Seabridge Gold signs agreement to acquire Goldstorm Project in Nevada

6 June 2019 (Last Updated June 6th, 2019 11:40)

Canada-based Seabridge Gold has signed a definitive agreement to acquire a 100% stake in the Goldstorm Project in northern Nevada, US, from Mountain View Gold.

Canada-based Seabridge Gold has signed a definitive agreement to acquire a 100% stake in the Goldstorm Project in northern Nevada, US, from Mountain View Gold.

Seabridge will provide 25,000 of its common shares to Mountain View Gold as part of the agreement.

The Goldstorm project is located 3km east of Seabridge’s wholly owned Snowstorm property and is in the Northern Nevada Rift (NNR), a geologic feature known to host high-grade gold-silver mines.

Snowstorm’s 80.3km² of land-holdings are located at the intersection of Nevada’s gold trends, namely Carlin Trend, Getchell Trend and Northern Nevada Rift Zone.

The Goldstorm property comprises 134 mining claims and 1,160 leased acres, totalling around 3,900 acres or 15.9km².

Seabridge chairman and CEO Rudi Fronk said that the acquisition provides potentially valuable targets, as well as insights into the Northern Nevada Rift targets on the east side of the Snowstorm property.

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 programme on the project expected to begin later this summer. The Goldstorm purchase fits our strategy of expanding our footprint in these highly prospective gold trends where we intend to be a significant player.”

“Snowstorm is a very valuable exploration asset for us and it will be a primary focus for our exploration team this year.”

The transaction is expected to close subject to the terms and conditions, and approval of the applicable stock exchanges.

Seabridge Gold is a resource exploration company with a resource base of gold, copper and silver. Its principal assets, the KSM and Iskut properties, are located near Stewart, British Columbia, while its Courageous Lake gold project is located in Northwest Territories.