Shares in Seabridge Gold (TSX:SEA) (NYSE:SA) were soaring in pre-market trade in New York after the Canadian company bulked up again its already massive KSM gold-copper-silver project in northern British Columbia in both size and grade.
Before the opening, Seabridge stock was already exchanging hands at $10.40, up 4.8% on the New York Stock Exchange, after hiking its estimated inferred gold and copper resources at the Iron Cap deposit — one of four that make up the company’s KSM project — by more than 300% each.
Investors curbed their initial enthusiasm once markets opened, with the miner’s shares trading only slightly up in New York (+0.48% to $10.45) and Toronto (+0.38% to Cdn$13.19 ) at 9:45AM ET.
The updated resource assessment shows estimated inferred gold resources have increased 302% to 20 million ounces. Estimated inferred copper resources, in turn, have grown 379% to 8.6 billion pounds.
The independent mineral resource estimate for the Iron Cap deposit incorporates all previous drilling plus 10,383 meters of diamond core drilling completed in 11 holes drilled in 2017, the Toronto-based miner said.
Source: Mining.com
