Promising Results from Drilling at Seabridge Gold’s Iskut Project
106 Front Street East, Suite 400, Toronto, ON M5A 1E1, Canada
416-367-9292 www.seabridgegold.com
Trading Symbols: TSX: SEA FOR IMMEDIATE RELEASE
NYSE: SA October 9, 2024
Promising Results from Drilling at Seabridge Gold’s Iskut Project
Hole 17 intersects 303m of 0.75 gpt gold and 0.10% copper
Hole 18 intersects 478m of 0.49 gpt gold and 0.13% copper
Hole 20 intersects 532m of 0.48 gpt gold and 0.10% copper
Toronto, Canada... Seabridge Gold (TSX:SEA) (NYSE:SA) announced today results from the first
phase of this year’s exploration drilling on its 100% owned Iskut project in BC’s Golden triangle.
Drilling has generated broad widths of important gold and copper and grades within a large
potassic alteration system at the Snip North target. The scale and character of the
mineralization suggest the likelihood of a nearby porphyry intrusive source feeding, and
localized by, well mineralized tuffaceous stratigraphy several hundred meters thick.
Seabridge Chairman and CEO Rudi Fronk commented: “ Last year’s new gold discoveries at
Snip North gave us clear direction on where to focus our efforts this year. We’re excited by the
apparent size of the event we are exploring and the substantial metal content that we have
found to date. Our team believes we are now in the process of unlocking the porphyry
potential we had in mind when we acquired the Iskut project . We think this is a discovery in
the making."
The remaining objective at Snip North is to encounter intrusive rock with the veining and
alteration characteristic of a porphyry Cu -Au mineral deposit, containing copper and gold of
potentially mineable grades. To date, we have intersected an intensive and extensive
potassium alteration event hosted in a tuffaceous package of the Triassic Stuhi ni Formation
containing important gold and copper concentrations. This mineralized package is several
hundred meters thick with known dimensions of about 1.5 km by 5 00 m eters. Potassic
alteration consists of pervasive, and vein controlle d, secondary biotite and orthoclase with
associated magnetite. Frequent but not abundant Quartz-Biotite-Chalcopyrite veins (B-style
veins) cut this unit with localized zones of abundant disseminated chalcopyrite.
Our original interpretation of the broadly potassium-altered rocks was that we had
intersected a micro -crystalline porphyritic intrusion with localized foliation and discrete
intervals of thermally metamor phosed siltstone and sandstone. Aided by initial thin section
petrographic analysis, we now conclude that we have encountered a series of ash tuff
eruptions with locally preserved flow -top or flow -bottom breccia intervals and occasionally
preserved flow banding.
Key observations with favorable implications for a potentially robust Cu -Au porphyry
source:
• Extensive potassic alteration would most likely have occurred proximal to a magmatic
hydrothermal event generated by a porphyritic intrusion.
• Sizeable magmatic fluid volumes were needed to account for the scale of the potassic
alteration, requiring substantial energy and suggesting a large and nearby intrusive
source.
• The expected role of chemically reactive tuffaceous rocks supports the likelihood that
metal concentrations would not have been displaced significantly from the source
intrusion.
Initial Drill Hole Results 2024 Program at Snip North
Drill Hole
ID
Total
Length
(meters)
From
(meters)
To
(meters)
Interval
(meters) Au (g/t) Cu (%) Ag (g/t) Mo
(ppm)
SN-24-17 1129.8 373.0 675.9 302.9 0.75 0.10 3.0 52
Including 595.0 650.0 55.0 1.14 0.07 1.0 14
SN-24-18
1228.0 86.5 564.5 478.0 0.49 0.13 1.5 84
Including 233.5 282.6 49.1 0.83 0.22 2.5 60
Including 326.1 419.0 92.9 0.68 0.25 2.2 186
Including 484.0 506.0 22.0 0.96 0.28 2.2 120
SN-24-20
1061.7 124.5 656.0 531.5 0.48 0.10 1.2 69
Including 363.0 612.0 249.0 0.54 0.17 1.6 120
Including 410.0 546.0 136.0 0.69 0.20 1.7 163
True thickness of these intervals is not known, additional drilling results are required to attain
an understanding of each interval’s true width. Assay precision in all Seabridge exploration
drilling is provide by the systematic insertion of certified geochemical standards, blanks and
duplicate samples consistent with industry standards . Samples for assay are shipped from
site by commercial carriers to ALS Laboratories and analysis at a facility in Langley, BC.
The contents of this release have been approved by William Threlkeld PGeo, Senior Vice
President of the company and a qualified person under NI43 -101. Seabridge holds a 100%
interest in several North American gold projects. Seabridge's principal assets, the KSM project,
and its Iskut project are in British Columbia, Canada’s “Golden Triangle”, the Courageous Lake
project is in Canada's Northwest Territories, the Snowstorm project in the Getchell Gold Belt
of Northern Nevada and the 3 Aces project set in the Yukon Territory. For a full breakdown of
Seabridge's mineral reserves and mineral resources by category please visit the Company's
website at http://www.seabridgegold.com.
Neither the Toronto Stock Exchange, New York Stock Exchange, nor their Regulation Services Providers
accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
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, interpretations, expectations or beliefs regarding future events and include, but
are not limited to, statements with respect to: (i) the interpretation of the broadly potassium -altered rocks
encountered in the drill program as a series of ash tuff eruptions with locally preserved flow -top or flow-bottom
breccia intervals and occasionally preserved flow banding; (ii) the extensive potassic alteration most likely having
occurred proximal to a magmatic hydrothermal event generated by a porphyritic intrusion; (iii) the drilling results
reflecting a discovery in the making as well as progress toward unlocking the porphyry potential of the Iskut
project ; and (iv) the objective at Snip North being to encounter intrusive rock with the veining and alteration
characteristic of a porphyry Cu-Au mineral deposit, containing copper and gold of potentially mineable grades.
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. Although management considers
these assumptions to be reasonable based on i nformation currently available to it, they may prove to be
incorrect.
Forward-looking statements involve various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause actual results to differ materially from
Seabridge's plans or expectations inclu de the risk that: (i) the geologic formations at the Iskut Project do not
conform to the interpretations of data and the geologic models that are the foundations for such forward-looking
statements; (ii) the potassic alteration will not lead to a discovery or that it does not r elate to other mineralized
systems at the Iskut Project, and other risks outlined in statements made by Seabridge from time to time in the
filings made by Seabridge with securities regulators. Seabridge disclaims any intention or obligation to update
or revise any forward -looking statements whether as a result of new information, future events or otherwise,
except as otherwise required by applicable securities legislation.
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.
ON BEHALF OF THE BOARD
"Rudi Fronk"
Chairman and 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]