Seafield Intersects 121.8 m of 1.06 g/t Gold and 0.11% Copper, Including 42.7 m of 1.27 g/t Gold and 0.14% Copper at the Dosquebradas Deposit in Colombia
TORONTO, ONTARIO -- (Marketwire) -- 03/15/12 -- Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE: SFF) is pleased to report additional drill results from the Company's ongoing diamond drill program at the Dosquebradas Deposit located in the Quinchia District, Department of Risaralda, Colombia.
Highlights:
-- QDQ-DH-23 intersected 121.8 m of 1.06 g/t Au and 0.11% Cu, including
42.7 m of 1.27 g/t Au and 0.14% Cu, and 141.75 m of 0.58 g/t Au and
0.07% Cu
-- QM-DH-19 intersected 137.35 m of 0.58 g/t Au and 0.06% Cu, including
85.3 m of 0.74 g/t Au and 0.07% Cu
Details:
The Dosquebradas Deposit is situated in the Company's 100%-owned, 6,757-hectare Quinchia Gold Project. Dosquebradas is a porphyry type deposit located in the mineral-prolific Mid-Cauca Belt of Colombia. The deposit is a gold-copper porphyry style mineralization 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. The main zone of mineralization covers an area of 400 m by 300 m and to a depth of about 600 m.
The drill program at Dosquebradas was designed to reduce the drilling grid as well as verify the continuity of the mineralized structures within the main zone. Delineation of the mineralized zone has focused on the northern boundary of the deposit and at depth.
Drill hole QDQ-DH-23 (Figure 1- Drill Plan View of Dosquebradas) confirms the continuity of mineralization intercepted 50 metres below by drill hole QDQ-DH-18 (105.3 metres at 0.76 g/t Au - Press Release December 1st, 2011) and 30 metres to the south by QDQ-DH-02 (199.9 metres of 0.98 g/t Au - Press Release March 7th, 2011).
Drill hole QDQ-DH-19 tested the continuity of mineralization intercepted 100 m above drill hole QDQ-DH-18 (30.6 metres at 1.23 g/t Au - Press Release December 1st, 2011).
The table below summarizes the results of diamond drill holes QDQ-DH-19, QDQ-DH-20, QDQ-DH-21, QDQ-DH-22 and QDQ-DH-23:
Drill Results:
From To Interval Au Cu
Drill Hole (m) (m) (m) (g/t) (%)
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QDQ-DH-19 82.5 93.9 11.4 0.45 0.03
And 99.9 125.5 25.6 0.33 0.02
And 159 233.2 74.2 0.34 0.01
And 241.2 378.55 137.35 0.58 0.06
including 274.5 359.8 85.3 0.74 0.07
And 382.6 402.6 20 0.32 0.04
And 416.3 446.4 30.1 0.41 0.09
And 451.5 476 24.5 0.24 0.07
And 492.7 514 21.3 0.26 0.07
And 587.1 620 32.9 0.28 0.05
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QDQ-DH-20 10 110 100 0.46 0.03
including 63.5 98.75 35.25 0.72 0.03
And 268.2 335.9 67.7 0.26 0.02
And 395.3 477.35 82.05 0.31 0.02
And 548.5 559.3 10.8 0.28 0.02
And 569.3 579.3 10 0.25 0.02
And 585.3 595.3 10 0.28 0.02
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QDQ-DH-21 41.25 87.25 46 0.29 0.03
And 93.25 155.65 62.4 0.35 0.04
And 162 236.7 74.7 0.26 0.04
And 248.4 270.7 22.3 0.33 0.05
And 340.2 380.2 40 0.58 0.02
And 390.2 402.2 12 0.3 0.02
And 414.5 439 24.5 0.21 0.03
And 449.9 500 50.1 0.28 0.04
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QDQ-DH-22 57.5 113.5 56 0.26 0.03
And 121.5 135.5 14 0.27 0.04
And 145.6 157.9 12.3 0.25 0.03
And 171.7 189.7 18 0.29 0.03
And 262.7 274.35 11.65 0.34 0.08
And 277.9 281.7 3.8 0.65 0.09
And 299 303.4 4.4 0.29 0.06
And 346.6 378.6 32 0.26 0.07
And 384.6 392 7.4 0.23 0.08
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QDQ-DH-23 8.8 26.6 17.8 0.27 0.05
And 52.6 99.7 47.1 0.36 0.03
And 107.1 182.65 75.55 0.31 0.05
And 188 309.8 121.8 1.06 0.11
including 211.6 254.3 42.7 1.27 0.14
including 273.5 299.7 26.2 1.80 0.15
And 322.35 344.35 22 0.98 0.08
And 352.35 494.1 141.75 0.58 0.07
including 370.35 408.4 38.05 0.83 0.11
And 504.1 517.6 13.5 0.21 0.04
"The results from Dosquebradas are most encouraging and support our team's ongoing efforts to uncover the resource potential in our concession," commented Seafield's President and CEO, Cesar Lopez. "With the release of our Miraflores Deposit's Preliminary Economic Assessment on the horizon, we look forward to continue validating the value of our project."
The Company's latest NI 43-101 compliant resource estimate for the Dosquebradas Deposit contains Inferred resources of 57.79 million tonnes grading 0.5 g/t Au and 0.04% Cu at a cutoff grade of 0.3 g/t Au for a total of 920,772 ounces of gold. The deposit contains 1,049,790 gold equivalent ounces at a grade of 0.56 g/t Au once the copper credits are accounted for (Press Release December 13th, 2011).
The Miraflores breccia pipe, located three kilometres to the southeast of Dosquebradas, currently holds an NI 43-101 compliant Measured and Indicated resource of 1,926,000 ounces of gold grading 0.8 g/t Au contained in 49.33 million tonnes at a cut-off grade of 0.3 g/t Au and an Inferred resource of 103,043 ounces of gold grading 0.6 g/t Au in 5.53 million tonnes at a cut-off grade of 0.3 g/t Au. (Press Release January 31st, 2012).
To date, there has been a total of 10,527 metres of diamond core drilling at Dosquebradas. This includes 9,939 metres drilled by Seafield in 23 drill holes between 2010 and 2012 and 587 metres completed by AngloGold Ashanti in 2006.
The geology and drill hole locations of the Company's Dosquebradas Deposit are shown in the map below. A drill plan map and cross sections are also available on the Seafield website at www.sffresources.com.
To view Figure 1 - Drill Plan View of Dosquebradas, please visit the following link: http://media3.marketwire.com/docs/sff0315fig1.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 Dosquebradas Deposit, please refer to the Company's technical report (the "Technical Report") entitled "Technical Report, Seafield Resources Ltd., Dosquebradas Project, Quinchia District, Colombia", dated December 13, 2011, prepared by 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 6,757-hectare Quinchia Gold Project is located in department of Risaralda, Colombia. Seafield currently holds an NI 43-101 compliant resource estimate at the Miraflores Deposit with Measured and Indicated resources of 1,926,000 ounces of gold grading 0.8 g/t Au contained in 49,330,000 tonnes at a cut-off grade of 0.3 g/t Au and an Inferred resource of 103,043 ounces of gold grading 0.6 g/t Au in 5,526,000 tonnes at a cut-off grade of 0.3 g/t Au. (See the Company's press release dated January 31st, 2012). The Company also holds an NI 43-101 compliant resource estimate at the Dosquebradas Deposit with Inferred resources of 920,772 ounces gold at 0.5 g/t Au. (See the Company's Press Release dated December 13, 2011).
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