Seabridge Discovers New Gold Zones at Courageous LakeThursday, November 22, 2018 - 11:00 to 11:19 Theatre 1
Seabridge Gold’s Courageous Lake Property contains the entire Courageous Lake Greenstone Belt 240 km Northeast of Yellowknife. The property consists of two past producing gold mines (the Salmita Mine and the Tundra Mine). Seabridge Gold have defined the FAT deposit with proven and probable reserves of 91 million tonnes at 2.20 g/T Au equaling 6.5 Moz of gold. (Lechner, 2012). The Walsh Lake deposit has an inferred resource of 4.62 million tonnes at 3.24 g/T Au equalling 482,000 oz of gold (Lechner, 2014). The belt is a bimodal volcanic succession with episodic 2600 Ma Banting Group felsic and mafic volcanic rocks deposited on a granitoid basement. Burwash formation turbidite facies sedimentary rocks overly the Banting formation volcanic rocks. Metamorphism to greenschist facies occurred at 2660 Ma tilting the strata to vertical.
Mineralisation in the FAT deposit are stratabound domains contained entirely within the felsic volcanic rocks. Gold is hosted within three different morphologies of arsenopyrite crystals. The earliest of these mineralisation phases is interpreted to form at the same time as volcanism in a low sulphidation epithermal environment. Gold in the FAT deposit is refractory. Seabridge’s current exploration target is the Tundra Salmita trend, an 8km prospective contact between the Banting Volcanic rock and Burwash Sedimentary rock. This contains the historic Salmita and Tundra mines. The Walsh Lake Deposit is the Southern extension of the Tundra Mine and forms on the contacts between felsic volcanic and sedimentary rock and between felsic volcanic and mafic volcanic rock. Average gold grade is higher at 3.24g/T and the gold is free milling.
Seabridge completed a PFS on the FAT deposit in 2012. This identified several potential improvements to the project to make it more capital efficient including the discovery of near surface, free milling satellite deposits. These are envisaged as early mine life and will reduce payback time on initial capital expenditure for development. Because of this, Seabridge completed the delineation of the Walsh Lake deposit from 2012 to 2013. In 2014, a VLF and ground mag survey was completed over the Tundra Salmita trend to identify Walsh Lake signatures and explore for similar targets. Seabridge completed a 7000m diamond drilling program on six of these targets in winter 2018. Of these six targets, two have met the criteria for follow up. The Olsen target included intercepts of 40.4m of 3.04 g/T Au and the Marsh Pond target included intercepts of 24 meters of 2.13 g/T Au. Seabridge is currently evaluating the potential of these targets for drilling to a resource classification. The Banting formation volcanic rock and Burwash formation sedimentary rock contact exists for 56km along the entire greenstone belt. Gold pathfinders identified in the Tundra-Salmita drilling by Seabridge can be used to evaluate and prioritise further targets along the belt.