World’s largest gold project just got even bigger
Shares in Seabridge Gold (TSX:SEA) (NYSE:SA) were soaring in pre-market trade in New York after the Toronto-based company bulked up again its already massive KSM gold-copper-silver project in northern British Columbia in both size and grade.
Before the opening, Seabridge stock was already exchanging hands for $10.40, up 4.8% on the New York Stock Exchange, after hiking its estimated inferred gold and copper resources at the Iron Cap deposit– one of four that make up the company’s KSM project — by more than 300% each.
The updated resource assessment, shows estimated inferred gold resources have increased 302% to 20 million ounces. Estimated inferred copper resources, in term, have grown 379% to 8.6 billion pounds.
As a result, inferred grades at KSM, the world’s largest undeveloped gold project based on mineral reserves, jumped 36% for copper and 14% for the yellow metal.
Seabridge Gold holds a 100% interest in several North American gold resource projects. But the miner’s key assets is its KSM property located near Stewart, B.C. It also owns the Courageous Lake gold project — in Canada’s Northwest Territories — and Iskut, in B.C., which the company obtained with the closing of the SnipGold Corp. acquisition, in June, 2016.
More to come…