TORONTO, CANADA -- (Marketwire) -- 12/12/12 -- Seabridge Gold (TSX: SEA)(NYSE: SA) today reported final results from its 2012 drill program designed to search for high-grade core zones underlying its very large KSM gold-copper project. The remaining hole at Deep Kerr provides strong confirmation that the Deep Kerr discovery has the potential for a very large tonnage of high-grade copper and gold mineralization; the hole reported long runs of elevated copper including 22 meters of 0.98%. Drilling also found three more targets with favorable markers characteristic of core zones (see attached map at http://media3.marketwire.com/docs/sea1212map.pdf). The $15 million 2013 drill program to pursue these targets is expected to begin in June, 2013.
World-class gold-copper porphyry districts such as KSM customarily consist of deeper, magmatic source ores linked upwards through transitional porphyries and skarn zones hosted by shallow intrusions, volcanic and sedimentary rocks to vein systems often characterized as epithermal deposits. The six deposits in the area of KSM demonstrate this vertical evolutionary architecture. All four porphyry zones at KSM where reserves have been defined are open at depth and exhibit the alteration mineralogy and textural indicators that suggest links to a deeper source.
This year's program used the evidence of temperature and pressure variances, geochemical markers and deep penetrating geophysical surveys to vector from known porphyry mineralization towards potential source areas. A total of 19,813 meters of core drilling was completed in the 2012 program resulting in: (1) the extraordinary Deep Kerr discovery (see release of November 8, 2012); (2) discovery of three more potential high grade zones at McQuillan, Iron Cap and North Mitchell (see details below); and (3) discovery of an unexpected epithermal gold deposit at the Camp Zone (see release of September 5, 2012). Further results are awaited from another 10 holes from the Camp Zone.
Seabridge Chairman and CEO Rudi Fronk noted that "when we began our search for a core zone at KSM, we assumed that the four main deposits would probably link to one such zone. We now believe that there may be several deep seated sources. Our first priority is to generate a high quality resource for Deep Kerr which could have a very significant economic impact on the KSM project particularly if it proves to be accessible from the Sulphurets valley floor by way of an inclined tunnel. Our second priority is to test the deep potential of the McQuillan and Iron Cap core zone targets which are ideally located for ease of access and integration into our project design."
"We are increasingly confident that this core zone program is the game-changing development we had hoped for. We have demonstrated that exceptional exploration potential remains within the KSM project and that we have the geological team to unlock it. Our aim for next year is to establish KSM as an unparalleled opportunity for the world's largest mining companies," Fronk said.
Following is a summary of results from core zone targets with planned exploration investment in 2013:
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