Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) announced in a news release that the March 7 updated resource estimate for Iron Cap contains shows a size increase and confirmed the high-grade zones in the overall resource.
The independent study, prepared by RMI, for this northwest British Columbia deposit encompasses all previous drill results along with findings from 18 holes and 20,341 meters of diamond core drilling done last year.
The current total resources are 423 million tons (423 Mt) in the Indicated category and 1,899 Mt in the Inferred, which compare to 370 Mt and 1,297 Mt, respectively, on the previous estimate of February 2018.
The update reflects an increase in Indicated resources by 0.46 million ounces (0.46 Moz) of gold and 177 million pounds of copper. Inferred resources also grew, by 7.45 Moz gold.
As for grades, the Indicated category contains 0.41 grams per ton (0.41 g/t) gold, 4.6 g/t silver, 0.22% copper and 41 parts per million (41 ppm) molybdenum. The Inferred category encompasses 0.45 g/t gold, 2.6 g/t silver, 0.30% copper and 30 ppm molybdenum.
The size and grade of Iron Cap's resource, as reflected in the update, are such that Seabridge could move this deposit ahead of the Kerr and Sulphurets deposits in the mine plan's sequence. Also, Iron Cap is closer to existing infrastructure and could be developed more quickly and at less cost, the company noted.
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