Seafield Intercepts Higher Grades in Last 4 Holes of In-Fill Program at Miraflores
TORONTO, ONTARIO -- (Marketwire) -- 03/21/13 -- Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE: SFF) is pleased to announce assay results from the final four drill holes completed as part of the 6,532.7-metre in-fill diamond drilling program at the Company's Miraflores Deposit in the Quinchia District, Department of Risaralda, Colombia.
Highlights:
-- Drill hole QM-DH-52 intersected 174.05 m at 1.15 g/t Au and 1.63 g/t Ag,
including 59.95 m at 2.33 g/t Au and 2.62 g/t Ag;
-- Drill hole UM-DH-004 intersected 111.4 m at 1.52 g/t Au and 2.1 g/t Ag,
including 23.4 m at 3.91 g/t Au and 3.22 g/t Ag;
-- Drill hole UM-DH-005 intersected 81 m at 1.93 g/t Au and 1.26 g/t Ag,
including 17.65 m at 5.35 g/t Au and 2.18 g/t Ag.
Details:
The results released correspond to four additional diamond drill holes, representing 1,621.5 metres. The infill drilling program commenced in November 2012 and has been completed with 27 drill holes totaling 6,532.7 metres (See Figure 1). Gold and silver mineralization has been intercepted in the four holes reported, which tested horizontal and vertical continuity near surface and deeper mineralization in the breccia pipe and within the high grade veins present in the deposit.
Table 1 below summarizes the gold and silver assay results of the four diamond drill holes.
Table 1 - Drill Results:
Drill Hole From To Interval Au Ag
(m) (m) (m) (g/t) (g/t)
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QM-DH-52 13.4 27.35 13.95 0.41 0.89
And 80.9 137.8 56.9 0.36 1.16
And 140.9 181.1 40.2 1.03 1.38
And 183.6 254.65 71.05 1.07 2.42
And 256.25 430.3 174.05 1.15 1.63
including 258.25 318.2 59.95 2.33 2.62
And 480.3 491.7 11.4 0.41 1.16
QM-DH-55 136 199.7 63.7 0.66 1.11
And 221.2 256.8 35.6 0.40 1.16
And 261 284.3 23.3 2.08 1.55
And 312.5 324.5 12 0.45 0.75
And 340.5 364 23.5 0.32 0.68
And 401.9 419.4 17.5 0.35 0.73
UM-DH-004 6 21.6 15.6 0.53 1.28
And 29.6 141 111.4 1.52 2.1
including 113.6 137 23.4 3.91 3.22
And 149 167 18 1.76 3.34
And 199.6 214.3 14.7 0.53 0.95
And 224 270.8 46.8 1.21 1.07
including 231.4 252.2 20.8 2.39 1.47
UM-DH-005 5.45 15 9.55 0.45 1.12
And 21 45.5 24.5 1.23 1.05
And 51 132 81 1.93 1.26
including 101.1 118.75 17.65 5.35 2.18
And 186.5 203.5 17 0.4 0.75
And 235.5 249.5 14 0.51 1.11
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Note: Only continual intervals of mineralization above 6 metres with a cut-off grade of 0.2 g/t Au are reported. Gold grades reported are cut to 20 g/t. Hole QM-DH-52 includes a sample of 49.6 g/t Au over 1.5 m and a sample of 181.0 g/t Au over 2.0 m, Hole QM-DH-55 includes a sample of 26.4 g/t Au over 1.6 m, Hole UM-DH-004 includes a sample of 21.8 g/t Au over 1.5 m, and Hole UM-DH-005 includes a sample of 43.5 g/t Au over 2.0 m.
Table 2 - Drill Hole Coordinates:
Drill Hole Easting Northing Elevation Azimuth Inclination Depth
(m) (m) (m) (degrees) (degrees) (m)
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QM-DH-52 423,175.7 585,132.7 1407.7 252 -56 500.0
QM-DH-55(ii) 423,059 585,240 1,491 245 -73 518.5
UM-DH-004(i) 423,124 585,098 1,365 255 -50 285.0
UM-DH-005(i) 423,139 585,058 1,364 247 -32 318.0
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(i) Holes drilled from pads constructed inside the La Cruzada Tunnel in
Miraflores.
(ii) The final 95.2 m of core from hole QM-DH-55 were reserved for
geotechnical testing and therefore were not assayed.
The azimuth, dip and total length of each drill hole is shown in Table 2. Holes QM-DH-52 and QM-DH-55 were collared inside the breccia. UM-DH-004 and UM-DH-005 were drilled from chambers inside the La Cruzada tunnel, inside the beccia pipe.
Figure 1 illustrates a plan view with the location of each hole, and the vertical sections for each hole are shown in Figures 2-5 (see below).
"We are pleased to announce the final assay results from the drill program at Miraflores," commented Cesar Lopez, Seafield's President and CEO. "All of the reported assay results will be incorporated into an updated resource estimate which we expect during Q2 2013. Seafield continues to complete the necessary work at Miraflores on schedule and we are excited about the further development of the deposit."
Seafield's Miraflores Deposit is situated in the Company's 100%-owned, 6,757-hectare, Quinchia Gold Project. Miraflores is a low sulphidation epithermal deposit located in Colombia's mineral-prolific Mid-Cauca gold belt. The deposit's mineralization is characterized by a hydrothermal breccia pipe with free gold associated with cement materials (the matrix) and high grade structures where gold is associated with zinc, lead, copper and iron. At surface, the breccia pipe has a drill-tested diameter of 250 metres by 280 metres. The breccia pipe widens and remains open at depth with a drill-tested vertical extent of 600 metres.
To view "Figure 1 - Plan View of Miraflores Deposit", please visit the following link: http://media3.marketwire.com/docs/fig1sff.pdf.
To view "Figure 2 - Vertical Section of Miraflores Deposit - Hole QM-DH-52", please visit the following link: http://media3.marketwire.com/docs/fig2sff.pdf.
To view "Figure 3 - Vertical Section of Miraflores Deposit - Hole QM-DH-55", please visit the following link: http://media3.marketwire.com/docs/fig3sff.pdf.
To view "Figure 4 - Vertical Section of Miraflores Deposit - Hole UM-DH-004", please visit the following link: http://media3.marketwire.com/docs/fig4sff.pdf.
To view "Figure 5 - Vertical Section of Miraflores Deposit - Hole UM-DH-005", please visit the following link: http://media3.marketwire.com/docs/fig5sff.pdf.
Review by Qualified Person, Quality Control and Reports
Giovanny Ortiz, Vice President of Exploration for Seafield Resources Ltd., is a qualified person as defined by National Instrument 43-101 and prepared or reviewed the preparation of the scientific and technical information in this press release with respect to the assay results from the drilling program. Mr. Ortiz is a Fellow of the Australasian Institute of Mining and Metallurgy (Membership # 304612) a professional association and designation recognized by the Canadian regulatory authorities. Mr. Ortiz verified the data disclosed in this release, including the sampling, analytical and test data underlying the information contained in this release. Verification included a review and validation of the applicable assay databases and reviews of assay certificates.
The core samples were split by rock saw, and half of the core was sampled. Core samples were prepared by ALS Colombia Ltd., in Medellin and were assayed at the ALS laboratory in Lima, Peru. Gold was analyzed by fire assay on a 30 gram sample with atomic adsorption spectrophotometer (AAS) finish. Samples above 10.0 g/t Au were repeated by fire assay on a 30 gram sample with gravimetric finish. Multi-elements were analyzed by inductively coupled plasma mass spectroscopy (ICP-MS) following multi-acid digestion. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.
For additional technical information on the Miraflores Deposit, please refer to the Company's technical report (the "Technical Report") entitled "Technical Report, Seafield Resources Ltd., Quinchia Project, Quinchia District, Republic Colombia" dated January 31, 2012, prepared by Scott E. Wilson, C.P.G., of Scott E. Wilson Consulting, Inc., available on SEDAR at www.sedar.com and on the Company website at www.sffresources.com.
About Seafield Resources Ltd.
Seafield Resources Ltd. (TSX VENTURE: SFF) is a mineral exploration company currently focused on advancing its Miraflores Gold Deposit towards feasibility level. Seafield's 6,757-hectare Quinchia Gold Project is located in the Department of Risaralda of Colombia. SRK Consulting Inc's (Denver) Preliminary Economic Assessment on the Miraflores Deposit indicates robust economics with a pre-tax internal rate of return of 50% and a pre-tax net present value (8%) of $249M. The Company cautions that mineral resources that are not mineral reserves do not have demonstrated economic viability. Miraflores currently has a NI 43-101 compliant Measured and Indicated resource estimate of 1,925,542 ounces gold at 0.8 g/t Au (77Mt at a cut-off of 0.3 g/t Au) and an Inferred resource estimate of 103,043 ounces gold at 0.6 g/t Au (5.5Mt at a cut-off of 0.3 g/t Au). Additionally, the Company has a NI 43-101 compliant resource estimate for its Dosquebradas Deposit, also part of the Quinchia Gold Project, with an Inferred resource estimate totalling 920,772 ounces gold at 0.5 g/t Au (57Mt at a cut-off of 0.3 g/t Au). Seafield Resources Ltd. trades its shares on the Toronto Venture Exchange (TSX-V) under the symbol SFF and in the United States using CUSIP 81173R101. For more details on the Company, please visit www.sffresources.com.
Forward-Looking Statement
This news release includes certain "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various degrees of risk. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of commodities, general market conditions, risks inherent in exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information regarding the material factors and assumptions that were applied in making these forward-looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law. The Company relies on litigation protection for forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Seafield Resources Ltd.
David MacMillan
Investor Relations
(416) 361-3434 ext. 202
dmacmillan@sffresources.com
www.sffresources.com