Seafield Intersects 110.4 Metres of 1.31 g/t Gold Including 26 Metres of 2.11 g/t Gold at Miraflores Prospect, Quinchia District, Colombia
TORONTO, ONTARIO -- (Marketwire) -- 01/09/12 -- Seafield Resources Ltd. ('Seafield' or the 'Company') (TSX VENTURE: SFF) is pleased to report drill results from the Miraflores prospect as part of its ongoing exploration program at its Quinchia gold project in Colombia.
Today, the Company announces results for nine drill holes. From 2010 to date, Seafield has completed 11,617 metres in 25 holes at Miraflores. The current diamond drill program was designed to improve the confidence of the resource as well as to confirm the location of the breccia pipe contact at depth.
Highlights:
-- Hole QM-DH-16 intersected 1.31 g/t gold over 110.4 metres that includes
2.11 g/t gold over 26 metres.
-- Hole QM-DH-23 intersected 0.73 g/t gold over 167.2 metres, 1.22 g/t gold
over 35.75 metres, and 0.60 g/t gold over 128.25 metres.
The gold mineralization contained in the Miraflores Breccia pipe is characterized by the presence of free gold associated with the cement material of the breccias and to high grade structures where gold is associated with Zn, Pb, Cu and Fe sulphides. At surface, the diameter of the roughly-circular breccia pipe varies from 250 metres to 280 metres. Recently updated geological interpretations indicate that the breccia pipe widens at depth. The mineralization has been tested from surface to 600 m depth and still remains open. The deposit is classified as a low sulphidation epithermal deposit and is part of the prolific Mid Cauca porphyry belt of Colombia.
Hole QM-DH-16 was drilled in the central part of the breccia pipe confirming the continuity of the mineralization tested 80 m above the previously reported hole QM-DH-13, that intercepted 1.71 g/t gold over 17.4 m, 1.43 g/t gold over 16.3 m and 0.85 g/t gold over 20.45 m. Hole QM-DH-23 tested the mineralization previously intercepted 35 m to the south of hole QM-DH-09 with 1.23 g/t Au over 17.7 m and 0.72 g/t gold over 58 m. Holes QM-DH-14 and QM-DH-20 crossed the breccia pipe in the central and southern part, confirming the continuity of the gold mineralization in this zone. Holes QM-DH-17, QM-DH-18, QM-DH-21 and QM-DH-22 tested the limits of the pipe towards the east and at depth.
The results of the nine recent drill holes at the Miraflores prospect are shown in the table below.
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Hole No. From (m) To (m) Interval (m) Au (g/t)
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QM-DH-14 97.05 115.20 18.15 0.64
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and 131.20 208.70 77.50 0.35
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and 220.50 295.70 75.20 0.28
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and 312.20 332.90 20.70 0.69
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and 337.00 402.00 65.00 0.35
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and 480.25 493.10 12.85 0.91
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and 538.05 547.90 9.85 0.28
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QM-DH-16 12.90 22.30 9.40 0.60
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and 43.65 55.80 12.15 0.31
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and 73.80 106.00 32.20 0.36
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and 110.00 123.50 13.50 2.00
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and 132.70 146.70 14.00 0.35
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and 154.70 173.00 18.30 0.49
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and 175.00 285.40 110.40 1.31
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including 251.00 277.00 26.00 2.11
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and 294.60 358.20 63.60 0.75
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including 297.40 317.60 20.20 1.21
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and 366.20 432.60 66.40 0.69
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including 374.20 404.00 29.80 1.05
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and 455.10 478.80 23.70 0.36
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and 504.90 546.60 41.70 0.34
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and 551.55 561.80 10.25 0.80
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QM-DH-17 337.80 343.80 6.00 0.26
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and 446.30 454.30 8.00 0.21
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and 483.50 503.50 20.00 0.21
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and 565.00 574.50 9.50 0.22
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and 581.80 599.80 18.00 0.29
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QM-DH-18 205.10 211.30 6.20 0.28
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and 280.80 289.70 8.90 0.56
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and 304.90 312.90 8.00 0.4
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QM-DH-19 No Significant Intervals
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QM-DH-20 165.40 187.70 22.30 0.31
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and 197.00 311.25 114.25 0.97
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and 323.80 336.75 12.95 0.28
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and 345.00 361.30 16.30 0.87
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and 367.30 413.40 46.10 0.25
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and 421.65 462.30 40.65 0.44
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and 468.30 477.10 8.80 0.2
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QM-DH-21 247.40 271.40 24.00 0.27
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and 312.40 328.70 16.30 0.29
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and 353.50 380.00 26.50 0.33
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and 385.75 429.80 44.05 0.33
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and 438.90 450.05 11.15 0.22
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and 460.00 537.55 77.55 0.32
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and 570.40 591.70 21.30 0.22
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QM-DH-22 228.65 234.65 6.00 0.32
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and 268.65 274.65 6.00 0.32
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and 380.50 388.50 8.00 0.28
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and 405.30 419.30 14.00 0.23
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and 550.30 565.60 15.30 0.24
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and 584.40 593.30 8.90 0.29
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and 595.50 607.50 12.00 0.26
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QM-DH-23 16.15 27.20 11.05 0.75
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and 33.00 200.20 167.20 0.73
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and 206.20 241.95 35.75 1.22
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and 259.95 388.20 128.25 0.60
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including 288.20 322.90 34.70 0.91
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and 396.35 491.80 95.45 0.40
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Seafield's President and CEO, Cesar Lopez, stated: 'We are extremely pleased with these results, which will be incorporated in a resource update for Miraflores to be announced this month. The PEA for Miraflores is scheduled for completion by Q1 2012.'
The Miraflores breccia pipe currently holds an NI 43-101 compliant Measured and Indicated resource of 1,227,593 ounces of gold grading 0.9 g/t gold contained in 44,717,000 tonnes at a cut-off grade of 0.3 g/t Au and an Inferred resource of 354,512 ounces of gold grading 0.9 g/t gold in 12,252,000 tonnes at a cut-off grade of 0.3 g/t Au. (See the Company's press release dated May 26, 2011).
The geology and drill hole locations are shown in Map 1 (see below). A drill plan map and cross sections are also available on the Seafield website at www.sffresources.com.
To view 'Map 1 - Geology and Drill Locations', please visit the following link: http://media3.marketwire.com/docs/seafield_map01_jan09.pdf
Review by Qualified Person, Quality Control and Reports
Tom Henricksen, VP Exploration of Seafield, 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.
About Seafield
Seafield Resources Ltd. is a mineral exploration company focused on acquiring and advancing precious metals projects in Colombia. Seafield's flagship prospects and deposits are located in the Quinchia District, 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) 361-3434 ext. 202
dmacmillan@sffresources.com
www.sffresources.com