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Seabridge Finds Gold and Probably a Lot of it! (SA)

GoldIn a press release issued Tuesday, Seabridge Gold (NYSE: SA) said that it had found strong evidence that it found a major deposit of gold and other deposits.

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The company is drilling on the KSM project–a 100 percent company owned area in northwest British Columbia, Canada and said that the results of three test holes showed evidence of twice the metal yield as other properties.

If you’re a fan of the popular reality shows like Jungle Gold and Gold Rush, you’re now familiar with the term, virgin ground. Virgin ground refers to ground that hasn’t been mined for gold in the past. The KSM project represents virgin ground and the fact that its 100 percent owned makes it an even bigger find since the company won’t have to share revenue with the property owner.

Seabridge Chairman and CEO Rudi Fronk commented that “we are very encouraged at the prospect of finding another high-grade core zone at KSM, especially one located under Iron Cap. Our KSM mine plan already calls for Iron Cap to be exploited from underground using cost-effective block caving technology. A core zone beneath the known deposit could simply follow this plan but with potentially much higher grades and efficiencies. The 200 plus meter intercept encountered in Hole IC-13-49 sits entirely below Iron Cap’s existing reserves and is more than twice Iron Cap’s gold and copper grades. Furthermore, the Iron Cap is located in the same valley as the proposed crusher, tunnel portal and other key infrastructure so there really is no better place for nature to put a core zone, if we can in fact find one there. The balance of this year’s program will focus on in-fill drilling at Deep Kerr plus additional drill tests at Iron Cap.”

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Disclosure: At the time of this writing, the author had no position in the company mentioned.

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