The Toronto-based company purchased the project from Mountain View Gold Corp in exchange for 25,000 Seabridge shares, making the deal worth approximately C$413,000 at Wednesday’s trading price.
Shares of Seabridge rose 1.5% in Toronto at C$16.51 and the same in New York, sitting at US$12.36 south of the border.
Goldstorm is around a 16-square kilometre property consisting of 134 mining claims and 1,160 leased acres, around three kilometres east of Snowstorm. With only limited exploration on the project to date, previous work has yielded 3 metres of 9.0 grams per ton gold and 44 grams per ton silver.
More recent drilling by Mountain View uncovered promising grades including an intersection of 2 metres of 5.5 grams per ton gold, with one metre graded 9.3 grams per ton gold and 73 grams per ton silver.
The acquisition provides potentially valuable targets as well as insights into the Northern Nevada Rift targets on the east side of the Snowstorm property, according to Rudi Fronk, Seabridge’s chairman and CEO.
"The Goldstorm purchase fits our strategy of expanding our footprint in these highly prospective gold trends where we intend to be a significant player,” he said in a statement.
Seabridge holds a 100% interest in several North American gold resource projects, including the KSM and Iskut properties located near Stewart, British Columbia and the Courageous Lake gold project located in Canada's Northwest Territories.
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