Seafield Expands High Grade Gold-Copper-Molybdenum Potential at
Tesorito
TORONTO, ONTARIO--(Marketwired - Feb 11, 2014) - Seafield
Resources Ltd. ("Seafield" or "the Company") (TSX-VENTURE:SFF) is
pleased to announce the results of its recent evaluation of all
exploration data acquired to date in the Tesorito area at its
Quinchía Gold Project, Department of Risaralda, Colombia. Although
most of the Company's focus over the last two years has been on
advancing the Miraflores gold deposit towards a production
decision, ongoing exploration elsewhere on the Company's large
landholdings within the extensive gold-copper-molybdenum porphyry
system at Quinchía, is confirming that the Tesorito area is a
significant new gold-copper-molybdenum mineralized zone worthy of
its own focused exploration program.
Highlights
- Hole TS-DH-02, drilled in 2013, intersected significant values
of copper and molybdenum at the bottom of the hole with 0.22% Cu
and 86 ppm Mo over 35 m, including 2.63% Cu over 0.7 m associated
with chalcopyrite, magnetite, pyrite, molybdenite and bornite
mineralization. This mineralization is in close proximity to an
untested high chargeability IP anomaly making it an excellent
target for further drill testing to explore for possible high-grade
Cu-Mo mineralization at depth;
- The highest values in a recent trench sampling program carried
out at Tesorito returned 3.18 g/t Au over 10 m, including 9.04 g/t
Au over 2 m. This chip channel sample may have vertical correlation
with the intersection 150 m below in hole TS-DH-02 with 29.3 m at
1.9 g/t Au, 1.0 g/t Ag and 0.12 % Cu (From 136.75 m to 166.05
m);
- Final hole in the 2013 drill program, TS-DH-03, drilled to test
the SW extension of the target area, intersected similar Au-Cu
mineralization to the two earlier holes including 0.58 g/t Au and
0.075 % Cu over 104.5 m.
Geology and Mineralization
The initial exploration at Tesorito in 2012 and 2013 included
systematic geological mapping, rock and soil sampling, followed by
trenching within the area of anomalous Au and Cu in soils. In
addition, an induced polarization ("IP") geophysical survey was
carried out over part of the target area (see press release dated
September 27, 2012).
To view 'Figure 1 - Geology of Miraflores, Tesorito and Chuscal
areas', please visit the following link:
http://media3.marketwire.com/docs/sfig02111.pdf
The Tesorito area is underlain mainly by fine to coarse grained,
intrusive porphyritic rocks of granodioritic to dioritic
composition, which intrude basaltic rocks of the Barroso Formation
of Cretaceous age and Tertiary sandstones and mudstones of the
Amaga formation (Figures 1 and 2). The intrusives show variable
intensities of hydrothermal alteration, including potassic
alteration overprinted by quartz-sericite and sericite-chlorite
alteration. NNE, NNW and NW faulting controls the intrusive
emplacement and mineralization, including faulting of contacts
between the rock units. The depth of sulphide oxidation observed in
the first two holes is approximately 20 m.
The porphyry-style mineralization of gold, copper and
molybdenite observed in the Tertiary intrusive rocks is found as
sulphides and magnetite in disseminations as well as in veinlets
and stockworks of quartz. Pyrite, chalcopyrite, molybdenite, and
minor bornite are the main sulphides observed. The validation of
the Tesorito zone as a significant porphyry target was confirmed by
the results of hole TS-DH-02 that intercepted 384 m at 1.01 g/t Au,
0.9 g/t Ag and 0.08 % Cu, including 29.3 m at 1.9 g/t Au, 1.0 g/t
Ag and 0.12 % Cu (See the Company's press release dated May 28,
2013).
In addition to drill holes TS-DH-01 and TS-DH-02 at Tesorito
(see press release dated May 28, 2013), previously unreported drill
hole TS-DH-03 intersected continuous mineralization from 9.3 m to
264 m depth (0.51 g/t Au and 0.05 % Cu over 254.9 m). (For drill
hole locations, see Figure 2.) Table 1 provides significant assay
results of drill hole TS-DH-03.
Table 1 - Assay Results from Drill Hole TS-DH-03:
Drill Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
TS-DH-03 |
9.3 |
264.20 |
254.9 |
0.51 |
0.7 |
0.052 |
including |
14.2 |
55.20 |
41 |
0.56 |
0.5 |
0.039 |
including |
84.3 |
120.50 |
36.2 |
0.58 |
0.7 |
0.044 |
including |
130.6 |
235.10 |
104.5 |
0.58 |
0.9 |
0.075 |
with |
197.9 |
204.85 |
6.95 |
1.17 |
0.9 |
0.120 |
and |
296.05 |
319.2 |
23.15 |
0.42 |
0.4 |
0.035 |
Note: Only continuous intervals of mineralization over 6 metres
with a cut-off grade of 0.2 g/t Au are reported.
Table 2 - Drill Hole TS-DH-03 Coordinates:
Drill Hole |
Easting (m) |
Northing (m) |
Elevation (m) |
Azimuth (°) |
Inclination (°) |
Depth (m) |
TS-DH-03 |
423745 |
584330 |
1,234 |
315 |
-60 |
440.5 |
To view 'Figure 2 - Geology, hydrothermal alteration and rock
sampling in trenches at Tesorito', please visit the following link:
http://media3.marketwire.com/docs/sfig02112.pdf
Mineralization Trends
Surface mapping, trenching and sampling indicate that the higher
grade mineralization is associated with NNW trending sheeted veins
as well as NE trending veinlets and fracture fillings. The drilling
to date also confirms these trends but additional drilling is
required to systematically test the NNW trend which hosts higher
grade gold values in recent channel sampling from one trench which
returned 3.18 g/t Au over 10 m, including 9.04 g/t Au over 2 m.
This high grade gold mineralization may correlate with the
intercept 150 m vertically below in hole TS-DH-02 with 1.9 g/t Au,
1.0 g/t Ag and 0.12 % Cu over 29.3 m (Figure 2).
The first three holes at Tesorito (TS-DH-01, TS-DH-02 and
TS-DH-03) were oriented with azimuths from 310° to 320° (Figure 2)
and designed to test the extensive gold and copper geochemical
anomaly in soils and to crosscut the NNE trend of one of the larger
mineralized intrusive porphyry bodies.
To view 'Figure 3 - Vertical section along drill hole TS-DH-02',
please visit the following link:
http://media3.marketwire.com/docs/sfig02113.pdf
The geological structural setting between Miraflores and
Tesorito suggest the potential for an extension of mineralization
between the two deposits. Figure 1 highlights lithology, structures
and the alignment of other artisanal mining areas which support a
general interpretation of this mineralized corridor. Surface
mapping also shows hydrothermal sericite-quartz alteration
overprint along this trend.
Geophysical Survey
The high chargeability anomaly identified with the IP survey
carried out in 2012 did not coincide with the Au and Cu
mineralization in trenches and soils and therefore testing of this
anomaly was planned for the next phase of drilling in the area. The
priority to test this chargeability anomaly is now clearly enhanced
by the occurrence towards the bottom of hole TS-DH-02 of increasing
values of copper and molybdenum, culminating in an intersection at
the base of the hole of 0.22% Cu and 86 ppm Mo over 35 m, including
2.63% Cu and 311 ppm Mo over 0.7 m. Deeper drilling is required to
test the extension of this mineralization into the IP anomaly.
Figure 4 shows the location of the drill holes in relation to the
high chargeability anomaly.
To view 'Figure 4. 3D view of High Chargeability Anomaly and
Proximity to Drill Holes Completed at Tesorito (Copper Values)',
please visit the following link:
http://media3.marketwire.com/docs/sfig02114.pdf
"Tesorito, even at this early stage in exploration, is already
showing potential to be an exciting discovery with all the earmarks
of a gold-copper-molybdenum porphyry system with an extra overprint
of gold mineralization." stated Giovanny Ortiz, Seafield's VP of
Exploration. "Along with expanding the Tesorito zone, we expect to
continue to identify new targets as our exploration progresses over
on our extensive landholdings at Quinchía."
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 Quinchia Project,
please refer to the Company's technical report (the "Technical
Report") entitled "Technical Report, Seafield Resources Ltd.,
Quinchía Project, Quinchía District, Republic Colombia" dated May
17, 2013, prepared by Scott E. Wilson, C.P.G., of Metal Mining
Consultants 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 development stage
company currently focused on completing a bankable feasibility
study on its Miraflores Gold Deposit. Seafield's Quinchía Gold
Project is located in the Department of Risaralda, 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 23% and a pre-tax net present value (5%)
of $141M. The Company cautions that mineral resources are not
mineral reserves and do not have demonstrated economic viability.
Miraflores currently has a NI 43-101 compliant Measured and
Indicated resource estimate of 1,816,000 ounces gold at 0.78 g/t Au
and 3,555,000 ounces silver at 1.5 g/t Ag (72.6 million tonnes at a
cut-off of 0.27 g/t Au) and an Inferred resource estimate of 62,000
ounces gold at 0.51 g/t Au and 275,000 ounces silver at 2.3 g/t Ag
(3.8 million tonnes at a cut-off of 0.27 g/t Au). Additionally, the
Company has a NI 43-101 compliant resource estimate for its
Dosquebradas Deposit, also part of the Quinchía Gold Project, with
an Inferred resource estimate totaling 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 TSX 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 the Company faces 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
filed 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.
Seafield Resources Ltd.David MacMillanInvestor Relations(416)
361-3434dmacmillan@sffresources.comwww.sffresources.com
(TSXV:SFF)
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