Gold Co. Uncovers Huge Return, Potential in British Columbia

Source: Taylor Combaluzier 08/15/2025

Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) announces assays from the first three holes of its 2025 drill program underway at the Snip North target at its 100%-owned Iskut project in British Columbia. Find out how Red Cloud Analyst Taylor Combaluzier rates the stock.

Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) announced assays from the first three holes of its 2025 drill program, underway at the Snip North target at its 100%-owned Iskut project in British Columbia, Analyst Taylor Combaluzier noted in an August 13 updated Red Cloud research note.

Drilling returned a highlight intercept containing 0.48 grams per tonne gold (g/t Au) and 0.16% copper (Cu) over 729.1 meters, which confirmed the significant Cu-Au porphyry discovery made in 2024, said Combaluzier, who’s rating on the stock is Buy with a CA$56.95 per share, a 146% return at the time of writing.

Combaluzier said Red Cloud views these results positively as all three holes successfully extended mineralization and returned broad intersections of porphyry-style mineralization with good grades. He also noted that Seabridge remains on track to execute on one of its top objectives of delineating a maiden Mineral Resource Estimate (MRE) at Snip North by Q1/26.

‘All 3 Holes Extend Mineralization’

The 12,000-meter drill program was designed to expand zones of intense potassic alteration and associated mineralization discovered in 2024. Highlights included 0.48 g/t Au, 0.16% Cu, 1.2 g/t Ag, and 108 parts per million Molybdenum (ppm Mo), or 0.68% CuEq (copper equivaluent) or 0.72 g/t AuEq (gold equivalent) over 729.1 meters from 62.5 meters, including 0.77 g/t Au and 0.31% Cu (1.14% CuEq or 1.2 g/t AuEq) over 254 meters; 0.51 g/t Au, 0.11% Cu, 1.2 g/t Ag, and 73ppm Mo (0.64% CuEq or 0.68 g/t AuEq) over 340.8 meters from 75.2 meters; and 0.44 g/t Au, 0.15% Cu, 1.2 g/t Ag and 94ppm Mo (0.63% CuEq or 0.66 g/t AuEq) over 267.6 meters from 3.4 meters.

Using prices from Red Cloud’s commodity price deck, Combaluzier said he calculates a weighted average grade of 0.66% CuEq (or 0.70 g/t AuEq) over ~446 meters from these three holes.

“All three holes extend mineralization,” the analyst wrote. “Hole SN-25-25 expanded mineralization up dip and south of 2024 drilling and intersected extensive veining from 62 meters to 790 meters, containing a continuous zone of pyrite and chalcopyrite mineralization. Hole SN-25-26 contained potassic alteration characteristic of the Central part of Snip North, extending mineralization along strike and to the north from 2024 drilling. Hole SN-25-27 was a step out to the east, successfully testing the strike extension of potassic alteration to the east.”

Results Bode Well for Maiden MRE

Combaluzier said the results bode well for a maiden MRE at Snip North. Results from the ongoing drill program are anticipated to feed into the MRE, which is planned for early 2026. Current drilling is focusing on increasing drill density in a target area spanning 1,700 meters x 600 meters x 600 meters.

That MRE is one of 10 objectives outlined by Seabridge earlier in 2025, he wrote. Seabridge has already achieved its second-highest objective of securing a minimum of US$100 million financing to fund a bankable feasibility study (FS) at its flagship KSM project. The top goal remains to partner with a major mining company to build and operate the KSM project.

He said his rating and price target are based on a 0.60x multiple applied to the firm’s NAVPS5% estimate of CA$94.87/share (unchanged).

Upcoming catalysts for the company include KSM development updates, a potential joint venture (JV) with a major partner, and drilling results from 3 Aces and Iskut.

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