Seafield Resources Ltd.

Seafield Resources Ltd.

May 01, 2008 17:11 ET

Seafield Resources Ltd.: Drill Results Support Bulk Tonnage Potential at Picachos Project, Mexico

TORONTO, ONTARIO--(Marketwire - May 1, 2008) - Seafield Resources Ltd. ("Seafield" or, the "Company")(TSX VENTURE:SFF), is pleased to announce results from the 2007 drill program conducted by NWT Uranium Corp. on the polymetallic Picachos project in Mexico. Highlights include a 47.1 metre intercept of 83 grams per tonne (g/t) silver and 0.84% combined zinc-lead, which starts at surface. The richest silver intercept returned 509 g/t silver and 0.56% zinc-lead over 3.0 m. Significant gold and zinc-lead results included a 1.52 metre interval of 6.2 g/t gold, 348 g/t silver and 19.9% zinc-lead. The mineralized zone has been evaluated to a minimum strike length of 500 m.

"We are very encouraged by these drill results, which confirm the bulk mining potential at Los Cochis," said Marek J. Kreczmer, President and CEO of NWT Uranium, which is earning a 70% interest in the property from Seafield. "The Picachos project is in the Sierra Madre Occidental Ignimbrite Belt, which is one of the largest silicic volcanic fields on Earth, and is traditionally known for high-grade epithermal gold and silver deposits such as Tayoltita and Rosario. We look forward to additional drilling to confirm the Los Cochis orebody shape and test its extensions, as well as explore other three main mineralized zones of the Picachos property."


A total of 21 reverse circulation (RC) holes, representing 3,125 m, were drilled in November, 2007. Of the 21 holes drilled, 18 targeted the main silver soil geochemical anomaly on seven lines, spaced 100 m apart, with most holes dipping to the southwest. Of particular note, holes COCH3, 6, 13 and 20 were drilled from the same location in four different directions as a preliminary shape investigation of the mineralized zone. Additionally, two holes tested an IP anomaly located 250 m east of the main zone, while one hole (COCH15) tested a gold soil anomaly. Selected analytical results are detailed in the following table:


Hole From To Interval Silver Zinc Lead Gold
ID (m) (m) (m) (g/t) (%) (%) (g/t)

COCH01 Surface 15.20 15.20 9 0.25 0.11 -
COCH03 Surface 47.12 47.12 83 0.57 0.27 -
COCH06 Surface 38 38 90 0.53 0.28 -
COCH08 130.72 147.44 16.72 74 0.72 0.36 -
COCH08 185.44 218.88 33.44 34 1.38 0.55 -
including 186.96 190 3.04 32 2.00 0.33 -
and 194.56 202.16 7.6 126 4.51 1.97 1.5
and 196.08 197.6 1.52 348 16.6 3.3 6.2
COCH10 Surface 62.32 62.32 6 0.16 0.06 -
COCH13 Surface 34.96 34.96 58 0.53 0.22 -
including 18.24 22.8 4.56 264 1.49 0.8 -
COCH13 48.64 54.72 6.08 17.5 0.45 0.19 -
COCH15 6.02 12.14 6.12 4 0.90 0.13 -
COCH15 27.34 34.94 7.6 2.66 0.08 0.09 0.46
COCH20 Surface 36.48 36.48 88 0.32 0.18 -
including 27.36 30.4 3.04 509 0.24 0.32 -

The intercepts reported are RC mineralized intercepts. True width of the mineralized zone cannot be estimated at this stage. The targets drilled at Los Cochis tested old workings and high silver geochemistry on surface, identified through an extensive soil geochemical survey conducted in 2005. Specifically, rock-chip channel and grab samples returned individual values of up to 4,975 g/t silver, 8.61 g/t gold, 53% zinc, as well as 50% lead, as detailed in a news release in Stockwatch on Oct. 31, 2007.

The drilling intercepted mostly andesitic volcano-sedimentary rocks, with some andesitic flows and dikes, and quartz feldspar porphyritic dikes. Mineralization occurs in propylitic-altered andesitic rocks, and consists of galena, pyrite, sphalerite, tetrahedrite and chalcopyrite.

Quality control/assurance

Sampling was supervised by Michelle Robinson, MASc, PEng, who is a qualified person, as defined by National Instrument 43-101, and a consultant to NWT Uranium. Ms. Robinson has supervised the preparation of this news release.

Dry and wet RC drilling samples were routinely collected at five-foot intervals, and reduced using cyclone and Jonas splitter. Samples were transported to Acme Analytical Laboratories in Guadalajara for preparation, and pulps were sent to Acme's Vancouver office for assay (ICP-MS). Samples containing more than 0.3 g/t gold, 50 g/t silver or more than 1% base metals were reanalyzed using a 30-gram fire assay for gold-silver, and high-grade multi-element ICP methods. Blind standard pulps were inserted into the sample stream roughly every 25 samples to check for within-batch analytical precision.

As previously announced in a December, 2007, news release, 2,050 total samples were collected through the drill program. Drilling was conducted by Layne de Mexico SA.

A total of 88 drilling samples were selected from both mineralized and non-mineralized intercepts from the backup splits in camp, and sent to SGS Minerals Services in Durango, Mexico, for gold and silver analysis. Of the 88 samples, only two report significant differences between Acme and SGS.

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.

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