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TICKERS: SEA; SA

Drilling Confirms Porphyry Potential at BC Project
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Recently, Seabridge Gold announced positive results from its Snip North target at the Iskut project in British Columbia's Golden Triangle, noted a Red Cloud research note.

Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) announced positive initial drill results from its Snip North target at the Iskut project in British Columbia's Golden Triangle, noted Red Cloud analysts Taylor Combaluzier and David Talbot in a December 15 research note.

Highlights included 0.80 grams per tonne (g/t) gold and 0.07% copper over 277 meters and 0.61 g/t gold and 0.07% copper over 252 meters.

The Red Cloud analysts view these results as confirming the potential for a significant underlying porphyry system.

While grades remain modest currently, they believe the core higher-grade porphyry source sits below these drilling depths. Follow-up drilling planned for 2024 aims to vector toward this target.

Valuation and Upside

The analysts maintain a Buy rating and CA$45.25 price target on Seabridge Gold.

With shares at CA$16.28 currently, this target implies 178% upside potential.

The firm's thesis focuses on the company's flagship KSM project, where Red Cloud expects Seabridge to apply soon for its "substantially started" designation. This would help de-risk KSM and support the company's pursuit of a joint venture partner.


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Important Disclosures:

  1. [Seabridge Gold Inc.] is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
  2. The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for 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. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

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Disclosures for Red Cloud Securities, Seabridge Gold Inc., December 15, 2023

Red Cloud Securities Inc. is registered as an Investment Dealer and is a member of the Investment Industry Organization of Canada (IIROC). Part of Red Cloud Securities Inc.'s business is to connect mining companies with suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services.

Red Cloud Securities Inc. has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate but cannot be guaranteed. This document does not take into account the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before investment. Red Cloud Securities Inc. will not treat recipients of this document as clients by virtue of having viewed this document.

Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the content of this report.

Company Specific Disclosure Details

  1. The analyst has visited the head/principal office of the issuer or has viewed its material operations.
  2. The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit.

Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and client feedback. Analysts are not directly compensated for specific Investment Banking transactions.

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Analyst Certification Any Red Cloud Securities Inc. research analyst named on this report hereby certifies that the recommendations and/or opinions expressed herein accurately reflect such research analyst’s personal views about the companies and securities that are the subject of this report. In addition, no part of any research analyst’s compensation is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.





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