KSM Gold project achieves substantially-started status
It has been a banner few weeks for Seabridge Gold lately. In late July, the company announced the Environmental Assessment Office (EAO) had designated its flagship KSM project as "substantially started," well in advance of its deadline. The substantially started status makes the company's Environmental Assessment Certificate (EAC) permanent. It has been set to expire in July 2026 if Seabridge had not achieved the designation.
"This is a significant regulatory milestone for the KSM Project, positioning it to become a multigenerational economic anchor for northwestern B.C.," said Rudi Fronk, Seabridge chair and chief executive officer.
In a press release, the company said it has spent has spent more than $1 Billion since acquiring the KSM Project in 2001, of which more than $800 Million was to advance the project to substantially started after KSM's EAC was issued in July 2014.
The company claims KSM is the world's largest undeveloped gold property with 88.7 million ounces of measured and indicated gold plus 71.5 million ounces inferred. The deposit also holds 19.46 billion pounds of copper resources in the measured and indicated categories plus 38.5 billion pounds in the inferred category. Seabridge estimates when the mine goes into production, it will operate for 52 years.
"KSM's large copper reserve can contribute to meeting North America's technology, defence, and security objectives while the project can also promote the economic well-being of our Indigenous partners," Fronk said.
"We greatly appreciate the support that we received from the Nisga’a and Tahltan Nations, the Gitxsan Hereditary Chiefs Office, the Village of Hazelton, the District of New Hazelton, the Town of Smithers, the District of Stewart, the City of Terrace, the Regional District of Kitimat-Stikine, B.C. Hydro and the Mining Association of British Columbia.”
This month, Seabridge announced favourable drilling results at its 3 Aces project in southeastern Yukon that show "characteristic details of gold-bearing zones conforming to our new geological model across the 3 Aces Project." The property comprises 1,734 mineral claims covering 357 square kilometres in a road-accessible area of the territory.
Seabridge is currently engaged in reclamation activities at the site, concentrating on exploration roads, environmental monitoring activities, wildlife management, water sampling and understanding environmental baseline conditions. The company also recently announced its financials for the second quarter of 2024. During the three-month period ended June 30, 2024 Seabridge posted a net profit of $45.2 million ($0.51 per share) compared to a net profit of $9.0 million ($0.11 per share) for the same period in 2023.
Seabridge holds a 100 per cent interest in several North American gold projects including KSM and 3 Aces, its Iskut project located in northwest B.C, Courageous Lake project in the Northwest Territories and the Snowstorm project in northern Nevada.
Source: https://www.interior-news.com/