returned "encouraging results" from maiden drilling in the Snip North target of its Iskut gold-copper project in British Columbia, reported Cantor Fitzgerald analyst Mike Kozak, in a December 14 company update.
Five of the six drilled holes showed "near-surface mineralization over wide intervals, confirming the discovery of a new porphyry target," Kozak wrote.
He presented these highlight intercepts:
- 422 meters (422m) of 0.3 grams per tonne (0.3 g/t) gold from surface (hole SN-23-02)
- 252m of 0.61 g/t gold from 207m downhole (hole SN-23-04)
- 277m of 0.8 g/t gold from 178m downhole (hole SN-23-05)
Target Lower, Return Still High
In other news, Cantor Fitzgerald updated the Canadian metals explorer's outstanding shares, and this lowered the financial services firm's price target to US$32.75 per share from US$33.50, noted Kozak.
The return on investment, however, is still significant, at 177%, given Seabridge's current price of about $11.84 per share.
The company is a Buy.
KSM Still No. 1
Kozak pointed out that despite the early results of Iskut's Snip North, "virtually all of Seabridge's value" remains driven by its flagship asset, the huge, permitted KSM (Kerr-Sulphurets Mitchell) gold-copper-silver-molybdenum project in British Columbia.
There, the Toronto, Ontario-based company continues working toward the "substantially started" designation to ensure the Environmental Assessment Certificate issued for KSM stays valid for the life of the project.
What To Watch For
Seabridge plans to drill again at Iskut next year, Kozak wrote. In this upcoming program, management will target copper and hone in on potentially higher-grade areas, primarily at depth.
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- [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.
- [Doresa Banning] wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
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Disclosures for Cantor Fitzgerald, Seabridge Gold Inc., December 14, 2023
The opinions, estimates and projections contained in this report are those of Cantor Fitzgerald Canada Corporation. (“CFCC”) as of the date hereof and are subject to change without notice. Cantor makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; however, Cantor makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents. Information may be available to Cantor that is not herein. This report is provided, for informational purposes only, to institutional investor clients of CFCC, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited.
This report is issued and approved for distribution in Canada, Cantor Fitzgerald Inc., a member of the Investment Industry Regulatory Organization of Canada ("IIROC"), the Toronto Stock Exchange, the TSX Venture Exchange and the CIPF. This report is has not been reviewed or approved by Cantor Fitzgerald & Co., a member of FINRA. This report is intended for distribution in the United States only to Major Institutional Investors (as such term is defined in SEC 15a-6 and Section 15 of the Securities Exchange Act of 1934, as amended) and is not intended for the use of any person or entity that is not a major institutional investor. Major Institutional Investors receiving this report should effect transactions in securities discussed in the report through Cantor Fitzgerald & Co.
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These non-US research analysts are not registered as associated persons of Cantor Fitzgerald & Co. and are not licensed or qualified as research analysts with FINRA or any other US regulatory authority and, accordingly, may not be subject (among other things) to FINRA’s restrictions regarding communications by a research analyst with a subject company, public appearances by research analysts, and trading securities held by a research analyst account. Potential conflicts of interest The author of this report is compensated based in part on the overall revenues of Cantor, a portion of which are generated by investment banking activities.
Cantor may have had, or seek to have, an investment banking relationship with companies mentioned in this report. Cantor and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Although Cantor makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies.
Disclosures as of December 14, 2023 Cantor has provided investment banking services or received investment banking related compensation from Seabridge Gold Inc. within the past 12 months. The analysts responsible for this research report do not have, either directly or indirectly, a long or short position in the shares or options of Seabridge Gold Inc. The analyst responsible for this report has visited the material operations of Seabridge Gold Inc. (KSM and Iskut). No payment or reimbursement was received for the related travel costs.
Analyst certification The research analyst whose name appears on this report hereby certifies that the opinions and recommendations expressed herein accurately reflect his personal views about the securities, issuers or industries discussed herein.