Seafield Resources Ltd. Commences Drilling at Miraflores Project, Quinchia, Colombia-Launches New Website
The Miraflores deposit currently contains an inferred mineral resource of 18.6 million tonnes grading 1.3 g/t gold at a cut-off grade of 0.5 g/t Au for a total of 776,000 ounces of gold. The mineral resource estimate is based on 3,624 metres of drilling in ten diamond drill holes and 154 underground samples.
The Company recently filed the NI 43-101 technical report on the resource estimate for its Miraflores Project in Colombia (the "Technical Report"), announced in its news release dated April 20, 2010. The Technical Report has been filed on SEDAR and includes the Miraflores grade/tonne chart for the deposit which is reproduced below.
Cut-off Grade Au g/t Tonnes ('000s) Grade Gold g/t Ounces Gold
0.2 53,277 0.654 1,121,042
0.3 35,042 0.867 976,550
0.4 24,396 1.095 859,230
0.5 18,650 1.295 776,373
0.6 14,363 1.518 700,871
0.7 11,316 1.754 638,255
0.8 9,055 2.000 583,060
The Miraflores deposit is a magmatic hydrothermal porphyry breccia pipe related to the cluster of mineralized late Miocene porphyry intrusives which occur in the Quinchia district.
Ian Park, President of Minera Seafield SAS, stated "The Miraflores deposit to date has shown excellent grades and continuity. The resource is robust and holds together at various cut-off grades. The purpose of the current drill program is to both expand the resource and convert some of the inferred resources to measured and indicated resources. In addition, Seafield continues to explore a number of similar targets in the district."
Seafield is currently conducting detailed geological mapping and geochemical soil sampling over its Dos Quebradas porphyry target where two reconnaissance drill holes completed by an earlier operator reported significant intersections and grades:
Drill Hole No. From (m) To (m) Intersection Length (m) Gold Grade (g/t) Copper Grade (%)
DDH 2 158 226 68 0.62 0.07
DDH 2 232 268 36 0.90 0.11
DDH 3 140 230 90 0.63 0.07
DDH 3 230 269.5 39.5 1.67 0.17
The Dos Quebradas porphyry lies approximately 3 km to the northwest of the Miraflores deposit. In addition, geochemical and aeromagnetic survey data indicate the potential for an extension of the favourable porphyry host for several kilometres to the northeast. Drilling is planned on this new exploration target, following completion of the current mapping and soil/rock sampling program.
Seafield Resources will initiate further exploration over the remainder of almost 67 km2 of concession contracts, concession contracts proposals and optioned properties also within the next several months. These porphyry targets have been identified by airborne magnetic signatures and regional geochemical anomalies.
Qualified Person
Scott Wilson of Scott E. Wilson Consulting, Inc. of Englewood, Colorado prepared the Miraflores Project resource estimates. Mr. Wilson is an independent qualified person as defined by National Instrument 43-101 and has prepared or reviewed the preparation of the information which forms the basis of this press release. He is a Certified Professional Geologist and member of the American Institute of Professional Geologists (CPG #10965) and a Registered Member (#4025107) of the Society of Mining and Metallurgy and Exploration, Inc., a professional association and designation recognized by the Canadian regulatory authorities. Mr. Wilson verified the data on Miraflores 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.
Sample Preparation, Assays, QA/QC. The Miraflores samples were prepared by ALS Chemex at a sample preparation facility in Bogota, Colombia, and were assayed at their laboratory in Lima, Peru. Gold was assayed by fire assay with atomic absorption spectrophotometer ("AAS") or gravimetric finish. Silver was assayed by four acid digestion and AAS finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.
New Website
Seafield is also pleased to report the launch of its new and significantly expanded website at www.sffresources.com.
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.
For more information, please contact
Seafield Resources Ltd.
Dean Stuart
Investor Relations
403 517 2270
www.sffresources.com