26 Jan 2015regulatory community update● Neutral
Set up an Independent Geotechnical Review Board to oversee the design, construction and closure of KSM's tailings facility and water storage dam, with full access to the project's technical data.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Nov 2014drilling result▲ Good
The 2014 Deep Kerr campaign - 12,900 metres in 13 holes - added about 400 metres of strike and 300 metres of depth and confirmed the geological model built after the 2013 discovery, with a substantially larger resource expected.
16 Oct 2014drilling result▲ Good
Eight further holes at the Iron Cap Lower Zone, added to seven reported in September, were expected to support a first resource estimate for the new zone in the first quarter of 2015.
3 Sept 2014drilling result▲ GoodMajor
Confirmed a second major gold-copper discovery at KSM, the Iron Cap Lower Zone, with intercepts including 514 metres at 0.68 g/t gold and 0.30% copper; an extra rig was moved in to push it towards a resource estimate. The zone first appeared in the 2013 drilling that also found Deep Kerr.
22 July 2014capital raising announcement● NeutralMajor
Closed a $13.8 million flow-through bought deal, 1.15 million shares at $12.00 including the over-allotment, led by Canaccord Genuity. The third flow-through round in under two years, and the price has been roughly flat since the December 2013 round at $11.17 after halving from $21.85 in 2012.
What it means for a shareholder
1.1m new shares at C$12.00 to raise about C$13.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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10 June 2014drilling progress report● Neutral
Drilling restarted at KSM aimed at growing the 515 million tonne Deep Kerr inferred resource and lifting its grade, plus testing more core-zone targets including Iron Cap at depth.
15 Apr 2014joint venture update● Neutral
Optioned Red Mountain again, this time to Revolution Resources, for 29,733,000 Revolution shares (19.9% of it), $2 million of staged cash and $7.5 million of exploration spending. Seabridge had optioned the same project to Banks Island Gold in March 2012 on different terms.
10 Apr 2014drilling progress report● Neutral
Set a 19,000-metre 2014 program at KSM to expand Deep Kerr and chase a second core zone under Iron Cap.
1 Apr 2014resource reserve update▲ GoodMajor
Filed the technical report putting a first number on Deep Kerr: 515 million tonnes of inferred resource at 0.53% copper and 0.36 g/t gold, or 5.9 million ounces of gold and 6.1 billion pounds of copper, from one season's drilling. It is an inferred-category resource, the lowest confidence category, and sits below the existing KSM pits.
11 Mar 2014resource reserve update▲ GoodMajor
First resource for the Walsh Lake discovery of September 2012: 4.62 million tonnes of inferred material at 3.24 g/t for 482,000 ounces of gold. Small beside the 6.5 million ounce FAT reserve next door, but higher grade, and Seabridge frames it as potential early-years feed for a Courageous Lake mine.
4 Feb 2014asset acquisition disposition▼ Bad
The US$7.5 million sale of the Grassy Mountain net profits interest fell through when Calico's sale of the project's owner to Rockstar did not complete. Seabridge keeps the interest and does not get the cash.
14 Jan 2014drilling result▲ Good
The last three 2013 holes at Iron Cap, the fourth KSM porphyry, cut 253 metres at 0.90 g/t gold and 0.37% copper below the existing resource and extended the deposit to the northwest and at depth - the same core-zone hunt that found Deep Kerr, now pointed at a second target.
10 Dec 2013capital raising announcement● NeutralMajor
Closed a $16.8 million bought deal of 1.5 million flow-through shares at $11.17, struck at a 22.5% premium to the previous close, again for exploration at KSM. The price tells the story of the intervening year: the November 2012 flow-through round was done at $21.85 a share.
4 Dec 2013asset acquisition disposition▲ Good
Agreed to sell the 10% net profits interest it kept over Grassy Mountain for US$7.5 million in cash - the residual retained when Calico exercised its option in 2013 - conditional on Calico completing its own sale of the project's owner to Rockstar Resources.
12 Nov 2013drilling result▲ GoodMajor
Closed out the Deep Kerr season: 23,802 metres drilled between June and October, with 23 of 25 completed holes cutting substantial widths of at least 0.5% copper, and a maiden resource estimate promised for January 2014. Seabridge said the discovery dramatically changes KSM's economic profile.
29 Oct 2013drilling result▲ Good
Five more Deep Kerr holes, and previously unreported high-grade veins up to 76 metres wide outside the main zone; of 26 holes that hit the zone, all 20 assayed carried wide intervals at or above 0.5% copper and 17 averaged above 0.6%.
25 Oct 2013asset acquisition disposition▲ Good
Collected the scheduled $2 million option payment on Quartz Mountain, now from Alamos Gold, which had bought Orsa Ventures and with it the option Seabridge granted in October 2011; a further $3 million and then $15 million (or a 2% royalty) fall due if Alamos carries the project to a permitted mine.
8 Oct 2013drilling result▲ Good
More Deep Kerr results, including 315 metres at 0.65% copper and 0.45 g/t gold; 26 of 29 holes drilled that summer hit the high-grade zone and all 15 assayed so far carried wide intervals at or above 0.5% copper.
24 Sept 2013drilling result▲ GoodMajor
Deep Kerr kept getting better: 228 metres at 0.72% copper and 0.96 g/t gold, and a second bornite-zone hit of 66 metres at 1.19% copper and 0.80 g/t gold. The zone measures at least 1,600 metres along strike and is open to the north and at depth, with five rigs drilling 1,000 metres of it for a first resource estimate.
23 Sept 2013regulatory community update▲ Good
The Gitxsan Hereditary Chiefs wrote to the British Columbia Environmental Assessment Office supporting KSM's application - a second First Nation on side within six weeks of the Nisga'a agreement in principle.
13 Aug 2013material agreement▲ GoodMajor
Reached agreement in principle with the Nisga'a Nation on the material terms of a benefits agreement for KSM covering economic benefits, jobs and contracting, and project certainty. The Nisga'a are the treaty nation whose feedback drove the 2011 access-route redesign, and their support matters to the environmental assessment then under review.
12 June 2013investor presentation● Neutral
Notice of a CEO presentation and webcast at a New York investor conference on 13 June 2013. No new disclosure.
5 June 2013director officer appointment▲ Good
Hired Peter Williams, previously Group Executive for mine engineering at Newmont, as Senior Vice President of Technical Services to run engineering on both KSM and Courageous Lake.
22 May 2013drilling result● Neutral
Started the 2013 KSM exploration season on four targets, three of them core-zone concepts, looking for grades at multiples of the project's reported reserves - the same search that turned up Deep Kerr and the Camp Zone in 2012.
16 May 2013other▲ Good
Metallurgical tests at SGS Lakefield on three Walsh Lake composites grading 2.9 to 12.2 g/t gold recovered 93.8% to 95.0% of the gold by ordinary cyanide leaching in 48 hours, so the new discovery is not refractory.
7 Mar 2013drilling result▲ Good
Began a $3.1 million, 16-hole winter program to define a first resource at the Walsh Lake discovery; the 2012 summer campaign there drilled 23 holes for 10,211 metres, with 22 of 23 hitting significant gold and 26 intercepts above 15 g/t, over an 850-metre strike still open.
6 Feb 2013asset acquisition disposition● Neutral
Calico Resources exercised its option over the Grassy Mountain project in Oregon, paying Seabridge in paper: 6,433,000 Calico shares plus 4,567,000 special warrants exercisable only so far as Seabridge stays below 20% of Calico. The third non-core property in eighteen months handed to a junior for shares rather than cash, after Quartz Mountain to Orsa and Red Mountain to Banks Island.
4 Feb 2013regulatory community update● Neutral
Donated $100,000 to Northwest Community College for trades training in the part of British Columbia where KSM would be built - community groundwork for a project still years from permits.
16 Jan 2013drilling result▲ Good
Ten final holes on the Camp Zone, discovered at KSM the previous summer, returned ten intercepts above 10 g/t gold; the zone sits at low altitude near planned infrastructure.
12 Dec 2012drilling result▲ GoodMajor
Final 2012 results confirmed Deep Kerr as a genuine discovery, with the last hole returning long copper runs including 22 metres at 0.98% copper, and three further core-zone targets identified. Seabridge planned a $15 million 2013 campaign from June aimed at a first Deep Kerr resource estimate.