Courageous Lake is one of Canada’s largest undeveloped gold projects with a measured and indicated resource of 8.0 million oz of gold at an average grade of 2.3 gpt. 

The project's first Preliminary Feasibility Study (PFS) was released in July 2012 and estimated proven and probable reserves of 6.5 million oz of gold in a single open pit known as the FAT deposit. The PFS predicts average annual production of 385,000 ounces at an estimated cash operating cost of $780 per oz and a mine life of 15 years (see news release of July 24, 2012). The project also has excellent exploration potential along the 54 km long length of the Courageous Lake Greenstone Belt owned 100% by Seabridge. 

Our opportunity at Courageous Lake is to joint venture or sell the project to a successful gold developer. Recent increases in the gold price, coupled with a weaker Canadian dollar since the 2012 PFS was prepared, have undoubtedly enhanced its value. Seabridge is examining various options to unlock this value while working with the existing data to evaluate different design alternatives which could increase its economic return and reduce its footprint.