet Metal Values at KSM Project
Hole 72 returns 858 meters of 0.86 g/T gold and 0.51% copper
Including 113 meters of 2.98 g/T gold and 1.56% copper
TORONTO, Nov. 08, 2017 -- Seabridge Gold (TSX:SEA) (NYSE:SA) today reported outstanding results from the final three
holes drilled in the 2017 program targeting the plunge projection of the Iron Cap Deposit at its 100%-owned KSM Project in
northwestern British Columbia. These holes returned very long runs of some of the highest metal values found to date at
KSM.
A total of 10,383 meters of diamond core drilling were completed in 11 holes in this year’s program. All 11 holes returned wide
zones of significant grade. The later holes in the program exhibited the best results; the earlier drilling suggested improving
gold and copper grades trending to the west and the program was accordingly reoriented in that direction in mid stride. The
2017 program successfully limited the northern and eastern extent of the deposit which remains open down plunge to the
west.
Seabridge Chairman and CEO Rudi Fronk noted that “our efforts to expand Iron Cap have proved to be an unqualified success.
Going into this year, Iron Cap was clearly subordinate in size to both Mitchell and Kerr in the KSM porphyry cluster. The
success of this year’s drilling indicates that Iron Cap is approaching parity in size with these other deposits but with zones of
considerably higher metal values. We now see the early development of Iron Cap as a high priority for further study due to its
grade, location and size. Revising the project’s mine plan to reflect this thinking would likely have a positive impact on KSM’s
projected economics.”
Results from the last three drill holes are:
Drill Hole ID Total Depth (meters) From (meters)
To
(meters)
Interval
(meters)
Gold
(g/T)
Copper
(%)
Silver
(g/T)
Equivalent Grade
Gold (g/T)
Copper
(%)
IC-17-71
1006.1
including
306.3 1006.1 699.8 0.87 0.51 2.4 1.72 1.07
511.4 697.7 186.3 1.49 0.74 3.6 2.73 1.69
IC-17-72
1329.4
including
400.0 1258.1 858.1 0.86 0.51 2.4 1.71 1.06
498.9 612.2 113.3 2.98 1.56 4.4 5.56 3.44
IC-17-73
603.4
including
224.0 603.4 379.4 0.33 0.35 4.8 0.96 0.59
546.4 603.4 57.0 1.16 0.18 4.4 1.51 0.94
Equivalent grades for gold and copper were calculated using $1275 gold, $3.00 copper and $17 silver. The reported equivalent
grade for gold is derived from calculating the revenues for copper and silver for each assay interval at the above noted metal
prices, converting the combined copper and silver revenue to a gold grade at $1275 gold, and combining this “equivalent gold
grade” with the reported gold grade for that interval. The reported equivalent grade for copper is derived from calculating the
revenues for gold and silver for each assay interval at the above noted metal prices, converting the combined gold and silver
revenue to a copper grade at $3.00 copper, and combining this “equivalent copper grade” with the reported copper grade for
that interval.
Drill holes were oriented using historical information and were designed to intercept the mineralized target down plunge of the
strike to the zone as closely as topographic constraints permitted. This orientation will be refined with additional drilling, but
current information indicates that the intervals listed above are a reasonable estimate of true thickness of the mineralized
zones. For a drill hole plan map and cross-sections please click this link.
Drill hole IC-17-71 was designed as a north and down dip off-set to hole IC-17-70. The hole cut 310 meters of country rock
above the Sulphurets Thrust Fault before entering the Iron Cap intrusive complex. Encountered in this hole were several
varieties of dioritic porphyry with narrow intervening zones of wall rock. Generally, the upper zone diorite hosts a strong quartz
vein stockwork and a phyllic alteration overprint, and is well mineralized with gold and copper. The lower diorite has a weaker
stockwork, potassic alteration with magnetite and a high chalopyrite to pyrite ratio. The drill hole was in well mineralized
intrusion when completed but it was stopped because it was too far west of supporting data and therefore would not have
added further resources from this year’s program. Follow-up drilling will be required to extend the deposit in this area.
The 1,329 meter long drill hole IC-17-72 was sited to test the continuity to the south of high grades encountered in IC-17-70,
which had returned 104.6 meters of 1.14 g/T Au and 1.11 % Cu within 925 meters of 0.71 g/T Au and 0.46 % Cu. The high
grade intrusion was cut at 424 meters and included an interval of 113 meters with 2.98 g/T Au and 1.56% copper. This is the
highest grade combined metal value interval drilled to date at KSM for an intersection greater than 100 meters. Below this
interval, a long continuous sequence dominated mainly by the potassic altered diorite also observed in hole 71 continues to
the end of the hole.
Drill hole IC-17-73 was designed to fill in a gap between the existing resource and drill holes IC-17-67 and IC-17-72. The
Sulphurets Thrust Fault was penetrated at 181 meters. Below this, mineralization continued to the end of the hole. The Iron
Cap zone in this hole is similar to results returned from hole IC-17-66. Mineralization is hosted by wall rock, intrusion breccia,
and diorite porphyry intrusions, with higher grades both up dip and down dip. The hole was terminated before reaching its
planned depth due to weather conditions and inability to access the site safely.
Exploration activities by Seabridge at the KSM Project are conducted under the supervision of William E. Threlkeld,
Registered Professional Geologist, Senior Vice President of the Company and a Qualified Person as defined by National
Instrument 43-101. Mr. Threlkeld has reviewed and approved this news release. An ongoing and rigorous quality control/quality
assurance protocol is employed in all Seabridge drilling campaigns. This program includes blank and reference standards; in
addition, all copper assays exceeding 0.25% Cu are re-analyzed using ore grade analytical techniques. Random cross-check
analyses are conducted at a second external laboratory on at least 10% of the drill samples. Samples are assayed at ISO and
ASTM certified laboratories in Vancouver, B.C., using fire assay atomic adsorption methods for gold and ICP methods for other
elements.
Seabridge Gold holds a 100% interest in several North American gold resource projects. The Company’s principal assets are
the KSM and Iskut properties located near Stewart, British Columbia, Canada and the Courageous Lake gold project located
in Canada’s Northwest Territories. For a breakdown of Seabridge’s mineral reserves and resources by project and category
please visit the Company’s website at http://www.seabridgegold.net/resources.php.
Neither the Toronto Stock Exchange, New York Stock Exchange, nor their Regulation Services Providers accepts
responsibility for the adequacy or accuracy of this release.
All reserve and resource estimates reported by the Corporation were calculated in accordance with the Canadian
National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These
standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral
resources which are not mineral reserves do not have demonstrated economic viability.
This document contains "forward-looking information" within the meaning of Canadian securities legislation and
"forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of
1995. This information and these statements, referred to herein as "forward-looking statements" are made as of the
date of this document. Forward-looking statements relate to future events or future performance and reflect current
estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to,
statements with respect to: (i) the earlier development of Iron Cap and it's potential impact on KSM's projected
economics; (ii) whether the 2017 drill data provides adequate information to extend the existing Iron Cap resource;
(iii) the reported intercepts being a reasonable estimate of true thickness of the mineralized zone; and (iv) the
estimated amount and grade of mineral resources at KSM. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often,
but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates",
"envisages", "assumes", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain
actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the
negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-
looking statements.
All forward-looking statements are based on Seabridge's or its consultants' current beliefs as well as various
assumptions made by them and information currently available to them. The principle assumptions are listed
above, but others include: (i) the ability to grow the Iron Cap deposit at grades more valuable than the Kerr
deposit; (ii) the presence of and continuity of metals at the Project between drill holes, including at modeled
grades; (ii) the capacities of various machinery and equipment; (iii) the availability of personnel, machinery and
equipment at estimated prices; (iv) exchange rates; (v) metals sales prices; (vi) block net smelter return values; (vii)
conceptual cave footprints, draw points and heights; (viii) appropriate discount rates; (ix) tax rates and royalty rates
applicable to the proposed mining operation; (x) financing structure and costs; (xi) anticipated mining losses and
dilution; (xii) metallurgical performance; (xiii) reasonable contingency requirements; (xiv) success in realizing
proposed operations; (xv) receipt of regulatory approvals on acceptable terms; and (xvi) the negotiation of
satisfactory terms with impacted Treaty and First Nations groups. Although management considers these
assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Many
forward-looking statements are made assuming the correctness of other forward looking statements, such as
statements of net present value and internal rates of return, which are based on most of the other forward-looking
statements and assumptions herein. The cost information is also prepared using current values, but the time for
incurring the costs will be in the future and it is assumed costs will remain stable over the relevant period.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and
specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be
achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on
these forward-looking statements as a number of important factors could cause the actual outcomes to differ
materially from the beliefs, plans, objectives, expectations, anticipations, estimates assumptions and intentions
expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the
assumptions and estimates expressed above do not occur, but specifically include, without limitation: risks relating
to variations in the mineral content within the material identified as mineral reserves or mineral resources from
that predicted; variations in rates of recovery and extraction; developments in world metals markets; risks relating
to fluctuations in the Canadian dollar relative to the US dollar; increases in the estimated capital and operating
costs or unanticipated costs; difficulties attracting the necessary work force; increases in financing costs or adverse
changes to the terms of available financing, if any; tax rates or royalties being greater than assumed; changes in
development or mining plans due to changes in logistical, technical or other factors; changes in project
parameters as plans continue to be refined; risks relating to receipt of regulatory approvals or settlement of an
agreement with impacted First Nations groups; the effects of competition in the markets in which Seabridge
operates; operational and infrastructure risks and the additional risks described in Seabridge's Annual Information
Form filed with SEDAR in Canada (available at www.sedar.com ) for the year ended December 31, 2016 and in the
Corporation's Annual Report Form 40-F filed with the U.S. Securities and Exchange Commission on EDGAR
(available at www.sec.gov/edgar.shtml ). Seabridge cautions that the foregoing list of factors that may affect future
results is not exhaustive.
When relying on our forward-looking statements to make decisions with respect to Seabridge, investors and others
should carefully consider the foregoing factors and other uncertainties and potential events. Seabridge does not
undertake to update any forward-looking statement, whether written or oral, that may be made from time to time
by Seabridge or on our behalf, except as required by law.
ON BEHALF OF THE BOARD
"Rudi Fronk"
Chairman & C.E.O.
For further information please contact:
Rudi P. Fronk, Chairman and C.E.O.
Tel: (416) 367-9292 · Fax: (416) 367-2711
Email: [email protected]
NSR Model
1100m el.
KSM PROJECT
IRON CAP ZONE – PLAN VIEW
2017 EXPLORATION DRILLING
COLLAR LOCATIONS ‐ Nov. 08, 2017
500m
N
Current Resource
Model (Mar. 2017)
Note: NSR cutoff
for KSM block cave
resources is $16/T
Mining
Leases
Mineral
Claims
MTT
Reserve
Inset
KSM Property
5000m
Mineral
Claims
KERR
MITCHELL
SULPHURETS
Mineral
Claims
BJF
MINERALIZATION
REMAINS OPEN
DOWN PLUNGE
ice
Upper Zone
Intrusion
Upper Panel
Hazelton/Jack Fm.
Argillites/conglomerates
Lower Zone
Intrusion
Lower Zone
Breccia/Intrusion
Complex
NNW SSE
Cross Section View to ENE
KSM PROJECT
IRON CAP ZONE – Section 03
2017 EXPLORATION DRILLING
ASSAY HIGHLIGHTS – Nov. 08, 2017500m
Proposed MTT
Haulage Tunnel
~ 200m
> $75
50‐75
25‐50
16‐25
NSR $/T
Limits of current
Inferred Resource
IC‐17‐72
IC‐17‐73
open
Previously Released:
110 192.2 82.2 0.02 0.56 1.5
689.3 224.3 641.4 417.1 1.02 0.33 3.6
including 352 459.4 107.4 1.58 0.38 4.2
To
(meters)
Interv al
(meters)
Gol d
(g/T)
Copper
(% )
Silv er
(g/T)
Drill H ole
ID
Total Depth
(meters)
From
(meters)
IC-17-67
1329.4 400 1258.05 858.05 0.86 0.51 2.4
including 498.85 612.2 113.35 2.98 1.56 4.4
Silv er
(g/T)
To
(meters)
Interval
(meters)
Copp er
(% )
Gol d
(g/T)
IC-17-72
Total Depth
(meters)
From
(meters)
Drill H ole
ID
603.4 224 603.4 379.4 0.33 0.35 4.8
including 546.4 603.4 57 1.16 0.18 4.4IC-17-73
Silv er
(g/T)
To
(meters)
Interval
(meters)
Copp er
(% )
Gol d
(g/T)
Total Depth
(meters)
From
(meters)
Drill H ole
ID
ice
Upper Zone
Intrusion
Lower Zone
Intrusion
Lower Zone
Breccia/Intrusion
Complex
NNW SSE
Cross Section View to ENE
Proposed MTT
Haulage Tunnel
~ 200m
500m
> $75
50‐75
25‐50
16‐25
NSR $/T
Limits of current
Inferred Resource
Previously Released:
IC‐17‐71
open
686 100.4 157 56.6 0.12 0.57 2.2
197 619.5 422.5 1.04 0.32 4.2
including 346.4 484.1 137.7 1.56 0.29 3.4
IC-17-65
Silv er
(g/T)
Total Depth
(meters)
From
(meters)
To
(meters)
Interv al
(meters)
Gol d
(g/T)
Copper
(% )
Drill H ole
ID
1006.1 306.3 1006.1 699.8 0.87 0.51 2.4
including 511.35 697.7 186.35 1.49 0.74 3.6
Silv er
(g/T)
To
(meters)
Interval
(meters)
Copp er
(% )
Gol d
(g/T)
IC-17-71
Total Depth
(meters)
From
(meters)
Drill H ole
ID
1038.4 201 261.7 60.7 1.20 0.95 3.6
including 353.5 909 555.5 0.83 0.24 4.2IC-16-62
Silv er
(g/T)
To
(meters)
Interv al
(meters)
Copper
(% )
Gol d
(g/T)
Total Depth
(meters)
From
(meters)
Drill H ole
ID
1050.4 62.5 126.1 63.6 4.77 0.01 0.9
173.5 1050.4 876.9 0.32 0.37 2.8
including 173.5 277.1 103.6 0.58 0.68 2.8
including 975.4 1027.4 52 1.04 0.28 3.4
To
(meters)
Interv al
(meters)
Gol d
(g/T)
Copper
(% )
Silv er
(g/T)
Drill H ole
ID
Total Depth
(meters)
From
(meters)
IC-17-66
1138.7 212 1137 925 0.71 0.46 2.6
including 301.4 792.4 491 0.98 0.60 3.9
including 342.6 447.2 104.6 1.14 1.11 4.2
IC-17-70
Silv er
(g/T)
To
(meters)
Interv al
(meters)
Copper
(% )
Gol d
(g/T)
Total Depth
(meters)
From
(meters)
Drill H ole
ID
KSM PROJECT
IRON CAP ZONE – Section 04
2017 EXPLORATION DRILLING
ASSAY HIGHLIGHTS – Nov. 08, 2017
ice
Upper Zone
Intrusion
Upper Panel
Hazelton/Jack Fm.
Argillites/conglomerates
Lower Zone
Intrusion
Lower Zone
Breccia/Intrusion
Complex
Hazelton/Jack Fm.
Argillites/conglomerates
NNW SSE
Cross Section View to ENE
Proposed MTT
Haulage Tunnel
~ 200m
500m
> $75
50‐75
25‐50
16‐25
NSR $/T
Previously Released:
open
Lower Zone
Intrusion
KSM PROJECT
IRON CAP ZONE – Section 05
2017 EXPLORATION DRILLING
ASSAY HIGHLIGHTS – Nov. 08, 2017
1200.1 246.1 1200.1 954 0.38 0.31 2.5
including 441.4 559.4 118 0.71 0.38 1.9IC-17-69
Silv er
(g/T)
To
(meters)
Interv al
(meters)
Copper
(% )
Gol d
(g/T)
Total Depth
(meters)
From
(meters)
Drill H ole
ID
776.3 105.5 700.3 594.8 0.52 0.38 4.5
including 642.4 683.4 41 0.93 0.18 3.4IC-17-64
To
(meters)
Interv al
(meters)
Gol d
(g/T)
Copper
(% )
Silv er
(g/T)
Drill H ole
ID
Total Depth
(meters)
From
(meters)
957.4 146.9 625.4 478.5 0.43 0.45 4.0
including 566.4 624.5 58.1 1.12 0.23 5.7
696.4 820.4 124 0.31 0.34 8.5
820.4 933.5 113.1 0.58 0.16 4.5
To
(meters)
Interv al
(meters)
Gol d
(g/T)
Copper
(% )
Silv er
(g/T)
Drill H ole
ID
Total Depth
(meters)
From
(meters)
IC-17-63
ice
Upper Panel
Hazelton/Jack Fm.
Argillites/conglomerates
Lower Zone
Brx./Intr.
Complex
NNW SSE
Cross Section View to ENE
Proposed MTT
Haulage Tunnel
~ 200m
500m
> $75
50‐75
25‐50
16‐25
NSR $/T
Lower Panel
Hazelton/Jack Fm.
Argillites/conglomerates
open
Upper Zone
Intrusion
Lower Zone
Intrusion
Lower Zone
Intrusion
KSM PROJECT
IRON CAP ZONE – Section 06
2017 EXPLORATION DRILLING
ASSAY HIGHLIGHTS – Nov. 08, 2017
948.4 711.4 948.4 237 0.36 0.38 6.6
including 711.4 749.4 38 0.27 1.01 13.0
including 904 948.4 44.4 0.93 0.09 3.5
IC-17-68
Silv er
(g/T)
To
(meters)
Interv al
(meters)
Copper
(% )
Gol d
(g/T)
Total Depth
(meters)
From
(meters)
Drill H ole
ID
Previously Released: