Issue link: http://resourceworld.uberflip.com/i/759903
D E C E M B E R / J A N U A R Y 2 0 1 7 www.resourceworld.com 37 completion of the equity offering of US $146.2 million, the US$696.8 million esti- mated development cost of the Brucejack Project is fully funded with commercial production slated for 2017. Seabridge Gold [SEA-TSXl SA-NYSE] has spent $20 million over the first nine months of 2016 on its KSM Project with $10.9 million being spent in Q3. Results from the final three core holes drilled this year at Deep Kerr successfully filled in the gaps required to confirm a southern extension of the deposit. The five holes completed in 2016 are expected to expand the known resource about 500 metres along strike to the south at grades consis- tent with the deposit's inferred resource. The company has also completed a new NI-43-101 technical report that updates its Preliminary Economic Assessment. This new assessment considers block caving as the primary mining method instead of open pits and includes the higher grade resources from the Deep Kerr and the Iron Cap Lower Zone. By including these zones the envisioned annual average maximum throughput was increased from 130,000 tpd to 170,000 tpd day in the PEA without significant redesign of facilities. The net result indicated better economic returns. This PEA does not override the 2016 Preliminary Feasibility Study but presents an alternative development option. In June, Seabridge acquired SnipGold and its wholly-owned Iskut Project for $14.8 million. A PEA was completed on a portion of the Iskut Project in 2010 and outlined a measured and indicated resource of 186 million tonnes of ore with 2.16 million ounces of contained gold and 500 million pounds of copper. Over the past field season Seabridge spent over $3 million on a multi-pronged exploration program at Iskut. The company reported that it has identified a prospective new porphyry copper-gold system with a potentially intact epithermal precious met- als zone at its top. Colorado Resources [CXO-TSXV] has also been busy advancing the KSP prop- erty which it optioned from SnipGold. The 305 km 2 KSP project is located 15 km along strike to the southeast of the past-produc- ing Snip Mine. This year the company drilled 59 holes totaling 8,861 metres. Drilling focused on a 500-by-600 metre area of the property dubbed Inel. "Our 2016 drill program at Inel has tested approximately 20% of the 1.5 km 2 Inel gold geochemical anomaly," said Adam Travis, Colorado President and CEO. "Overall the 53 drill holes from Inel had a 60% success rate in returning high-grade (> 5 g/t Au) gold intercepts." Highlights include hole IND16-046 with 3.7 metres averaging 14.59 g/t gold and 181.35 g/t silver and hole IND16-49 with 64 metres averaging 2.73 g/t gold. Centerra Gold [CG-TSX] is earning a 70% interest in Colorado's Heart Peaks property about 45 km NE of the past-pro- ducing Golden Bear Mine. Centerra must spend $8 million on exploration by the end of 2019 to complete its earn-in option. The company reported to Colorado that it planned a 2,000-metre drilling program at Heart Peaks initially targeting the high- grade gold Midas Zone. Skeena Resources [SKE-TSXV] is earning a 100% interest in the past- producing, high-grade Snip gold mine form Barrick Gold [ABX-TSX, NYSE]. The Snip Mine produced about 1 mil- lion ounces of gold from 1991 until 1999 averaging 27.5 g/t. The mine closed due to the high costs of isolation and falling gold Diamond drilling on the Skeena resources Snip property in the Golden triangle region of northwestern British Columbia. photo courtesy Skeena resources Ltd.