SA - Gold Co. Set To Drill 15000 Meters at Golden Triangle Property | Benzinga
Source: Streetwise Reports 04/24/2024
Seabridge Gold Inc. announced a 15,000-meter core drilling campaign for this year at its 100%-owned Iskut property in northwest British Columbia's Golden Triangle. Find out why one newsletter writer says this company should be a core holding in your portfolio.
Seabridge Gold Inc. (NYSE: SA) announced the details of a 15,000-meter core drilling campaign this year at its 100%-owned Iskut property in northwest British Columbia's Golden Triangle.
The expanding Bronson Slope mineral resource and Seabridge's discovery in 2023 of similar mineralization at Snip North are interpreted to be "high-level expressions of intrusive-related porphyry mineralization" said the company, which is using three helicopter-portable drill rigs for the new drilling at a budgeted cost of CA$12 million.
"Last year, we discovered extensive gold-dominated epithermal-style mineralization that is consistent with the upper parts of significant porphyry copper-gold mineral systems" Chairman and Chief Executive Officer Rudi Fronk said. "The expansion of the Bronson Slope mineral resource and the new discoveries at Snip North have given us clear direction on where to focus our efforts."
Fronk said the intrusive targets appear to be embedded in a "district-scale structural trend that is reminiscent of our KSM deposits" referring to the company's massive KSM project, which is only 30 kilometers by air from Iskut.
KSM is the world's largest undeveloped gold project by reserves and resources, according to analyst Lucas N. Pipes of B. Riley Securities, who has rated the stock a Buy with a target price of US$60 per share.
"This year's work is dedicated to realizing the porphyry potential we had in mind when we acquired the Iskut project" Fronk said.
The Catalyst: 'District-Scale' Structural Corridor
Regional geophysical surveys and surface geology have confirmed the "district-scale structural corridor that connects the Quartz Rise, Bronson Slope, and Snip North targets" Seabridge noted in a release. "Substantial high-level expressions of a Cu-Au porphyry system fall along this regional trend. These multiple targets have only recently seen deep drilling, and 2024 is planned to better evaluate their deeper porphyry potential."
Results from Bronson Slope drilling last year have expanded, along strike and down plunge, an ...