TORONTO, CANADA, Oct. 27, 2009 (Marketwire) --
TORONTO, CANADA -- (Marketwire) -- 10/27/09 -- Seabridge Gold Inc. (TSX: SEA)(NYSE Amex: SA) -
Results from this year's core drill program at KSM's Mitchell zone are expected to upgrade in-pit inferred resources to measured and indicated and improve ore-to-waste ratios by converting material previously defined as waste to mineral resources.
"These new results are an important step towards qualifying Mitchell's resources as reserves and enhancing project economics by reducing the strip ratio," Seabridge Gold CEO Rudi Fronk said.
The 30 year mine plan in the 2009 Preliminary Assessment captured 1.29 billion tonnes of mineralized material of which 277 million (21%) was classified as inferred mineral resources. To upgrade these in-pit inferred resources to the measured and indicated categories, additional drilling was completed during the 2009 program at the Mitchell, Sulphurets and Kerr zones. Drill results from the Sulphurets zone were announced previously; with results exceeding expectations (see news release dated October 14, 2009 www.seabridgegold.net/readmore.php?newsid=263). Drill results from the Kerr zone are expected shortly. Conversion of in-pit inferred resources to measured and indicated will enable Seabridge to report them as mine reserves in its Preliminary Feasibility Study scheduled for completion in March 2010.
At the Mitchell zone, the mine plan captured 853 million tonnes in the measured and indicated categories (grading 0.67 grams per tonne gold and 0.18% copper) plus 175 million tonnes in the inferred category (grading 0.47 gpt gold and 0.08% copper). Twelve infill holes totaling 4,000 meters were drilled this summer along the margins of the deposit, where lower grades were expected, to upgrade remaining in-pit inferred resources. In addition, seven geotechnical holes totaling 3,500 meters were drilled at Mitchell to provide information for pit slope determination. The 12 infill holes encountered mineralization with intersection widths and grades consistent with the resource block model. Assay results of the 12 infill holes are as follows:
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Depth From To Length Gold Copper
Drill Hole (meters) (meters) (meters) (meters) (gpt) (%)
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M-09-096 300.0 3.5 244.0 220.5 0.75 0.09
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126.0 178.0 52.0 0.61 0.07
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M-09-103 351.0 237.0 269.0 32.0 0.52 0.06
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281.0 351.0 70.0 0.56 0.07
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M-09-104 351.0 18.0 292.0 274.0 0.86 0.06
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26.0 75.0 49.0 0.13 0.19
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M-09-105 375.0 116.5 129.0 12.5 1.00 0.09
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187.7 249.7 62.0 0.64 0.19
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M-09-106 351.0 114.0 351.0 237.0 0.44 0.12
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3.6 15.0 11.4 0.17 0.20
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M-09-107 351.0 30.0 156.0 126.0 0.19 0.27
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168.1 255.0 86.9 0.48 0.13
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M-09-108 300.0 186.0 300.0 114.0 0.39 0.11
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201.0 2.1 201.0 198.9 0.71 0.15
M-09-109 -----------------------------------------------
incl. 2.1 56.7 54.6 0.96 0.16
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M-09-110 375.0 162.0 329.0 167.0 0.43 0.10
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M-09-111 300.0 31.5 60.0 28.5 0.41 0.12
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249.0 295.0 46.0 0.58 0.11
M-09-112 351.0 -----------------------------------------------
341.7 351.0 9.3 0.48 0.14
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94.0 116.0 22.0 0.32 0.11
M-09-114 351.0 -----------------------------------------------
138.0 168.0 30.0 0.36 0.13
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The above reported drill holes were designed to intersect the true width of the Mitchell zone, except as noted. For a 3D model of Mitchell Drilling see www.corebox.net/properties/kerr_sulphurets/index.php?deposit=178&tl=1
Descriptions of the twelve infill drill holes follow.
M-09-096: Eastern edge of Mitchell zone, drilled at azimuth 80 degrees and inclination of minus 70 degrees. This is an infill and geotechnical hole located between M-06-004, M-06-015 and M-09-103. Results for both grade and width of mineralization correspond well to the model.
M-09-103: Eastern edge of Mitchell zone, drilled at azimuth 350 degrees and inclination of minus 60 degrees. This is an infill hole east of M-07-044 and M-08-066 and north of M-06-015.
