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Be the first with the news that moves the market- Seabridge Gold Inc (TSX:SEA) is proceeding with its planned technical report at the KSM project in British Columbia
- The study will outline a new gold deposit on the property in greater detail
- The company has chosen to proceed, despite the ongoing COVID-19 pandemic
- However, Seabridge is waiting until May to decide if it will proceed with two other planned drill programs at the Iskut and Snowstorm properties, due to health concerns
- Seabridge Gold Inc (TSX:SEA) up 3.29 per cent, with shares trading for C$13.18 and a market cap of $833.4 million
Seabridge Gold Inc (TSX:SEA) is moving ahead with its previously planned technical report at the KSM project in British Columbia.
The company announced this today amid COVID-19’s ongoing disruptions to the exploration and mining industry
Despite these impacts, the company has decided to proceed with the technical report, which is important to the site’s further development.
The report will analyse a new gold deposit on the property in greater detail. The company hopes this could lead to a greater mineral estimate at the site, while also reducing the mine’s footprint.
Seabridge expects the report to be complete within the next 45 days.
However, the company is less bullish on its planned 2020 field activities.
The company had previously expected to initiate a drill project the Iskut property, also located in British Columbia. Another drill program was also planned at the Snowstorm project in Nevada.
These projects could be impacted by self-isolation measures or yet unannounced government lockdowns. Due to these risks to the project, and to the staff at large, the company may postpone these programs until a later date.
However, the company is waiting until Mayto decide if it will delay. Seabridge hopes that later in the year there will be a clearer picture of the coming months.
If the drill programs are delayed, the company was quick to point out that this shouldn’t affect their land holding agreements.
Exploration companies are, by their nature, flexible to delays and postponement. Therefore, any decisions in May is unlikely to substantially impact the company’s financials, only development schedules.
This is unlike their mining counterparts, who are currently being heavily impacted by employee isolation measures and government mandated operational shutdowns.
Seabridge Gold Inc (TSX:SEA) up 3.29 per cent, with shares trading for C$13.18 at 9:38am EST.
