Seabridge Gold has entered into an agreement to acquire the Goldstorm project in Nevada from Mountain View Gold Corp. for 25,000 Seabridge common shares.
The Goldstorm property consists of 134 mining claims and 1,160 leased acres (totaling approximately 3,900 acres or 15.9 km2) located about 3 kilometers (km) to the east of Seabridge’s Snowstorm Property. Snowstorm’s 80.3 km2 of land holdings are strategically located at the projected intersection of three of the most important gold trends in northern Nevada: the Carlin Trend, the Getchell Trend and the Northern Nevada Rift Zone, the company said.
Goldstorm has had limited exploration to date. Previous operators identified a series of northwest trending veins that showed strong pathfinder geochemistry and highly anomalous gold results, the company said. A surface trench on one of these veins yielded 3 meters of 9 grams/mt gold and 44 g/mt silver. Mountain View’s limited drill testing of this vein returned promising grades including an intersection of 2 meters assaying 5.5 g/mt gold of which 1 meter graded 9.29 g/mt gold and 73g/mt silver.
Seabridge Chairman and CEO Rudi Fronk said, “Snowstorm is a very valuable exploration asset for us and it will be a primary focus for our exploration team this year, including our first drill program on the project expected to begin later this summer. In preparation, we have staked additional claims where available.”