Mineral Resource Estimate For The Kerr and Iron Cap Deposits

Mineral Resource Estimate For The Kerr and Iron Cap Deposits

TORONTO – Seabridge Gold reported on the  Mineral Resource Estimates for the Iron Cap and Kerr deposits at its KSM Project located in northwestern British Columbia. The underground block cave constraining shapes for Kerr and Iron Cap have been updated using the same metal prices used in the 2022 Mitchell and East Mitchell open pit constraining shapes. Inferred Mineral Resources increase by 5.9 Million Ounces of Gold, 3.3 Billion Pounds of Copper, 55.4 Million ounces of Silver and 51 million pounds of molybdenum. Indicated Mineral Resources increase by 0.3 Million Ounces of Gold, 0.2 Billion Pounds of Copper, 3.5 Million ounces of Silver and 2 million pounds of molybdenum.

The updated Mineral Resource Estimates within the underground block cave constraining shapes for Kerr and Iron Cap have a mining grade shut-off applied which is appropriate for the assumed block cave mining method. This is consistent with the unselective block cave mining method used in the 2022 PEA and is different from previous Mineral Resource statements at Kerr and Iron Cap which applied a grade cut-off.

Resource models supporting the updated Mineral Resource Estimates have not changed and they are the same models used in the previous resource statement as reported in the KSM Preliminary Feasibility Study and Preliminary Economic Assessment, NI 43-101 Technical Report.

Chairman and CEO Rudi Fronk said, “The resource restatements reflect gains from a consistent application of metal price parameters. “As we move towards a joint venture on KSM, it makes sense to normalize our resource estimates across all of KSM’s deposits.”