The property 100 %-owned by Seabridge is a collection of mineral leases and mining claims that trend north-south over approximately 54 km covering the length of the CLGB. These land holdings are 50,228 hectares made up of:
- 3 Federal Mining Leases (989.06 ha)
- 1 Federal Claim, lease request in process (983.00 ha)
- 76 Territorial Leases (42,371.44 ha)
- 8 Territorial Claims, lease request in process (5,884.00 ha)
- 1 Territorial Claim (0.95 ha)
The core Mining Leases were acquired by Seabridge through an agreement with Newmont Canada Ltd. (51%) and Total Resources (Canada) Ltd. (Total) (49%) in 2002. The Mining Leases are encumbered by royalty agreements and debentures registered in favor of Newmont Canada Ltd. and Total. The property includes the past gold producing Salmita Mine operated by Giant Yellowknife Mines and the Tundra mine operated by Royal Oak Mines.
The Courageous Lake Property is 240 km northeast of Yellowknife NWT, Canada. It is situated along the shores of Mathews Lake, between the larger Courageous Lake to the north and MacKay Lake to the south. Coordinates for the center of the deposit are about 486,700 East and 7,109,600 North (NAD83 Universal Transverse Mercator). Access to the project is by fixed wing aircraft or helicopter between February and April. A 35 km spur road can be constructed to link with the Tibbitt to Contwoyto winter road.
The site is characterized by undulating hills to the west and flatter terrain to the east with associated tundra vegetation. Low-lying marshy areas connect open lakes in the tundra and subdued rounded rock outcrops surround these bodies of water. At nearly 640 North, temperatures are often below freezing but between late May and August +20C temperatures are common. Winter temperatures can be less than -50C over short periods and gale-force winds are not uncommon.
The scientific and technical information in respect of the KSM Project herein was derived from the technical Report entitled KSM (Kerr – Sulphurets – Mitchell) Prefeasibility Study and Preliminary Economic Assessment dated effective August 8, 2022. This information was prepared by leading consulting firms and their Qualified Persons (as defined in NI 43-101), all of who are independent of Seabridge and are listed below along with their areas of responsibility:
(i) Tetra Tech, Inc. under the direction of Hassan Ghaffari P.Eng (surface infrastructure, capital estimate and financial analysis), John Huang P.Eng. (metallurgical testing review, permanent water treatment, mineral process design and operating cost estimation for process, general and administrative (“G&A”) and site services, and overall report preparation)
(ii) Wood Canada Limited, under the direction of Henry Kim P.Geo. (Mineral Resources)
(iii) Moose Mountain Technical Services under the direction of Jim Gray P.Eng. (open pit Mineral Reserves, open pit mining operations, mine capital and mine operating costs, MTT and rail ore conveyance design, tunnel capital costs)
(iv) N. Brazier Associates Inc. under the direction of W.N. Brazier P.Eng. (Electrical power supply, energy recovery plants)
(v) ERM Consultants Canada Ltd. under the direction of Rolf Schmitt P.Geo. (environment and permitting)
(vi) Klohn Crippen Berger Ltd. under the direction of David Willms P.Eng (design of surface water diversions, diversion tunnels, tailing management facility, water treatment dam and RSF and tunnel geotechnical)
(vii) BGC Engineering Inc. under the direction of Derek Kinakin P.Geo., P.L.Eng., P.G. (rock mechanics, geohazards and mining pit slopes)
(viii) WSP Golder Inc., under the direction of Ross Hammett P.Eng (Block Cave mining)