Vancouver — Based on an independent preliminary study,
A previous estimate — released late last year by the independent consulting firm Resource Modeling — used a cutoff grade of 0.1 gram gold per tonne, which was deemed appropriate at the time.
The firm recently incorporated the initial resource model into a “preliminary assessment report,” which determined that a cutoff grade of 0.83 gram gold was appropriate for calculating resources in compliance with National Instrument 43-101 standards.
Based on the reduced cutoff grade, Courageous Lake now hosts a measured resource of 3.3 million tonnes grading 2.55 grams and an indicated resource of 47 million tonnes grading 2.28 grams. Inferred resources add another 77.4 million tonnes at 2.1 grams.
Seabridge notes that the revised calculation adds a total of 185,000 oz. gold to the measured and indicated categories, plus 343,000 oz. to the inferred category. The increase in tonnage could potentially extend the life of the mine to 12.5 years, up from the 8.5 years originally envisaged.
The updated report estimated that cash costs would average US$279 per oz. over the mine life, based on a mining cutoff grade of 0.83 gram. The company cautions that the report is preliminary and relies on inferred resources that are too geologically speculative to have economic considerations applied to them.
Seabridge says it is evaluating potential for a drill program that could expand resources at the known Fat deposit, and has identified several potential extensions that warrant further drilling.
Known resources at the Fat deposit are refractory and would require appropriate metallurgical processing techniques. Based on previous metallurgical test work, Seabridge notes that the deposit could produce a high-grade flotation concentrate that would be further processed for ultimate recoveries of 90-92% of the mill-feed gold content.
Access to the property is by winter road as conditions permit, and by air during other seasons.
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