Winter drilling program planned for Courageous Lake gold project
Seabridge Gold aims to drill 36 holes, potentially expanding gold resource at the site
Seabridge Gold is back exploring its Courageous Lake Project in the Northwest Territories after a several-year hiatus.
The gold project is in the advanced stage of exploration. It's located 240 km northeast of Yellowknife. Next month, the exploration company will begin drilling 36 new shallow holes that extend northwest beyond the Walsh Lake deposit.
"We want to follow up on the initial Walsh Lake discovery," explained Brent Murphy, Seabridge Gold's vice president of environmental affairs.
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The Walsh Lake deposit was discovered in 2012 near the shuttered Tundra Mine — a high grade producer that was abandoned in the late 1990s.
"We're looking for higher grade gold mineralization to improve the economics for the potential mine project," he said.
The resource grade for the Walsh Lake discovery is roughly 50 per cent higher than the project's reserve grade, according to the company's website. This winter, the company is looking for similar mineralization beyond that area.
The 2018 "small scale" winter drilling program will focus on seven targets and cost between $3 million and $4 million, Murphy said.
The company plans to employ approximately 25 people, with roughly 20 per cent being Indigenous persons. About 75 per cent of all hires will be northerners from the N.W.T. and northern British Columbia, he said.
If this winter's drill program is successful, Murphy said the company may do a follow up drill program and start looking at revising the proposed mine design.
A 2012 preliminary feasibility study for Seabridge's Courageous Lake Project projected reserves of 6.5 million ounces of gold — proven and probable — along with a potential 15-year mine life.