Seabridge Gold (TSX: SEA; NYSE: SA) has tabled an updated resource estimate for its Iron Cap gold-copper porphyry project in British Columbia that increases the project’s indicated resource by 460,000 oz. gold and 177 million lb. copper. It also boosts the project’s inferred resource by 7.45 million oz. gold and 4 billion lb. copper.
The project now contains 423 million indicated tonnes grading 0.41 gram gold per tonne, 0.22% copper, 4.6 grams silver and 41 parts per million molybdenum for 5.57 million oz. gold, 2.05 billion lb. copper, 62.5 million oz. silver and 38 million lb. molybdenum.
It also contains 1.89 billion inferred tonnes at 0.45 gram gold, 0.3% copper, 2.6 grams silver and 30 ppm molybdenum for 27.4 million oz. gold, 12.5 billion lb. copper, 158 million oz. silver and 126 million lb. molybdenum.
The updated resource includes more than 20,300 metres the company diamond drilled at Iron Cap across 18 holes in 2018. The drilling expanded Iron Cap’s mineralized system along the hanging wall of Seabridge’s previous interpretation.
The company’s primary assets are its KSM and Iskut gold-copper properties near Stewart, British Columbia.
Seabridge drilled 2,700 metres at Iskut in the summer of 2018. The company focused on a quartz rise lithocap, only to find that it had largely eroded, diminishing the chance for a large high-grade epithermal occurrence in its area. The company discovered a hydrothermal breccia in two of its holes, however, that confirms a porphyry source for the lithocap is nearby. It will pursue this new target at Iskut with further exploration.
Shares of Seabridge Gold are trading at $18.58 with a 52-week range of $12.89 to $20.10. The company has a $1.1 billion market capitalization.