CORRECTION FROM SOURCE: Preliminary Metallurgical Testwork Yields Positive Results for Miraflores, Colombia
TORONTO, ONTARIO -- (Marketwire) -- 09/21/11 -- CORRECTIVE RELEASE issued by Seafield Resources Ltd.
It has come to the attention of Seafield Resources Ltd that in the press release transmitted at 8:30 am Eastern on September 21, 2011, in the section titled NI 43-101 COMPLIANT RESOURCE, in the first paragraph, the inferred gold resource of 492,763 ounces gold was incorrectly stated and should be 354,512 ounces gold (as previously stated in the Company's May 26, 2011 press release). Corrected press release follows:
Seafield Resources Ltd. (the 'Company' or 'Seafield') is pleased to announce positive results for the initial scoping level metallurgical test work on its Miraflores Property, Quinchia, Colombia. McClelland Laboratories, Inc., in Reno, Nevada, completed this test work.
Test work was performed on 14 samples taken from five drill cores from the Miraflores Deposit. The samples consisted of the gold bearing White Breccia and Rock Flour Breccia rock types associated with the Miraflores Breccia pipe. The samples were combined into a single composite sample, with a weight of approximately 10 kilograms, to form a bulk sample for metallurgical testing.
The test work returned gravity recoveries as high as 94.3% for gold and 62.3% for silver. Table1 summarizes the results. Further metallurgical and processing test work, including flotation testing of the rougher tails, is ongoing and additional deposit samples will be submitted as the project moves toward preliminary economic studies.
Seafield's President and CEO, Cesar Lopez, stated 'Metallurgy is key in any mineral project and this is an excellent first step in understanding the Miraflores mineralization. This analysis indicates the presence of abundant free gold that can be treated using existing processing technologies. Additional testing and analysis is underway as an important part of the work we are doing to advance the project.'
Table 1. - Gravity Concentration Test Results, Miraflores Drill Core
Composite, 80%-75micrometer Feed Size
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Assay, g/mt Au Ag
Weight Wt. Cum. Wt. ore Distribution Distribution
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Product grams % % Au Ag % Cum. % % Cum. %
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By Cleaner
Conc. 9.73 0.10 0.10 5083.90 1373 91.2 91.2 52.3 52.3
By Cleaner
Tail 76.10 0.80 0.90 21.60 33 3.1 94.3 10.0 62.3
By Rougher
Tail 9717.30 99.10 100.00 0.32 1 5.7 100.0 37.7 100.0
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Composite 9803.13 100.0 5.57 3 100.0 100.0
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ABOUT MIRAFLORES
The Miraflores property is located within the Quinchia gold mining district and has been the site of artisanal mining since Pre-Colombian times. The Miraflores deposit occurs within a hydrothermal breccia pipe, which is roughly circular in shape, measuring some 280 meters by 250 meters in outcrop. It has been traced by drilling for over 600 meters in vertical extent and remains open at depth. Recently updated geological interpretations indicate that the breccia pipe widens at depth and appears larger at depth than previously thought.
ONGOING WORK PROGRAM
Seafield's current drill program is focused on expansion and infill drilling at Miraflores to better define the shape of the ore body and to extend the mineralization laterally and at depth, where it remains open. Drilling also continues in the Dosquebradas area of the Seafield property. The Company expects to have drill results to report in the next 4 weeks.
NI 43-101 COMPLIANT RESOURCE
The resource inventory at Miraflores stands at 1,227,593 ounces of gold in the Measured and Indicated category plus 354,512 ounces of gold in the inferred category (See the company's May 26, 2011 press release).
MEASURED & INDICATED MIRAFLORES RESOURCES
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MEASURED RESOURCES INDICATED RESOURCES
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TONNES GRADE GOLD TONNES GRADE GOLD
CUTOFF ((i)1000) (GRAMS/TONNE) (OZ) ((i)1000) (GRAMS/TONNE) (OZ)
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0.2 30,515 0.7 686,740 25,972 0.7 584,500
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0.3 24,097 0.9 697,247 20,620 0.8 530,346
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0.4 18,213 1.0 585,548 16,447 1.0 528,771
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0.5 14,734 1.2 568,438 12,720 1.1 449,843
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0.6 11,815 1.4 531,793 10,167 1.2 392,243
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0.7 9,834 1.5 474,245 8,396 1.4 377,904
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0.8 8,414 1.6 432,816 7,055 1.5 340,227
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MEASURED & INDICATED MIRAFLORES RESOURCES
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TOTAL MEASURED & INDICATED RESOURCE
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TONNES GRADE
CUTOFF ((i)1000) (GRAMS/TONNE) GOLD (OZ)
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0.2 56,487 0.7 1,271,240
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0.3 44,717 0.9 1,227,593
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0.4 34,660 1.0 1,114,319
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0.5 27,454 1.2 1,018,281
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0.6 21,982 1.3 924,036
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0.7 18,230 1.5 852,149
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0.8 15,469 1.6 773,044
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INFERRED MIRAFLORES RESOURCES
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INFERRED TONNES
(x1000) 17,030 12,252 9,615 7,734 6,049 4,962 4,090
CUTOFF 0.2 0.3 0.4 0.5 0.6 0.7 0.8
GRADE (GRAMS/TONNE) 0.7 0.9 1.0 1.3 1.3 1.5 1.6
INFERRED OUNCES GOLD 383,260 354,512 309,122 298,378 252,818 239,292 210,390
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The mineral resource estimate is based on 7,757 meters of drilling in 22 diamond drill holes and 154 underground channel samples. This includes 4,132 meters in 12 holes completed by Seafield in October 2010 (see press releases of results dated December 2, 1010 and February 14, 2011), and 3,624 meters in 10 holes carried out by AngloGold Ashanti and B2Gold in 2006-2007.
Qualified Person
Scott Wilson of Scott E. Wilson Consulting, Inc. of Englewood, Colorado managed the test program and reviewed the contents of this press release. 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 and 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 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.
Sample Preparation, Assays, QA/QC
The original Seafield core samples were split by rock saw and half of the core was sampled. Core samples were crushed and pulverized by SGS at their 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. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control. Silver and other metals were analyzed in a multiple element package by multiacid digestion and inductively coupled plasma emission spectroscopy finish (ICP).
About Seafield
Seafield is a mineral exploration company focused on acquiring and advancing precious metals projects in Colombia. Seafield's flagship Quinchia project is located in the prolific Mid-Cauca gold belt with a land position spanning 6,757 hectares. For more details, please visit www.sffresources.com.
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
416-367-4571 ext. 226
dmacmillan@sffresources.com
www.sffresources.com