NEWS- SEA- like I said... Like I said.. fattened up for the takeout at these prices... moving more ounces to measured and indicated... soon to be bought IMO... or should be.... Rio Tinto would rather be in mongolia risking losing out to nationalization playing with Ivanhoe...rather than playing in the sea here in Canada.. what is Barrick waiting for here? what is Goldcorp waiting for?
Seabridge's Courageous Lake at 7.97 million oz Au M+I
2012-01-10 06:38 ET - News Release
Mr. Rudi Fronk reports
SEABRIDGE ADDS MORE THAN 1 MILLION OUNCES OF M&I GOLD RESOURCES AT COURAGEOUS LAKE
An updated mineral resource model for Seabridge Gold Inc.'s 100-per-cent-owned Courageous Lake project in Canada's Northwest Territories has increased measured and indicated gold resources by 18 per cent to nearly eight million ounces. The independent National Instrument 43-101-compliant resource estimate, prepared by Resource Modeling Inc. (RMI) of Stites, Idaho, will now be incorporated into a preliminary feasibility study (PFS) on Courageous Lake scheduled for completion in May, 2012.
The updated resource estimate, effective as of Jan. 9, 2012, is shown in the associated table.
COURAGEOUS LAKE GOLD RESOURCES AT 0.83-GRAM-PER-TONNE CUT-OFF Measured IndicatedTonnes Grade Ounces Tonnes Grade Ounces(thousands) (g/t) (thousands) (thousands) (g/t) (thousands)13,401 2.53 1,090 93,914 2.28 6,884 Measured plus indicated Inferred Tonnes Grade Ounces Tonnes Grade Ounces(thousands) (g/t) (thousands) (thousands) (g/t) (thousands)107,315 2.31 7,974 48,963 2.18 3,432
Seabridge Gold president and chief executive officer Rudi Fronk said the new model includes data from the 52 diamond core exploration holes drilled in 2011 totalling approximately 15,000 metres.
Mr. Fronk stated: "The focus of the 2011 drilling program was to upgrade inferred resources within the confines of the open pit defined in the 2011 preliminary economic assessment. The efficiency of our drill program and the predictability of our 2010 model proved to be exemplary. We converted nearly 1.2 million ounces of previously disclosed inferred resources to measured and indicated in last year's exploration program at an expenditure of approximately $6-million or about $5 per ounce. All but one of the 52 exploration holes drilled in 2011 intercepted mineralization above the cut-off grade. New mine plans will now be generated from this updated resource model in anticipation of being able to report the project's first proven and probable reserves in the PFS scheduled for completion in May."
The updated resource model constructed for the Courageous Lake deposit now incorporates data from a total of 589 holes drilled by Seabridge, Noranda and Placer Dome totalling approximately 169,000 metres. About 122,260 metres of the total have been assayed for gold, 53 per cent of it by Seabridge. Gold mineralization within the Courageous Lake deposit is hosted in the upper part of an assemblage of Archean-age felsic pyroclastic rocks just below a transition zone to sedimentary rocks.
Similar to the 2010 estimate (also completed by RMI), block model gold grades for this updated Courageous Lake model were estimated using a multiple-pass inverse-distance-weighting interpolation procedure. The outstanding success of the company's 2011 drilling program confirmed the validity of the resource model. In addition to using mineral zone wireframes to constrain the estimate of block grades, a dynamic anisotropic search strategy was used to select eligible composites. The search ellipse was allowed to dynamically conform to the hangingwall and footwall contacts of the key mineral zones, providing for a more geologically consistent and realistic distribution of in situ block gold grades. Individual assay grades were capped for each zone prior to compositing the assay data and interpolating block grades. The estimated block grades were classified into measured, indicated, and inferred mineral resource categories using distance to drilling data and the number of drill holes used to estimate the block grades. For the principal mineral zones measured resources were defined for blocks estimated by one or more drill holes within 7.5 metres of the block. For mineral zones 3 and 4 within the heart of the deposit (sections 4400 to 5000 north), indicated resources were defined by blocks estimated by two or more drill holes with at least one sample within 40 metres of the block. Indicated resources were defined for other zones based on distances from drill data ranging from 15 to 30 metres. For the primary mineralized zones, inferred mineral resources were defined by blocks estimated by at least one drill hole with a maximum allowable assay projection distance of 65 metres. Inferred resources were assigned to secondary mineralized zones up to 40 metres from drilling data. It is RMI's opinion that the new resource model is globally unbiased and locally reflects the grade of nearby drill hole composites.
The associated table provides global resource estimates from the new model at various gold cut-off grades.
COMPARISON OF COURAGEOUS LAKE RESOURCES AT VARIOUS CUT-OFF GRADES Measured Indicated Inferred Cut-off Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ouncesgrade (000) (g/t) (000) (000) (g/t) (000) (000) (g/t) (000)(g/t) 0.40 17,534 2.08 1,173 125,702 1.86 7,517 73,510 1.65 3,9000.50 16,445 2.18 1,153 117,615 1.96 7,412 66,983 1.77 3,8120.60 15,429 2.29 1,136 109,858 2.06 7,276 60,376 1.90 3,6880.70 14,566 2.39 1,119 102,664 2.16 7,097 55,206 2.02 3,5850.80 13,678 2.49 1,095 95,890 2.25 6,937 50,657 2.14 3,4850.83 13,401 2.53 1,090 93,914 2.28 6,884 48,963 2.18 3,4320.90 12,850 2.60 1,074 89,363 2.36 6,780 46,044 2.27 3,3601.00 12,029 2.71 1,048 83,482 2.46 6,603 42,779 2.37 3,260
The cut-off grade for resource tabulation was set at 0.83 gram per tonne, consistent with the cut-off grade used for previous Courageous Lake resource estimates (2007 and 2010). The cut-off grade used in the 2011 preliminary economic assessment was 0.67 gram per tonne, based on a gold price of $990. It is likely that the cut-off grade that will be used in the 2012 PFS will be lower than 0.67 gram per tonne due to higher gold prices.
Gold resource estimates included herein were prepared by Resource Modeling Inc. under the supervision of Michael Lechner, who is independent of Seabridge and a qualified person as defined by National Instrument 43-101. Mr. Lechner is a highly regarded expert in his field and frequently undertakes independent resource estimates for major mining companies. Mr. Lechner has reviewed and approved this news release.
Exploration activities by Seabridge Gold at the Courageous Lake gold project are being conducted under the supervision of William E. Threlkeld, registered professional geologist, senior vice-president of the company and a qualified person as defined by National Instrument 43-101. Mr. Threlkeld has reviewed and approved this news release. A rigorous quality control/quality assurance protocol was employed during the 2011 Courageous Lake drill program, including blank and certified reference standards inserted by the company at a rate of not less than one of each type in every 30 samples. Repeats and resplits of the sample rejects are being analyzed at a rate of not less than one sample in every 25 for each type. Samples are being assayed at Acme Laboratories, Vancouver, B.C., using fire assay atomic adsorption methods for gold and total digestion ICP methods for other elements. Cross-check analyses are being conducted at a second external laboratory on at least 10 per cent of the samples.