26 May 2020
Seabridge Gold announced today that it has completed the acquisition of a 100% interest in the 3 Aces gold project in the Yukon, Canada from Golden Predator Mining Corp. for 300,000 Seabridge common shares, potential future cash payments totalling $2.25 million, and continuing royalty participation in the project by Golden Predator.
Seabridge Gold Chairman and CEO Rudi Fronk said the 3 Aces Project is a first rate exploration play with the potential to host a high grade commercially-viable ore body. “We think 3 Aces is a worthy addition to the three outstanding exploration opportunities we already own in British Columbia, Nevada and the Northwest Territories. Golden Predator has done an excellent job of demonstrating the exploration potential at 3 Aces, confirming the project’s positive metallurgy and establishing excellent relationships with local First Nations and communities.”
The acquisition agreement provides for additional payments to Golden Predator of $1 million upon confirmation of a 3 Aces NI-43-101 compliant mineral resource of 2.5 million ounces of gold and a further $1.25 million upon confirmation of an aggregate mineral resource of 5 million ounces of gold. The agreement also grants Golden Predator a 0.5% net smelter royalty on the project.