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Seabridge locks in 3 Aces project

The 3 Aces camp in Yukon.

The 3 Aces camp in Yukon.

27th May 2020

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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TSX- and NYSE-listed Seabridge Gold has completed the acquisition of the high-grade 3 Aces gold project – an exploration play in Yukon – from Golden Predator Mining.

3 Aces is a district scale, orogenic-gold project consisting of 1 536 claims covering about 350 km² located in a readily accessible part of south-eastern Yukon.

"We think 3 Aces is a worthy addition to the three outstanding exploration opportunities we already own in British Columbia, Nevada and the Northwest Territories. Golden Predator has done an excellent job of demonstrating the exploration potential at 3 Aces, confirming the project's positive metallurgy and establishing excellent relationships with local First Nations and communities,” chairperson and CEO Rudi Fronk said.

Seabridge acquired the project for 300 000 common shares, potential future cash payments totalling $2.25-million, and continuing royalty participation in the project by Golden Predator.

The acquisition agreement provides for additional payments to Golden Predator of $1-million upon confirmation of a 3 Aces NI 43-101-compliant mineral resource of 2.5-million ounces of gold and a further $1.25-million upon confirmation of an aggregate mineral resource of 5-million ounces of gold. The agreement also grants Golden Predator a 0.5% net smelter royalty on the project.

"Our current plan is to assemble and evaluate the wealth of data developed by GPY for the targets in the central core area with a view to initiating an aggressive drill programme next year," Fronk said.

Past drilling has encountered a significant number of gold-rich zones on the stratigraphic/structural contacts at 3 Aces. By early 2019 the project had completed about 300 holes, 37% of these encountered more than 5.0 g/t gold intersections and 27% have returned more than 8.0 g/t gold.

Golden Predator CEO Janet Lee-Sheriff said the company was looking forward to being a shareholder of Seabridge, whose shares she believed were undervalued.

Seabridge's KSM asset contains measured and indicated resources of 49.7-million ounces of gold plus 13.9-billion pounds of copper, at 0.52 g/t gold and 0.21% copper, and an additional 56.3-million ounces of gold plus 32-billion pounds of copper, at 0.38 g/t gold and 0.32% copper, in the inferred category, making it one of the world’s largest undeveloped gold/copper resources.

In addition, Seabridge owns the Courageous Lake deposit with measured and indicated resources of eight-million ounces of gold grading more than 2 g/t plus an additional 3.9-million ounces of gold in the inferred category, also above 2 g/t gold.

"With this world class gold endowment in a rising gold market, we believe the shares remain undervalued with excellent upside potential," said Lee-Sherrif.

Golden Predator would now focus entirely on its advanced and permitted Brewery Creek mine.

"In the past year, we have seen an impressive growth in the gold resource at Brewery Creek as recently defined in the 2019 NI 43-101 technical report. In addition, our successful 2019 drill programme of 137 step-out and infill holes expanded gold mineralisation down dip and along strike connecting a number of known mineral resource areas originally thought to be separate and discrete into one much larger mineralised area extending at least 3.5 km continuously along strike. This mineralisation remains open along strike and at depth. A new mineral resource estimate incorporating results from the 2019 Fall drilling programme is anticipated along with a study under way considering the feasibility of reprocessing the existing heap leach material mined and partially processed the original operator of the Brewery Creek mine,” said Lee-Sheriff.

Currently, the Brewery Creek mine has an indicated oxide resource of 21.14-million tonnes at 1.125 g/t gold containing 765 000 oz, plus an inferred oxide resource of 14.12-million tonnes at 0.967 g/t gold containing 440 000 oz. In addition, there are 8.57-million tonnes of inferred sulphide resource at 0.985 g/t gold containing 270 000 oz. Mineralised material on the heap leach pad was not included in the resource update and is the subject of a separate ongoing study.

Edited by Creamer Media Reporter

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