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Courageous Lake Project

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Courageous Lake Project

Location: 240 km NE from Yellowknife, Northwest Territories, Canada

Project Contacts:

106 Front Street East Suite 400
Toronto
Ontario, Canada
M5A 1E1

Contacts:

Additional Resources for Suppliers & Investors

Categories

Summary

Mine TypeOpen Pit
Study CompletedPrefeasibility
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
Mine Life... Lock
SnapshotThe Courageous Lake is one of Canada largest undeveloped projects by gold resources.

In early 2024, Seabridge Gold filed an updated Preliminary Feasibility Study (2024 PFS) for Courageous Lake. The Courageous Lake Project includes two deposits: the Courageous Lake deposit, and the Walsh Lake deposit. Only the Courageous Lake deposit is used in the 2024 PFS.

In 2025, Seabridge Gold plans to update the Preliminary Feasibility Study for the Courageous Lake Project.

A stand-alone analysis of the potential expansion below the 2024 PFS mine plan was included as a Preliminary Economic Assessment (2024 PEA) forming a separate part of the PFS.

Seabridge Gold continues to evaluate the best path forward at its Courageous Lake Project. Options include securing a joint venture partner, the sale of all or a portion of the project.
Latest NewsSeabridge Gold Provides Update on Courageous Lake Project Spin-out     January 21, 2026
Related AssetCourageous Lake Expansion Project

Owners

SourceSource
CompanyInterestOwnership
Seabridge Gold Inc. 100 % Indirect
Courageous Lake project is 100%-owned by Seabridge Gold Inc.

Seabridge assigned its right to its wholly owned subsidiary, Seabridge Gold (NWT) Inc.

On December 16, 2025, Seabridge has made the strategic decision to spin-out its wholly owned subsidiary Seabridge Gold (NWT) Inc., to be renamed Valor Gold, which owns 100% of the Courageous Lake Gold Project in Canada's Northwest Territories. The company intends to distribute all Valor Gold shares to Seabridge shareholders and list them on at least one major public stock exchange.

Contractors

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SourceSource

Deposit type

  • Epithermal
  • Volcanic hosted
  • Hydrothermal

Summary:

The Courageous Lake Project includes two deposits: the Courageous Lake deposit, and the Walsh Lake deposit. Only the Courageous Lake deposit is used in the 2024 PFS.

Deposit Types
The Courageous Lake deposit is a stratiform series of near-vertical, elongate lenticular mineralized domains hosted in Archean tuffaceous clastic rocks and ash-flow tuff. Gold mineralization is interpreted to be a product of an episodic, epithermal-like, submarine and subaerial, hydrothermal system.

Mineralization
Since its discovery, several common points have been used to describe the felsic ash tuff (FAT) deposit, including:
• A series of gold zones concentrated in long and narrow bands.
• The deposit is hosted by metasedimentary and metavolcanic rocks.
• Gold concentrations are associated with the introduction of silica, muscovite, and sulphide minerals.

The FAT deposit is located between the north shore of Matthews Lake and the south shore of Courageous Lake. It is made up of at least 13 discrete, steep east-dipping, elongate lenticular zones that vary in thickness from 20 to 125-m-wide. The continuity of these 13 zones has been demonstrated to be at least 1,900 m long, 800 m-wide and, although open at depth, at least 1200 m deep.

Reserves

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Mining Methods

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Required Heavy Mobile Equipment

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AV - Autonomous

Comminution

Crushers and Mills

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Processing

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Water usage

Parameter2024
Fresh water 40 m3/h
Total water 207 m3/h

Commodity Production

CommodityProductUnitsAvg. AnnualLOM
Gold Payable metal koz 201 *2,536 *
Gold Metal in doré koz 213 *2,541 *
* According to 2024 study.

Operational metrics

Metrics
Daily ore mining rate  ....  Subscribe
Daily processing capacity  ....  Subscribe
Hourly processing capacity  ....  Subscribe
Annual processing rate  ....  Subscribe
Annual processing capacity  ....  Subscribe
Stripping ratio  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2024 study.

Production Costs

CommodityUnitsAverage
Total cash costs Gold USD  ....  Subscribe
All-in sustaining costs (AISC) Gold USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2024 study / presentation.

Operating Costs

CurrencyAverage
OP mining costs ($/t mined) USD  ....  Subscribe
OP mining costs ($/t milled) USD  ....  Subscribe
Processing costs ($/t milled) USD  ....  Subscribe
G&A ($/t milled) USD  ....  Subscribe
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* According to 2024 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
Total CapEx $M USD  ......  Subscribe
OP OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 911
Refining and transportation $M USD  ......  Subscribe
G&A costs $M USD 267
Total OpEx $M USD  ......  Subscribe
Income Taxes $M USD  ......  Subscribe
Gross revenue (LOM) $M USD  ......  Subscribe
EBITDA (LOM) $M USD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 10% $M USD  ......  Subscribe
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After-tax IRR, %  ......  Subscribe
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After-tax payback period, years  ......  Subscribe

Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jul 18, 2025
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Workforce

EmployeesYear
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Aerial view:

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