Seafield Resources Ltd.
TSX VENTURE : SFF

Seafield Resources Ltd.

October 06, 2010 08:30 ET

Seafield Discovers New Gold Exploration Targets at Its Quinchia Project, Colombia

TORONTO, ONTARIO--(Marketwire - Oct. 6, 2010) - Seafield Resources Ltd. (TSX VENTURE:SFF) ("Seafield" or, the "Company") is pleased to report the results of a soil geochemical survey in the Dosquebradas area of the Company's 6,757 hectare Quinchia gold project in the Department of Risaralda, Colombia.

The highlights include:

  • New gold target, 1,050 m by 850 m across, with soil values up to 2.3 g/t gold at Santa Sofia. The gold anomaly has coincident copper and molybdenum anomalies and overlaps the north part of a prominent aeromagnetic high feature. 

  • At Dosquebradas, where two earlier drill holes identified significant gold mineralized porphyry, highly anomalous gold, copper and molybdenum in soils indicate that the zone extends significantly to the north.

  • At La Loma, on the eastern edge of the current soil grid, soil values up to 4.7 g/t gold were identified, requiring extension of the soil grid. 

  • These associated gold, copper and molybdenum soil geochemical anomalies are excellent drill targets for gold-rich porphyry mineralization.

The Company's Quinchia project contains several gold-bearing porphyry deposits and breccias. It is located in the Middle Cauca gold belt between the 12.9 million ounce La Colosa gold deposit of AngloGold Ashanti and the 9.7 million ounce Marmato gold deposit of Medoro Resources Ltd.

Seafield undertook a detailed soil geochemical program over an area of approximately 3.6 km by 2.0 km and collected 1,129 samples at 50 m intervals on a NE trending grid with line spacing of 100 m. Gold values in soils ranged from below detection up to a high of 4.73 g/t Au. The soil survey was laid out to cover an area of several aeromagnetic high anomalies, which are interpreted as possible porphyry targets. Since magnetite alteration and veining is an important feature of gold porphyries in the Quinchia project, magnetic surveys are a key to discovering hidden porphyries in an area of very little outcrop.

The principal new soil anomaly is called Santa Sofia and is located one km to the northeast of the Dosquebradas porphyry. The Santa Sofia soil anomaly extends over an area of about 1,050 meters by 850 meters as defined by soil samples above 50 ppb Au (0.05 g/t Au), with maximum values of 1.3 and 2.3 g/t Au, and overlaps the northern half of a strong aeromagnetic high anomaly. The gold anomaly is associated with a copper anomaly, defined by values above 250 ppm and up to 820 ppm Cu, and a weak molybdenum anomaly with values up to 23 ppm Mo, which confirm porphyry-type characteristics of the target zone.

A second gold in soil anomaly defines the northern extension of the Dosquebradas porphyry on Seafield's property and has an area of about 700 meters by 550 meters as defined by soil samples above 50 ppb Au (0.05 g/t Au). Values in soils are as high as 0.58 g/t Au. The soil anomaly is in an aeromagnetic low, which may be related to phyllic alteration associated with the mineralizing event. The gold anomaly is associated with a copper anomaly, defined by values above 250 ppm and up to 620 ppm Cu, and a stronger molybdenum anomaly than the Santa Sofia zone, with anomalous values between 5 and 96 ppm Mo. These confirm that the zone has porphyry-type characteristics. In addition, two holes drilled by AngloGold Ashanti, a previous operator, in the portion of the Dosquebradas porphyry that lies on the Seafield property, returned grades of 0.62 g/t Au over 68 m and 0.90 g/t Au over 36 m in DQ-DD-2, and 0.63 g/t Au over 90.0 m and 1.67 g/t Au over 39.5 m in DQ-DD-3.

A third soil anomaly with values up to 4.7 g/t Au was identified at the La Loma zone, 1.2 km east of Santa Sofia, and is open. The soil sample grid is being extended to define the extent of this anomaly.

In addition, elsewhere on the grid, there are also a number of smaller gold-in-soil anomalies with values up to 0.68 g/t Au which require follow up.

Tony Roodenburg, CEO of Seafield, stated: "These impressive gold-in-soil anomalies present significant new targets for Seafield in the district. The soil anomaly at Santa Sofia is at least twice the size of the Miraflores breccia pipe, which we are currently drilling. Our field crew is currently following up on all of these anomalous areas, prior to drill testing these targets."

Elsewhere on the Quinchia project, Seafield is continuing to drill at the Miraflores breccia pipe, located about 3 km to the southeast of the Dosquebradas porphyry, and has completed 6 out of 11 planned holes. Assay results are awaited. The Miraflores deposit has an inferred mineral resource of 776,000 ounces of gold contained in 18.65 million tonnes at 1.3 g/t Au grade at a cut-off grade of 0.5 g/t (see press release of April 20, 2010).

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 in respect of the geochemistry results from the Quinchia Project. 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 soil samples were taken by manual post-hole digger from the top of the C horizon or lower part of the B horizon at a depth of 0.75 to 1.00 m. The samples were not sieved in the field. Soil samples were prepared by SGS in Medellin and analyzed by SGS in Lima, Peru. Soil samples were sieved to minus 80 mesh and pulverized to 95% passing minus 140 mesh. Gold was analyzed by fire assay on a 30 gram sample with atomic adsorption (AAS) finish, and over-limit samples above 5000 ppb (5.0 g/t) were repeated by fire assay on a 30 gram sample with gravimetric finish. A suite of 50 elements was analyzed by multi-acid digestion (hydrochloric plus nitric plus perchloric plus hydrofluoric acids) of a 2.0 gram sample aliquot with inductively coupled plasma emission mass spectrometry (ICP-MS) finish. Standard, blank 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.

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