Vancouver Junior Seabridge Gold (SEA-V) has launched a $1.6 million program over its wholly-owned Courageous Lake project in the North West Territories.
The initial task calls for the collection of a 1,000 kg sample for metallurgical test work. The company aims to select statistically representative samples of the known deposit from drill core stored on site for testing. The results will be incorporated into the Hatch scoping study aimed at determining the economic viability of the project.
A program of mapping, sampling and geophysics will then be used to identify new target areas on the property. The area already hosts several known gold occurrences and in anticipation of favourable findings, Seabridge has staked an additional 25,000 acres of ground bringing its total land position on the Courageous Lake-Matthews Lake Greenstone Belt to approximately 62,000 acres.
The final phase of this year’s program includes detailed geophysical surveys over the selected targets, leading to drilling in 2004.
A last report, the project held a measured and indicated resource of 28.8 million tonnes grading 2.62 grams gold per tonne.
In order to fund the program, Seabridge has arranged a $2.3 million financing comprising 1.025 million units priced at $2.25 each. A unit holds one share and half a warrant. A full warrant allows the holder to buy another share at a price of $2.50 for one year and $3 in the second year.
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