Seafield Announces Resources of 1,582,105 Ounces Gold at Miraflores Project, Quinchia, Colombia
TORONTO, ONTARIO -- (Marketwire) -- 05/26/11 -- Seafield Resources Ltd. (TSX VENTURE: SFF) ('Seafield' or the 'Company,') is pleased to announce an updated NI 43-101 compliant resource estimate for its Miraflores property in the Quinchia district, Colombia. This includes a Measured and Indicated resource of 1,227,593 ounces of gold grading 0.9 g/t gold contained in 44,717,000 tonnes at a cut off grade of 0.3 g/t Au. Additionally, the resource contains an Inferred resource of 354,512 ounces of gold grading 0.9 g/t gold in 12,252,000 tonnes at a cut off grade of 0.3 g/t Au.
This represents a significant increase in all categories, from the previous inferred resource estimate of 776,000 ounces at 1.295 g/t gold in 18,650 million tonnes, at a cut off grade of 0.5 g/t, (see press release dated 20 April 2010). Updated geological interpretations and increased drilling density have moved a significant proportion of the resources into the measured and indicated category.
MEASURED & INDICATED MIRAFLORES RESOURCES
----------------------------------------------------------------------------
MEASURED RESOURCES
----------------------------------------------------------------------------
CUTOFF TONNES (x1000) GRADE (GRAMS/TONNE) GOLD (OZ)
----------------------------------------------------------------------------
0.2 30,515 0.7 686,740
----------------------------------------------------------------------------
0.3 24,097 0.9 697,247
----------------------------------------------------------------------------
0.4 18,213 1.0 585,548
----------------------------------------------------------------------------
0.5 14,734 1.2 568,438
----------------------------------------------------------------------------
0.6 11,815 1.4 531,793
----------------------------------------------------------------------------
0.7 9,834 1.5 474,245
----------------------------------------------------------------------------
0.8 8,414 1.6 432,816
----------------------------------------------------------------------------
----------------------------------------------------------------------------
INDICATED RESOURCES
----------------------------------------------------------------------------
CUTOFF TONNES (x1000) GRADE (GRAMS/TONNE) GOLD (OZ)
----------------------------------------------------------------------------
0.2 25,972 0.7 584,500
----------------------------------------------------------------------------
0.3 20,620 0.8 530,346
----------------------------------------------------------------------------
0.4 16,447 1.0 528,771
----------------------------------------------------------------------------
0.5 12,720 1.1 449,843
----------------------------------------------------------------------------
0.6 10,167 1.2 392,243
----------------------------------------------------------------------------
0.7 8,396 1.4 377,904
----------------------------------------------------------------------------
0.8 7,055 1.5 340,227
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL MEASURED & INDICATED RESOURCES
----------------------------------------------------------------------------
CUTOFF TONNES (x1000) GRADE (GRAMS/TONNE) GOLD (OZ)
----------------------------------------------------------------------------
0.2 56,487 0.7 1,271,240
----------------------------------------------------------------------------
0.3 44,717 0.9 1,227,593
----------------------------------------------------------------------------
0.4 34,660 1.0 1,114,319
----------------------------------------------------------------------------
0.5 27,454 1.2 1,018,281
----------------------------------------------------------------------------
0.6 21,982 1.3 924,036
----------------------------------------------------------------------------
0.7 18,230 1.5 852,149
----------------------------------------------------------------------------
0.8 15,469 1.6 773,044
----------------------------------------------------------------------------
INFERRED MIRAFLORES RESOURCES
----------------------------------------------------------------------------
----------------------------------------------------------------------------
INFERRED TONNES
(x1000) 17,030 12,252 9,615 7,734 6,049 4,962 4,090
CUTOFF 0.2 0.3 0.4 0.5 0.6 0.7 0.8
GRADE (GRAMS/TONNE) 0.7 0.9 1.0 1.3 1.3 1.5 1.6
INFERRED OUNCES GOLD 383,260 354,512 309,122 298,378 252,818 239,292 210,390
----------------------------------------------------------------------------
----------------------------------------------------------------------------
The mineral resource estimate is based on 7,757 metres of drilling in 22 diamond drill holes and 154 underground channel samples. This includes 4,132 metres in 12 holes completed by Seafield in October 2010 (see press releases of results dated December 2, 1010 and February 14, 2011), and 3,624 metres in 10 holes carried out by AngloGold Ashanti and B2Gold in 2006-2007.
The Miraflores property is located within the Quinchia gold mining district and has been the site of artisanal mining since Pre-Columbian times. The Miraflores deposit occurs within a hydrothermal breccia pipe which is roughly circular in shape, measuring some 280 metres by 250 metres in outcrop. It has been traced by drilling for over 600 metres in vertical extent and remains open at depth. Recently updated geological interpretations show that the breccia pipe is wider at depth than previously thought.
ONGOING WORK PROGRAM
Seafield will shortly start a second drill program at Miraflores for expansion and infill drilling, to define the shape of the deposit better, and to extend the mineralization laterally and at depth, where it remains open. A program of preliminary metallurgical test work is also underway at McClelland Laboratories Inc in Sparks, Nevada.
Drilling continues in the Dosquebradas area of the Seafield property in an area that was previously drilled by Anglo Gold. Results will be released when the drilling in Dosquebradas is complete. Acquisition activities are also underway for other excellent gold targets as defined by previous soil and rock sampling.
Cesar Lopez, President and CEO of Seafield, stated that 'I am very pleased with this new resource in Miraflores as it represents a significant increase with respect to the previously reported resource and is an important step in the development of the project. It also provides an excellent basis for Seafield to commission further studies on the project, which will be incorporated into a scoping level study to be initiated this year.'
Qualified Person - Scott Wilson of Scott E. Wilson Consulting, Inc. of Englewood, Colorado prepared the Miraflores Project resource estimates. The Company will file a NI 43-101 technical report in support of the technical information in this press release within 45 days.
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 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 Seafield core samples were split by rock saw and half of the core was sampled. Core samples were crushed and pulverized by SGS at their laboratory in Medellin and were assayed at the SGS laboratory in Lima, Peru. Gold was analyzed by fire assay on a 30 gram sample with atomic adsorption spectrophotometer (AAS) finish. Samples above 5.0 g/t Au were repeated by fire assay on a 30 gram sample with gravimetric finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control. Silver and other metals were analyzed in a multiple element package by multiacid digestion and inductively coupled plasma emission spectroscopy finish (ICP).
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
416-367-4571 ext. 226
www.sffresources.com