Seafield Increases Resource for the Miraflores Deposit at Its Quinchia Gold Project, Colombia
TORONTO, ONTARIO -- (Marketwire) -- 01/31/12 -- Seafield Resources Ltd. ('Seafield' or 'the Company') (TSX VENTURE: SFF) is pleased to announce an updated National Instrument 43-101 ('NI 43-101') compliant resource estimate for the Miraflores Deposit at the Company's Quinchia Gold Project. Seafield's 100%-owned, 6,757-hectare Quinchia Gold Project is located in the Department of Risaralda, Colombia. The updated resource estimate was completed by independent consultants, Scott E. Wilson Consulting Inc., and is based on 15,161 metres of drilling in 35 exploration drill holes and 236 metres of channel sampling from one crosscut tunnel (as at December 31, 2011). A 5,000-metre diamond drill program is currently underway at Miraflores to further define the mineralization of the breccia pipe structure to the south and at depth and to evaluate potential mineralization outside of the pipe to the west.
Highlights:
-- As at December 31, 2011, the updated resource estimate for Miraflores at
a 0.3 grams per tonne (g/t) gold cut-off is:
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Grade Gold
Category Tonnes (g/t) (Oz)
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Measured 28,511,000 0.6 577,476
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Indicated 49,330,000 0.9 1,348,066
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Total M&I 77,841,000 0.8 1,925,542
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Inferred 5,526,000 0.6 103,043
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'The 57% increase to the Measured and Indicated resource at Miraflores validates the potential of the deposit and significantly strengthens our confidence in the global resource of Seafield's Quinchia Gold Project,' commented Seafield's President and CEO, Cesar Lopez. 'The updated estimate will be incorporated into the Preliminary Economic Assessment for Miraflores, which we plan to complete by the end of this quarter.'
Details of Miraflores' Updated Resource Estimate:
Seafield's Miraflores Deposit is located at the Company's 100%-owned, 6,757-hectare Quinchia Gold Project. Miraflores is a low sulphidation epithermal deposit 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. The breccia pipe widens and is open at depth with a drill-tested vertical extent of 600 metres and a diameter of 250 metres by 280 metres.
The updated resource estimate for Miraflores shows a significant increase of gold ounces in the Measured and Indicated ('M&I') category; previous M&I resource estimate totalled 1,227,593 ounces of gold (see press release dated May 26, 2011). Details of Miraflores' updated resource are outlined in the tables below:
Measured & Indicated Resource Estimates for Miraflores:
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Total Measured &
Measured Category Indicated Category Indicated
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Gold Gold Gold
Tonnes Grade (Oz) Tonnes Grade (Oz) Tonnes Grade (Oz)
Cut-off (1,000) (g/t) (1,000) (1,000) (g/t) (1,000) (1,000) (g/t) (1,000)
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0.2 36,635 0.5 636 68,451 0.7 1,496 105,086 0.6 2,132
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0.3 28,511 0.6 577 49,330 0.9 1,348 77,841 0.8 1,926
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0.4 20,234 0.8 488 35,167 1.1 1,210 55,401 1.0 1,698
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0.5 14,667 0.9 415 25,892 1.3 1,086 40,559 1.2 1,501
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0.6 10,701 1.0 347 19,930 1.5 987 30,631 1.4 1,334
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0.7 7,980 1.2 295 15,868 1.8 908 23,848 1.6 1,203
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0.8 6,279 1.3 254 13,113 2.0 843 19,392 1.8 1,098
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Inferred Resource Estimate for Miraflores:
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Tonnes (1,000) 16,214 5,526 3,206 2,480 2,159 1,150 894
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Cut-off 0.2 0.3 0.4 0.5 0.6 0.7 0.8
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Grade (g/t) 0.3 0.6 0.8 0.9 0.9 1.2 1.3
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Inferred Resource
Estimate (Oz) 172,022 103,043 79,366 70,164 64,553 43,997 38,227
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Miraflores' updated resource estimates, completed by Scott E. Wilson Consulting Inc., include all technical data up to December 31, 2011. The resource estimation will be detailed in a NI 43-101 compliant Technical Report to be filed on SEDAR and on the Company's website within 45 days of this press release.
The resources were estimated using an updated 3D geologic and mineralization model constructed using Leapfrog and Vulcan software (Figure 1).
To view 'Figure 1: 3D Model of the Miraflores Deposit', please visit the following link: http://media3.marketwire.com/docs/sea_fig1.pdf
The resource model included an updated breccia pipe structure and the definition of high-grade structures cross cutting the breccia. The input data for the estimations included 15,161 metres of drilling in 35 exploration drill holes (11,536 metres in 25 holes that were completed in December 2011 by Seafield and 3,625 metres in 10 holes that were carried out by AngloGold Ashanti and B2Gold between 2006 and 2007) and 236 metres of channel sampling from one crosscut tunnel. There were a total of 8,069 drill core samples and 74 rock channel samples used in the estimation of gold.
The results were estimated with VULCAN Software and stored in a VULCAN Block model. Inverse Power Distance (IPD3) was used as the preferred estimation technique for the Miraflores Deposit.
The data were checked and validated before importing into Vulcan software for the estimation. The assay data were composited to 4-metre down-hole length with capping and variography performed on the data. Due to the nature of the deposit, some numbers have been rounded.
Seafield's Ongoing Exploration Program:
Seafield has commenced a Phase III 5,000-metre drill program at Miraflores to obtain a better definition of the breccia pipe structure's southern limit, to test the extension of its mineralization to the south and at depth, and to evaluate potential mineralization to the west, outside of the pipe into the basalts. Infill drilling will be carried out to improve the definition of high-grade ore shoots within the breccia pipe. Some drill holes will be used for hydrogeological and geotechnical investigations.
Seafield has also appointed Inspectorate Exploration and Mining Services Ltd. of Vancouver to carry out metallurgical investigations on four representative composites from Miraflores. The scope of the study consists of sample preparation, head sample, characterization, gravity pre-concentration, flotation of gravity scalped tails, cyanidation of flotation concentrate and gravity scalped tails, as well as tailing's sedimentation studies. SRK Consulting of Denver, Colorado, USA, will use the results of this metallurgical test program in the preparation of the Miraflores Deposit's Preliminary Economic Assessment, which will be completed by the end of March 2012.
Environmental baseline studies have also commenced at Miraflores, as part of the requirements for a future Environmental Impact Assessment on the deposit.
Qualified Person:
Scott E. Wilson, C.P.G., of Scott E. Wilson Consulting, Inc. in Englewood, Colorado prepared the Miraflores Deposit 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, a 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, including the sampling, analytical and test data underlying the information, disclosed in this release. Verification included a review and validation of the applicable assay databases and reviews of assay certificates.
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 26, 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. The Company's 100%-owned 6,757-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 estimate of 1,925,542 ounces gold at 0.8 g/t and an Inferred resource estimate of 103,043 ounces gold at 0.6 g/t. Additionally, the Company recently announced an NI 43-101 compliant resource estimate for its Dosquebradas Deposit, also part of the Quinchia Gold Project, with Inferred resource estimate 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