Seafield Intersects 167.75 Metres of 1.05 g/t Gold, Including 44.10 Metres of 2.94 g/t Gold at its Miraflores Deposit in the Quinchia District of Risaralda, Colombia
TORONTO, ONTARIO -- (Marketwire) -- 01/25/12 -- Seafield Resources Ltd. ('Seafield' or 'the Company') (TSX VENTURE: SFF) is pleased to report additional drill results from the Company's current diamond drilling program at its Miraflores Deposit located in the Quinchia district of the department of Risaralda, Colombia.
Highlights:
-- QM-DH-24 intersected 167.75 metres of 1.05 g/t Au, including 44.10
metres of 2.94 g/t Au
-- QM-DH-25 intersected 161.00 metres at 0.78 g/t Au, including 36.30
metres at 0.95 g/t Au and 6.45 metres at 3.02 g/t Au
-- Drill holes QM-DH-24 confirms the continuity of mineralization at depth
and QM-DH-25 extends the mineralization of the Miraflores breccia pipe
to the southwest, outside of the current resource model.
Seafield's Miraflores Deposit is situated in the Company's 100%-owned, 6,757-hectare Quinchia Gold Project. Miraflores' deposit 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 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 is open at depth with a current drill-tested vertical extent of 600 metres.
The purpose of drill holes QM-DH-24 and QM-DH-25 is to test the southern extent of the breccia pipe's mineralization. Drill hole QM-DH-25 confirms the extension of the breccia pipe to the southwest, increasing the resource potential of the Miraflores Deposit. QM-DH-25 also confirms the continuity of mineralization 50 metres south of drill hole QM-DH-11 (369.7 metres at 1.0 g/t Au - Press Release February 14, 2011) and 150 metres above of drill hole QM-DH-20 (114.25 metres of 0.97 g/t Au - Press Release October 31, 2011).
Drill hole QM-DH-24 was drilled from east to west in the southern edge of the breccia pipe confirming the continuity of the mineralization tested 60 metres above drill hole QM-DH-20.
The table below summarizes the results of diamond drill holes QM-DH-24 and QM-DH-25:
Drill Results:
From To Interval Au
Drill Hole (m) (m) (m) (g/t)
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QM-DH-24 178.90 346.65 167.75 1.05
including 258.70 302.80 44.10 2.94
361.80 368.70 6.90 0.30
376.30 417.60 41.30 0.31
433.60 445.60 12.00 0.45
465.60 477.60 12.00 0.35
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QM-DH-25 0.70 107.80 107.10 0.52
121.95 128.40 6.45 3.02
133.00 294.00 161.00 0.78
including 153.10 189.40 36.30 0.95
307.45 352.30 44.85 0.50
including 309.45 329.45 20.00 0.86
367.10 391.10 24.00 0.25
'We are excited that our drilling at Miraflores continues to expand the deposit's resource potential,' commented Seafield's President and CEO, Cesar Lopez. 'With an update of Miraflores' resource estimate on the horizon, we will continue our efforts to grow the deposits' resource and move the project forward.'
The Company recently updated the NI 43-101 compliant resource estimate for the Miraflores Property with measured and indicated resources of 1,227,593 ounces of gold at 0.9 g/t gold and an inferred resource of 354,512 ounces of gold grading 0.9 g/t gold (See the Company's press release dated May 26, 2011). The resource estimate was based on 7,757 metres of drilling with 22 diamond drill holes and 154 underground channel samples. Since then, the Company has completed an additional 7,485 metres of drilling with 13 diamond drill holes at Miraflores and plans to update the deposit's resource estimate by the end of January 2012.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/sff0125fig1.pdf.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/sff0125fig2.pdf.
Review by Qualified Person, Quality Control and Reports
Tom Henricksen, VP, Exploration of 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. Dr. Henricksen is a Registered Professional Geologist in the State of Wyoming, USA (Membership # PG-3069) a professional association and designation recognized by the Canadian regulatory authorities. Dr. Henricksen 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 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.
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., Miraflores Project, Risaralda, Colombia' dated May 24, 2011, prepared by Scott E. Wilson, C.P.G., and Steward D. Redwood, PhD, FIMMM, each 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. is a mineral exploration company focused on acquiring and advancing precious metals projects in Colombia. Seafield's 100%-owned 6,575-hectare Quinchia Gold Project is located in department of Risaralda, Colombia. Seafield's Miraflores Deposit currently has a NI 43-101 compliant measured and indicated resource of 1,227,593 ounces gold at 0.9 g/t and an inferred resource of 354,512 ounces gold at 0.9 g/t. Additionally, the Company recently initiated an NI 43-101 compliant resource estimate for its Dosquebradas Deposit, with inferred resources totalling 920,772 ounces gold at 0.5 g/t. 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