Seabridge Gold Announces Results from Metallurgical Test Program at Snip North
Rhea-AI Summary
Seabridge Gold (NYSE: SA) reported robust metallurgical test results from 2025 drill-core samples at the Snip North deposit, part of its Iskut Gold-Copper Project. Locked cycle flotation produced copper-gold-molybdenum concentrates with Cu 20–28% and Au 83–525 g/t. Overall gold recoveries after cyanide leach improved to 85.3%–92.7%. Bond work index 9.9–11.9 kW-hr/tonne indicates soft grind characteristics. Results support planning for a maiden resource estimate and show potential for a separate molybdenum concentrate.
Positive
- LCT concentrate grades of 20%–28% Cu and 83–525 g/t Au
- Gold overall recoveries increased to 85.3%–92.7% after leach
- Copper recovery to concentrate up to 89.4% (sample SNN-Comp A)
- Bond work index 9.9–11.9 kW-hr/tonne indicating soft ore
Negative
- Recovery variability across samples: copper recovery 73.3%–89.4% and Au recovery 58.0%–81.1% to flotation concentrate
- Low molybdenum recovery in some samples (as low as 23.5%) requiring separate concentrate management
Key Figures
Market Reality Check
Peers on Argus
SA is up about 2%. Several gold peers in Basic Materials—such as CGAU (+4.11%), DRD (+3.77%), and IAUX (+4.00%)—also show gains, but only IAUX appears in the momentum scanner, so the move screens as more stock-specific than a confirmed sector-wide rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 12 | Finance leadership change | Neutral | -7.8% | CFO retirement and succession plan outlined for March 31, 2026. |
| Feb 10 | Corporate objectives update | Neutral | +1.1% | 2025 objectives ‘report card’ across multiple North American gold projects. |
| Jan 21 | Spin-out update | Positive | -0.9% | Detailed plan and timing to spin out Courageous Lake into Valor Gold. |
| Dec 18 | Year-end project review | Neutral | -2.5% | Operational recap for KSM, Iskut/Snip North and Courageous Lake spin-out steps. |
| Dec 16 | Spin-out announcement | Positive | +2.4% | Initial announcement of Courageous Lake spin-out and Valor Gold economics. |
Recent news often saw mixed to negative reactions, including a sharp sell-off on finance leadership changes despite largely strategic or neutral announcements.
Over the past several months, Seabridge has focused on strategic project positioning and corporate structuring. On Dec 16, 2025, it announced plans to spin out the 11.0M oz Courageous Lake project, followed by year-end updates on KSM, Iskut/Snip North, and the planned Valor Gold spin-out. Further spin-out details came on Jan 21, 2026. Corporate objectives and finance leadership transitions were outlined in February. Today’s Snip North metallurgical results build directly on the Iskut drilling highlighted in the Dec 18, 2025 update.
Market Pulse Summary
This announcement delivers the first systematic metallurgical assessment of Snip North, showing strong flotation responses, high copper and gold grades in concentrates, and overall gold recoveries between 85.3% and 92.7%. The results support work toward a maiden resource estimate on the 100% owned Iskut project. In context of earlier updates on KSM, Courageous Lake, and Iskut/Snip North drilling, key items to watch include upcoming resource statements, spin-out execution milestones, and any further technical de-risking across the portfolio.
Key Terms
cyanide leaching technical
AI-generated analysis. Not financial advice.
Toronto, Ontario--(Newsfile Corp. - March 2, 2026) - Seabridge Gold Inc. (TSX: SEA) (NYSE: SA) ("Seabridge") today announced robust results from its inaugural metallurgical test program on drill core samples from the Snip North Deposit, one of the targets on the
Highlights
A total of 10 drill-core interval samples and four composite samples from the Snip North deposit taken from the 2025 exploration program have been tested at ALS Metallurgy in Kamloops, BC, representing the first systematic metallurgical assessment of the Snip North deposit. The test procedures followed the flotation flow sheet established for Seabridge's KSM Project. Snip North metallurgy is similar to the Mitchell deposit.
Locked cycle tests (LCTs) at a primary grind size of
Table 1: Snip North - Summary of Locked Cycle Flotation Test (LCT) Results on 2025 exploration samples
| Sample ID | Head Grade | Final Bulk Flotation Concentrate Grade | Recovery to Flotation Concentrate | |||||||||
| Cu | Au | Ag | Mo | Cu | Au | Ag | Mo | Cu | Au | Ag | Mo | |
| % | g/t | g/t | % | % | g/t | g/t | % | % | % | % | % | |
| SNN-Comp A | 0.26 | 0.82 | 2.95 | 0.01 | 28.3 | 83 | 189 | 0.85 | 89.4 | 81.1 | 51.6 | 69.6 |
| SNN-Comp B | 0.15 | 0.80 | 2.51 | 0.003 | 26.2 | 125 | 220 | 0.37 | 86.9 | 75.9 | 42.2 | 65.0 |
| SNN-Comp C | 0.19 | 0.40 | 2.51 | 0.014 | 24.4 | 39 | 150 | 1.84 | 87.0 | 65.2 | 39.5 | 84.7 |
| SNN-Comp D | 0.04 | 1.21 | 1.04 | 0.001 | 22.8 | 525 | 350 | 0.18 | 73.3 | 58.0 | 45.0 | 23.5 |
| SNN-VAR 07 | 0.10 | 0.87 | 0.48 | 0.068 | 19.7 | 127 | 81 | 10.7 | 72.7 | 55.0 | 63.5 | 58.6 |
Molybdenum recovery indicates that a separate molybdenum concentrate can also be produced. Copper and gold grades in the LCT concentrates are expected to increase further after molybdenum concentrate separation.
Cyanide leaching completed on the first three pyritic concentrates from LCTs had excellent recoveries as shown in Table 2 with overall gold recoveries increasing to between
Table 2: Leach Test Results with impacts to Overall Recoveries
| Sample ID | Head Grade | Recovery to Flotation Concentrate | Additional Leach Recovery | Overall Recoveries | ||||||||||
| Cu | Au | Ag | Mo | Cu | Au | Ag | Mo | Au | Ag | Cu | Au | Ag | Mo | |
| % | g/t | g/t | % | % | % | % | % | % | % | % | % | % | % | |
| SNN-Comp A | 0.26 | 0.82 | 2.95 | 0.01 | 89.4 | 81.1 | 51.6 | 69.6 | 11.6 | 37.3 | 89.4 | 92.7 | 88.9 | 69.6 |
| SNN-Comp B | 0.15 | 0.80 | 2.51 | 0.003 | 86.9 | 75.9 | 42.2 | 65.0 | 12.9 | 34.4 | 86.9 | 88.8 | 76.6 | 65.0 |
| SNN-Comp C | 0.19 | 0.40 | 2.51 | 0.014 | 87.0 | 65.2 | 39.5 | 84.7 | 20.1 | 30.9 | 87.0 | 85.3 | 70.4 | 84.7 |
Initial bond work index tests results ranged from 9.9 to 11.9 kW-hr/tonne indicating that mineralization is generally soft and will be suitable for conventional SAB or SABC grinding circuits.
These results confirm a robust metallurgical response to flotation and will support the development of a maiden resource statement for Snip North.
Commenting on the study, Seabridge Chair and CEO Rudi Fronk said: "These robust metallurgical results from the Snip North maiden test program provide a strong foundation to support the upcoming maiden resource estimate."
Qualified Persons
Tracey Meintjes, P.Eng., a Qualified Person for the purposes of NI 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release on behalf of Seabridge Gold.
About Seabridge Gold
Seabridge holds a
Neither the Toronto Stock Exchange, New York Stock Exchange, nor their Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This document contains "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as "forward-looking statements" are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) excellent recoveries can be expected from Snip North mineralization; (ii) the possibility that a separate molybdenum concentrate can also be produced and that copper and gold grades in the LCT concentrates are expected to increase further after molybdenum concentrate separation; (iii) the completion of a maiden resource estimate at Snip North and its timing. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "envisages", "assumes", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
All forward-looking statements are based on Seabridge's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. Assumptions include: (i) the consistency of the response across all of the mineralization at the Project to the test procedures; (ii) that the test procedures will yield similar results when used a production scale; and (iii) the effect that molybdenum concentrate separation will have on recovery of copper and gold will be consistent with analogues. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates assumptions and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur as forecast, but specifically include, without limitation: risks relating to variations in the mineralization across the deposit and its response to metallurgical processes. Seabridge cautions that the foregoing list of factors that may affect future results is not exhaustive.
When relying on our forward-looking statements to make decisions with respect to Seabridge, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Seabridge does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Seabridge or on our behalf, except as required by law.
ON BEHALF OF THE BOARD
"Rudi Fronk"
Chair & C.E.O.
For further information please contact:
Rudi P. Fronk, Chair and C.E.O.
Tel: (416) 367-9292 • Fax: (416) 367-2711
Email: info@seabridgegold.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285791
FAQ
What metallurgical results did Seabridge (SA) report for Snip North on March 2, 2026?
How will Snip North test results affect Seabridge (SA) resource work in 2026?
Did Seabridge (SA) find any processing challenges in the Snip North metallurgical program?
What grindability did Seabridge (SA) report for Snip North mineralization?
