Seabridge Gold Continues to Expand Snip North Deposit

Rhea-AI Summary

Seabridge Gold (NYSE: SA) reported further 2025 drilling results from the Snip North Deposit at its 100% owned Iskut project on December 10, 2025. Mineralization is now defined over a 2,100 m strike, 600 m dip projection and up to 700 m width. Multiple holes returned long, continuous Au-Cu intervals (examples: 719 m at 0.60 g/t Au, 550 m at 0.43 g/t Au) and higher-grade internal zones (up to 2.12 g/t Au over 35.1 m). The company said the system remains open at depth and along strike and aims for a maiden resource estimate in early 2026.

Positive

• Mineralization defined across 2,100 m strike
• Up to 700 m width of mineralized zone
• 719 m at 0.60 g/t Au (SN-25-42) reported
• 550 m at 0.43 g/t Au (SN-25-46) reported
• High-grade intercept 2.12 g/t Au over 35.1 m (SN-25-42)
• Company targets maiden resource estimate in early 2026

Negative

• True thickness of reported intervals not established
• Limits of mineralization remain undefined (open at depth/strike)
• Final assays still pending and additional modelling required

News Market Reaction

-0.92%

1 alert

-0.92% News Effect

On the day this news was published, SA declined 0.92%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Mineralized strike length: 2,100 meters Dip projection: 600 meters Deposit width: 700 meters +5 more

8 metrics

Mineralized strike length 2,100 meters Snip North Deposit extent

Dip projection 600 meters Snip North Deposit extent

Deposit width 700 meters Maximum width of Snip North mineralization

Key interval length 819.7 m Iskut Snip North drilling interval (prior result)

Gold grade 0.66 g/t Au Iskut Snip North prior drilling interval

Copper grade 0.14% Cu Iskut Snip North prior drilling interval

Cash & equivalents $103.1M Quarter end balance cited in 3Q25 coverage

Secured note liabilities $583.1M Liabilities supporting ongoing programs

Market Reality Check

Price: $34.64 Vol: Volume 967,234 is slightl...

normal vol

$34.64 Last Close

Volume Volume 967,234 is slightly below the 1,024,004 share 20-day average (relative volume 0.94). normal

Technical Price $29.30 is trading above the $17.08 200-day moving average, reflecting a pre-existing uptrend.

Peers on Argus

Gold peers showed mostly positive moves, with ARMN up 2.94%, CGAU up 1.75%, DRD ...

Gold peers showed mostly positive moves, with ARMN up 2.94%, CGAU up 1.75%, DRD up 4.03%, and IAUX up 4%, while CNL fell 1.32%. SA’s 2.38% gain occurred alongside this generally constructive sector tone.

Historical Context

5 past events · Latest: Nov 20 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 20	Coverage update	Positive	-5.0%	Analyst update detailing cash, financings, shelf renewal and Snip North drilling.
Nov 19	Safety award	Positive	+3.1%	KSM Mining recognized with AME David Barr Award for health and safety.
Nov 12	Quarterly report	Neutral	+4.1%	Q3 loss, higher project investment, stronger working capital and new porphyry confirmation.
Nov 06	Platform launch	Positive	-0.2%	Navigator Global platform launched to support international expansion for U.S. businesses.
Oct 30	Banking milestone	Positive	+1.8%	Openbank reports over <b>$6B</b> deposits and expanded U.S. footprint after first year.

Pattern Detected

Recent Seabridge news has mostly seen price gains, with one notable selloff on a fundamentally constructive coverage update.

Recent Company History

This announcement adds to a series of developments around Seabridge’s large gold-copper portfolio. In Q3 2025, the company reported a net loss of $32.3M but increased investment in mineral interests to $52.9M and lifted net working capital to $83.2M. A 3Q25 coverage update highlighted cash of $103.1M, supported by a US$100.2M equity financing and a $30.5M flow-through financing, plus major drilling success at Snip North. Recognition for KSM’s health and safety practices reinforces the project’s operational profile as exploration advances.

Market Pulse Summary

This announcement details further drilling that extends Snip North’s mineralized footprint to 2,100 ...

Analysis

This announcement details further drilling that extends Snip North’s mineralized footprint to 2,100 meters of strike, 600 meters of dip, and up to 700 meters in width, reinforcing the scale of the porphyry Cu‑Au system. It follows earlier results that included a long interval grading 0.66 g/t Au and 0.14% Cu. In context of prior disclosures on cash, financings, and capital spending, investors may track how these results feed into the planned maiden resource estimate.

Key Terms

porphyry, potassic alteration, quartz-sericite-pyrite, quartz-sulfide-biotite veins, +4 more

8 terms

porphyry technical

"continue to show a large and robust Porphyry Cu-Au system."

A porphyry is a type of large, underground mineral deposit that contains valuable metals such as copper, gold, or molybdenum, often spread over a wide area. Think of it as a giant underground treasure chest, where the metals are embedded in rock formations. These deposits are important to investors because they can be the source of significant resource extraction projects with the potential for substantial economic returns.

potassic alteration technical

"a broad and intense zone of potassic alteration hosted by Triassic Stuhini"

Potassic alteration is a geological change in rock where hot fluids introduce potassium-bearing minerals, replacing the original minerals and often making the rock harder and chemically distinct. For investors in mining, it matters because this alteration commonly occurs near the central part of large metal-bearing systems, so finding it is like spotting a fingerprint that points to a higher chance of nearby copper, gold, or other ore concentrations.

quartz-sericite-pyrite technical

"overprinted by intense quartz-sericite-pyrite alteration with quartz-sulfide-sericite veins."

A quartz-sericite-pyrite assemblage is a pattern of three minerals commonly formed when hot, metal-bearing fluids alter surrounding rock during underground mineral formation. Geologists treat this trio like a set of footprints leading toward potential copper, gold or other metal deposits; its presence on a property can raise the chance of a valuable deposit and influence exploration decisions and company valuation.

quartz-sulfide-biotite veins technical

"hydrothermal biotite and magnetite, with quartz-sulfide-biotite veins."

Quartz-sulfide-biotite veins are narrow, rock-filled seams where silica (quartz), metal-bearing sulfide minerals and the dark mica biotite were deposited by hot, mineral-rich fluids moving through cracks in the earth. For investors, these veins matter because they often act as targets for metal ores (for example copper, gold or other valuable metals), signaling where concentrated, mineable mineralization may sit and influencing exploration priority and potential extraction costs.

molybdenum technical

"Many of these drill holes also intersected significant molybdenum grades"

Molybdenum is a metallic element used in small amounts to strengthen steel and other metals, improve heat resistance, and act as a component in catalysts and high-tech parts. Think of it like a special seasoning added to metal to make it tougher and last longer. Investors track molybdenum because its supply, production costs, and demand from construction, energy and industrial sectors can affect mining companies’ revenues and the prices of related raw materials.

ppm technical

"Mo (ppm)"

Parts per million (ppm) is a unit that expresses how many units of a substance exist in one million units of a mixture or material — imagine one drop of dye spread through an Olympic-sized pool to picture a very small concentration. Investors watch ppm readings because regulatory limits, product contamination, pollutant emissions or chemical residues often use this scale; small numeric changes can mean compliance problems, remediation costs, production shutdowns or reputational risk that affect a company’s value.

ni43-101 regulatory

"a qualified person under NI43-101."

A Canadian regulatory standard that sets rules for how companies disclose technical information about mineral exploration and mining projects. It requires an independent, qualified expert to verify data and classify mineral resources and reserves so reports are consistent and reliable—think of it like a certified inspection report for a property. Investors use it to compare projects, judge the trustworthiness of claims, and assess geological and financial risk.

qualified person regulatory

"a qualified person under NI43-101."

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

AI-generated analysis. Not financial advice.

Toronto, Ontario--(Newsfile Corp. - December 10, 2025) - Seabridge Gold (TSX: SEA) (NYSE: SA) today announced further results from 2025 drilling on the Snip North Deposit at the 100% owned Iskut project. Each hole intersected wide intervals of consistent and continuous gold and copper grade that continue to show a large and robust Porphyry Cu-Au system. Mineralization is now defined over a strike length of 2,100 meters, 600 meters of dip projection and up to 700 meters in width.

Seabridge Gold Chair and CEO Rudi Fronk commented: "Snip North continues to evolve as a large porphyry mineral system. Intensity and scale of the deposit give us confidence that a significant maiden resource estimate can be achieved in early 2026. While drilling has recently concluded, we continue to receive new assays and advance our modeling. The limits of mineralization have not yet been defined, remaining open at depth to the northwest and along strike to the north and west. We also believe we have the potential to find a higher-grade intrusive source as indicated by the outstanding results from holes SN-25-25 and SN-25-30". See News Release of September 15, 2025 here.

Gold and copper mineralization is largely confined to a broad and intense zone of potassic alteration hosted by Triassic Stuhini sedimentary and volcanic rocks, characterized by hydrothermal biotite and magnetite, with quartz-sulfide-biotite veins. To the west, this potassic domain is overprinted by intense quartz-sericite-pyrite alteration with quartz-sulfide-sericite veins. Replacement style mineralization is observed throughout the system, confined to bedded intervals and associated with intense sulfide and magnetite substitution of the rock mass.

Holes SN-25-31, SN-25-32, SN-25-33, SN-25-34, SN-25-35, SN-25-36, SN-25-37, SN-25-39, SN-25-41 and SN-25-42 are all collared on the east and central part of the Snip North deposit. They are designed to infill and characterize potassic alteration and replacement mineralization. The eastern-most drill holes encountered intense potassic alteration with biotite and quartz-sulfide-biotite veins at the surface. In the central part of the deposit drill holes collared in altered sedimentary rocks above the intense potassic alteration. Both hydrothermal and replacement style magnetite are abundant in this part of the deposit and indicative of high temperature and high magmatic fluid flux. Many of these drill holes also intersected significant molybdenum grades, interpreted to have a similar distribution to Seabridge Gold's Mitchell deposit and are a useful vector for further exploration.

Drill holes SN-25-38, SN-25-40, SN-25-43, SN-44 and SN-25-45 are collared on the west side of the deposit. Drill hole SN-25-46 was collared on the west side but drilled across the system into the eastern part of Snip North. These holes are characterized by intense disseminated sericite alteration as quartz-sericite-pyrite associated with quartz-sulfide-sericite veins. This alteration style is superimposed on the potassic alteration and locally preserves the secondary biotite. Overall, the system seems to be plunging to the northwest, which results in the mineralized zone becoming deeper to the west.

Hole ID	Hole Depth		From	To	Interval	Au  (gpt)	Cu  (%)	Ag  (gpt)	Mo  (ppm)
SN-25-31	726.3		21.0	314.0	293.0	0.46	0.10	1.0	86
		including	111.1	184.0	72.9	0.66	0.11	1.5	95
SN-25-32	637.5		38.0	194.0	156.0	0.38	0.13	0.7	241
		including	38.0	114.0	76.0	0.51	0.18	1.0	282
SN-25-33	656.4		6.0	502.0	496.0	0.33	0.14	1.3	79
		including	6.0	41.0	35.0	0.76	0.35	1.8	95
		including	168.5	211.0	42.5	0.50	0.14	1.3	58
SN-25-34	970.8		2.1	541.0	538.9	0.52	0.13	1.8	114
		including	172.5	224.0	51.5	0.84	0.14	1.3	171
		including	248.2	354.0	105.8	1.15	0.15	4.2	82
SN-25-35	1109.8		25.5	734.0	708.5	0.35	0.10	1.3	62
		including	315.0	592.5	277.5	0.48	0.17	1.8	98
		and	822.0	908.0	86.0	0.11	0.12	0.7	131
SN-25-36	788.8		8.0	367.3	359.3	0.35	0.14	0.9	213
		including	22.0	121.8	99.8	0.57	0.18	0.9	405
		including	320.0	358.1	38.1	0.49	0.33	2.4	157
SN-25-37	688.6		1.9	312.0	310.1	0.54	0.10	1.2	73
		including	109.4	199.0	89.6	0.95	0.11	1.6	59
SN-25-38	1422.6		531.0	923.5	392.5	0.57	0.05	1.2	19
		including	600.0	801.0	201.0	0.89	0.08	1.5	22
		and	969.0	1008.0	39.0	0.38	0.02	0.8	2
SN-25-39	834.3		3.3	559.0	555.7	0.44	0.13	1.0	121
		including	80.0	166.0	86.0	0.92	0.22	1.2	240
		including	451.5	471.2	19.8	1.02	0.39	3.9	207
SN-25-40	1156.7		10.0	473.0	463.0	0.33	0.10	2.3	62
		including	97.8	187.0	89.2	0.57	0.18	7.5	19
SN-25-41	1219.7		3.2	553.5	550.3	0.41	0.06	1.2	39
		Including	115.5	197.0	81.5	0.43	0.10	1.5	61
		Including	308.0	378.5	70.5	0.86	0.07	1.5	45
		Including	474.0	553.5	79.5	0.57	0.08	1.24	47
SN-25-42	1187.0		317.0	1036.0	719.0	0.60	0.06	1.5	9
		including	381.0	464.5	83.5	0.79	0.10	2.2	19
		including	693.0	739.0	46.0	1.00	0.10	1.1	8
		including	795.4	830.5	35.1	2.12	0.08	0.7	12
SN-25-43	1120.7		125.0	723.4	598.4	0.49	0.07	2.6	27
		including	452.0	697.0	245.0	0.43	0.12	1.7	53
		including	587.0	643.0	46.0	0.77	0.30	3.1	35
SN-25-44	1221.3		315.0	452.4	137.4	0.93	0.11	9.5	2
		including	386.0	433.0	47.0	1.50	0.24	20.2	2
		and	518.0	702.3	184.3	0.83	0.04	3.5	3
		and	718.6	851.1	132.5	0.67	0.03	1.8	5
SN-25-45	1363.7		387.8	436.0	48.2	0.57	0.04	1.2	9
		and	1027.0	1065.6	38.6	0.81	0.02	0.3	57
SN-25-46	757.5		193.0	743.3	550.3	0.43	0.12	2.9	59
		Including	235.0	271.5	36.5	0.78	0.17	15.3	44
		including	491.3	532.0	40.7	0.64	0.20	2.7	103

 

True thickness of these intervals is not fully known; additional drilling results and geological modeling are required to establish each interval's true width. Assays are contracted through ALS Global, an ISO accredited laboratory from their facility in Langly, BC. Sample precision in all Seabridge exploration drilling is afforded by the systematic insertion of blind certified geochemical standards, blanks and duplicate samples consistent with industry benchmarks.

Drill Hole Locations, NAD 83 Zone 9

Hole ID	Northing	Easting	Elevation	Azimuth	Inclination
SN-25-31	369587	6286421	94	15	-85
SN-25-32	370024	6286584	118	240	-78
SN-25-33	369910	6286517	100	190	-55
SN-25-34	369594	6286584	139	180	-60
SN-25-35	369358	6286419	180	180	-60
SN-25-36	370024	6286584	118	180	-65
SN-25-37	369784	6286589	151	350	-70
SN-25-38	368667	6286505	162	190	-50
SN-25-39	369784	6286589	151	203	-70
SN-25-40	369358	6286419	180	15	-62
SN-25-41	369221	6286658	230	200	-60
SN-25-42	368667	6286505	162	187	-68
SN-25-43	368869	6286564	179	180	-70
SN-25-44	368440	6286373	102	216	-61
SN-25-45	368394	6286898	128	163	-64
SN-25-46	369039	6286492	212	105	-50

 

The contents of this release have been prepared by William Threlkeld PGeo, Senior Vice President of the Company and a qualified person under NI43-101. Seabridge holds a 100% interest in a number of North American gold projects. Seabridge's principal assets in British Columbia, Canada's "Golden Triangle", are the KSM project, and the Iskut project. The Company also owns the Courageous Lake project in Canada's Northwest Territories, the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the road accessible 3 Aces project in southeastern Yukon Territory. For a full breakdown of Seabridge's mineral reserves and mineral resources by category please visit the Company's website at http://www.seabridgegold.com.

Neither the Toronto Stock Exchange, New York Stock Exchange, nor their Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

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, interpretations, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the Company's confidence that a significant maiden resource estimate for Snip North can be achieved in early 2026; (ii) the Company's belief that it has the potential to find a higher-grade intrusive source for the Snip North deposit; and (iii) mineralized system at Snip North plunging to the northwest.

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. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Seabridge's plans or expectations include the risk that: (i) the geologic formations at the Iskut Project do not conform to the interpretations of data and the geologic models that are the foundations for such forward-looking statements; (ii) changes occur in the underlying facts used to calculate a resource estimate that make declaration of a mineral resource problematic, and other risks outlined in statements made by Seabridge from time to time in the filings made by Seabridge with securities regulators. Seabridge disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.

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.

ON BEHALF OF THE BOARD
Rudi Fronk
Chair and C.E.O.

For further information please contact:
Rudi P. Fronk, Chair and C.E.O.
Tel: (416) 367-9292 • Fax: (416) 367-2711

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277540

FAQ

What did Seabridge Gold (SA) announce about Snip North on December 10, 2025?

Seabridge reported 2025 drilling results defining mineralization over a 2,100 m strike, with wide Au-Cu intervals and plans for a maiden resource in early 2026.

How long and how high-grade are the Snip North drill intercepts reported by SA?

Reported examples include 719 m at 0.60 g/t Au (SN-25-42) and high-grade zones up to 2.12 g/t Au over 35.1 m.

When does Seabridge expect a maiden resource estimate for Snip North (SA)?

The company indicated a target of a maiden resource estimate in early 2026.

Are Snip North drill results final and are true widths known for SA's December 2025 release?

No; the release states true thicknesses are not fully known and additional drilling and modelling are required.

What parts of the Snip North system remain open according to Seabridge (SA)?

Mineralization remains open at depth to the northwest and along strike to the north and west.

Did Seabridge report copper and molybdenum alongside gold in the Snip North results (SA)?

Yes; most holes include Cu values (e.g., ~0.05–0.15%) and notable Mo in select intervals (examples in table).