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New Drilling Supports Partial Underground Scenario at Seabridge Gold's Mitchell Deposit PDF Print E-mail
Seabridge Gold (TSX:SEA)(NYSE Amex:SA) reported today that five geotechnical holes drilled this summer at KSM's Mitchell deposit could dramatically reshape the project's design, improve its economics and reduce its potential impact on the environment. Located in northwestern British Columbia, Seabridge's 100% owned KSM is Canada's largest undeveloped gold project.
The five holes were recommended by Golder Associates, a leading independent consultant specializing in underground mining. The objective was to assess the potential for a cost-effective panel cave operation at Mitchell to access the deeper portions of the deposit from underground following an initial phase of open pit mining as set out in the project's current Preliminary Feasibility Study (PFS). The five holes support the potential for cost-effective panel caving to access the deeper Mitchell material while substantially reducing strip ratios and waste rock volumes. These holes confirm the initial caving assumptions of competent rock in both the ore and development zones. Each of the holes also returned very long runs of excellent grade down to the levels which Golder Associates has proposed for underground development.
Seabridge President Rudi Fronk commented that these holes should provide the necessary information to define reserves for an underground panel cave operation at Mitchell. "KSM already has robust economics in the current PFS design. However, we wanted to find a way to access the deeper ore which would be left at the bottom of the proposed pit and reduce the amount of waste rock which the pit would generate. Recognizing that panel caving had the potential to meet both goals, we engaged Golder Associates to study the potential for an underground scenario at Mitchell. Preliminary work by Golder Associates suggested that panel caving could work cost-effectively. Golder Associates will now upgrade its preliminary design using the geotechnical and other data provided by these five holes. We expect to announce the results of this study shortly."
Mr. Fronk noted that project design and engineering enhancements of the original 2010 KSM PFS "continue to generate significant gains which will make this project more attractive to major producers."