Seabridge Gold is a Toronto-based North American resource exploration company. It owns Kerr Sulphurets Mitchell, a copper-gold-silver-molybdenum porphyry project in northern British Columbia. KSM's proven-probable reserves amount to 38.8 million ounces of gold, 183 million ounces of silver, 10.2 billion pounds of copper and 207 million pounds of molybdenum. The property is part of a bigger deposit containing another gold project known as Snowfield ; the entire deposit is the largest undeveloped gold deposit in North America. The KSM project will cost more than $4.7 billion to build and funding is not yet in place. Gold reserves at the Courageous Lake deposit total 6.5 million ounces.
History
The company was initially incorporated as Chopper Mines Incorporated on September 14, 1979. It was renamed Dragoon Resources Ltd on November 9, 1984, and then Seabridge Resources Ltd on May 20, 1998, before adopting its current name on June 20, 2002.
Main properties
Courageous Lake
In July 2002, Seabridge purchased 100% of its second largest gold property, Courageous Lake in the NWT from Newmont Mining and Total Resources for $5.5 million plus a 2% NSR royalty. The project at that time reported an historical resource of 5.9 million ounces of gold. The 100% owned Courageous Lake project located in Northwest Territories comprises 59 mining leases totalling more than 67,000 acres covering 85% of Matthews Lake Greenstone Belt and containing one of the largest undeveloped gold deposits in Canada.
Iskut
The 2017 drill program confirmed the presence of a gold-bearing formations. Subsequent work has found the potential for a large porphyry system below the lithocap which will be targeted in 2020 drilling. In conjunction with its exploration program, Seabridge is undertaking environmental work to carry out remediation programs to mitigate impacts of historical mining activity as well as community engagement.
KSM
In June 2001 Seabridge purchased the Kerr Sulphurets Mitchell property from Placer Dome for 500,000 common shares, 5000 warrants and royalty payments capped at C$4.5 million. The project consisted of two contiguous claim blocks in the Iskut-Stikine region in British Columbia, approximately 20 kilometres southeast of the Eskay Creek Mine. When Seabridge acquired it, the project hosted two distinct deposits which were modelled separately by Placer Dome Limited. At the two deposits, Placer Dome had estimated an historical indicated gold resource of 2.1 million ounces, with an additional 1.3 million ounces of gold in the inferred resource category as well as 2.8 billion pounds of copper resources. KSM's resources stand at 38.8 million ounces of gold, 183 million ounces of silver, 10.2 billion pounds of copper and 207 million pounds of molybdenum. The 100% owned KSM project located in north-western British Columbia has proven and probable reserves of 38.million ounces of gold and 10.2 billion pounds of copper , making it the largest gold reserve in Canada and one of the largest in the world. The project's EA Application received provincial government approval in July, 2014. Final federal approval was received in December, 2014.
Snowstorm
Seabridge purchased a 100% interest in Snowstorm from PFR Gold Holdings for 700,000 Seabridge common shares and 500,000 common share purchase warrants exercisable for four years. Additional payments of $2.5 million are due on condition of exploration activities and $5 million upon delineation of additional gold resources. An initial drill program in 2019 has targeted a possible Getchell Trend type of high grade gold deposit.
