Seafield Drills 113.7 m at 1.63 g/t Au, Including 31.75 m at 3.78 g/t Au at Miraflores
TORONTO, ONTARIO -- (Marketwire) -- 01/23/13 -- Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE: SFF) is pleased to announce initial results, including 113.7 m at 1.63 g/t Au, from the ongoing 6,800-metre infill diamond drill program at the Company's Miraflores Deposit in the Quinchia District, Department of Risaralda, Colombia. Seafield is also reporting the assay values of silver as metallurgical investigations have indicated that silver may be recoverable as a by product at Miraflores.
Highlights:
-- Drill hole QM-DH-38 intersected 113.7 m of 1.63 g/t Au and 2.03 g/t Ag,
including 31.75 m of 3.78 g/t Au and 2.95 g/t Ag;
-- Drill hole QM-DH-39 intersected 62.15 m of 1.18 g/t Au and 1.8 g/t Ag,
including 4.85 m of 5.28 g/t Au and 1.75 g/t Ag. This intersection is
located near the top of the hole (approximately 7 metres from surface),
highlighting mineralization in the potential open pit portion of the
deposit;
-- Drill hole QM-DH-40 intersected 110.55 m of 0.78 g/t Au and 2.3 g/t Ag,
including 33.75 m of 1.55 g/t Au and 4.2 g/t Ag;
-- Drill hole QM-DH-41 intersected 30.3 m of 1.35 g/t Au and 1.5 g/t Ag,
and 23 m of 3.51 g/t Au and 2.9 g/t Ag
Details:
The assays reported in this press release represent the results of six diamond drill holes, which account for a total of 1,165.5 metres drilled since November, 2012 (See Figure 1). Drill holes QM-DH-38 to QM-DH-43 (See Table 1) were drilled to further verify the geometry and continuity of the high-grade structures found within the breccia. The closer spacing in the drilling grid will also be used to improve the confidence in the geological model.
Table 1 below summarizes the results of diamond drill holes QM-DH-38 to QM-DH-43:
Table 1 - Drill Results:
Total
Depth of From To Interval Au Ag
Drill Hole Hole (m) (m) (m) (m) (g/t) (g/t)
----------------------------------------------------------------------------
QM-DH-38 340 139 148.3 9.3 0.32 0.8
and 153.6 167.6 14 1.64 1.3
and 179.3 293 113.7 1.63 2.0
including 219.2 250.95 31.75 3.78 3.0
and 299 318.6 19.6 0.98 1.9
and 327.5 338.1 10.6 0.37 1.4
QM-DH-39 89.3 6.6 68.75 62.15 1.18 1.8
including 31.2 36.7 5.5 2.59 2.4
including 63.9 68.75 4.85 5.28 1.8
QM-DH-40 328 38 66.35 28.35 0.54 3.3
and 69.45 180 110.55 0.78 2.3
including 73.45 107.2 33.75 1.55 4.2
and 197.8 261.3 63.5 0.41 2.4
QM-DH-41 110 11.1 41.4 30.3 1.35 1.5
And 44.6 51 6.4 0.87 1.1
And 85.7 108.7 23 3.51 2.9
QM-DH-42 147 19.1 37.3 18.2 0.77 1.7
and 42.15 58.15 16 0.29 1.9
and 83.85 117 33.15 0.88 1.2
and 122.55 147 24.45 0.93 4.6
QM-DH-43 151.2 12.9 16.9 4 1.15 1.0
and 48.3 56.5 8.2 0.39 0.9
and 90.4 140.25 49.85 0.75 1.2
Note: Gold grades reported are cut to 20 g/t. Drill hole QM-DH-41 includes a
sample of 29.5 g/t Au over 1.5 m. Only continuous intervals of
mineralization above 6 metres with a cut-off grade of 0.2 g/t Au are
reported.
The location of the drill holes are highlighted below (See Figures 2 - 7). QM-DH-38 was drilled from the east, outside of the breccia pipe, towards the west as part of Seafield's infill drilling program aimed at improving the confidence in the current resource at Miraflores. This drill hole confirms the vertical and horizontal extension of mineralization previously intersected in drill hole QM-DH-32A (194.9 m of 1.57 g/t Au, including 21.15 m of 1.66 g/t Au and 26.0 m of 3.86 g/t Au, see press release dated, June 7, 2012) and QM-DH-33 (114.7 m at 1.89 g/t Au, including 10.6 m at 11.97 g/t Au, see press release dated, June 19, 2012).
QM-DH-39 was drilled inside the breccia to the WNW. QM-DH-41 was drilled in the western part of the breccia to the WSW. Both holes have confirmed the continuity and vertical extension of high grade mineralization in veins and in the breccia at the western border of the pipe.
QM-DH-40 and QM-DH-42 were both collared inside the breccia and drilled from the southeast portion with an azimuth of 246 degrees and from the central southern portion with an azimuth of 254 degrees, respectively. Both holes intersected continuous mineralization and confirmed the vertical extension of mineralization (both high and low-grades) previously intersected in hole QM-DH-25 (161 m at 0.78 g/t Au, including 36.3 m at 0.95 g/t Au and 6.45 m at 3.02 g/t Au, see press release dated January 25, 2012). Hole QM-DH-43 was drilled to the southwest and collared outside of the breccia at an azimuth of 263 degrees and also confirmed this mineralization.
Seafield expects to finalize its infill drilling program by the end of 1Q 2013. This information will be used to update the resource model in Q2 2013 that will be the basis for the Miraflores updated PEA and the feasibility study. The Company has amended the infill diamond drill campaign from 8,000 metres to 6,800 metres, after optimizing the metres required for the updated resource estimate.
"These results are consistent with the grades we have historically been reporting at Miraflores," commented Cesar Lopez, Seafield's President and CEO. "Our expectation is that we will continue to see good results from the remaining 5,600 metres of drilling to be completed by the end of Q1 2013. We will also be incorporating the impact of any potential silver credit in the updated PEA, scheduled to be completed in Q2 2013."
Seafield's Miraflores Deposit is situated in the Company's 100%-owned, 6,757-hectare, Quinchia Gold Project. Miraflores is a low sulphidation epithermal gold deposit located in Colombia's mineral-prolific Mid-Cauca gold belt. The mineralization is located in a hydrothermal breccia pipe with free gold associated with cement materials (the matrix) 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 remains open at depth with a drill-tested vertical extent of 600 metres.
To view "Figure 1 - Plan View of Miraflores Deposit", please visit the following link: http://media3.marketwire.com/docs/848562Figure1.pdf.
To view "Figure 2 - Vertical Section of Miraflores Deposit - Hole QM-DH-38", please visit the following link: http://media3.marketwire.com/docs/848562Figure2.pdf.
To view "Figure 3 - Vertical Section of Miraflores Deposit - Hole QM-DH-39", please visit the following link: http://media3.marketwire.com/docs/848562Figure3.pdf.
To view "Figure 4 - Vertical Section of Miraflores Deposit - Hole QM-DH-40", please visit the following link: http://media3.marketwire.com/docs/848562Figure4.pdf.
To view "Figure 5 - Vertical Section of Miraflores Deposit - Hole QM-DH-41", please visit the following link: http://media3.marketwire.com/docs/848562Figure5.pdf.
To view "Figure 6 - Vertical Section of Miraflores Deposit - Hole QM-DH-42", please visit the following link: http://media3.marketwire.com/docs/848562Figure6.pdf.
To view "Figure 7 - Vertical Section of Miraflores Deposit - Hole QM-DH-43", please visit the following link: http://media3.marketwire.com/docs/848562Figure7.pdf.
Review by Qualified Person, Quality Control and Reports
Giovanny Ortiz, Vice President of Exploration for 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. Mr. Ortiz is a Fellow of the Australasian Institute of Mining and Metallurgy (Membership # 304612) a professional association and designation recognized by the Canadian regulatory authorities. Mr. Ortiz 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 ALS Colombia Ltd., in Medellin and were assayed at the ALS laboratory in Lima, Peru. Gold was analyzed by fire assay on a 30 gram sample with atomic adsorption spectrophotometer (AAS) finish. Samples above 10.0 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., Quinchia Project, Quinchia District, Republic Colombia" dated January 31, 2012, prepared by Scott E. Wilson, C.P.G., 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. (TSX VENTURE: SFF) is a mineral exploration company currently focused on advancing its Miraflores Gold Deposit towards feasibility level. Seafield's 6,757-hectare Quinchia Gold Project is located in the Department of Risaralda of Colombia. SRK Consulting Inc.'s (Denver) Preliminary Economic Assessment on the Miraflores Deposit indicates robust economics with a pre-tax internal rate of return of 50% and a pre-tax net present value (8%) of $249M (see corporate PEA presentation at http://bit.ly/MFeL7q). Miraflores currently has a NI 43-101 compliant Measured and Indicated resource estimate of 1,925,542 ounces gold at 0.8 g/t Au (77Mt at a cut-off of 0.3 g/t Au) and an Inferred resource estimate of 103,043 ounces gold at 0.6 g/t Au (5.5Mt at a cut-off of 0.3 g/t Au). Additionally, the Company has a NI 43-101 compliant resource estimate for its Dosquebradas Deposit, also part of the Quinchia Gold Project, with an Inferred resource estimate totalling 920,772 ounces gold at 0.5 g/t Au (57Mt at a cut-off of 0.3 g/t Au). 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