North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Seabridge Gold Inc. April 19 announced the closing of a C$15.73 million financing. The company plans to use the proceeds of this public offering to continue exploration and other programs at its KSM and Iskut projects in the Golden Triangle region of Northwestern British Columbia and for general corporate purposes.

Four of the zones at the KSM project - Kerr, Sulphurets, Mitchell and Iron Cap - contain 2.2 billion metric tons of proven and probable reserves averaging 0.55 grams per metric ton (38.8 million oz.) gold, 0.21 percent (10.2 billion pounds) copper, 2.6 g/t (183 million oz.) silver, and 42.6 parts per million (207 million lbs.) molybdenum.

These reserves support a 53-year mine that would average 540,000 oz. of gold, 156 million lbs. of copper, 2.2 million oz. of silver, and 1.2 million lbs. of molybdenum annually, according to a prefeasibility study published in September.

Iskut, about 30 kilometers (19 miles) northwest of KSM, is an earlier staged gold-silver project acquired by Seabridge in 2016.

In addition to the C$15.73 million raised through the public offering, the company is raising C$22 million through a private placement that involves the issuance of 1.1 million flow-through shares at C$20 per share.

Due to the laws associated with flow-through financing, it is expected that the entirety of the money raised through this private placement will be invested in Seabridge's Canada exploration projects.

-SHANE LASLEY