Seabridge Gold Inc. (TSX: T.SEA, Stock Forum) has begun core drilling the Walsh Lake gold target at its 100%-owned Courageous Lake project in Canada.
The Walsh Lake target is about 10 kilometres south of the FAT deposit, located in the Northwest Territories, where Seabridge has developed a 6.5 million ounce proven and probable gold reserve.
According to the Seabridge Gold press release, the $3.1 million winter program is expected to complete 16 holes totaling 7,400 meters with the aim of generating an initial resource estimate for the Walsh Lake deposit.
Last year’s summer program at Walsh Lake completed 23 core holes totaling 10,211 meters.
The results exceeded expectations with 22 of 23 holes returning significant gold values including 26 intercepts above 15 grams per tonne.
The Walsh Lake zone now has a strike length of 850 meters and remains open to the north, up dip and at depth.
Seabridge holds a 100% interest in several North American gold resource projects.
On Friday morning, Seabridge was trading at $13.97 a share. The company had a market cap of $636.4 million, based on 45.6 million shares outstanding. The 52-week high and low was $21.99 and $11.83 respectively.