Seafield Resources Ltd.

Seafield Resources Ltd.

November 07, 2007 14:05 ET

Seafield Encouraged by Picachos Sampling-4,975 Grams per Tonne (g/t) Silver, 8.61 g/t gold (0.25 Ounce/Tonne)


TORONTO, ONTARIO--(Marketwire - Nov. 7, 2007) - Seafield Resources Ltd. ("Seafield" or, the "Company") (TSX VENTURE:SFF), is pleased to announce that NWT Uranium Corp. has provided an update on activities under way at its 19,000-acre (7,700-hectare) Picachos project in Durango, Mexico (Seafield 30%). In recent months, NWT has conducted an IP survey and rock sampling over Los Cochis, one of four contiguous precious metal districts on the Picachos property. Assay results from rock chip channel and rock grab samples reveal individual values of up to 145 ounces per ton (4,975 grams per tonne) silver, 0.25 ounce per ton (8.61 g/t) gold Two targets at Los Cochis were defined as part of the exploration program: El Fresno and La Tijera. Drilling is scheduled as the next step of the continuing work program.

"Of the four districts, NWT chose to focus on Los Cochis because of its potential to host large-tonnage, near-surface silver-lead-zinc mineralization that is amenable to open-pit mining," said Marek J. Kreczmer, president and chief executive officer of NWT Uranium. "We are encouraged by the high levels of silver-lead-zinc mineralization returned from our rock sampling program and by the fact that our results correspond to other well-known Mexican massive sulphide-base metal deposits."

NWT has an option to earn a 70-per-cent interest in Picachos from Yamana Gold Inc. Seafield has a carried 30% interest in Picachos through a wholly owned sub. Minera Tango SA de CV acquired from Yamana in an all stock transaction as announced on January 4, 2007. As a result of this acquisition Yamana has become Seafield's largest shareholder.

In addition to the interest in the Picachos property, Seafield owns a 100-per-cent interest in the Tango property, covering about 17,407 hectares in the Rosario epithermal gold-silver mining district, Sinaloa state, Mexico. Earlier work on the Tango property defined a large gold anomaly in-stream sediments covering some 27 square kilometres in the tributaries of the El Placer River and follow-up prospecting identified gold mineralization in two separate areas. At La Cocolmeca, a northwest-trending swarm of gold-bearing quartz veins is exposed by a northeast-trending fault scarp more than 200 metres high. Within the Cocolmeca swarm, eight samples from Veta Copalquin have yielded average results of 12.9 grams per tonne (g/t) Au, 55 g/t Ag, 0.5 per cent Cu, 1.5 per cent Pb and 2.4 per cent Zn across widths ranging from 0.3 metre to one metre. About 350 metres to the west, eight channel samples across the Urrea corridor, a stockwork zone hosted in flow-banded rhyolite, yielded an average result of 2.1 g/t Au, 3.6 g/t Ag, 0.14 per cent Pb and 0.12 per cent Zn across 5.4 metres. The Urrea corridor has been mapped on surface for about 450 metres along strike. At El Placer, located about two kilometres east of La Cocolmeca, where the vein system also trends northwest, work is currently in progress to evaluate the extent of the mineralization. Initial grab samples from material in old mine dumps at El Placer contain between 20.8 g/t and 6.9 g/t Au.

In Ontario, Seafield can earn an 80% undivided interest in the Elora gold property located in the Kenora Mining Division of Northwestern Ontario. Seafield has conducted initial drilling at Elora with encouraging results and plans a follow up drill program this winter. Elora is a classic archean, narrow vein, high grade target. Highlights of previous Seafield drilling at Elora include:

Hole No. Hole depth From/To Gold Width
(metres) (metres) (g/t) (metres)

E-04-14 51.9 45.09-46.40 15.27 1.31
incl. 46.04-46.40 28.47 0.67 VG
E-04-16 51.8 36.13-39.88 5.33 3.75
incl. 37.74-38.69 14.97 0.95
E-04-17 131.1 68.66-75.46 3.24 6.8
incl. 74.57-75.46 13.53 0.89
E-04-18 169.6 111.67-111.97 10.26 0.30
E-04-19 166.5 70.43-82.62 7.54 12.19
incl. 72.41-78.05 14.29 5.64
incl. 77.68-78.05 178.94 0.37 VG
E-04-20 150.9 94.57-95.88 2.38 1.31
incl. 95.58-95.73 14.50 0.15
E-04-21 209.2 125.76-128.66 6.58 2.9
E-06-22 351 174-175 4.26 1.0
228-228.5 4.84 0.5
230-231 3.22 1.0
294-296 13.68 2.0 VG
314.9-316.1 5.20 1.2
316.7-318.4 7.55 1.7
E-06-23 350 75.6-76.1 3.23 0.5
90-91.5 2.31 1.5
342-342.5 4.58 0.5
E-06-24 330 114.4-116.4 1.93 2.0
264.7-266.7 2.35 2.0
317.5-318.3 2.45 0.8
E-06-26 180 153.1-154.4 2.70 1.3
E-06-27 132 82.4-83.4 2.63 1.0
E-06-28 180 47-48 2.24 1.0
56.7-58.7 2.30 2.0
131.5-135.5 1.78 4.0
E-06-30 310 209.0-210.2 2.06 1.2 VG

VG means visible gold in core.

This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. 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. 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. The Company relies on litigation protection for forward looking statements.

Issued & Outstanding: 19,152,527

No Stock Exchange has reviewed nor accepted responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Seafield Resources Ltd.
    Anthony Roodenburg
    (416) 367-4571