Seafield's Quinchia District Increases Inferred Resource to 1.27 Million Ounces Gold in Addition to 1.23 Million Ounces Measured and Indicated
TORONTO, ONTARIO -- (Marketwire) -- 12/13/11 -- Seafield Resources Ltd. ('Seafield' or the 'Company') (TSX VENTURE: SFF) has been drilling the Miraflores Breccia and the Dosquebradas Gold-Copper Porphyry located within 3 kilometers of each other, and contained within its 6,700 hectares in the Quinchia District of Colombia.
Earlier this year, the Company announced a NI 43-101 compliant Measured and Indicated resource for Miraflores of 1,227,593 ounces of gold grading 0.9 g/t gold contained in 44,717,000 tonnes at a cutoff grade of 0.3 g/t Au and an Inferred resource of 354,512 ounces of gold grading 0.9 g/t gold in 12,252,000 tonnes at a cutoff grade of 0.3 g/t Au. (See company press release dated May 26, 2011. Furthermore, in January 2012, an updated resource for Miraflores will be announced.)
Today, the Company announces an initial mineral resource estimate for its Dosquebradas gold-copper prospect in the Quinchia district, Colombia. To date the Dosquebradas prospect contains inferred resources of 57.79 million tonnes grading 0.5 g/t gold and 0.04% copper at a cutoff grade of 0.3 g/t gold for a total of 920,772 ounces of gold. By assigning a gold equivalence to the contained copper using the parameters indicated in the table notes below, the total resource estimate increases to 1,049,790 gold equivalent ounces at a grade of 0.56 g/t gold-equivalent. (see Table 1 below)
Table 1. Total Inferred Resources(ii) for the Dosquebradas Prospect
----------------------------------------------------------------------------
Cutoff Copper
Grade Au Tonnes Gold lbs. AuEq
(g/t) ('000) Au (g/t) Cu (%) AuEq (g/t) Ounces ('000) Ounces
----------------------------------------------------------------------------
0.3 57,794 0.50 0.04 0.56 920,772 56,768 1,049,790
----------------------------------------------------------------------------
0.4 34,593 0.60 0.05 0.68 664,609 38,428 751,947
----------------------------------------------------------------------------
0.5 20,206 0.71 0.06 0.79 459,097 24,867 515,614
----------------------------------------------------------------------------
(ii) Mineral Resources do not have demonstrated economic viability. An
Inferred Mineral Resource is that part of the mineral resource for which
quantity and grade can be estimated on the basis of geological evidence and
limited sampling and reasonable assumed, but not verified geological and
grade continuity.
AuEq Oz = Gold-equivalent ounces. AuEq (g/t) has been calculated using long-
term prices for gold ($1,100/oz) and copper ($2.50/lb). Economic parameters
have not been used for AuEq calculation. AuEq Formula: AuEq g/t = Au g/t +
((Cu% x 22.0462 x 2.50)/(1100/31.1)) g/t.
No adjustment has been made for metallurgical recoveries. All quantities are
rounded to the appropriate number of significant figures, consequently
numbers may not add up due to rounding.
This resource estimate has been prepared by Scott E. Wilson Consulting, Inc. ('SEWC') in accordance with the definitions in the Canadian Securities Administrators' National Instrument 43-101 ('NI 43-101'). The full technical report detailing the resource estimate in this release will be filed within 45 days and will be available on the Company's website and SEDAR.
Seafield's President and CEO, Cesar Lopez, stated: 'I am very pleased with this significant increase to our global resource. Not only will we continue to drill at Dosquebradas and Miraflores, we have 6,700 hectares on trend with no exploration to date that we will begin to explore in 2012. We are also working on property acquisitions in the Quinchia Project area to add to Seafield's existing resource base.'
At Dosquebradas, gold-copper porphyry style mineralization is hosted in diorites, basalts and mixed intrusive breccias. Pyrite, chalcopyrite, molybdenite and magnetite occur with or without quartz in veinlets, stockworks, disseminations and replacements in hydrothermally altered rock. To date, the main zone of mineralization covers an area of 400 m by 300 m and to a depth of about 600 m.
An additional drill program of 10,000 metres is planned over the next twelve months, to define the continuity and limits of the mineralization in all directions and to upgrade the resource categories.
Resource Estimate
The resource estimate is based on an updated 3D geologic and mineralization model that includes all technical information available at November 15, 2011 and using information from 20 holes totaling 8,874 metres of diamond core drilling. This includes 8,286 metres in 18 holes completed by Seafield in 2010 and 2011 and 587 metres in 2 holes completed by AngloGold Ashanti in 2006. There were a total of 4,696 two metre length composites used in the estimation of gold and 4,403 two metre composites used in the estimation of copper. The results were estimated with Vulcan Software and stored in a Vulcan Block model. SEWC used Ordinary Kriging as the preferred estimation technique for the Dosquebradas Project.
Qualified Person
The resource estimate was prepared by Scott Wilson, President of Scott E. Wilson Consulting, Inc. of Highlands Ranch, Colorado. 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 Collection, Preparation, Analyses and QA-QC
The core samples were split by rock saw and half of the core was sampled. Core samples were prepared by SGS 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. 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.
About Seafield
Seafield Resources Ltd. is a mineral exploration company focused on acquiring and advancing precious metals projects in Colombia. Seafield's flagship prospects and deposits are located in the Quinchia District, in the prolific Mid-Cauca gold belt with a land position spanning 6,757 hectares. For more details, please visit 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.
Contacts:
Seafield Resources Ltd.
David MacMillan
Investor Relations
(416) 361-3434 ext. 202
dmacmillan@sffresources.com
www.sffresources.com