Seabridge Gold Inc.'s (SEA:TSX; SA:NYSE.MKT) Snip North target returns wide intervals of porphyry-style mineralization with good grades, noted a Red Cloud Securities report.
Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) released results of 16 more holes drilled in the Snip North target at its Iskut project in British Columbia's Golden Triangle, and they expanded the known mineralization there, reported Taylor Combaluzier, vice president and mining analyst at Red Cloud Securities, in a Dec. 11 research note.
"We view these results positively as drilling continues to reveal strong indications of a deeper, higher-grade porphyry source at Snip North," Combaluzier wrote. "[Results] bode well for the maiden mineral resource estimate anticipated in Q1/26."
Red Cloud maintained its CA$74.50 per share (CA$74.50/share) target price on the Canadian explorer-developer, trading at about CA$40.08 at the time of Combaluzier's report, the analyst noted.
The difference between these prices suggests a potential return for investors of 86%.
Seabridge remains a Buy.
The company has 104.3 million basic shares outstanding. Its market cap is CA$4.2 billion. Its 52-week range is CA$13.44-43.50/share.
Results are in for 16 holes drilled during the recent 12,000-meter (12,000m) campaign at Iskut's Snip North, designed to expand zones of intense potassic alteration and associated mineralization discovered in 2024, Combaluzier explained.
Of these newly reported holes, 10 were collared on the eastern and central part of the deposit. The other six were collared on the deposit's western part but were "directed into the eastern part," the analyst added.
Combaluzier reported that all 16 holes intersected wide intervals of mineralization. The longest interval encountered, in hole SN-25-42, was 719m of 0.6 grams per ton gold (0.6 g/t Au), 0.06% copper (Cu), or 0.69% gold equivalent (Au eq).
Other highlights intercepts included:
538.9m of 0.52 g/t Au, 0.13% Cu (0.73 g/t Au eq), hole SN-25-34598.4m of 0.49 g/t Au, 0.07% Cu (0.61 g/t Au eq), hole SN-25-43555.7m of 0.44 g/t Au, 0.13% Cu (0.64 g/t Au eq), hole SN-25-39The new results defined the extent of the mineralization at Snip North: 2,100m in strike length, 600m of dip projection, and 700m in width.
From the drill results reported to date and using its commodity deck prices, Red Cloud calculated a weighted average grade of 0.65 g/t Au eq, or 0.63% copper equivalent (Cu eq), over about 350m, Combaluzier wrote.
Mineralization at Snip North remains open to the west and at depth, the analyst pointed out.
The easternmost holes hit relatively shallower intense potassic alteration (at an average 43m depth) plus a notable concentration of molybdenum. This suggests the east-central part of the deposit is close to the mineralized system's high-temperature core. Proof of this is the wider intervals encountered in holes SN-25-43, SN-25-34, and SN-25-30 that were drilled in the east.
The six holes collared on the deposit's west side hit sericite alteration at an average depth of about 260m. Because sericite alteration forms at lower temperatures, this suggests the mineralized system gets deeper to the west. As for the deeper potassic alteration in the west, it has not been tested completely yet.
Further, because the mineralized body is plunging toward the northwest, deeper stepout holes in the northwest area could intersect additional mineralization beyond the current envelope.
Combaluzier noted the potential near-term catalysts for Seabridge. They include updates on KSM's development, expected on an ongoing basis; formation of a joint venture partnership; and the maiden Snip North mineral resource estimate, due out in Q1/26.
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Seabridge Gold Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.For additional disclosures, please click here.
Disclosures for Red Cloud Securities, Seabridge Gold Inc., December 11, 2025
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