Seabridge Gold
Encyclopedia
Seabridge Gold is a Toronto-based North American resource exploration company. It owns Kerr-Sulphurates-Mitchell
, a copper-gold-silver-molybdenum porphyry
project in northern British Columbia. The deposit's proven-probable reserves includes 38.5 million ounces of gold, 214 million ounces of silver, 9.985 billion pounds of copper and 257 million pounds of molybdenum. The property is part of a bigger deposit containing another gold project known as Snowfield (Pretium Resources), the entire deposit is the largest undeveloped gold deposit in North America. The KSM project will cost more than $4.7 billion but funding is not yet in place.
, silver
, copper
and molybdenum. Molybdenum
is one of the main metals found in the area of Stewart, British Columbia
, Avanti Mining is one of the companies developing those deposits. Total gold measured and indicated resources was six times higher in 2010 than in 2004 (eight gold projects had 8.7 million ounces in 2004, six projects currently have 55.3 million ounces).
In June 2000 it purchased the Kerr Sulphurets Mitchell
property from Placer Dome
but didn't begin exploratory activity there until 2006. Since 2006 about 20 million ounces of gold have been added to resources. The deal cost 500,000 common shares and royalty payments capped at C$4.5 million.
In May 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. Courageous Lake holds 15% of Seabridge's indicated resources (5.7 million ounces of gold).
May 2011 - 2P reserves at KSM increase by 8.5 million ounces for gold and 3.0 billion pounds for copper. The difference is a result of a decision by the company to mine in the Iron Cap region. Iron Cap has 86% as much gold as Kerr and Sulfurets combined. The change expanded the mine life to 52 years from 37. High startup costs ($4.68 billion) has limited the company's ability to develop the project into a producing mine.
metres of any area where exploration work is proceeding.The Yellowknives Dene First Nation have concerns and in their opinion, the drilling permit decision issued on March 4, 2011 is incorrect at law.
Grassy Mountain (Vale, Oregon
) - The deposit was discovered by Atlas Mining in 1987 and planned as an underground operation. Sold to Newmont Mining in 1992 for $30 million plus royalties (5% NSR) five years before it was sold back to Atlas. Seabridge took interest in it in 2000. Reserves have barely changed in the last 20 years (in the 1990's it was near 800,000 ounces, in 2011 it was just over 920,000 ounces).
Quartz Mountain (Oregon) - Acquired December 2001, the same month it purchased 100% of Red Mountain. Another company, Quincy Energy Group is helping fund and develop the project.
Nevada Exploration - Nevada USA
Castle-Black Rock - Walker Lane gold belt
of Nevada.
Kerr Sulphurets Mitchell
Kerr-Sulphurets-Mitchell is an active mine exploration project 65 km northwest of Stewart, British Columbia . The property is 100% owned by Toronto-based Seabridge Gold. Denver-based royalty company Royal Gold owns a 2% net smelter return royalty on the mine...
, a copper-gold-silver-molybdenum porphyry
Porphyry copper deposit
Porphyry copper deposits are copper orebodies which are associated with porphyritic intrusive rocks and the fluids that accompany them during the transition and cooling from magma to rock. Circulating surface water or underground fluids may interact with the plutonic fluids...
project in northern British Columbia. The deposit's proven-probable reserves includes 38.5 million ounces of gold, 214 million ounces of silver, 9.985 billion pounds of copper and 257 million pounds of molybdenum. The property is part of a bigger deposit containing another gold project known as Snowfield (Pretium Resources), the entire deposit is the largest undeveloped gold deposit in North America. The KSM project will cost more than $4.7 billion but funding is not yet in place.
Properties/KSM
Between its seven projects only KSM has proven reserves. KSM contains goldGold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
, silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
, copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...
and molybdenum. Molybdenum
Molybdenum
Molybdenum , is a Group 6 chemical element with the symbol Mo and atomic number 42. The name is from Neo-Latin Molybdaenum, from Ancient Greek , meaning lead, itself proposed as a loanword from Anatolian Luvian and Lydian languages, since its ores were confused with lead ores...
is one of the main metals found in the area of Stewart, British Columbia
Stewart, British Columbia
Stewart is a small town, incorporated as a district municipality at the head of the Portland Canal in northwestern British Columbia, Canada. In 2006, its population was about 496.-History:...
, Avanti Mining is one of the companies developing those deposits. Total gold measured and indicated resources was six times higher in 2010 than in 2004 (eight gold projects had 8.7 million ounces in 2004, six projects currently have 55.3 million ounces).
History
Originally, it was incorporated as Copper Mines Ltd. on September 14, 1979. It renamed two more times before adopting its current name on June 20, 2002 (Dragoon Resources Ltd on November 9, 1984 then Seabridge Resources Ltd on May 20, 1998). In October 1999 it converted over to a gold company from a diversified one.In June 2000 it purchased the Kerr Sulphurets Mitchell
Kerr Sulphurets Mitchell
Kerr-Sulphurets-Mitchell is an active mine exploration project 65 km northwest of Stewart, British Columbia . The property is 100% owned by Toronto-based Seabridge Gold. Denver-based royalty company Royal Gold owns a 2% net smelter return royalty on the mine...
property from Placer Dome
Placer Dome
Placer Dome Inc. was a large mining company specializing in gold and other precious metals, with corporate headquarters in Vancouver, British Columbia, Canada....
but didn't begin exploratory activity there until 2006. Since 2006 about 20 million ounces of gold have been added to resources. The deal cost 500,000 common shares and royalty payments capped at C$4.5 million.
In May 2002 Seabridge purchased 100% of its second largest gold property, Courageous Lake in the NWT
Northwest Territories
The Northwest Territories is a federal territory of Canada.Located in northern Canada, the territory borders Canada's two other territories, Yukon to the west and Nunavut to the east, and three provinces: British Columbia to the southwest, and Alberta and Saskatchewan to the south...
from Newmont Mining
Newmont Mining
Newmont Mining Corporation , based in Denver, Colorado, USA, is one of the world's largest producers of gold, with active mines in Nevada, Indonesia, Australia, New Zealand, Ghana and Peru. Holdings include Santa Fe Gold, Battle Mountain Gold, Normandy Mining, Franco-Nevada Corp and Fronteer Gold...
and Total Resources for $5.5 million plus a 2% NSR royalty. Courageous Lake holds 15% of Seabridge's indicated resources (5.7 million ounces of gold).
May 2011 - 2P reserves at KSM increase by 8.5 million ounces for gold and 3.0 billion pounds for copper. The difference is a result of a decision by the company to mine in the Iron Cap region. Iron Cap has 86% as much gold as Kerr and Sulfurets combined. The change expanded the mine life to 52 years from 37. High startup costs ($4.68 billion) has limited the company's ability to develop the project into a producing mine.
Projects
Only KSM has proven and probable reserves of any metal and only gold is present at all other properties. Mitchell is home to all of KSM's proven reserves of gold (12.6 million ounces) and 75% of all the proven and probable reserves within the property. KSM is located near the headwaters of a tributary of the Unuk River, which flows into Behm Canal near Ketchikan. Seabridge unveiled its development plan during a public meeting in Ketchikan in October 2011 before a crowd of skeptical residents.Courageous Lake
Wholly owned gold property located in the Northwest Territories. Since 2002 resources have doubled.The company has to cease operations when caribou are within 500metres of any area where exploration work is proceeding.The Yellowknives Dene First Nation have concerns and in their opinion, the drilling permit decision issued on March 4, 2011 is incorrect at law.
Minor projects
Red Mountain (Stewart, British Columbia) - Acquired in 2001 from North American Metals Corp. for 800,000 common shares.Grassy Mountain (Vale, Oregon
Vale, Oregon
Vale is a city in Malheur County, Oregon, United States, about west of the Idaho border. It is at the intersection of U.S. Routes 20 and 26, on the Malheur River.Vale was selected as Malheur's county seat in 1955, 68 years after the county was founded...
) - The deposit was discovered by Atlas Mining in 1987 and planned as an underground operation. Sold to Newmont Mining in 1992 for $30 million plus royalties (5% NSR) five years before it was sold back to Atlas. Seabridge took interest in it in 2000. Reserves have barely changed in the last 20 years (in the 1990's it was near 800,000 ounces, in 2011 it was just over 920,000 ounces).
Quartz Mountain (Oregon) - Acquired December 2001, the same month it purchased 100% of Red Mountain. Another company, Quincy Energy Group is helping fund and develop the project.
Nevada Exploration - Nevada USA
Castle-Black Rock - Walker Lane gold belt
Walker Lane
The Walker Lane is a geologic trough roughly aligned with the California/Nevada border southward to where Death Valley intersects the Garlock Fault, a major left-lateral strike-slip fault...
of Nevada.