Seafield Drills 57.3 m at 1.29 g/t Au and 1.69 g/t Ag, Including 15.5 m at 2.63 g/t Au and 2.61 g/t Ag
06 Février 2013 - 12:00PM
Marketwired Canada
Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE:SFF) is
pleased to announce assay results from 5 drill holes carried out as part of the
ongoing 6,800-metre infill diamond drilling program at the Company's Miraflores
Deposit in the Quinchia District, Department of Risaralda, Colombia.
Highlights:
-- Drill hole QM-DH-47 intersected 57.3 m of 1.29 g/t Au and 1.69 g/t Ag,
including 15.5 m of 2.63 g/t Au and 2.61 g/t Ag;
-- Drill hole QM-DH-44 intersected 13 m of 1.03 g/t Au and 2.63 g/t Ag.
Details:
The assays reported in this press release represent the results of five diamond
drill holes, which account for an additional 757.5 metres. To date, 1,923 metres
have been drilled since November, 2012 (See Figure 1). The additional drill
results confirm the continuity of high grade mineralization in structures and
lower grade mineralization in the breccia pipe cement and matrix. The closer
spacing in the drilling grid will increase the confidence in the current
geological model and resource.
Table 1 below summarizes the gold and silver assay results of the five diamond
drill holes.
Table 1 - Drill Results:
From To Interval Au Ag
Drill Hole (m) (m) (m) (g/t) (g/t)
----------------------------------------------------------------------------
QM-DH-44 45 105 60 0.69 1.68
Including 74.4 87.4 13 1.03 2.63
QM-DH-45 0.7 121 120.3 0.47 1.5
including 83.2 110 26.8 0.89 1.83
And 127.25 179.15 51.9 0.35 0.96
And 202.25 239.4 37.15 0.45 1.63
QM-DH-46 3 51.4 48.4 0.52 0.91
And 61.4 122 60.6 0.50 2.16
And 127.8 138.8 11 0.46 1.41
QM-DH-47 28.7 86 57.3 1.29 1.69
Including 48.4 63.9 15.5 2.63 2.61
QM-DH-49 31.3 72 40.7 0.62 1.03
And 77.15 102.85 25.7 0.36 0.96
And 122.4 137.15 14.75 0.69 1.2
And 159.4 175 15.6 0.46 0.75
Note: Only continual intervals of mineralization above 6 metres with a cut-off
grade of 0.2 g/t Au are reported.
Table 2 - Drill Hole Coordinates:
Drill Easting Northing Elevation Azimuth Inclination Depth
Hole (m) (m) (m) (degrees) (degrees) (m)
----------------------------------------------------------------------------
QM-DH-44 423,057 585,013 1,475 256 -47 105.00
QM-DH-45 423,127 585,033 1,434 257 -45 250.00
QM-DH-46 423,034 585,139 1,493 265 -47 141.50
QM-DH-47 423,116 585,061 1,436 257 -50 86.00
QM-DH-49 423,073 585,051 1,459 257 -47 175.00
The azimuth, dip and total length of each drill hole is shown in Table 2. Each
hole was collared within the breccia pipe and was successful in confirming the
vertical and horizontal extension of nearby mineralization. Figure 1 shows the
location of each hole and the vertical section for each hole is shown in Figures
2 to 6 (see below).
Seafield expects to finalize its infill drilling program by the end of Q1 2013.
This information will be used to update the resource model in Q2 2013 that will
be the basis for the Miraflores feasibility study.
"These drill results continue to highlight gold and silver mineralization at
Miraflores," commented Cesar Lopez, Seafield's President and CEO. "As we
continue to tighten up the drill spacing, we look forward to incorporating these
and the remaining assay results in our updated resource model and PEA on the
deposit 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 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 (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, please visit the following link:
http://media3.marketwire.com/docs/sff0206fig1.pdf.
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/sff0206fig2.pdf.
To view Figure 3, please visit the following link:
http://media3.marketwire.com/docs/sff0206fig3.pdf.
To view Figure 4, please visit the following link:
http://media3.marketwire.com/docs/sff0206fig4.pdf.
To view Figure 5, please visit the following link:
http://media3.marketwire.com/docs/sff0206fig5.pdf.
To view Figure 6, please visit the following link:
http://media3.marketwire.com/docs/sff0206fig6.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 Ltda 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Seafield Resources Ltd.
David MacMillan
Investor Relations
(416) 361-3434 ext. 202
dmacmillan@sffresources.com
www.sffresources.com
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