RE:Sea updated-preliminary-feasibility-study-for-ksmSeabridge may have learned a few things from Treaty Creek over the years. For one, open pit reserves are worth more than underground/block cave reserves. For another, shallow gold dominant reserves are the most profitable and desirable to partners. By completely eliminating Iron Cap and Kerr from the Assessment and adding the open pit shallow gold from Snowfield (Mitchell East) they have completely reworked the KSM plan. By upgrading from a Tier 1 project to a Super Tier 1 project with 1,000,000+ oz of Au production annually, they have targeted only the largest of the gold mining companies who can afford to take on the risk of a $9.6 Billion project over 30+ years that would represent a very large percentage of their overall reserves.
This essentially "frees up" the rest of the top twenty gold miners to move their attention from KSM to other projects that involve less risk, less capital up front, lots of resources to add to their portfolios, and still excellent profitability from the initial open pit operations, like Treaty Creek with likely less than $1 Billion to develop, 12.7 million oz. Au M&I in the open pit (to be increased after this year's drilling), with the same or better gold grades than KSM.
Bottom line, congratulations to Seabridge on this PFS. It greatly clarifies the picture for both the largest miners as well as all of the others who might have shown interest in the past.
I say again: Artemis Gold ARTG.V was at $1.08/share on March 1, 2020 before the PFS on their open pit in British Columbia. The stock is now at $5.78 with a market cap of nearly $900 million CDN and it's been as high as $7.77 earlier this year. Their total resources in all categories including Inferred is 11.92 million oz. Au. They have 194 million shares fully diluted. This company looks very much like a Tudor Gold once the M&I resources are upgraded to Proven/Probable and the PFS comes out (discounting the fact that Tudor has over 27 million oz. Au in all cateogories with more to report). Gold grades between Treaty Creek and Blackwater are very comparable. Both deposits are extremely consistent in terms of mineralization. Both have areas of shallow, higher grade gold that would be the focus of early mining.
Do your own DD. GLTA. Doug