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Seabridge Gold Completes Acquisition of 3 Aces Project in Canada's Yukon
Toronto, Ontario--(Newsfile Corp. - May 26, 2020) - Seabridge Gold (TSX: SEA) (NYSE:SA) announ...
About this update from Seabridge Gold Inc
[{"type":"text","content":"Seabridge Gold Completes Acquisition of 3 Aces Project in Canada's YukonA high-grade, near surface gold opportunity in a mining-friendly jurisdictionToronto, Ontario--(Newsfile Corp. - May 26, 2020) - Seabridge Gold (TSX: SEA) (NYSE:SA) announced today that it has completed the acquisition of a 100% interest in the 3 Aces gold project in the Yukon, Canada from Golden Predator Mining Corp. for 300,000 Seabridge common shares, potential future cash payments totalling $2.25 million, and continuing royalty participation in the project by Golden Predator. Seabridge Gold Chairman and CEO Rudi Fronk said the 3 Aces Project is a first rate exploration play with the potential to host a high grade commercially-viable ore body. \"We think 3 Aces is a worthy addition to the three outstanding exploration opportunities we already own in British Columbia, Nevada and the Northwest Territories. Golden Predator has done an excellent job of demonstrating the exploration potential at 3 Aces, confirming the project's positive metallurgy and establishing excellent relationships with local First Nations and communities.\"The acquisition agreement provides for additional payments to Golden Predator of $1 million upon confirmation of a 3 Aces NI-43-101 compliant mineral resource of 2.5 million ounces of gold and a further $1.25 million upon confirmation of an aggregate mineral resource of 5 million ounces of gold. The agreement also grants Golden Predator a 0.5% net smelter royalty on the project. \"Our current plan is to assemble and evaluate the wealth of data developed by GPY for the targets in the Central Core Area with a view to initiating an aggressive drill program next year,\" Fronk said. 3 Aces is a district scale, orogenic-gold project consisting of 1,536 claims covering approximately 350 km² located in a readily accessible part of southeastern Yukon (see map). The target concept for this project is consistent with some of the biggest and richest gold deposits in the world, including the California Mother Lode Belt, Juneau Gold Belt, Murentau in Uzbekistan and Obuasi in Ghana. Historical work has identified a broad area of gold-in-soil extending more than 20 kilometers (12.4 miles) along strike and recent drilling in the Central Core Area has progressed to a point where, with additional exploration drilling, the property could potentially...