Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) recently announced exploratory work intended to define drilling targets at its 100%-owned Snowstorm Project in northern Nevada by year-end.
"This is a very targeted program. We know what we are looking for and we know the tools that are most likely to help us in our search. Snowstorm is contiguous, and on strike, with large, successful producing mines including Getchell/Turquoise Ridge, Twin Creeks and Midas. The environments that host these gold deposits extend onto our ground but the targets are hidden under Tertiary volcanic cover. Our task is to 'see' through this cover using newly developed techniques and established tools that have worked for our neighbors," explained Seabridge Senior Vice President Bill Threlkeld.
Purchased by Seabridge in 2017, the Snowstorm Project is located in the midst of northern Nevada's Carlin Trend, Getchell Trend and the Northern Nevada Rift Zone. This area is known for being a prolific gold belt.
Initially, work will be concentrated on potential extensions of the Getchell Trend on the western side of the Snowstorm property. A magnetotelluric survey (CSAMT) will begin in July, and will include the western part of the property. This is an area where penetration of the carbonate host stratigraphy has been achieved with drill holes.
"Peak gold is the new reality in the gold business with reserves now being mined much faster than they are being replaced. Our industry is hungry for large discoveries and our exploration team's success in finding gold resources over the past 15 years has been second to none. Although it has its challenges, Snowstorm is uniquely qualified to host a discovery that adds significant value for our shareholders, which is why we took it on," said Seabridge Chairman and CEO Rudi Fronk.
Seven hundred mining claims and 5,800 acres of fee lands were included in the original Snowstorm purchase made by Seabridge. An additional 277 claims covering 5,540 acres contiguous to the purchased claims have also been staked by the company.
Seabridge Gold is headquartered in Toronto, Canada. In addition to Snowstorm, the company owns 100% of the KSM and Iskut projects in British Columbia and the Courageous Lake gold project in the Northwest Territories.
Courtesy: Streetwise Reports