Seafield Resources Ltd.
TSX VENTURE : SFF

Seafield Resources Ltd.

May 28, 2013 07:00 ET

Seafield Discovers Porphyry Style Mineralization at Tesorito; Drills 384 m at 1.01 g/t Au, 0.9 g/t Ag and 0.08 % Cu, Including 29.3 m at 1.9 g/t Au, 1.0 g/t Ag and 0.12 % Cu

TORONTO, ONTARIO--(Marketwired - May 28, 2013) - Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE:SFF) is pleased to announce it has made a new discovery of gold-copper porphyry mineralization at its Quinchía Gold Project in Risaralda, Colombia. Assay results reported below are from the first drilling completed at the Tesorito target, located only 800m south-east of the Miraflores Gold Deposit. To date, 750 metres have been completed in two drill holes, both of which ended in mineralization. The drilling at Tesorito is testing a broad target identified from earlier surface exploration which included geological mapping, soil sampling, trenching and geophysics. These initial drill results suggest the potential for another significant mineralized body within the Company's Quinchía Gold Project.

Highlights:

  • Drill hole TS-DH-02 intersected 384 m at 1.01 g/t Au, 0.9 g/t Ag and 0.08 % Cu, Including 29.3 m at 1.9 g/t Au, 1.0 g/t Ag and 0.12 % Cu.

  • The anomalous zone outlined by gold in soils and high chargeability IP covers an area of 500 metres by 700 metres.

  • Tesorito is situated 800 metres southeast of the Miraflores Gold Deposit at an elevation of approximately 1,200 metres above sea level (See Figure 1).

  • Drill holes TS-DH-01 and TS-DH-02 intercepted continuous gold, silver and copper mineralization and alteration from surface to the bottom of each hole, with both holes ending in mineralization.

"This marks a new discovery for Seafield and continues to highlight the geological potential of the district," commented Seafield's President and CEO, Cesar Lopez. "Tesorito was originally examined as a possible location for a tailings site for Miraflores, but our field work quickly identified its mineral potential and we were led to make a discovery instead. Our geological team is busy interpreting the information we have collected in order to finalize plans for the remainder of the initial exploration program at Tesorito. Meanwhile, the Company's main focus continues to be completing the Definitive Feasibility Study at Miraflores by the end of 2013."

Details:

Table 1 provides the assay results of the first two diamond drill holes completed at Tesorito. The objective of this first drill campaign is to confirm the continuity at depth of the gold and copper mineralization observed at surface (See the Company's press release dated September 27, 2012). Both holes intercepted porphyry style mineralization and alteration from surface to the final depth of each hole.

Table 1 - Drill Hole Assay Results:
Drill Hole From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
TS-DH-01 81.5 350 268.5 0.46 0.6 0.03
including 170.3 222.50 52.2 0.50 0.4 0.04
including 243.4 276 32.6 0.87 1.9 0.07
TS-DH-02 16 400 384 1.01 0.9 0.08
including 136.75 166.05 29.3 1.90 1.0 0.12
including 346.5 400 53.5 0.80 1.0 0.15
Note: Only continuous intervals of mineralization over 6 metres with a cut-off grade of 0.2 g/t Au are reported.
Table 2 - Drill Hole Coordinates:
Drill Hole Easting
(m)
Northing
(m)
Elevation
(m)
Azimuth
(°)
Inclination
(°)
Depth
(m)
TS-DH-01 423,950 584,525 1,217 315 -50 350
TS-DH-02 423,840 584,369 1,219 315 -55 400

Geology and Mineralization

The Tesorito area is underlain mainly by fine to coarse grained, intrusive porphyritic rocks of granodioritic to dioritic composition, which intrude basaltic rocks of the Barroso Formation of Cretaceous age (Figure 2). All rock types show variable intensities of hydrothermal alteration, including potassic alteration overprinted by phyllic, argillic and propylitic alteration. NNE, NNW and NW faulting controls the intrusive emplacement and mineralization, including faulting of contacts between the rock units. The depth of sulphide oxidation observed in the first two holes is approximately 20 m.

The porphyry-style mineralization of gold, silver and copper observed in the intrusive rocks is found as sulphides in disseminations as well as in veinlets and stockworks of quartz, magnetite and sulphides. The sulphides identified include pyrite, chalcopyrite and bornite.

To view Figure 1 - Exploration Targets in the Quinchía Gold Project, please visit the following link: http://media3.marketwire.com/docs/n528sff1.pdf.

To view Figure 2 - Geological Map of Tesorito Deposit, please visit the following link: http://media3.marketwire.com/docs/n528sff2.pdf.

To view Figure 3 - Vertical Section of Tesorito Deposit - Hole TS-DH-01, please visit the following link: http://media3.marketwire.com/docs/n528sff3.pdf.

To view Figure 4 - Vertical Section of Tesorito Deposit - Hole TS-DH-02, please visit the following link: http://media3.marketwire.com/docs/n528sff4.pdf.

Review by Qualified Person, Quality Control and Reports

Giovanny Ortiz, Vice President of Exploration for Seafield Resources Ltd., 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 drilling program. Mr. Ortiz is a Fellow of the Australasian Institute of Mining and Metallurgy (Membership # 304612) a professional association and designation recognized by the Canadian regulatory authorities. Mr. Ortiz 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.

The core samples were split by rock saw, and half of the core was sampled. Core samples were prepared by ALS Colombia Ltda in Medellin and were assayed at the ALS laboratory in Lima, Peru. Gold was analyzed by fire assay on a 30 gram sample with atomic adsorption spectrophotometer (AAS) finish. Samples above 10.0 g/t Au were repeated by fire assay on a 30 gram sample with gravimetric finish. Multi-elements were analyzed by inductively coupled plasma mass spectroscopy (ICP-MS) following multi-acid digestion. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.

For additional technical information on the Quinchia Project, please refer to the Company's technical report (the "Technical Report") entitled "Technical Report, Seafield Resources Ltd., Quinchía Project, Quinchía District, Republic Colombia" dated May 17, 2013, prepared by Scott E. Wilson, C.P.G., of Metal Mining Consultants Inc., available on SEDAR at www.sedar.com and on the Company website at www.sffresources.com.

About Seafield Resources Ltd.

Seafield Resources Ltd. (TSX ENTUREV:SFF) is a mineral exploration company currently focused on advancing its Miraflores Gold Deposit towards feasibility level. Seafield's 6,757-hectare Quinchía Gold Project is located in the Department of Risaralda of Colombia. SRK Consulting Inc.'s (Denver) Preliminary Economic Assessment on the Miraflores Deposit indicates robust economics with a pre-tax internal rate of return of 50% and a pre-tax net present value (8%) of $249M. The Company cautions that mineral resources are not mineral reserves and do not have demonstrated economic viability. Miraflores currently has a NI 43-101 compliant Measured and Indicated resource estimate of 1,816,000 ounces gold at 0.78 g/t Au and 3,555,000 ounces silver at 1.5 g/t Ag (72.6 million tonnes at a cut-off of 0.27 g/t Au) and an Inferred resource estimate of 62,000 ounces gold at 0.51 g/t Au and 275,000 ounces silver at 2.3 g/t Ag (3.8 million tonnes at a cut-off of 0.27 g/t Au). Additionally, the Company has a NI 43-101 compliant resource estimate for its Dosquebradas Deposit, also part of the Quinchía Gold Project, with an Inferred resource estimate totaling 920,772 ounces gold at 0.5 g/t Au (57Mt at a cut-off of 0.3 g/t Au). Seafield Resources Ltd. trades its shares on the TSX Venture Exchange (TSX-V) under the symbol SFF and in the United States using CUSIP 81173R101. For more details on the Company, please visit www.sffresources.com.

Forward-Looking Statement

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 the Company faces 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 filed 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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