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Seabridge Gold To Acquire 3 Aces Project in Canada's Yukon
Toronto, Ontario--(Newsfile Corp. - March 30, 2020) - Seabridge Gold (TSX: SEA) (NYSE: SA) ann...
About this update from Seabridge Gold Inc
[{"type":"text","content":"Seabridge Gold To Acquire 3 Aces Project in Canada's YukonA high-grade, near surface gold opportunity in a mining-friendly jurisdictionToronto, Ontario--(Newsfile Corp. - March 30, 2020) - Seabridge Gold (TSX: SEA) (NYSE: SA) announced today that it has entered into an agreement to acquire 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, continuing royalty participation in the project by Golden Predator and the immediate cash payment of $263,000 as reimbursement for project-related payments made by Golden Predator. In the event that this transaction does not close, $218,000 of the cash payment becomes a loan payable to Seabridge. Closing of the transaction is subject to the usual terms and conditions, including final due diligence by Seabridge and the approval of the applicable stock exchanges.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. Their focus has shifted to the much more advanced and permitted Brewery Creek Mine. Our exploration team is keen to get going on 3 Aces, beginning with a review of the extensive data generated by Golden Predator.\"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. 3 Aces is a district scale, orogenic-gold project consisting of 1,734 claims covering 357 km² (35,700 ha) 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 g...