Mr. Rudi Fronk reports

SEABRIDGE GOLD'S FIRST DRILL TEST OF SNIP NORTH CONFIRMS PROMISING COPPER-GOLD PORPHYRY TARGET

Seabridge Gold Inc.'s first drill program on the Snip North target at its 100-per-cent-owned Iskut property in northwestern British Columbia's Golden Triangle has found a new porphyry mineral system, which was the aim of the 2023 program. The discovery consists of the intact, well-preserved upper parts of a copper-gold porphyry which identifies as an intermediate sulphidation epithermal occurrence. Work continues, using the drill hole data to vector toward the large intrusive source for the pervasive mineralization found to date.

The program at Snip North was designed to evaluate historical drill data where it coincides with a northeast-trending structural trend in which nearly all the significant mineral targets at the Iskut project occur. The shallow historical drill holes exhibit extensive alteration containing base and precious metal anomalies. Seabridge Gold's exploration program at Snip North consisted of an airborne magnetic survey, a magnetotelluric survey (MT) and six diamond drill holes totalling 5,184 metres. The geophysical surveys showed a strong positive magnetic anomaly surrounded by a low-resistivity response co-incident with historical gold-copper assays. A roughly north-south fence of holes was drilled across the northeast-striking structural trend to evaluate its mineral occurrences and associated host rocks.

Rudi Fronk, Seabridge's chairman and chief executive officer, commented: "At Snip North, we have extensive evidence of gold-copper mineralization in historical drilling supported by our deep-penetrating geophysical surveys. Furthermore, Snip North lines up with our regional interpretation of mineral deposition at Iskut. We are very encouraged that the last three holes each returned widths of 200 plus metres of gold, ranging from 0.48 to 0.80 grams per tonne," Mr. Fronk noted.

"We are clearly at the top of the system with the intrusive target below us. Our drill results should enable us to vector towards improving mineralization, including what we expect will be higher copper grades. We believe we are on the track of a sizable porphyry mineral system with ore-grade potential, which we will pursue aggressively in next year's drilling."

Regional geophysical surveys and surface geology continue to confirm a district-scale northeast-trending structural feature that connects the Quartz Rise, Bronson Slope and Snip North targets. All these recognized mineral occurrences at Iskut are interpreted as high-level expressions of copper-gold porphyry systems aligned along this regional northeast structural trend. The trend has similar characteristics to the one that hosts a cluster of porphyry systems Seabridge has defined at its nearby KSM project.

The drilling completed at Snip North intersected thinly bedded to laminated sandstone and siltstone units, intruded by porphyritic diorite, monzonite and granite bodies. Sedimentary rocks are believed to be part of the Triassic Stuhini group recognized elsewhere on the property. The intrusive rocks have not been age dated, but are similar to the suite of late-Triassic to early-Jurassic intrusions that host porphyry mineral systems in the Golden Triangle. All the rocks encountered are variably altered, primarily to chlorite-pyrite or sericite-pyrite-quartz. Sericite-pyrite-altered intervals are interpreted as the upper parts of the chargeability response identified in the MT survey. Over all, the alteration and mineralization improve to the north across an intense MT resistivity response and approaching a coherent magnetic anomaly.

The results to date are preliminary, the true width of these zones has not been established and additional drilling is required. A continuing and rigorous quality control/quality assurance protocol is employed in all Seabridge exploration campaigns. Assays were completed at Bureau Veritas laboratory in Vancouver, B.C., using 30-gram fire assay for gold and 35-element ICP-EM for other elements. Assay submissions includes inserting blind blank, duplicate and certified reference standards into the sample flow. Cross-check analyses are conducted at a second external laboratory on at least 10 per cent of the drill samples.

Exploration activities by Seabridge at the Iskut project are being conducted under the supervision of William E. Threlkeld, registered professional geologist, senior vice-president of the company and a qualified person as defined by National Instrument 43-101. Mr. Threlkeld has reviewed and approved this news release.

Seabridge holds a 100-per-cent interest in several North American gold projects. Seabridge's assets include the KSM and Iskut projects located in northwest British Columbia, Canada's Golden Triangle, the Courageous Lake project located in Canada's Northwest Territories, the Snowstorm project in the Getchell gold belt of Northern Nevada, and the 3 Aces project in Yukon. For a full breakdown of Seabridge's mineral reserves and mineral resources by category, please visit the company's website.

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