Seafield Resources Ltd.

Seafield Resources Ltd.

October 29, 2007 13:26 ET

Seafield Resources Lists on the TSX Venture Exchange


TORONTO, ONTARIO--(Marketwire - Oct. 29, 2007) - Seafield Resources Ltd. ("Seafield" or, the "Company") (CNQ:SEAF), is pleased to announce that it has received final listing approval from the TSX Venture Exchange (the "Exchange") as a Tier II, mining issuer. The common shares of the Company will be listed and posted for trading on the Exchange commencing Tuesday, October 30, 2007, under the trading symbol SFF.

Seafield is a gold exploration company with projects located in Canada and Mexico. On January 4, 2007, Seafield announced the completion of the acquisition of Minera Tango from Yamana Gold Inc. As a result of this all stock acquisition Yamana has become Seafield's largest shareholder. Minera Tango, now a wholly owned subsidiary of 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. Minera Tango also owns a 100-per-cent interest (subject to an option described below) in the promising silver-gold Picachos property, covering approximately 7,775 hectares in Durango state in Mexico.

Earlier work on the Tango property defined a large gold anomaly in stream sediment samples covering about 27 square kilometres in the tributaries of the El Placer River. 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.

The Picachos property is subject to an option whereby Northwestern Mineral Ventures has an exclusive option for a period of three years to acquire a 70-per-cent interest in the property by incurring certain expenditures on the Picachos property, issuing and delivering to Yamana common shares in the capital of Northwestern and paying to Yamana a total amount of $400,000 (U.S.). The terms of the Picachos option agreement remain in effect following the acquisition of Minera Tango.

The Picachos property is located approximately 50 kilometres southeast of Goldcorp's Tayoltita mine, a mine that has production to date upward of 650 million ounces of silver and nine million ounces of gold. Preliminary analysis by Northwestern indicates the potential for a near-surface, open-pittable silver-rich area with gold-bearing bonanza shoots. Much of the mineralization on the Picachos claim is controlled by easterly striking veins.

In Ontario, Seafield can earn an 80% undivided interest in the Elora gold property located in the Kenora Mining Division of northwest 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 include:

Hole # 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 - visible gold in core

The first phase of drilling (E-04-14 to 21) targeted the Jubilee Zone which was originally explored by surface drilling and developed by a shaft and drift sampling at the 50 metre level in the 1930s. Seafield's drill program tested extensions of the Zone to the south and down to a depth of 110 metres with encouraging results. The follow up program (E-06-22 to 30) was laid out to test the zone down to a depth of around 200 metres as well as along strike from previous drilling.

The Jubilee Zone comprises a steeply dipping, shear-hosted quartz-carbonate vein system, set in a wider zone of pale green to buff coloured altered and laminated mafic volcanics. Narrow felsic dykes and interflow sediment units also occur in places within the zone. The main mineralized zone is generally a few metres wide (but in places extends up to 28 metres, such as in Hole E-06-22) and is characterized by quartz veins and veinlets with lesser carbonate, sulphides and locally visible gold, set in highly altered and sheared mafic volcanics. Closer to the veins, the volcanic wallrocks are sericitized and carbonatized with laminations and disseminations of coarse pyrite, along with lesser amounts of arsenopyrite, pyrrhotite and chalcopyrite. Gold values are most commonly associated with the quartz veins, veinlets and sulphide concentrations.

Desmond Cullen, P.Geo. and J. Garry Clark. P. Geo., independent geological consultants to Seafield and qualified persons as defined by National Instrument 43-101, prepared the technical report on the Elora Property, dated March 17, 2007 (the "Technical Report").

Further information relating to the listing application of Seafield dated October 19, 2007 and the Technical Report is available through SEDAR (at under the listing of public documents of Seafield.

No Stock Exchange has reviewed nor accepted responsibility for the adequacy or accuracy of this news release. 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: 19,116,467

The TSX Venture Exchange, Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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