Seabridge gains with FAT

Seabridge Gold (SEA-V) has improved the gold resource at its Fat deposit, on the Courageous Lake property, 240 km northeast of Yellowknife, N.W.T.

About 3,000 metres of core in eight holes have recently been drilled and more drilling is underway. One hole, drilled to upgrade inferred resources at the centre of the deposit, intersected 78.3 metres grading 2.98 grams gold per tonne. This intercept is better (by more than 20%) than the predicted results using the most recent resource model.

Three holes were drilled 300 metres to the south of the Fat deposit. Highlighting this drilling into the south extension were two intercepts in hole 006; one 34.5-metre interval graded 3.91 grams gold and a separate interval of 16.3 metres averaged 3.28 grams gold per tonne. The two other holes may have been located too far west to intersect the main mineralized zone, however hole 005 intersected several intervals with significant gold (up to 3.94 grams gold over a 6-metre-width) and hole 004 intersected 22.5 metres grading 1.32 grams gold per tonne. Drilling at 50-metre spacing is planned.

Four holes were drilled into new targets. One hole, into the Walsh Lake target about 7 km south of Fat intersected 3.8 metres grading 2.53 grams gold as well as a separate interval of 1.7 metres grading 6.28 grams gold per tonne. The hole was following up on a 10-metre channel sample that averaged 2 grams gold per tonne.

Three holes tested the Olsen target about 3.5 km south of the Fat. Highlighting this drilling is a 15-metre intercept grading 2.01 grams gold in one hole and 4.5 metres grading 1.96 grams gold in another. One hole failed to intersect significant gold.

The property covers 53 km of the Matthews Lake Greenstone Belt. The Fat deposit has a measured and indicated resource of 48 million tonnes grading 2.06 grams gold (or 3.2 million oz. gold). In addition there is an inferred 65 million tonnes grading 2.07 grams gold per tonne. The resource model, reviewed in 2003, used data from 420 holes (107,416 metres) drilled in part by Noranda (NRD-T) and Placer Dome (PDG-T).

Accessibility to the property is enhanced by an airstrip six km to the south of the property at the past-producing Salmita mine. The Lupin winter road also passes nearby.

Seabridge owns 100% of the 270-sq.-km Courageous Lake property, through its wholly-owned subsidiary 5073 N.W.T.A 2% NSR is payable to the former owners.


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