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Seabridge has announced an upgraded resource at Iron Cap, one of its four large Au-Cu porphyry deposits that make up the KSM project in BC. As a result, the slight increase higher-grade resources have positively impacted our estimates. As Seabridge continues to improve the size and quality of its resources, this news continues to highlight the company’s undervalued potential as it seeks a suitable JV partner.
We are publishing our initial estimates on Seabridge Gold (TSX:SEA) and believe the stock is worth C$29.00/sh based on 0.70x our NAVPS estimate of C$41.44/sh. In our view, Seabridge with its world-class KSM project is a significantly undervalued gold-copper developer that is poised for a re-rating, which we expect to be driven by a JV announcement this year in an improving gold market.
Seabridge’s summer drill program at it's Iskut Property has identified another porphyry target close to surface. Iskut is only 30 km east of Seabridge’s KSM Project which hosts four porphyry deposits with P&P Reserves of 39Moz of gold + 10Blbs of copper. These latest results support our view that Seabridge is positioning itself as a gold-copper developer to watch in a premier jurisdiction - we believe majors are taking notice.Highlights:
Seabridge has announced that it has once again extended the Iron Cap mineralization down plunge to the northwest, which is already defined a 49Moz AuEq deposit within the wider KSM property in BC. Results align with our thesis that Seabridge is in possession of a major-scale gold-copper project in a premier jurisdiction that we expect to attract major partners.Highlights:
Red Cloud Klondike Strike Inc. is registered as an Exempt Market Dealer (EMD) in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland & Labrador, and Yukon.
Red Cloud Klondike Strike Inc. connects mining companies with suitable investors that qualify under available regulatory exemptions. For example, in Canada, according to National Instrument 45-106, Prospectus and Registration Exemptions. Similar laws and regulations apply in other jurisdictions. Companies presented on this website are considered to be highly speculative and, as such, are suitable only for purchasers who can tolerate the highest level of risk including the loss of their entire investment.
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