Seafield Resources Ltd.

TSX VENTURE : SFF


Seafield Resources Ltd.

December 02, 2010 14:22 ET

Seafield Drills 449 Metres Grading 1.29 g/t Gold at Miraflores, Quinchia Gold Project, Colombia

TORONTO, ONTARIO--(Marketwire - Dec. 2, 2010) - Seafield Resources Ltd. (TSX VENTURE:SFF) ("Seafield" or the "Company") is pleased to announce assay results from the first three drill holes at its Miraflores property at the Quinchia Gold project, Risaralda, Colombia. The Quinchia project contains a number of porphyry and porphyry breccia open pit targets including the breccia style deposit at Miraflores. 

Highlight
  • Hole QM DH-03 was drilled from the NE contact to the SW contact through the centre of the Miraflores porphyry breccia pipe body and intersected 449 metres grading 1.29 g/t Au, including 23.95 metres grading 9.18 g/t Au

The Miraflores deposit currently contains an inferred mineral resource of 18.6 million tonnes grading 1.3 g/t gold at a cut-off grade of 0.5 g/t Au for a total of 776,000 ounces of gold. Using a cut-off of 0.3 g/t Au, the inferred resources expand to 976,550 ounces gold. The mineral resource estimate is based on 3,624 metres of drilling in ten diamond drill holes carried out in 2006 and 2007, and 154 underground samples. The current diamond drill program was designed to expand the resources and better delineate the porphyry intrusion breccia body which hosts the gold mineralization. Core logging from several of the current holes shows that the breccia body is more extensive at depth than was inferred from previous drilling. A total of 4,132 metres were drilled in 12 holes during the recently completed program.

Of the first three holes reported here, holes QM DH-01 and QM DH-02 were drilled at an inclination of -60° to define the projected margin of the breccia body whereas QM DH-03 was drilled at an inclination of -50° to a depth of 596 metres from the NE contact to the SW contact through the centre of the breccia body. (See map.) Significant assay results from these first three holes are as follows:

Hole From (m) To (m) Interval Gold (g/t) Comments
QM DH-01 70.9 82.9 12.2 0.66 SE Margin
  139.8 218.0 78.2 0.48  
  264.5 270.5 6.0 0.59  
  425.5 437.0 11.5 0.45  
           
QM DH-02 59.2 93.2 34.0 0.80 SE Margin
           
QM DH-03 53.1 502.1 449.0 1.29 1.03 g/t cut
including 231.8 241.8 10.0 2.87  
including 282.55 306.5 23.95 9.18 4.67 g/t cut
 
Note: Hole QM DH-03 contains some samples with bonanza grades of up to 71.04 g/t Au over 2.0 m. The length weighted average grades in the table are uncut, and where appropriate, grades are also shown cut to 20 g/t Au.

Note: To view the Miraflores Drill Plan Map, please visit the following link: http://media3.marketwire.com/docs/MirafloresDrillPlan.pdf.

Geologically the Miraflores breccia body consists of a number of variably mineralized, separate, intrusive porphyry breccia phases with the better gold mineralization being associated with a later clean breccia phase which is cemented by vuggy quartz, carbonate and epidote associated with pyrite, sphalerite, chalcopyrite and galena with local visible gold.

Seafield President Anthony Roodenburg stated: "With the best hole ever drilled on the Miraflores project, we are very optimistic that we will see an increase in the inferred resource, and our continuing exploration and drilling on the other porphyry targets on our large property will allow us to further increase resources in the district."

Qualified Person

Stewart D. Redwood, Consulting Geologist to 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 Miraflores drill program. Dr. Redwood is a Fellow of the Institute of Materials, Minerals and Mining (Number 47017), a professional association and designation recognized by the Canadian regulatory authorities. Dr. Redwood 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 Collection, Preparation, Analyses and QA-QC 

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. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.

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.

Contact Information